My Journal Of Beginning Again.

Yes, I understand how that works too. Thanks.

Hello,

Do I understand that you are left only with an account of USD 400.00 only ?

Thanks

Yes,
I understand that it's not enough to be able to place 40 - 50 pip stops, but what I've been doing is setting 15 - 20 pip stops and watching the price movement. As soon as the trade moves into 10 - 15 pips into profit, I move the stop to break even. Then continue moving the stop to follow the profit. One thing that I've learned not to do is run from the trade when it goes against me, leaving the stop in place instead of dropping/raising it to avoid being stopped out.

Your initial stop defines your risk for the trade. When and where you move it after entering your trade is not a factor in the risk calculation.

Well, I am not sure if this would be a good idea or not..But who knows, maybe I will start one in the future


Thanks,

Nader

So how many trades (On average) you make per week or per month??? If your objective is to gain 20 pips per trade, then you must have some idea about the frequency of the occurence of your trades...It will be worthless to trade if you get 1 trade per month, taking 20 pips out of it, if it happens to be a winner...

You must have another copy of this Journal elsewhere other than the forum..What if the Board is down for a day or two?? What if Merlin decided to close the board forever (GOD forbids)...

In my opinion, this amount of pairs are too much to watch...Do they all comply with your risk and strategy model??? Which one of them gives you the best results??

Excuse me, but this is not a good definition for an entry strategy...2 different traders interested in watching support/resistance lines, yet, one of them will buy support anticipating that this support will hold and price will rebound, while the other will will short support hoping that it won't hold and will be broken...

A good definition for an entry is something like that (This is just an example):


Setup:

Condition 1: Daily price makes a new 10 day high (Or low) and stay above (Below) it for at least 1 hour (This is a daily chart condition coupled with a 1 hour chart condition)

Example: EUR/USD 10 day range (High to Low) is 1.1800 - 1.2000
Price breaks up the 1.2000, makes a new 10 day high of 1.2030 and stays above the 1.2000 for 1 complete hour, condition is fulfiled

Condition 2: After condition 1 is fulfiled, the price is given another 1 hour, in which it MUST not go back to the original 10 day high (Or low) we are measuring from, and at the same time, within this 1 hour, the price must break out the newly established high

Example: The EUR/USD above, stays above the 1.2000 mark for another 1 hour, and during this hour, it breaks the 1.2030 high.


Entry: Once condition 1 and 2 are fulfiled, our breakout entry signal is generated and we enter the market

In our example, we should enter long the EUR/USD anytime during the second hour once it breaks the 1.2030 high

This is what I mean by your entry strategy or technique...This is just to tell how you enter the market and under what conditions, not to mention that trade management after that, stop loss point, position sizing are all different areas and should get some great care...

You should be clear enough, at least with yourself about your trading strategy...Do you prefer trend trading, range bound trading or volatility trading..?? This is really essential so that you manage everything else accordingly...Trend strategies for example have properties, they have high reward/risk ratios, they have low winning percentage, they have many false signals, and they might produce large drawdowns...Are you ready for such characteristics??? If you are ready for them, then no problem to be a trend trader...

Time frame is a part of your trading strategy, so what I mentioned just earlier applies here too...Time frames have different properties as well, so you would need one to match your conditions...And when you attach time frame with the trading methodology or strategy, you are having a real trading strategy...

For example, you might be trend trading on the 10 minutes chart, this is totally different from trend trading on a daily chart...It's the same trend trading method, but both differ greatly...

Breakdown the rest of the questions by category and continue answering them man, precisely...


Thanks,

Nader

Nader,
Thanks for all of your comments and interest. I've not posted nor traded in a few days, my work has been keeping me pretty tired. So I've just been doing some reading. I'll bounce back in a few days.
Mark

Good luck with whatever you are being stuck with


Thanks,

Nader

Hi Nader,

Great posts

Best regards
Alan