Nate04's trade journal to making money or wiping out a small account | Forex Factory

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Nate04's trade journal to making money or wiping out a small account

  • #1
  • First Post: Edited Aug 8, 2014 9:19am Jul 15, 2012 11:23pm | Edited Aug 8, 2014 9:19am
So... I've been debating starting up my very own journal for awhile now. My main reason is that I generally trade 4 hour charts and so I figured this thread would be slow most of the time. There is also the fear that I will blow my account, and have everyone looking on while I do it. But, with that said, I want to keep a record of my trades. And, as a way to keep the thread interesting, I hope to post about topics away from trading. My interests, etc. Perhaps some other people will find similar interest and we can start up some conversation.

Edit: I no longer use the trading plan I described here.

So, starting as of now, I got a sell signal from the Golden Finger @ 11pm cst. So I got a sell limit order at 1.02123. I'll check back at 3am cst to see if its been taken or not.

For now... Off to bed.
  • #2
  • Jul 16, 2012 3:01am Jul 16, 2012 3:01am
3am update. Trade was not taken, so I have canceled it out.
  • #3
  • Jul 16, 2012 3:07pm Jul 16, 2012 3:07pm
Buy limit order @1.02586 - 300 units
SL @ 1.02136
TP @ 1.03386

Move SL to BE @ 1.03086

Since I use FX trade, I can't show pictures... But I have a demo acct, it shows what I am doing... It is demo, but I have real trades @ the same levels.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 30 KB
  • #4
  • Jul 16, 2012 7:04pm Jul 16, 2012 7:04pm
Well, once again, the trade was not taken during the first 4 hour candle, so the I canceled the trade. Back to waiting until the next signal.

This is common during ranging periods. But that is a good thing, because it keeps you out of the wip saw sometimes.
  • #5
  • Jul 17, 2012 10:52am Jul 17, 2012 10:52am
So... An interesting situation perhaps setting up on AUD/USD. There has been enough down movement to *probably* give me a sell signal on the golden finger indicator...

BUT...

The same candle is also forming a hammer at this moment with 10 minutes left until the end of the candle.

So...

Now I debate what to do. Do I trade the hammer if it stays as is, or the golden finger signal if it occurs.

The voice in my head is saying stay flat for now. That may be what I end up doing. Not sure yet.

Opinions welcome.
  • #6
  • Jul 17, 2012 11:01am Jul 17, 2012 11:01am
There was enough movement up in the last 10 minutes that the sell signal from the golden finger did not form. However... it is a nice hammer. so I'm putting in an order for a buy of 300 units @ 1.02896.
  • #7
  • Edited 12:02pm Jul 17, 2012 11:09am | Edited 12:02pm
hmmmm... very interesting. My trade order just got taken. Why is it interesting? Because I had the order at 1.02898 (which is the price I set it at), HOWEVER... According to to my chart, the price never reached past 1.02881. So how is this possible?

edit: price did eventually go past 1.02898, so it all works out I guess. That is still somewhat concerning going forward though. Gonna have to keep a close eye on orders in the future.
  • #8
  • Jul 17, 2012 1:23pm Jul 17, 2012 1:23pm
Closed @ 1.03051 for 15.3 pips.

Not going to be around to watch the trade for the awhile. I HATE doing this, as it goes against my close to 2:1 risk/reward ratio. But I saw a possible double top forming, and I didn't want to get caught in a loser away from the computer. Can't be doing this very often though, or it will kill my account eventually.

Anyways, new balance... $148.8726
  • #9
  • Jul 18, 2012 3:30pm Jul 18, 2012 3:30pm
Quoting Nate04
Closed @ 1.03051 for 15.3 pips.

Not going to be around to watch the trade for the awhile. I HATE doing this, as it goes against my close to 2:1 risk/reward ratio. But I saw a possible double top forming, and I didn't want to get caught in a loser away from the computer. Can't be doing this very often though, or it will kill my account eventually.

Anyways, new balance... $148.8726
Boys and Girls... Here is a perfect example of what NOT to do. Of course, the price ran right up to what would have been 80 pips of profit, with very little resistance. So, because I got nervous because I wasn't going to be in front of my computer for a couple of hours, I lost out on 65 pips.

This is definately something I need to work on. I am VERY aware of that fact. I was very comfortable with the trade when I took it, yet I at the first sign of double top and that combined with me being away, and my brain went haywire.

Anyways, still waiting for the next trading signal. Hope everyone is having a great day!
  • #10
  • Jul 19, 2012 11:06pm Jul 19, 2012 11:06pm
Sell signal on the golden finger.

300 units
Sell @ 1.04024
SL @ 1.04474
Close 25 units @ 1.03524, move remaining SL to BE.
TP @ 1.03224

I'll check back in 4 hours to see if the trade was taken.
  • #11
  • Jul 19, 2012 11:43pm Jul 19, 2012 11:43pm
Quoting Nate04
Boys and Girls... Here is a perfect example of what NOT to do. Of course, the price ran right up to what would have been 80 pips of profit, with very little resistance. So, because I got nervous because I wasn't going to be in front of my computer for a couple of hours, I lost out on 65 pips.

This is definately something I need to work on. I am VERY aware of that fact. I was very comfortable with the trade when I took it, yet I at the first sign of double top and that combined with me being away, and my brain went haywire.

Anyways, still waiting...
Trading is the place while a lot of time, we are frustrated when making money. It happened to me yesterday too..
  • #12
  • Jul 20, 2012 7:14am Jul 20, 2012 7:14am
Quoting Nate04
Sell signal on the golden finger.

300 units
Sell @ 1.04024
SL @ 1.04474
Close 25 units @ 1.03524, move remaining SL to BE.
TP @ 1.03224

I'll check back in 4 hours to see if the trade was taken.
The trade was taken, in fact just a few minutes after I placed it. Now we play the waiting game to see if its successful. At the moment its a few pips in profit. The best part of my risk/reward setting, is that I only have to win 4 trades out of 10 to be profitable. Even 3 wins out of 10 would produce a very small loss. I like those kinds of odds.

In addition, I've been considering beginning to trade EUR/GBP in addition to what I'm trading now. I've been testing some settings, and it looks like the Golden Finger with a risk setting of 3 would be worth looking into on the 4 hour charts. I'm trying to gauge what would work best for SL and TP. I'll probably dive into this some more over the weekend.

Happy trading today... And have a great weekend everyone. Remember, time with friends and family can be even a greater reward than winning in forex.
  • #13
  • Jul 20, 2012 7:17am Jul 20, 2012 7:17am
Quoting duyk20
Trading is the place while a lot of time, we are frustrated when making money. It happened to me yesterday too..
It seems keeping ahead of ones emotions is the toughest part of forex. I got crazy over what at worst would have been $1.35 loss. When I look back at it, its almost laughable.
  • #14
  • Edited 12:33pm Jul 20, 2012 12:08pm | Edited 12:33pm
Quoting Nate04
Sell signal on the golden finger.

300 units
Sell @ 1.04024
SL @ 1.04474
Close 25 units @ 1.03524, move remaining SL to BE.
TP @ 1.03224

I'll check back in 4 hours to see if the trade was taken.
I closed the trade @ 11:30am cdt, @ 1.03746 for 27.8 ($0.82) pips profit.
New Balance: $149.6891

This is something I've been stuggling with. A downside move on friday. Do I hang onto the trade over the weekend and pay swap for 2 days, in hopes of reaching my TP??? Or close at a decent profit level and move on...

The plus to closing: No swap paying, and no worrying about a trade over the weekend.

The plus to keeping it open: Potentially reaching my TP level, keeping my risk/reward in tact.

I don't know. Can I get some other opinion on what to do?
  • #15
  • Jul 22, 2012 1:04pm Jul 22, 2012 1:04pm
Almost back to the trading week... Its been HOT AS A MUG here in the midwest this weekend. Suppose to be 108 degrees today. It may be the hottest day I've ever experienced personally in my life. Gonna have the AC on today for sure.... Anyone else looking forward to the Olympics? I can't wait!

OK, on to trading... I've decided this weekend to trade the EUR/GBP with a risk setting of 3 on the golden finger. Stop loss will be 25 pips, TP @ 45 pips. I'm going to trade using 540 units, and I'll cash in 45 units and set the SL to break even @ 25 pips profit.

Good luck to everyone this week!
  • #16
  • Jul 23, 2012 11:01am Jul 23, 2012 11:01am
Buy signal on EUR/GBP on the golden finger. Got an order in at $0.78197. Lets see if its taken in the next 4 hours.
  • #17
  • Jul 23, 2012 12:04pm Jul 23, 2012 12:04pm
Trade was taken.

Long 540 units @ 0.78197
SL @ 0.77937
TP @ 0.78647
Move SL to BE @ 0.78447, close 45 units
  • #18
  • Jul 23, 2012 11:11pm Jul 23, 2012 11:11pm
Golden finger gave a buy signal on the AUD/USD.

I got an order in @ 1.02966 for 300 units.
SL @ 1.02516
TP @ 1.03766
Move SL to BE @ 1.03416 and cash in 25 units.

2 things...
1. I completely screwed up placing this order! I don't know if I'm just getting tired or what, but I originally placed it as a sell. I closed it immediately, but it cost .11 cents. New balance... $149.5748. Damn I can't believe I did that!!!

2. I don't feel all that confident in this trade. But I want to follow my rules, because if I let my emotion take over, I'll end up passing good trades. It happens EVERY SINGLE TIME like that for me. If I lose this one, which I'm honestly thinking will happen, I'll just accept the small loss and move on to the next.

Good night for now everyone. Time to get some shut eye till 3am cst when I check in again.
  • #19
  • Jul 24, 2012 6:59am Jul 24, 2012 6:59am
Quoting Nate04
Trade was taken.

Long 540 units @ 0.78197
SL @ 0.77937
TP @ 0.78647
Move SL to BE @ 0.78447, close 45 units
Stop Loss was hit on this trade @ 0.77936 for -26.1 pips.

New balance: $147.3784.

Apparently my calculations for how much a pip is worth was messed up on this. I figured 540 units @ around a 25 pip SL would give me a -$1.35 loss. It actually came out to a -$2.20 loss. So do I increase my units on the AUS/USD trades to equal thinks out (490 units w/ a 45 pip SL), or reduce the units used on these trades. Its still less than 2 percent of my balance each trade, so I can probably up the stakes a tiny bit.

Oh, and no new trades @ 7am cst
  • #20
  • Jul 24, 2012 11:08am Jul 24, 2012 11:08am
Quoting Nate04
Golden finger gave a buy signal on the AUD/USD.

I got an order in @ 1.02966 for 300 units.
SL @ 1.02516
TP @ 1.03766
Move SL to BE @ 1.03416 and cash in 25 units.

2. I don't feel all that confident in this trade. But I want to follow my rules, because if I let my emotion take over, I'll end up passing good trades. It happens EVERY SINGLE TIME like that for me. If I lose this one, which I'm honestly thinking will happen, I'll just accept the small loss and move on to the next.

Good night for now everyone. Time to get some shut eye till 3am...
Got stopped out on this trade as well... -45.2 pips, -&1.34.

New balance $146.1269.

Bad day... I hate losing twice in a row... Hope things improve here soon.
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