Deman-Uc's LIVE TRADE Journal==$1k to $100,000

Hey Guys this is my live Journal, I have been trading for just over 2 years.

My Background:

I started trading forex Nov 2007 and went Live on Dec 2007 after 1 month of Demo trading. I quadrippled my account in 3 weeks and i thought trading is very easy.
Well by late february 2008 i have blown the account completly, i funded my account with twice the i initially stake that i started trading with. I thought i have more trading capital it will make help me win...because market always seem to turn as soon as i have exited or been stopped out.
Anyway i blew out the second account even faster than the first one.

I decided that i will not trade real money again until i have demo traded and make money 3months in a row...I demo traded for 2 years and achieved my goal of 3 months of consecutive profit from Oct 2008 - Dec 2008.
However i did not start trading real money immediately because knew there is much more that i needed to learn.

I started trading real money again Nov 5th 2009, after intense reading, trading, testing and reading some more.

I trade mainly on 1hr and use 4hrs and Daily to get the big picture.
I pay attention to market structure and generally trade in direction of the trend in 1hr and 4hrs timeframe.


Goal 2012

Daily: = Follow my game plan
Weekly = Gain 1% / max drawdown 2%
Monthly =Gain 5% / max drawdown 5%
Yearly = Gain 30%/max drawdown 15%


Alright lets begin http://cdn.forexfactory.com/images/icons/icon7.gif


"The Part to market mastery does not lie in leaning new indicator, moving average crossover or techniques, but in really understanding what moves the market that one trades in". Deman Uc.

Here are examples of trades that i took,
Exit is what am really working on. As i have let alot of winning trades turn into red in the past few trades.

I will keep forward testing the ema10 cross above or below ema22 on the 15mins chart.

I Use MACD only for divergence and to sense when price move is weakening...nothing more

SHORT
GBPUSD= +91pips

LONG
EURGBP=+31pips

LONG
EURGBP=+31pips

I was asleep thats why i used take profit order placed at the next resistance level, i normally will watch the market and exit if condition demands.
my target was hit as i was waking up to check on my trade.

EURGBP = -49 PIPS

I let another winning trade turn into a loss, from now on i will always move stop to breakeven is profit is up by 0.05% of my account

SHORT
EURGBP = +66.6pips

Do you post the trade after you close it? Do u have any live blog ,where you post it when you open it?

Hey no i do not post open trades because i get distracted. I only post my trades when they are closed.

Cheers

Short
GBPUSD =+35.3pips

This process seems to be the norm. Of about 8 "starting stories" I've read at least 6 of them demo'd, the blew out an account or two. There's something to be said about demo'ing for a while, but then it gets to be a judgement call for the individual I think. What I mean is, you get to a point where you feel the the thing you really need to test is your control over your emotions, and your money management. Thats really hard to do on a demo. I'm following a similar process myself, real trading now so hope I dont blow out two accounts as well. I've traded equities for over ten years and demo'd forex for 3 months so have to stick my toes in the water at some state. Wish me luck! Good luck to you as well, and thanks for posting.

Mick

On another note, I've often wondered if the people who blew out there accounts soon after finished demo'ing, were leveraged highly or not. Since you mentioned BWILC, I think thats one of the many gems in that book, that leverage can kill your account fast. We've all heard that, but when he explains that lower leverage will allow you to stay in the market a bit and let a trade mature, it really hit home for me. It was that "AHA" moment.

Mick

Hey Mick, this guy hasn't updated his journal since jan..

So I'm guessing he blew it

Back to my Journal...no i didnt blow my account, i cashed out and have been focusing on uni, now i have graduated and have started trading again.

My trading style is still the same, but i beleive i have fine tuned my method and risk management.

http://img560.imageshack.us/img560/898/eurgbps.gif
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It seems there is a good chance Eur/gbp will break fro the down side, i cant see the future but my monies is on short. risking 0.5% of my account on this trade.