Hi to one and all members and visiter to Forex Factory. I'm a relative newbe to the world of forex trading, have been playing around with it for about seven months now and lost a few thousand dollers in live accounts.
Have been trading demo now for the last three months and trying to learn from others on this site I feel that I must say a big thanks to pepole like Buildcity and Sho whos threds I have found to be very very helpfull.
Well now it is my turn to try to put into action what I have read and find out for myself weather or not I've lurnt anything or have I been wasting my time.
I don't mind if anyone places comments and or charts on this thred but I do ask that pepole refrain from making unplesent or naste comments to or about anyone else as I feel that the perpose of these sort of places is to learn and try to help each other to improve our trading and NOT to start slanging matches. Thank you to every one.
In order to do this I have just opened a deno mini account with a broker from Australia I'm not sure if it's allowed for me to name any brokers here so I wont. The reason that I chose a broker from Australia though is
1/ I live in that country although I was not born there,
2/ If I go live with a broker from Australia they have some of the tightest regulations,
3/ There demo account does not expire after 30 day unless you don't trade it which I think is a plus.
I am going to trade useing only Keltner Channel and Shochastic as described by Sho the diffrence being that I'm going to trade the 4hour chart and will use the 1 hour chart to help with my entrys. I will also be useing mostly price action and candle patterns for my entry singles
I will risk no more than 1.5% of account equity per trade with a max stop of 30 pips.
My trading is going to be based only on technical charts with the only fundimentles being no trading during news time but this could change as time goes buy. As Isaid I'm new to this and hope that I can learn from doing this journal and maybe others can learn along the way with me.
Edit: Here are my trading rules as of 6/12/2010, These may be changed as I progress through this journey.
Before trading:
1/ Check for time of news.
2/ Check charts and mark up support/resistance areas.
3/ Look for pairs that have clearly trending moves rather than sideways.
4/ Wait for at least 4 hours after market opens on Monday morning local time before making frist trade for the week.
Entry rules:
1/ All trades will be taken of the H1 charts useing candle formations and price action signals
2/ When a signal is spoted ckeck to be sure that risk does not exceed my 1.5% of captial.
3/ Trades can be made in eather direction Long/Short.
4/ Aposition may be added to provided that another strong signal in favour of that trade is recived, A max of three add on trades in the one direction on any pair at one time only.
Trade Management:
1/ always set a stoploss level.
2/ I will not have a set TP level but will look to allow my profits run untill i see a Change in direction of the market.
3/ Once my position has moved into profit by the same amount as my Stoploss I will then move my stop to break even and let trade run.
4/ My frist trade onany pair will risk no more than 1% the next two add on trades may risk up to 1.5% and the the last add on will risk no more than 0.75%.
Trade Exit:
1/ Trades will be exited when the Stoploss is hit.
2/ When I see what I think is a clear change in the direction of the market.
These are my trading rules if anyone thinks that these rules do not cover all of the points that need to be covered then feel free to make sugestions or just point me in the right direction. Thank you.
i am going to place this account on Myfxbook so that you can follow what I do nad know that it is for real and that Idon't cherry pick my trades to hide my bad ones. Here is the link to it http://www.myfxbook.com/members/fxpr...patterns/68462
Have been trading demo now for the last three months and trying to learn from others on this site I feel that I must say a big thanks to pepole like Buildcity and Sho whos threds I have found to be very very helpfull.
Well now it is my turn to try to put into action what I have read and find out for myself weather or not I've lurnt anything or have I been wasting my time.
I don't mind if anyone places comments and or charts on this thred but I do ask that pepole refrain from making unplesent or naste comments to or about anyone else as I feel that the perpose of these sort of places is to learn and try to help each other to improve our trading and NOT to start slanging matches. Thank you to every one.
In order to do this I have just opened a deno mini account with a broker from Australia I'm not sure if it's allowed for me to name any brokers here so I wont. The reason that I chose a broker from Australia though is
1/ I live in that country although I was not born there,
2/ If I go live with a broker from Australia they have some of the tightest regulations,
3/ There demo account does not expire after 30 day unless you don't trade it which I think is a plus.
I am going to trade useing only Keltner Channel and Shochastic as described by Sho the diffrence being that I'm going to trade the 4hour chart and will use the 1 hour chart to help with my entrys. I will also be useing mostly price action and candle patterns for my entry singles
I will risk no more than 1.5% of account equity per trade with a max stop of 30 pips.
My trading is going to be based only on technical charts with the only fundimentles being no trading during news time but this could change as time goes buy. As Isaid I'm new to this and hope that I can learn from doing this journal and maybe others can learn along the way with me.
Edit: Here are my trading rules as of 6/12/2010, These may be changed as I progress through this journey.
Before trading:
1/ Check for time of news.
2/ Check charts and mark up support/resistance areas.
3/ Look for pairs that have clearly trending moves rather than sideways.
4/ Wait for at least 4 hours after market opens on Monday morning local time before making frist trade for the week.
Entry rules:
1/ All trades will be taken of the H1 charts useing candle formations and price action signals
2/ When a signal is spoted ckeck to be sure that risk does not exceed my 1.5% of captial.
3/ Trades can be made in eather direction Long/Short.
4/ Aposition may be added to provided that another strong signal in favour of that trade is recived, A max of three add on trades in the one direction on any pair at one time only.
Trade Management:
1/ always set a stoploss level.
2/ I will not have a set TP level but will look to allow my profits run untill i see a Change in direction of the market.
3/ Once my position has moved into profit by the same amount as my Stoploss I will then move my stop to break even and let trade run.
4/ My frist trade onany pair will risk no more than 1% the next two add on trades may risk up to 1.5% and the the last add on will risk no more than 0.75%.
Trade Exit:
1/ Trades will be exited when the Stoploss is hit.
2/ When I see what I think is a clear change in the direction of the market.
These are my trading rules if anyone thinks that these rules do not cover all of the points that need to be covered then feel free to make sugestions or just point me in the right direction. Thank you.
i am going to place this account on Myfxbook so that you can follow what I do nad know that it is for real and that Idon't cherry pick my trades to hide my bad ones. Here is the link to it http://www.myfxbook.com/members/fxpr...patterns/68462
Mr pips your coming with me
