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Binary Forex Trading Journal

  • #101
  • Edited 9:25am Aug 26, 2009 9:24am | Edited 9:25am
Entered a trade (buy) for EUR/USD > 1.4160. I showed support at 1.4210 and 1.4160, so took the safer of the trades while it was dropping. Going for about a 2.5% increase in my account.
  • #102
  • Aug 26, 2009 12:37pm Aug 26, 2009 12:37pm
I got home around 11:30 EST and looked at the PA and went with this one as I felt 1.4200 was a strong area.

Disappointed with the price but it's in profit now so will see how it goes nearer to close of market.


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  • #103
  • Aug 26, 2009 1:08pm Aug 26, 2009 1:08pm
Looks like you're going to be good on this one. I see it ranging at least for another hour after the cliff it fell off of. I managed to pull together my S/R for what appears to be a correct analysis, so I'm good on mine. Decided to take the safer trade. I almost jumped into the 1.4200, but I didn't want to have to make a judgement call and be wrong again like I was yesterday (all because I didn't trust myself).
  • #104
  • Aug 26, 2009 1:33pm Aug 26, 2009 1:33pm
Well, I looked back a couple of weeks and saw the consolidation around the 19th and the support holding a few days later (1st image).

Then I kept an eye on the PA on the 5M chart and saw the sequence of higher lows and thought that the area should hold.

One never knows of course.

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  • #105
  • Edited 8:27am Aug 27, 2009 8:08am | Edited 8:27am
Still holding on to my support at 1.4210, took a buy of EUR/USD > 1.4200.

EDIT: Also, here's the trend I've been following on it.
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  • #106
  • Edited 11:05am Aug 27, 2009 8:53am | Edited 11:05am
Uh oh

EDIT: Nevermind. I'm good. =)
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  • #107
  • Aug 27, 2009 12:53pm Aug 27, 2009 12:53pm
Alright. 5% increase on the account today. Still making up for losses but almost back in the green.
  • #108
  • Aug 27, 2009 2:02pm Aug 27, 2009 2:02pm
I am losing most of my account today thanks to those damn 182 days bonds. After this I will have less than $10 left to trade for.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #109
  • Aug 27, 2009 2:26pm Aug 27, 2009 2:26pm
Looks like I am in the same boat as Gambler. I thought picked a good contract and even though I had a bad feeling all day. I thought I would turn out ok and it almost did. but almost is not good enough in binaries lol. Well I lost most of my account by 2 or 3 pips on the Cable today. I also learned something I did not understand when at least working with nadex. What I learned may be a deal breaker for me. I was wanting to buy my contract back and take a loss greater than the quoted price on the market. I have noticed this a few times before but it was much easier to seee when loosing. The market that had at least 100 orders was gone in the blink of eye and I loss everything. I called Nadex and they said the market makers are not required to stick around that late in the game which is around 15mins until the 3pm expiration. I think I am going to go back to regular options and spot trading because I think with the nature of this type of trading it will be easy to get caught this way a lot, especially if you can not babysit every single trade you are in. Maybe I am over thinking things becausse I took a huge loss today.

What are your thoughts?
  • #110
  • Aug 27, 2009 2:43pm Aug 27, 2009 2:43pm
Quoting cmoon10
Looks like I am in the same boat as Gambler. I thought picked a good contract and even though I had a bad feeling all day. I thought I would turn out ok and it almost did. but almost is not good enough in binaries lol....
My thoughts is that it sucks that the news wasn't posted on forexfactory. Maybe I should find a better economic calendar.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #111
  • Aug 27, 2009 2:51pm Aug 27, 2009 2:51pm
Quoting Gambler180
My thoughts is that it sucks that the news wasn't posted on forexfactory. Maybe I should find a better economic calendar.

That does suck. I thought I took all of the news into account. It certainly would have changed the way i traded had I known there was important news being released later in the day. I still do know what was released and if anyone knows of a better economic calendar that would be awesome.
  • #112
  • Aug 27, 2009 3:00pm Aug 27, 2009 3:00pm
Quoting cmoon10
That does suck. I thought I took all of the news into account. It certainly would have changed the way i traded had I known there was important news being released later in the day. I still do know what was released and if anyone knows of a better economic calendar that would be awesome.
I don't know of it's better but the calendar on bloomberg show the auction. It is not listed as a market moving indicator http://www.bloomberg.com/markets/ecalendar/index.html
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #113
  • Aug 27, 2009 3:04pm Aug 27, 2009 3:04pm
Quoting Gambler180
I don't know of it's better but the calendar on bloomberg show the auction. It is not listed as a market moving indicator http://www.bloomberg.com/markets/ecalendar/index.html

Thanks Gambler.

I am not sure what caused it to move the way it did today, but I still have the same concerns that I was unable to easily get out of a trade.
  • #114
  • Aug 27, 2009 9:08pm Aug 27, 2009 9:08pm
Quoting cmoon10
Thanks Gambler.

I am not sure what caused it to move the way it did today, but I still have the same concerns that I was unable to easily get out of a trade.
I have seen that before too in very large jumps like that. As soon as they don't have bid and offer prices anymore they close the trading for that contract. Sorry to hear about your trade. I know exactly how you feel though. Happened to be before.
  • #115
  • Aug 27, 2009 9:48pm Aug 27, 2009 9:48pm
I had a trade like the one today for e/u a few months back, were it moved out of nowhere for a huge amount. I was short & all of a sudden it exploded like it did today to the upside. I explained what happened to me in yoda glens thread. But what i'm hearing alot now is people losing all of their acct. That is not good. You need money management or else you will never make it. Let me put it this way....if you have $1000 to trade with & thats all you have are you going risk it all in one trade? That is what i call a big gamble. Everytime you trade you should ask yourself...if i lose this trade will i lose all my money? If the answer is yes, then you need to make smaller trades. Sure you might hit that $1000 trade & maybe double your acct but what's going to happen is that you will give it all back because you have that frame of mind that tells you....i can keep hitting these risky trades... I will keep winning. But thats not true. It's better to win little by little without risking much because remember this is not a sprint, this is a marathon.
  • #116
  • Aug 27, 2009 11:02pm Aug 27, 2009 11:02pm
Quoting ferndog
I had a trade like the one today for e/u a few months back, were it moved out of nowhere for a huge amount. I was short & all of a sudden it exploded like it did today to the upside. I explained what happened to me in yoda glens thread. But what i'm hearing alot now is people losing all of their acct. That is not good. You need money management or else you will never make it. Let me put it this way....if you have $1000 to trade with & thats all you have are you going risk it all in one trade? That is what i call a big gamble. Everytime you trade...
I cant agree with you more. I knew I should have been practicing good money management all along. But I got cocky and over confident and not to mention greedy and that is the real reason I lost most of my account. I deserve to have my you know what kicked. I am going to start anew and do it the right way now. One can blame the sun, moon, & stars but when you gamble you have no one but yourself to blame. Thank you for bringing up the real reason so I can get myself back on the right track.
  • #117
  • Aug 28, 2009 10:41am Aug 28, 2009 10:41am
Sorry to hear about your losses. I've been there also. I'm currenty in a trade of EUR/USD > 1.4340. It's a little riskier than I normally go, but I'm looking for a 13% increase today to get me back on track from my losses. Here goes nothing.

EDIT: Dropped to 1.4346 just to make me nervous, then bounced.
  • #118
  • Aug 28, 2009 11:14am Aug 28, 2009 11:14am
Quoting lucashammer
Sorry to hear about your losses. I've been there also. I'm currenty in a trade of EUR/USD > 1.4340. It's a little riskier than I normally go, but I'm looking for a 13% increase today to get me back on track from my losses. Here goes nothing.

EDIT: Dropped to 1.4346 just to make me nervous, then bounced.

I think losses/failures are a great thing, they make us better/stronger than before. At first I think I was looking at things the wrong way but I am back and trading but this time with proper money management.

Good luck with your trade today! Looks like you are well on your way to getting back in the black for your trades.

I am in the trade GPB/USD > 1.6260 @ 3pm
  • #119
  • Edited 1:59pm Aug 28, 2009 12:38pm | Edited 1:59pm
Quoting cmoon10
I think losses/failures are a great thing, they make us better/stronger than before. At first I think I was looking at things the wrong way but I am back and trading but this time with proper money management.

Good luck with your trade today! Looks like you are well on your way to getting back in the black for your trades.

I am in the trade GPB/USD > 1.6260 @ 3pm
Got out of my trade when it went 12 pips below my strike point. Grabbed some food, came back and it was back above...

EDIT: Well, I broke two major trading rules today after I got out of that trade. First, I traded angry. Second, I jumped into a second trade to try to make back some of the money I lost in my first trade. And the results are: I won. I never recommend doing either of those things, but I got lucky and it worked out today. Made back half the money I lost on my original trade with an intraday trade selling EUR/USD > 1.4356 at 2 pm ET.

EDIT: So glad I bailed on my first trade. It plummetted after I was out. I just wish I would've gotten out while I was 12 points up. Oh well. Still living and still learning.
  • #120
  • Aug 28, 2009 9:24pm Aug 28, 2009 9:24pm
Quoting cmoon10
I cant agree with you more. I knew I should have been practicing good money management all along. But I got cocky and over confident and not to mention greedy and that is the real reason I lost most of my account. I deserve to have my you know what kicked. I am going to start anew and do it the right way now. One can blame the sun, moon, & stars but when you gamble you have no one but yourself to blame. Thank you for bringing up the real reason so I can get myself back on the right track.
GL with your trades & gl to everyone else. Just keep yourself in check & everything will fall in place.
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