Knkw98 Trade Journey

Hello,

I recently gained serious interest in Forex (within the last year), and have opened a demo account with Oanda.

I will eventually log my trades on this thread, and will eventually trade live.

Please feel free to suggest any recommended material to read. Also, please feel free to post any advice for beginners such as, what to read, what not to waste time on, and when to jump in or jump ship.

Lastly, I am wanting this journal to become a helping guides to others like myself. I know there are several others on this forum, but one more should not hurt.

Thank you,
KK


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I opened a demo account with MB Trading. I might use them for a live account when that time comes....when I am ready and proven myself on my demo account!

After I started this journal, I went out and got some basic couple lessons from PeterFM on PS&R trading. This opened my eyes a bit on how to draw P&SR's and differentiate on which do and don't matter.

Next, I continue to read James16 thread and Strat's thread to figure out my trading style and edge.

Currently, I am still reading and will begin my demo with a trading plan. A very simple one I have yet to write but it is in my mind. (I know I know, I have to write it down )

I feel so clustered with the amount of material I feel like I need to read and re-read but I also feel pulled to start my demo trading and have a urgent need to get more screen time.

Anyway, enough rambling. My trading style is technical ( at least I think so, I might be trading funny-mentals and not even know it):

I will trade in the direction of the MONTHLY trend ONLY with keeping the WEEKLY trend in mind. - Strat's material
I will trade off P&SR's (round numbers inline with P&SR's) - PeterFM's material
I will trigger my trades based on Price Action such as Pin Bars, Inside Bars, BUOB, BEOB, DBHLC, DBLHC. - James16 material

I will avoid weekend trades and news days.

Thanks,
KK

Reading never seems to end.

I will eventually join James16 private forum, but I do not feel I am even ready enough to join the forum to understand the material.

My plan is to continue to read the James16 FF thread, discuss with the seniors there and others. Then move on to Strats thread and a couple of ebooks I am wanting to read.

While doing the reading, I am also going to demo trade to get more screen time experience.

I will limit myself to following only 2 pairs. I tried following multiple pairs and felt swarmed and made bad decisions. I will trade the EUR/USD & USD/JPY

Best of luck KK

I do think it is a lot easier to watch many pairs and just wait for the best of the best. Most of the time you will be sitting on your hands but too me when starting out if you watch as many pairs as you can on the daily/weekly you have plenty of time to analyze and wait for the best. Of course everyone is different but this is from my experience.

Gl bud
Mike

Your words are priceless Mike.

Even your most simple statements, I read and then re-read and learn even more.

I been trying to simply play the Where will PA game go instead of executing trades to build screen time.

This has been helping me gain confidence in my ranking ability to call out A to B to C type trades.

http://www.forexfactory.com/showthre...22#post4191622

I have read a thread by Ghous. I believe it was one of his earlier trading day threads and I felt it has helped nurish me with some hope in that everyone has a starting point. My journey has been 3 years now in FX. I have not blown a single demo account and I have not lost a single dime. I am negative in my demo account. Started with 10k and lost roughly 2k (there are reasons for the losses in my journal, and have been resolved).

Anyway, I wanted to keep my thoughts collected in my thread:

Not sure if you still read this thread, but great post and initial start.

Reading through your post on James thread, I am sure you have come along ways and are truly a successful trader.

I learned a good bit from reading through this thread, and I wanted to share a few items that I will incorporate into my trading.

- Have enough funds to trade more than one lot (any sized) to have flexibility with my exits which will enhance my account. Ex: If your funds allowed you to trade two micro lots with your defined risk % then you could have closed one at profit and left the other at BE which would help alleviate any well defined losses.
- Scale into the trades. Place lots around the setup bars to enter at different prices to alleviate risk.
- Always wait for the confirmation bar to form before entering the trade (will have to practice to figure out what type of trader I am).
- Keep a good journal and an analysis of my journal every set number of trades.

I know there is a lot more but these are few that come to mind.