Reminiscences of an alcoholic college student

Been getting pretty bored trading, so I have decided to start this journal! We will see where it goes.

A little bit about how I trade: I do not use any indicators at all. I will use some trend lines or valid and logical chart patterns (H&S, flags, double top, etc).

My trading success will be as a result of strict money management, rigid stop losses (I actually like the "hedging stop loss strategy" that Jacko talked about in his thread), and finally long term trend trading. I will be watching EUR/USD, GBP/USD, XAU/USD, USD/JPY, USD/CAD, USD/CHF, and any relevant crosses.

More or less I have a limit on loss, while letting gains run on…which theoretically puts you in the green.

(Ill risk 5% max per trade, yea i know its a little much, however I am trading on a bankroll acquired mostly from trading, and as a college student, I can sustain larger risks due to my almost non-existent Financial responsibilities)

I am using 50:1 leverage and trading mini-lots. Bankroll is hovering around 21k.


Feel free to come post whatever you like, criticize, comment, whatever! I would especially like feedback on my risk tolerance…so please come post….seasoned traders and newbie’s alike!

As I started this thread, I have a grand total of one open trade...I will be posting future trades live.

Long (3) XAG/USD @ 19.98

Stop loss (3) XAG/USD @ 19.6

Looking for this to go much higher as I like the break of 21.3 which is the 2008 high...and this is why I have not adjusted the stop loss higher.

If silver ends up going back down and hitting my stop loss, I would not want to be in the trade anyway.

Good job Unknown
I did not see someone that send future options here , keep going on

This thread should end up being dead in terms of trades posted, as I really fail to see the reason to day trade...it is just something that simply does not work for me as a person..

Therefore, conversation on other topics is encouraged!

Imaginary prop bets, betting on upcoming UConn sports games (yea I go to Univ. of Conn. up at Storrs)...


Conversation about gambling...gambling and money....gambling, money, and girls....gambling, money, girls, and alcohol ...also welcome


Finally, I am not here to impress anyone, hurt feelings, cuddle, sell you bubkiss, or steal 3m and run off to lala land

Thx for stopping in!

I am confused by your post. I am not trading options. That pic is from my broker at Forex.com. I am simply holding silver contracts for outrageous rollover fees...I am actually in the process of switching to Oanda right now.

Sending a buddy of mine to play EPT London on September 29th 2010...

I have 5% of his action at the poker game.

http://www.europeanpokertour.com/

Hey!

Do you use any other time frames or do you just look at the daily? I want to trade using pure price action also I'm just confused about time frames. Lots of people on here say you have to look at the weekly or whatever is one above your time frame to see what the trend is. Do you do any of this? Do you look at the 4 hour or 1hour to fine tune your entry or do you keep all your focus on the daily and nothing else? Thanks!

Use W1 and M1, it is much easier and simpler to trade off of these time frames. 4h can be nice but when starting off, I would agree that the higher time frames are much easier on the emotions.

It has been said that money is lost when you enter and exit a trade. So sitting in a longer term trend is sometimes the best way to go.

Last time the BOJ "tried" to intervene in its currency was 2004. They ended up failing to hold U/J above 115 ...and they will end up failing now.

Something much bigger than the BOJ is needed to turn U/J around and prevent it from falling further.

Historically, intervention has not worked, why should today be any different?



I will be sitting on the sidelines waiting the BOJ out. U/J should turn into a sitting duck with what should be some highly predictable moves in the coming years.

Patience will pay here.

Just got the notice - new leverage in the US is capped at 50:1 for the majors, 20:1 for the more exotic pairs, and non-US accounts are banned

I welcome these changes...if i cannot handle my own mm...at least the f***ing CFTC can do it for me!

Im not really paying attention to what is going on here CFTC-wise, but theres been a lot of talk about a 10:1 cap. Not sure if this will end up going down, but this should not affect me, but it does sound like it would make things a little tight.

Gl all

Insane shit. While it doesn't impact me much right now (other than closing my UK account and returning to a US based broker), it gets me stressing about the future and what else they may be throwing at us 5 years down the road. Keeping my PnL up is a stress by itself.

RE: UJ...this pair has provided some of the most predictable moves over the last few weeks (Lower time frames - 1hr, etc) IMO.

As you're looking at larger TF, what's your take on the EU?

Cheers

my thoughts on the EU?

I have no idea my friend. Looking at the weekly chart of that gives me nightmares.


For me, looking at the smaller time frames is like driving a car and watching only 10 feet in front of you.

Heres some food for thought....Monthly of USD/CHF which goes back to 1991...stupid forex.com charts dont display the date on the x-axis

Long (10) GBP / USD @ 1.5731

Stop (10) @ 1.57


Credit to wormboy! for trades on GBP
http://www.forexfactory.com/showthread.php?t=156630

stop (10) @ 1.57

Long (10) EUR/USD @ 1.3691

Stop (10) EUR/USD @ 1.3591


Reason: just following the trend and trying to get a nice entry...kicking myself for not buying this earlier, but hindsights 20 / 20

Closed (10) EUR/USD @ 1.3814

Closed (3) XAG/USD @ 22.83

there is the pinbar top forming...time will tell...hopefully or i'll feel like an ass for closing

He ended day 1a as chip leader which was pretty impressive, only to bust 3 hours into day 2


http://www.pokerstarsblog.com/ept/20...ng-074153.html