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From FX noob to FX hedge fund manager

  • #1
  • First Post: Feb 19, 2012 12:39pm Feb 19, 2012 12:39pm
Hi traders. I wanted to start my own journal for some time and i finnaly decided to do so. I didn't know how to call my journal so i gave it this name. Anyway gaol of this journal is to show my path "From FX noob to FX hedge fund manager". I am just kidding. Anyway i am a fx noob an i have opened demo account, but i soon plan to start trading real money. I don't have strict rules for getting or exiting trade. I usually use support and resistance, macd and SAR.
See you tomorrow!
  • #2
  • Feb 20, 2012 12:09am Feb 20, 2012 12:09am
cya
  • #3
  • Edited 1:44pm Feb 20, 2012 8:29am | Edited 1:44pm
woww.. sounds fun
  • #4
  • Feb 20, 2012 9:47am Feb 20, 2012 9:47am
Quoting Government
I don't have strict rules for getting or exiting trade.
Get some quick.

Hopefully you will be posting charts along with your reasoning behind taking the trades you take. Keeping a journal is a very important part of trading successfully over the long haul.

Entry and Exit rules are also very important as well

Good luck on your trading path and on your journal.

Regards

Jeremy
"More important than the quest for certainty is the quest for clarity"
  • #5
  • Feb 20, 2012 3:55pm Feb 20, 2012 3:55pm
Quoting duyk20
cya
Cya to you too!

Quoting ccreative
woww.. sounds fun
Thank you for your comment and hope you have fun reading this journal and hopefully learn something form it!


Quoting JeremyMoore
Get some quick.

Hopefully you will be posting charts along with your reasoning behind taking the trades you take. Keeping a journal is a very important part of trading successfully over the long haul.

Entry and Exit rules are also very important as well

Good luck on your trading path and on your journal.

Regards

Jeremy
Hi and thank you for advice. Only reason i don't have exact rules for entering and exiting a trade is that i am still a beginner to FOREX trading and don't know exactly what works for me and what doesn't. Also i think that you should be flexible in life as well as in fx trading. Still i don't find fx trading to be exact science like physics or math so i think you should allow some flexibility when entering and exiting a trade. Stil thank you for advice and i am sure to find rules in the near future.
  • #6
  • Feb 20, 2012 4:27pm Feb 20, 2012 4:27pm
I haven't done any trades today i have seen two possible good trades but unfortunately haven't taken any of them. First trade that i wanted to take last night (i live in Europe) was EUR/USD break out from trend channel(is it called like this?!?) that started way back in October.

http://www.forexfactory.com/attachme...1&d=1329775747

I wasn't sure of it because Greece news can change trends very quickly so i let it pass. Obviously i shouldn't have. Also this whole market is trading much more on new and makes longer term trading much more difficult, because any news can totally change direction and ruin trade.

And second trade was oil. I heard last night on TV that Iran blocked oil trade with UK and France so i thought oil must be going up so i check out CFD on oil.(I live in Europe). But since i don't understand CFD on oil very well and don't know how much oil per contract i am buying i decided to stay away since i probably wouldn't trade without good understanding of CFD with real money. Here is a pic of missed trade.

http://www.forexfactory.com/attachme...1&d=1329776645

Also i am in school during London open, does anyone have good time management techniques for traders that don't have full day for trading?

P.S. Are circles that i am drawing too big?

See you tomorrow!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 151 KB
Click to Enlarge Name: OIL-20.2.12..JPG Size: 91 KB
  • #7
  • Feb 20, 2012 7:07pm Feb 20, 2012 7:07pm
ok. waiting for the trades
  • #8
  • Feb 21, 2012 11:38pm Feb 21, 2012 11:38pm
You can possibly watch the markets while in class. I know a few people that were a part of my trading meetup that were in school and did just that. Also depending on the type of phone you have it’s also possible to enter trades via your cell phone. Different brokers offer mobile trading.

As far as time management. If your in school during London open, perhaps trade NY open instead? Good thing about being a 24 hour market is there is plenty of trade opportunities for all the sessions. London does have the most volume but NY is a close second.

Depending on what kind of strategies and methodologies you employ you may even be able to do some scalping during the Tokyo market, which is usually the quite period. There are several trading systems that exploit that quite period, especially if you understand the nature of stop loss hunting and use it to your advantage, which seems to be quite common during Tokyo sessions across some of the pairs.
"More important than the quest for certainty is the quest for clarity"
  • #9
  • Mar 11, 2012 3:59pm Mar 11, 2012 3:59pm
I am ashamed to post after 20-days of inactivity. I wanted to do this but i worked on another set of projects and obviously fx trading wasn't one of them.
So i am starting again and hopefully i should be up at 5am GMT tomorrow morning (6am local time) to trader markets.
  • #10
  • Mar 11, 2012 4:09pm Mar 11, 2012 4:09pm
Quoting JeremyMoore
You can possibly watch the markets while in class. I know a few people that were a part of my trading meetup that were in school and did just that. Also depending on the type of phone you have it’s also possible to enter trades via your cell phone. Different brokers offer mobile trading.
It would be cool if i had a smartphone but i have a not-so-smart samsung and an iPod touch and there is no Wi-Fi in my school so nothing about that.

Quoting JeremyMoore
As far as time management. If your in school during London open, perhaps trade NY open instead? Good thing about being a 24 hour market is there is plenty of trade opportunities for all the sessions. London does have the most volume but NY is a close second.

Depending on what kind of strategies and methodologies you employ you may even be able to do some scalping during the Tokyo market, which is usually the quite period. There are several trading systems that exploit that quite period, especially if you understand the nature of stop loss...
When i go to school in the morning i can't trade London open but i arrive just in time for NY open. And when i go to school in the after noon like i am doing this week i can trade whole London open but i cant trade NY. Also Asia open is 1 AM in the morning so that my not be the best solution for trading unless it is automated.

Anyway than you for comment!
  • #11
  • Mar 12, 2012 6:00am Mar 12, 2012 6:00am
Here is how i am standing today.
After 2012 EURUSD rally i am looking to go short again. That should be in the range 1.3063 and 1.3045. Look at the pics below:

Here is a EUR/USD H4 chart that that show that EUR is still refusing to go down and when it brakes 1.3063 i will go short EUR and long EUR.

http://www.forexfactory.com/attachme...1&d=1331549741

This is a longer term trader rather then some scalp:

http://www.forexfactory.com/attachme...1&d=1331549741

I think that longer term EURUSD will fall to the 1.26-1.25 level.

So far no trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: H4 EURUSD 12.3.2012..JPG Size: 157 KB
Click to Enlarge Name: W1 EUR-USD 12.3.12..JPG Size: 182 KB
  • #12
  • Mar 13, 2012 4:45pm Mar 13, 2012 4:45pm
Hello fellow traders.
I opened a trade today when EUR/USD broke through 1.3070. Look at the pic below:

http://www.forexfactory.com/attachme...1&d=1331674787

There was lot of volatility today with all the news hitting the market so trade has been in the green and red multiple times today. Right now trade is in the red(10 pips). I ahve also put a stop loss 100 pips above entry. Since i am a long term trader and aiming for risk reward above 1:1 i will let trade run more then 100 pips in my favor. I am hoping that Asian traders will start shorting EUR and start pushing it more down.

That is for today see you tomorrow the morning!
Attached Image (click to enlarge)
Click to Enlarge Name: H4 EURUSD 13.3.2012-2..JPG Size: 168 KB
  • #13
  • Mar 14, 2012 12:53am Mar 14, 2012 12:53am
Hi traders.
Just a quick update. As i said yesterday i shorted EUR/USD at 1.3071. Right now trade is 15 pips in the green
  • #14
  • Mar 15, 2012 2:33pm Mar 15, 2012 2:33pm
Hi traders!
Here is an update on my trade. Two days ago i shorted eur/usd at 1.3070. So far trade has been in positive and right now i n negative. Look at the chart:
http://www.forexfactory.com/attachme...1&d=1331839939
Attached Image (click to enlarge)
Click to Enlarge Name: M15 EURUSD 15.3.12..JPG Size: 96 KB
  • #15
  • Mar 17, 2012 4:37am Mar 17, 2012 4:37am
Hi traders. Unfortunatly i had to close my EUR/USD short that i opened couple of days ago. CPI and Consumer Sentiment gave huge boost to the EUR and in the hours after reports EUR shoot up 100+ pips from my entry triggering my stop loss.

http://alphacapitalist.com/wp-conten...D-16.3.12..png

I was totally unaware of those two reports when i entered the trade and more importantly how they may affect price action. That was a lesson of this trade.

And on the positive side i went long EUR/NZD hoping it might bounce 100+ pips like it did two times this week. EUR/NZD did go higher but not as much as i have expected. I took small profit of 10 pips because 1) i didn't know much about currency, 2) liquidity was lover because it was Friday an 3) i didn't want to leave position opened during the weekend and expose it to the some kind of gap.

http://alphacapitalist.com/wp-conten...D-16.3.12..png
  • #16
  • Mar 17, 2012 4:53am Mar 17, 2012 4:53am
Quoting Government

I was totally unaware of those two reports when i entered the trade and more importantly how they may affect price action. That was a lesson of this trade.
Hmm Those news releases where announced on all major news platrorms
New voice message: Why are you calling me? If I need you, I'll call you!
  • #17
  • Mar 17, 2012 5:57am Mar 17, 2012 5:57am
Quoting KillerWhale
Hmm Those news releases where announced on all major news platrorms
No i was aware of the news but i wasn't aware of the impact they could bring on the market.
  • #18
  • Mar 19, 2012 4:19pm Mar 19, 2012 4:19pm
Hello traders. I haven't taken any trades today because i was away from computer so i wasn't able to capitalize on EUR rally nor EUR/CAD quick breakout.
Any way i have been looking for longer term trades (read months and years an USD/JPY looks promising. On that i'll update you tomorrow.
  • #19
  • Mar 19, 2012 4:33pm Mar 19, 2012 4:33pm
Quoting Government
Hello traders. I haven't taken any trades today because i was away from computer so i wasn't able to capitalize on EUR rally nor EUR/CAD quick breakout.
Any way i have been looking for longer term trades (read months and years an USD/JPY looks promising. On that i'll update you tomorrow.
Doesn't EU look promising?
All the way to parity?
New voice message: Why are you calling me? If I need you, I'll call you!
  • #20
  • Mar 19, 2012 5:16pm Mar 19, 2012 5:16pm
Quoting KillerWhale
Doesn't EU look promising?
All the way to parity?
No, not really to me because right now EUR is trading on the news. I mean all currencies trade on the news to some extent but EUR is doing that on more bigger level. EU finance ministers meet and agree on helping Greece EUR rallies like they have solved the problem. Only to sell of next day like crazy. I personally think it is going lower but i am still not ready to bet on it. All the best.
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