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Trading Journal 2010

  • #1
  • First Post: Edited 10:55pm Apr 26, 2010 7:16pm | Edited 10:55pm
This is my first journal, which I am putting out there for the world to see. Just recently, I was introduced to the world of Forex by a close friend and I love it. The primary focus of my trading is on the Euro/USD . I plan to post as live as I possibly can. The reason for starting this journal is to describe why I took the trade and to describe my thought process behind it. Thanks for taking the time to look at my journal.

Sincerely,
Mike Z
  • #2
  • Apr 26, 2010 10:47pm Apr 26, 2010 10:47pm
Ok, just tonight I stated with a sell limit order at 1.33850. The take profit is at 1.32850, stop loss is at 1.34450. The reason why I chose to do this was because I believe that the Euro is bearish right now because of what is taking place with Greece. Also I see resistance at the 1.33900 level. Lets see what happens here..... My chart will be posted.
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  • #3
  • Apr 27, 2010 11:38am Apr 27, 2010 11:38am
The sell limit hit over the night and the Euro shorted itself through my take profit at 1.32850, leading to an 100 pip trade. My first trade was a success!
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  • #4
  • May 4, 2010 7:41pm May 4, 2010 7:41pm
Last night while trading, I took a buy limit on the Euro at 1.31500. However this trade completely went through my stop at 1.30500. The leverage on the trade was .20. I believe that the uncertainity with Greece was the reason that it broke though the support line, leading it to its lowest level since April of 2009.
  • #5
  • May 4, 2010 7:47pm May 4, 2010 7:47pm
While looking at the hour chart, I am begining to see signs of a bullish behavior. The overall trend is still bearish, but I am going to attempt to make a quick 100 pips.

Trade Detal:

Bought= 1.29817
Stop Loss=1.28800
Take Profit=1.30900
Leverage= .20

A copy of my chart is included
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  • #6
  • May 5, 2010 11:39am May 5, 2010 11:39am
My third trade was also stopped out and went against me. This has been a valuable lesson because it has shown me never to go against a strong trend. Lost another 100 pips.

Trade Detal:

Bought= 1.29817
Stop Loss=1.28800
Take Profit=1.30900
Leverage= .20
Attached Image (click to enlarge)
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  • #7
  • May 5, 2010 5:18pm May 5, 2010 5:18pm
That's a great lesson to learn early on! Good Observation! Keep it up. you'll get it!
"Luck favors the prepared mind"
  • #8
  • May 9, 2010 11:10pm May 9, 2010 11:10pm
Just entered a trade with the EUR/USD....I am expecting the Euro to bounce back a little bit, with the news that the EU has completed a bailout....

Bought EUR= 1.29400
Stop Loss= 1.27800
Take Profit= 1.31400
Leverage = .20
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  • #9
  • May 10, 2010 8:45pm May 10, 2010 8:45pm
This morning, I learned another valuable lesson and that was to never go against your style of trading. Normally, I do 100 pip trade profits, and put my stop losses at 100. Well I was over confident and decided to do a 150 pip trade profit. It ended up going up to 110 pips in my favor, but never reached my take profit. By the time I got home from work, the trade went against me. Learned a great deal from this trade, basically that if I would have kept to my style, this would have been a very sucessful trade, and my overconfidence did me in.
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  • #10
  • May 11, 2010 11:32am May 11, 2010 11:32am
I am going to keep following the bearish trend on the Euro. It seems that the excitement of the Euro with the bailout has ended after a day. Wouldn't be suprised to see the Euro go as low as 1.20, maybe lower. Details of the trade....

Shorting the Euro=1.27100
Take Profit=1.26100
Stop loss 1.29000
Leverage .20
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  • #11
  • May 11, 2010 4:29pm May 11, 2010 4:29pm
Good Lesson!

Quoting zubermn
This morning, I learned another valuable lesson and that was to never go against your style of trading. Normally, I do 100 pip trade profits, and put my stop losses at 100. Well I was over confident and decided to do a 150 pip trade profit. It ended up going up to 110 pips in my favor, but never reached my take profit. By the time I got home from work, the trade went against me. Learned a great deal from this trade, basically that if I would have kept to my style, this would have been a very sucessful trade, and my overconfidence did me in.
"Luck favors the prepared mind"
  • #12
  • May 11, 2010 5:44pm May 11, 2010 5:44pm
Quoting zubermn
I am going to keep following the bearish trend on the Euro. It seems that the excitement of the Euro with the bailout has ended after a day. Wouldn't be suprised to see the Euro go as low as 1.20, maybe lower. Details of the trade....

Shorting the Euro=1.27100
Take Profit=1.26100
Stop loss 1.29000
Leverage .20
*****TRADE HAS BEEN A SUCCESS SO FAR*******

Trade has continued bearish...just moved my take profit up another 100 pips to 1.25100. Stop loss has now been moved to 1.27000. Worst I can do is make a profit of 10 pips. Currently am up 95 pips and will ride this bearish trend.
  • #13
  • May 12, 2010 6:05pm May 12, 2010 6:05pm
Quoting zubermn
*****TRADE HAS BEEN A SUCCESS SO FAR*******

Trade has continued bearish...just moved my take profit up another 100 pips to 1.25100. Stop loss has now been moved to 1.27000. Worst I can do is make a profit of 10 pips. Currently am up 95 pips and will ride this bearish trend.

****TRADE UPDATE #2******

The trade is still going well and is at 1.26200 and am up 80 pips. I moved up my stop loss to 1.26800. Worst I can do is make 20 pips. Hopefully the Euro continues to be bearish. Have left my take profit exactly where I left it as of the last update.
  • #14
  • May 16, 2010 7:39pm May 16, 2010 7:39pm
Trade was a sucess at it reached a 100 point take profit. Looking forward to the upcoming week of trading.
  • #15
  • May 16, 2010 8:01pm May 16, 2010 8:01pm
Just entered a trade where I'm shorting the Euro and going with the trend. Even though we are at a support level at 1.23 I believe that it will break through and possible go towards the 1.19 range. Trade Details....

Shorting Euro at 1.23400
Stop loss=1.25500
Take Profit=1.22400
Leverage= .20

Chart below
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  • #16
  • May 17, 2010 11:33am May 17, 2010 11:33am
Last night I reached my take profit of 100 pips. Started at 1.23400 and took profit at 1.22400. Chart is below
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  • #17
  • May 17, 2010 11:38am May 17, 2010 11:38am
Within the last few hours I have entered a new trade after having success last night. Still believe that the Euro will be bearish and continue to drop, even after a slight retracement upward this morning. Trade Details

Shorted Euro at 1.22660
Stop Loss= 1.25800 (wanted to give this trade some space to work)
Take Profit=1.21660
Leverage= .20
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  • #18
  • May 18, 2010 5:43pm May 18, 2010 5:43pm
While at work today, my take profit was hit at 1.21660 making this my 3rd straight 100 pip trade in a row. The chart is posted below
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  • #19
  • Edited 8:42pm May 23, 2010 8:30pm | Edited 8:42pm
Still believe that the recent retracement upward to the 1.25 level, will just be minor. Now that that it gone up, I believe its the perfect time to enter the trade. The Euro is being shorted in my trade once again as Europe is still in diseray. Details of Trade....

Shorted at 1.24900
Take Profit=1.23900
Stop Loss= 1.27000
Leverage= .20
Attached Image (click to enlarge)
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  • #20
  • May 24, 2010 11:05am May 24, 2010 11:05am
Last night I shorted the Euro at 1.24900. It rejected off of the fibbonaci level 61.8, and followed my trendline downward, which I expected it to do, leading to a 100 pip trade to 1.23900. The trade worked out very nicely and has been my 4th consecutive successful trade in a row. Since started trading my record has been 5-2....Chart is below
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