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Ok so the first thing I have done on my new journey is changed broker. I have been using Finspreads to spreadbet up until now (I'm in the UK) and while they have been pretty satisfactory the minimum trade size on EUR/USD is approx. 40p/pip. This is too high for me and is stopping me trading on higher timeframes with wider stops. When I do I blow half an account and that is no good at all! I've opened an account with Oanda which also gives me the benefit of starting afresh and adding trade explorer to keep me honest with you guys.

I have no system. This doesn't mean I will be entering trades randomly but it means I've got a basic idea of how I want to trade and I'm sure this will change as this journal progresses.

My initial method will be to scan the daily charts looking for good support/resistance/trends and then set limit orders on breakouts of daily candles with SL above/below recent swings. I will undoubtedly embarass myself with some of my set-ups but as long as you know my risk is 1-2% and you don't follow my investment advice then we should be okay. Any help that others can give me after looking at my charts though will be gratefully recieved

Hopefully the chart is attached?

Yes, its there....good. First trade is a possible reversal on USD/CAD. SL is set to 80 pips and the trade is for 500units which I believe is approx 3p/pip. Still getting used to trading in units and not £p/pip. Therefore risk is 2.5% of my £100 account. I have another £100 going in here tomorrow then more if and when I can prove to myself I have the discipline to trade.

Next order and final one for today is a sell on the EUR/GBP. Same method as the first. Limit order just below low of todays candle, SL above recent swing high. SL of 71 pips. Trade is 300 units so I'm risking around 2% on this trade.

Forgot to mention I won't be setting profit targets for these trades but will be seeing how they develop and hopefully using some sort of trailing stop.

If you want to take a look at a journal that has inspired me then take a look at this one
http://www.forexfactory.com/showthread.php?t=376127

This guy is younger than me and is trading a £100k account. Inspiring.

So....not the best start but a stress free one because I'm using decent money management. My second pending order has been cancelled as the market broke through my trend line in the opposite direction so no trade taken.

My first order on USD/CAD was hit last night and has since fallen norrowly missing my SL by about 6 pips then recovering this evening. I really like the look of this chart now though so I've set another buy order for this trade with the same SL as previous. Buy 0.9884 SL 0.9835. This puts my risk at abot 3.5% which is a little high for my liking but I'll watch how it goes tomorrow and may exit before SL if the market doesn't head north.

Hi there,
are you using the FxTrade program or Metatrader for trading? The former displays the pip value in the order window, see 1 PIP = ... updated as you type the trade size in the units box.

Hi Spekitox,

I'm currently using fx trade as I can trade lower amounts this way. Thanks for the info, I'll take a look. I'm still finding my way around Oanda after previously entering my trades as £/pip rather than units. I'll get there....eventually

Take your time, Rome wasn't built in a day.
Would you like to tell more about money management? It seems many people are busy finding perfect entry/exit points and MM is not important. Do you have fixed rules or are they flexible, depending on price movement?

good night

Sure, as I said in a previous post I'm fed up of risking 50% of an account on a single trade and at the moment all I am trying to do is trade at higher time, with larger stops, without busting my account in a single trade. This journal is just about me learning to trade in a more professional (as I see it) manner.

The real test.....and I mean this sincerely.....is to see if I can get through a week or two trading this way without getting bored and gambling. I'm determined to do it this time and hopefully this journal will keep me honest. I've got no rules set in stone as of yet but I'll see how the next few trades go.

No problem with flexible rules, it's called discretionary trading I think. Just note what works more often than not and you'll be fine. Good luck

My USD/CAD trade has recoverd slightly today but still needs a push to get going tomorrow. I've placed another order on EUR/GBP which may well get filled quite soon. 75pip SL @ 5p/pip for 3.75% risk to the account.
Lets see how it pans out

So my USD/CAD trade is headed into profit today but only a small one so far and I'm leaving my stop in its original position so still at risk on this trade.
My EUR/GBP sell order is still pending and was about 1pip away from being filled earlier today.

My next trade is long on EUR/JPY at the break north of todays candle. So BUY 98.85 SL 97.6. Total risk on this trade is 1.5%. Show me the pips

Cancelled my EUR/GBP trade for now. Will monitor this one.
Eur/JPY trade triggered earlier.
USD/CAD trade has just tanked on CAD GDP news. Got about a 30pip cushion before SL at the moment.

Just taken a short on EUR/USD at market price 1.2617 with a SL of 1.2644 at 6p/pip. Risk on this trade is minimal at 0.4% but it is the type of trade I want to avoid. It was based on instinct with no planning apart from the fact I had a S/R line drawn on this level. I'm happy with the level of risk but really do want to avoid making trades like this which is why I forced myself to document it here

I've decided to close existing positions in Euro as I pretty much had no idea what they were doing. Closed EUR/JPY for £2.09 loss or 0.52%. Closed EUR/USD for £2.34 gain or 0.59%. Small victories eh?

I still bullish on my USD/CAD trade and my exposure has reduced as I've added more funds to the account so I'm increasing my SL slightly to 0.9820. Current risk on this trade is now 1.2%

Next post this evening. I'm going to look for some opportunities for the coming week and I will be thinking about scaling into my trades a little more.

Here we go again. Time to get back in action and build this account.

I've still got my USD/CAD trade in action. Order placed again on EUR/GBP.
Got a sell order in place at 0.7920 so hopefully the small weekend gap will close and I can get in at a decent price. SL is 70 pips @ 10p per pip so total risk is 1.75%

GBP is pretty bullish against USD too so I'm going to place an order here too.
Buy at 1.5895, SL 1.5740. 2p/pip for 0.75% risk.

Well today was an exciting day in the markets . Currently 0.1% down today.....big yawns. At this rate I'm going to have to start looking into some short term scalping systems. Better luck tomorrow. No changes to my trades except too say that they are all now open and none pending.

Night all

This pair is showing lots of support at 0.9840 and I'm still hopefull it can head north from here. SL is at 0.9800. Trade is currently 0.9% in the red.

I'm a bit unsure about this trade now. Currently just about in profit so I will see where it goes tomorrow.

New order set this evening to go long USD/JPY at 78.50, just above todays high. SL is below recent swing low at 77.80. 6p/pip gives a risk on this trade of 0.98% of account.