Just Learning

Hi. I have started this thread to mainly keep me and my trading honest I hope. I am just starting to demo trade again after blowing up an account of several thousand dollars through my own stupidity.

MY PLAN:

1. Trade only of the EURUSD, GBPUSD, AUDUSD, UADCAD,EURJPY, GBPJPY, AUDJPY, USDJPY charts.
2. The only inductors I will use will be RSI 7 period, Stochastic setting 5,3,3 and I will use Support/ Resistance areas and candle sticks to help in making my trading decisions.
3. I will be looking for opportunities on the daily ,4 hour and 1 hour charts only.
4. Once a trading opportunity is found I will be looking for a profit target 3 times my stop loss.This is to help with my money management as I will remove 80% of my lot size at this profit target which will give me a real return of 2.4 to 1. The remaining 20% of the position will be left to run with a trailing stop.
5. My Stop loss will be moved to BE only after price has moved to a RR of 1:1. The stop will not be moved after that until either the first profit level has been reached or price retraces and stops me out.
6. their will be no more than 1% of risk per trade and a maximum of 3% of account risked at any one time. I will aim for an increase of 3% per day in this account once I have reached this amount I will stop trading for the day. If I lose 2% of account balance in a day I will stop trading.

In the interests of transparency I have linked my Trade Explorer to this thread and have it set so that anyone can see exactly my trades stops and take profit levels. What I'm hoping is that those of you who are experienced and knowledgeable will be willing to offer assistance and help with things that you think my improve my trading but I do not want to see people abusing one another or bitching about other people.

I will attempet to post charts of all my trades showing my entrys stops and profit levels and giving my thoughts as to why I think these trades are worth takeing.
It would be nice to be able to get some feedback on these. Thank you.

Here are some screen shots of how I like to set up my charts.
I start with the Monthly line chart and make it so I fit as much of the data into it as I can then I will lpace the Fib retracement on it I make these thick red lines.
The next I go down to weekly and place another fib retracement onthe largest swing that I see on that timeframe I make these lines dark blue and a bit thiner than the first lot of fibs.
From there I will step down to the daily timeframe and start marking in support and ressistance lines , trading channels and other areas that I think might become significant.
Once this is all done it's just a matter of waiting to see what happens.When price reaches a point where I think that their might be a ppossible trade I use the RSI and Stochastic and lastly candle sticks to tell when to enter.

When I started to trade I lost 500$ dollars 11 years ago! Then after 2 years I again put 2 000$ to my account and again lost 1 500$, I was really disappointed and destroyed but for the next month I was able to grow my balance from 500$ to 7 000$!!!. I was very proud by my self but in next three month I lost about 4 000$.

So this is forex market :-)

Yah it seems to me the more you think you know the more you don't know

Here are some charts from my trads last night as you will be able to see both trades turned out ot be lossers. One of them I broke one of my rules so it's my own fault But then that's why I'm doing this is to learn and form proper habits before going live.
As you can see on the frist two charts I thought my reasoning for entering this trade was sound as earlyir in the day I made a simller trade which returned a profit of just over 1%. All was going well till I got bussey on other things their wes news I didn't move my stop then got taken out by the downwarde spike.





Then these next two charts show a simller story. I thought that price was showing it stalled on the lower area of support/ressistance and started a up wards move. I set a pending order to go long at 1.58275 with my stop @ 1.57885 thinking that price would move back up to the area of support /ressistance above. When I came out and looked this morning I was stoped out.
My trading day finishd back at almost break even on my account.

I am currently in two trades AUDUSD long after it bounced up of a Fib level. and AUDJPY has started to move up from a support area. Both these trades took of the one hour charts but did have a look at the 15 minute charts to try adn giv me a smaller stop.
I made a mistake with my entry into the AUDUSD trade and took a 6.00 lots instead of the 0.06 that I should have to keep with my 1% risk. I exited as soon as I relised but this did not prevent me from taking a profit of $85.48 in the space of one secound a nice sourt of mistake to make.

Here is the chart of the entry for AUDJPY. please feel free to comment let me know weather you think entry was valid or not and why, what you would have done diffrent.



And here is the chart for my AUDUSD trade. Again please let me know your thoughts on my reasoning behind entering this trade.

I have just moved my stops to break even on both my trades so far they are up 34 pips on AUDJPY and plus 35 pips AUDUSD.
I have closed out part of the AU trade as due to me not concentrating I had far more than the 1% risk that is in my trading rules. Good for me that this trade went as planned so far as this mistake has put my up buy 10% after only 3 days.