College kid tries trading for a living

______Account Statement______
|| Date || Profit || Balance ||
*Didnt document trades from first week, laptop got smashed. Ended week up $77.
|| August 8 || $150 || $10224 ||


Hello everyone!

I've been a lurker for a while at forex factory and figured it was about time I start posting!

This is my journal which will be updated daily with charts, an account statement and all that fun stuff.

Feel free to ask my any questions about my method or trading in general. Any Criticism and advice are greatly appreciated. Even if its just linking me to a thread I might find helpful.

A little about me:

I am a 19 year old engineering student. I discovered trading just before turning 19 and have been obsessed with it since. I started studying stocks, then options, and now finally forex. I'm taking some time off school to attempt to trade full time for a living. I will not need to live off and trading capital for at least the first year. I am currently demo trading still (have been for past few months), but if things go well this month I will open an account in August. I have spent months studying material on here and I would just like to say thanks to the following members for sharing their knowledge: Merlin, James16 (too poor to afford PF, but thanks for the free stuff), fiji, diallist, habeeb, isotonic, mbqb11, muddbuddha, Sho(trade price), Razor Trader, NoBrainerTrades, Cloggie and many more. Sorry if I forgot you

My trading:

I will be trading EUR/USD, GBP/USD, USD/CAD, USD/JPY, USD/CHF, EUR/JPY, AUD/UDS, and NZD/USD. I will primarily be trading off the 15M time frame, but I will also be taking some position trades in a separate account. I will be risking no more than 2% of total account equity ($10000) on each trade. I will be trading mainly off the 15M time frame but will also be taking some position trades from a separate account. I will be trading the New York session.

Goals:

My goal is to end every month in profit, and make around 3% per week. The minimum I need to live is about $150 per week. Preservation of capital is a priority. No revenge trading.

My method:

I will go into more detail here later.

Basically I'm looking for Pin bars or IB breakouts at support and resistance. I will typically take half off at 1R. Simple stuff that has been discussed ad nauseum. Although its not pictured in my charts I do use stochastics for divergence.

1.)Only trade in direction of keltner
2.) Enter off PB or IB
3.) Take 50% profit at 1R
4.) Move stop to be once one bar in profit

My Charts:

I use:
-keltner channel for general trend and minor S/R
-Murray Math levels
-Pivot points
-Support and resistance (white = weekly, red = daily, orange = 4H, yellow = 1H, green = <1H)
- Fibo retracements (color scheme is same as above)
-50 EMA (pink)
-365 EMA (white)
-Basic Volume
- Stochastics (5,3,3,)
- The blue at the bottom shows when the new york session starts

If anybody wants any indicators or templates I use let me know.
I do also keep a bar chart open on a second screen with nothing on it. Just nice clean PA.

I didn't trade this monday since it was 4th of July.

Tuesdays trade:

First trade was with USD/JPY. If you look at the hourly chart, you'll see a second pin bar had just closed above the 81.014(yellow) level. Price had recently tested then retested this level. After breaking through it was now using it as support. The 15M TF was looking pretty good too with all thoes pin bars. Once the 1H closed, I waited for a bit of a retrace and went long risking 1%with my SL just below th pin bar.

I closed half my position at 1R and the rest once momentum had stopped near the end of the day.

+1.45% for the day.

Note; The white candles are the entry/exit candles.

http://img217.imageshack.us/img217/3319/1005i.png
http://img837.imageshack.us/img837/70/1105b.png

Wednesday July 6:

Trade 1: Buy GBP/USD 15:00


Price had fallen to 1.59986 which has been a pretty well tested support area, especially on the weekly chart. On the hourly, two small pin bars had just closed above this level. The last 5 bars on 15M had failed to close below it too. I went long risking 0.5% and was hoping to enter another 0.5% on a retrace. Once price moved 15 pips I moved my Sl to BE. Got stopped out at BE.

http://img707.imageshack.us/img707/1781/2106.png
http://img217.imageshack.us/img217/295/2006a.png

Trade 2: Sell Aud/Usd 16:12

Price had just retraced to 1.069 (yellow). On the left side of the chart we can see price had a tough time breaking through this level. In the middle of the chart we see price had retraced to this same level and was now acting as resistance (see thoes pin bars?). There was a lot of confluence at this level, Daily pivot, 50fibo, 365 ema. To top it all off the trend was down! Once the hourly candle closed I began looking for shorts. For some reason I only got 0.5% in again when I wanted to risk 1%. Price moved about 27 pips in my favour and I moved SL to BE. Normally I would have taken some profit here, but I only had one order in and I thought this one was good to run past the previous bottom.

http://img21.imageshack.us/img21/4480/3006n.png

Summary

This would have been a profitable day if I lagged out of my positions. I would have booked at least 1.5%. Instead I was stopped out BE both trades. Better than a loss!

Dude that excellent. If you live in canada and if you werent one year older than me, we would be twin. Im also a student and I will certainly study in engeneering sector or in robotic.

Its amazing, I hope that there more young investor in this forum. I will follow you on your trade and hope you best of luck

I DO live in Canada. I study Electrical/Computer engineering at UW. An analytical mind is a handy tool in this business.

Best of luck to you too!

Grrrr. Didn't end up taking any trades today. Prices moved pretty fast, there were a few IBs I missed though. Figured I'd post a chart today anyways.


After prices jumped above the daily pivot on Aud/Usd, we got a nice long pin bar. This pin bar even had higher volume than the up move preceeding it. Trend was up so this would have been a good place for a long with about a 10 pip stop loss just below the pin bar.

http://img190.imageshack.us/img190/5840/tmpgq.png

Im 19 as well.

Best of luck.

Welcome in the club

Did you trade the NFP?

Shy guy where did you get the pivot calculator? Ive been looking for a good one for mt4.

I got it from Peterfaders Mad Scalper template over at babypips.I don't use the mad scalper system, but I do like the template. LINK

If you don't want the whole template, I attached the pivot indicator as well. Just drop it in C:\Program Files\Go Trader MT4\experts\indicators

Cheers!

I don't trade news moves. Too inconsistent for me, and I don't have a good enough understanding of the fundamentals at this point. News for me is more of a reason to stay out than to enter. I like trading standard clean PA, anything that makes the market behave abnormally is not something I like. This is why I didn't take any trades today.

Just my 2 cents, you could have made a lot of money today though.

hi mate - don't worry about fundamentals in a news trade situation , it's not about hearing the news , digesting it and then making a decision ( there's no time for that )it's more about being quick on the trigger and good timing

all the best

I guess it's also at this stage, I don't know if my "method" will be profitable or not. By adding profits or losses from new moves I felt would skew my results. I should learn this stuff though.

I will open a new demo account and try and trade exclusively news on it. Any good threads you would recommend I look at for tips on this? Or is it basically just, for example, "new comes out good for currency, buy as fast as you can" type of thing?

Thanks!

And I did . I watch the news on bloomberg and I gone long. I put my Take-Profit at 1.4350 and the price reach a high of 1.43501 . I made like 120 pip

thats a good idea. Its better to practice every kind of way to trade then make a decision on how you will trade on live account. If you ever decide to trade the news, PM me , I will give you 2 interesting web site that migh help you and give you better information

have a good week-end

You don't even have time to hear a comment such as " news comes out good for currency ... " and act on it. It's just you and the charts - you need a good broker ( low slippage , etc ) low spreads and lots of lots of practise.If you want to try , a demo is a great idea.I can't think of any threads specific to this , but there must be some , just look.Anyway practise is the main thing

Wow! I had no idea there were so many people my age on this forum (19 years old here as well). Ill be keeping an eye on your thread if thats ok

Welcome , I hope you will stay. Maybe someday we could become a club. We can call ouselve Young Money Corporation XD

Sunday July 10th Weekly Prep Part 1

So on Sunday nights I'm going to post all the currency pairs I'm really interested in tomorrow. I think in the future I'll do my top 4 or 5.

Things to consider for tomorrow....

EUR/USD

Will probably touch the bottom trendline in the next day or so. Bias will be short tomorrow. Will keep an eye on the PA when the touch comes.
http://img810.imageshack.us/img810/6785/eurusdp.png

USD/CHF

Strong downtrend. Looking to get a short in if prices come up at 8.4470.
http://img193.imageshack.us/img193/1063/usdchfn.png

USD/CAD

Daily BUOB, if momentem is up I'll be looking for longs. If range is wide could even think about getting a short in somewhere between resistance at 0.96750 and the trendline at 0.9700 if risk permits. Stop loss for a short has to be above 0.9700
http://img827.imageshack.us/img827/3242/usdcadl.png


EUR/JPY

Been ranging in a rectange for a while. Looking at 113.9ish for a bounce or breakout.
http://img688.imageshack.us/img688/5302/eurjpy.png

AUD/USD

Prices have been ranging between 1.0666 and the 61.8 fibo. We'll probably see the lower level tomorrow.
http://img856.imageshack.us/img856/9782/audusd.png