My trading journal

Equity 654.08 from 620.03

This was today's London prebreakout. I shorted EU at signal and grabbed about 15 PIPS. Then though the signal was not there, Silly me entered the trade again as short. The price action at that point showed BULL pin bar and consistent support at the lowest price during the london box, therefore I exited the 2nd short instantaneously with breakeven (and I pat my back for this given my noob status). Well the things went according to what I thought and then I entered LONG and grabbed another 15 or so pips. All I traded was 0.1 lot and no more with stop loss. Well another POB (pat on back) will be that I was confident on my LONG trade so that I can go back to sleep only to wake up and see my TP hit.

Hopefully with GOD's grace I will do good. More I work with my system, More I am confident on this. I hope I will stick to this and will further fine tune it.

Thanks ForexFactory and thanks senior members. I have learned alot from this forum. I am still in ShCOOL!!

Equity 699.08 from 654.08

Started little late but went well. Today's London open session was quite non-bluffing and was easy to filter false breakout. It looked like a very classic breakout from the previous day's asian range Though I started late still I was able to bag-in 30 PIPS. Have a great weekend!!

Haven't seen you post to this thread in a little while..hope everything is ok. It seems I have had the same experiences as you with forex. Just hope everything is ok!!

Thanks for thinking about my Journal. Yes everything is okay with me. Was little busy with some move. I had been trading well and am still learning. In the meantime, since I was working on this DEMO journal, I opened a small live account to get the real feel of the market and belive me guys, the real feel is truly the "real feel". BUT DEMO IS ESSENTIAL BEFORE REAL.

Well on demo: My equity is now 1014 (up from 699 )

The feel for real: That is true money and that is what brings out in us our true self. Yes! FOREX is amazing

Surviving the draw down is the main key here. This is my super caution to noobs (which I am still) who make use of high leverage on M1 and M5 or M15 time frames. From my live account I have learned that trading small lots on higher TFs is the only way to "holy grail". If you think that you can do with 10 minilots or 30 minilots with 1000 bucks and make tons of money and then spend whole of your day playing golf, may be by the time you come back from your game, drawdown have already killed you. I think that staying in the market is the only key here.

Just read through your thread here and I like what I see.
While I am new to FF I am not a new trader.
I have found that taking one's time and using the longer time frames is really the best way for the newer traders to go.
I almost never trade with less than an hour chart and sometimes just off the daily chart.
Keep up the good work!
I hope to see more from you soon!

Thanks Fireking. Very true that smaller timeframes are the ultimate killers for retail traders. Well at some point it feels like that there is no logic in this market and it is just gambling. Time and timing are two critical components of entering and exiting this market. Some times it is so difficult to make 10 pips in a day and other times there are smooth 100 pips in. Well the changes in my practice. I have stopped overtrading because liquidity will never end but I might if I trade a lot

agreed.

looking at multiple time frames especially the larger ones can tell a trader why their signals were faulty or an unexpected price move. If a 5 minute chart shows a bull breakout, it won't go if the hour and daily are screaming bear.

For this week I think that long on EUR is suitable. I just opened 0.2 minilots based on my bollingerband strategy (well I am still testing it). Seems like it will atleast retest near its previous high

Do you think this week can still long on EUR? or this wave seems to end? Thx very much!

The price went back to test but till now looks like failed and going again for a retest. The momentum is near finishing if we compare the movement to usd/chf. I think the bull position though still somewhat valid is very risky. In the midst of Mr Bernanke lined up at 8:30 AM EST and nearly shooting star on 1 Hr frame, I closed my 0.2 minilots with 50 pips profit on live account and now will wait for next move.

From my at least 1 year of demoing the currency market. I think that more the indicators are on your chart, more suicidal and confusing it is. I have evolved from about 10-15 indicators on my chart to now much cleaner charts with only three to four indicators. It feels much easier now and lot cleaner

I think that market love those who keep simple with her. Identifying the wave and riding on it is the concept and methodology (enlightenment) comes with time.

Belive me: I am not yet enlightement on this though and I am still learning

But important things I have learned are Keep it simple, Play small lots with major decision on higher TFs and entries at smaller TF to detect retracements. Screen time will do the rest.

I tried looking for "GURU" but wasnt able to untill I found one within myself and in professor google

Looks like the upward momentum is almost exhausted. Very risky right now. I will rather wait for whole week to put in trade. Tonight's London might give some hint. Shorting to level of 1.37013 from the current level of 1.39411 MAY be a possibility, BUT I am NOT playing this game right now.
Very risky to short EU and equally risky to LONG

Very risky week with so many news coming out, US elections, FOMC, NFP and possible BOJ intervention. This should be very careful week with very calculated moves. I am on sides, may be trade some range BUT on the whole will not look for long term untill unless confirmed

Still learning and always learning.
Still noob and will not always be noob after learning though, but:
In front of market, I am humble, market is BOSS

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