Razors Journal - Basic trading with PA at S/R

I opened my Oanda account (small live account) which was (i thought) inactive while I was playing with MT4. By inactive I mean no trades running. However upon opening it I noticed a nice little AUD/USD trade running which I entered at .8821 which due to the AUD strength has moved higher and higher. Im not sure how as I was pretty sure I closed all my trades so I must have missed something somewhere. Anyway I will add it to my updates lol

Nice

G/J ---> Long @ 148.06
G/J ---> Long @ 149.62
G/U ---> Long @ 1.6419
E/U ---> Short @ 1.4965
A/U ---> Short @ .9185

A/U---> Long @ .8821

Account = 20.73%
Total Equity = 23.02%

nice trading buddy! i guess that a/u short was a breakout play? ...i took the ib break today after it touched support (so im in a few pips lower).

anyways just checkin in

take it easy

Yes all the trades are breakout, just 2 different models. I have closed the A/U and E/U trades today and taken them long. There enough room to the downside for the trade to move with another small order under 8950 for A/U and under 1.4700 for E/U.

Nice to see your back around, hadnt seen you in a while (probably because Im not as active either)

Razor

Current trades for today

G/J ---> Long @ 149.40
G/U ---> Long @ 1.6419
A/U ---> Long @ .9009
E/U ---> Long @ 1.4723

Oanda Trades

A/U ---> Long @ .8821
A/U ---> Long @ .9041
E/U ---> Long @ 1.4724
Silver ---> Long @ 16.32

Razor

yeah i took a time out from the forum...

it seem we trade in a similar ways razor although i would have gone long as you did my time was taken up with the accountant! oh the joy!!

i think ill stop posting in dibs as i seem to have digressed to far from the original method.. i'd start another thread but i don't think i would be able to put in the screen time or if i'm honest be arsed with the many "get rich quick" "give it to me on a plate" dickheads that proliferate these forums ah well maybe one day!

lol don't know where that rant came from.... i'll drop by from time to time and check in.

take it easy

I picked up what I personally needed out of the DIBs thread and I have implemented alot of the methodology into my live trading. I still trade IBs from time to time but I have pretty much moved away from the hourly bars. I do my homework at night and then enter my new trades on the new candles of the day. Hourlys come about if I have time to look and I really take Inside Bars in a new light.

I know how you feel in regards to the forum. I am tiring of the constant BS. No matter how much you like to help very few are prepared to take the time.

From next year I will step back more. At the moment I just happy trading. Repetative and boring just the way I like it.

BTW have you had any problems with lagging typing on FF. I have had to resort to writing my messages in MS word and then coping and pasting it. Pain in the butt

Razor

Been a day or 2.

Oanda/ (PA)
AUD ---> Long @ 8821
AUD ---> Long @ 9041
AUD ---> Long @ 9156
EUR ---> Long @ 1.4724
EUR ---> Long @ 1.4843
Silver -> Long @ 16.32
Silver -> Long @ 16.73

MT4/ (PL)
G/J ---> Long @ 148.61

GFT/ (DB)
G/U ---> Short @ 6391

Instead of listing the positions being held with different brokers I will just list them all.

Current Positions.

AUD Long --> @ 8821
AUD Long --> @ 9041
AUD Long --> @ 9144
AUD Long --> @ 9156
AUD Long --> @ 9081 (Inside Bar)
EUR Long --> @ 1.4724
EUR Long --> @ 1.4843
Silver Long @ 16.32
Silver Long @ 16.73
G/J Long ---> @ 148.19
G/J Long ---> @ 149.70
G/J Long ---> @ 150.05

So far these trades have held well. They are taken over 3 separate brokers with 3 different models (minus the IB which was taken yesterday for old time sake, plus it was too good to pass up). The goal is to see which ones will fit (better personally) heading into next year when I will merge the brokers funds into 1 broker (which will also be the one I feel most comfortable with) and start knuckling down for year of "future Building Trading".

Razor

Closed all G/J trades, had a short get me in when the market fell so this ended things about even.

I still have all the other positions running (strong against the US bad release) so these positions will be held over the weekend.

AUD positions will be evaluated after the weekend depending on where we go. I am looking to hold AUD, EUR and Silver positions past there previous highs. This will result in great returns.

The Inside Bar trade is now at 7x reward on full lots. For a small position it is doing tremendous things. I will be testing my nerve on this one, however 1/2 off will be set at 3x before closing for the weekend.

Have a good weekend all

Razor

1) any trading method will NOT replace your day job. it can only do that if you start out w/ a large account, and if you have a large account that probably means you were pretty successful at your day job or some other venture in life. in which case you wouldn't need to trade forex to make a decent amount of money anyway.
2) if you get good at some method it will only supplement your income, possibly do better than a well-performing mutual fund. it will not double your income yearly for the rest of your life.
3) trading forex will not make you rich. it just makes the rich richer, the poor people poorer, and some rich people poor.

what is better than trading forex for a living?
having a job where you enjoy going to work everyday. doing a job that gives you fulfillment. not only do you get paid to do what you love, but it's like everyday you make money (hitting TP), your account size only goes up, and no losses (except when you get fired, which can be considered a BE trade .

Not sure why this was added to my Journal. I will reply to it though.

Yes you are right in terms of not expecting to become rich out of trading forex, but then again I dont expect to get rich out a 9-5 job either. There are greater opportunities within the markets, not just forex, to make a greater amount of money than working. There are also just as many inherit risks at lossing money. Whats the difference between a winning, professional full time traders, and a loosing money?

The professional takes it seriously. In the end it is there life, there income. In order to replace your job with Forex you need capital. You need to have enough to make a yearly salary off as well as point some into grow the account. You also need enough to ensure that during lag times where your model may not be running as well as other, that you can redraw on the account without jeopardising it. Theres a great deal more that you need to consider as well because this is a business, not a job. The rules are different.

Now in terms of finding a job that you love. It is easier said than done. The problem with a job is the limitations. The limitations to grow, the limitations to make more money and in most cases the limitations do as you feel when you feel it. Limits on growth and income come from having a pyramid above you. In order to move up in most cases someone has to leave or be promoted, how far the average joe can travel is limited by this. Income is linked to performance (not always) and position. So in order to make more money, you need to perform and suck up to beat the next guy to the promotion.

Very very rarely do you become wealthy working 9-5, it is even rarer if you do not have a diploma or some sort of extra education credit. Your limitations grow and there is usually a point that you reach where you can no longer progress.

I dont care how much you love your job, the chances are you are as likely to get rich doing so as you are trading forex, that is a reality. I understand, having traded now for close to 5 years, that the road is never smooth. Having a positive outlook is just tiny aspect that you need in order to be successful. I have run my own business for sometime now and like everything it was very difficult at the start. Having a solid foundation to work with along with a plan for the future will give you the first steps towards being successful. Very few people on this forum have that initial foundation. Most expect to join a thread with a BS claim for making millions out of cents and have it pay off.

I am happy and satisfied with making more money than my bank offers me and at the moment I dont need to trade full time. I would be willing to bet that the vast majority here, especially the ones who are not having too much success, would love to make some money on the side of there 9-5 job. There is nothing wrong with that outlook at all, in fact it is probably the best way to do. Too many traders spend more time at there screens than they need to. When you are doing this you EXPECT a payoff because of the effort you are putting in. The trouble is that most are not ground with a plan, they lack any foundations and they believe that Joe's Millionaire advice will just give them returns. They experience losses so they focus more, they get more losses so they start changing things, looking to make back the money they have lost. Emotional trading and screen time IMHO go hand in hand. You loose focus of the big picture in an effort to "not miss that winning trade".

I still work, I have my weekends, usually a good couple of hours on Sunday night to run through my pairs, look at the weekly and daily charts and make a plan for the week. I write this plan down. Now by trading daily and weekly charts there is NO need for me to be on my computer for longer than I need to be. I get home and do a quick check, look at positions, look over my plan again and make some changes if needed, but very rarely do I do it (make changes) because my outlook is long term. My positions have room to grow.

To finish off. There are people in this world who have made success out of trading, whether it be stocks, bonds, forex etc and none of them got there overnight. It takes years and years to develop successful habits, trade on edges and build your business, but that is no different to anything else in life. I, personally would be very very happy to trade a few standard lots on the side with the eventual goal or building to a point where I can trade, make significant gains and be able to invest some money into my lifestyle. I dont need to be home full time, and in the event that I can make 10-20% per annum, over a period of 5 years, perhaps then I may consider tackling the juggernaut from a full time basis. In the mean time I dont need to. I am happy trading the way I am and testing my personal limitations and growing. I have discovered more about myself these last few years trading and am looking forward to the future with a POSITIVE mindframe.

Razor

Here is 1 minute of my life i wont get back.............

I wish my reply was that short, I took about 20 mins, that I too cannot get back ROFL

Razor

Hi Razor,

Wanted to let you know your time's not wasted. I enjoyed your post, and you're absolutely right. Who knows what dengzhi is talking about... Anything is possible bro.

Take care,

Kevin

Thank you mate,

Razor

Update

Close 2 x AUD trades (9144 and 9156) plus EUR 1.4843. Coming up to the high areas of these 2 markets so decided to offload the closer trades. They did there job with an ave of 130 pips over the 3.

AUD Inside Bar trade SL for 1/2 off moved to 10x reward. Not bad. The final half can now travel to parity if we get there, and beyond perhaps


Razor

Time for an update, not that much has changed.

AUD ---> LONG @ .8821
AUD ---> LONG @ .9041
EUR ---> LONG @ 1.4724
SILVER > LONG @ 16.32
SILVER > LONG @ 16.73
G/J ---> SHORT @ 150.01
AUD ---> LONG @ .9081 (IB)

AUD INSIDE BAR IS UP 16X, SL FOR 1/2 OFF MOVED TO 12X

Razor

Still holding

AUD ---> LONG @ .8821
AUD ---> LONG @ .9041
EUR ---> LONG @ 1.4724
SILVER > LONG @ 16.32
SILVER > LONG @ 16.73

Closed G/J last week for a loss and 1/2 off AUD IB at around 12x risk . Silver is pulling in huge weight at the moment and both trades are locked in for profit if the market comes back, I will be buying the breaks in the event of pullbacks. AUD and EUR are also doing there thing and the same applies.

Once GBP starts to get some real direction I will start to add also

Razor

nice trading my friend!