ZeroSumGame's Video Journal

Hello:

Thank you for following my journal. After a 6 month respite from FF, I have decided to come back to do a video journal of my daily trades. Lately, i have been trading primarily gold, oil, and silver, but I also trade currencies as well.

All videos are free via youtube. Hopefully, as I elucidate my thought process in real time, you can benefit as well. Watching others trade in real time, is a great learning tool, in my opinion. Regardless, if he(she) is right or wrong. It helps you to think and develop your own intuition.

Not sure how long I will keep this going, but as long as I have time to do it, I will. Also, it depends on the responses. I mean, who wants to go back on stage after they get booed, right? Lol! Please, no booing. Debasing is not necessary and will not be tolerated.

Oh yeah, I am having problems with trade explorer. I can't get it to work properly, so if you want to follow my trades, you can click on myfxbook link. You can find it on my profile or youtube. Hopefully, I can get the trade explorer to eventually work.

Thanks and welcome to my journal!

This was one of my gold trades this morning. +78 pip profit for the day (OH Yeah!). I couldn't set up the recording device quick enough for the first trade. I will be back tomorrow morning with more videos though

Still trying to figure out trade explorer, so you can follow myfxbook link until I get figure this out.

Looks like a potential sell set up on gold. If I am correct, I expect price to bounce between 1745-1746. I don't think I will add on another position as of right now, but we will see.

Follow results @ myfxbook

Bummer... Price turned exactly @ 1745. I had my entry 5 pips higher @ 1745.50. Really sucks, because I missed out on +40 pip profit.
My exit target was @ 1740. Price went to 1739. Grrr!!!!

Oh well, guess I will move on to the next trade.

I am going for another sell here. I missed out on buy trade earlier too, because I had to step away for a minute. So, "should be my 3rd trade" for the day, but it is my 2nd video, and if I get filled, it will be my first trade of the day.

Woulda, coulda, shoulda

So, I am trying to sell @ 1746 with a potential profit target between 1742-1741. If price goes to 1748, then I am considering another sell to average my cost to 1747. I will adjust my exit targets accordingly.

Closed the day with +40 pips in profit. I should have over 100 pips for the day. Markets were pretty readable, but s*$%t happens. Well, I am done for the day. Really good week so far, I think I went 8/8. Hope I finish the week strong.

You can follow my progress @ myfxbook

Pretty dead morning so far. 1st trade was a small +15 profit.

You can follow my progress @ myfxbook

This totally sucks! I didn't get filled on my buy entry. Missed by one pip I guess because of the spread. That was an easy +18 pip profit. It's part of the game. We need forex referees with instant replay, lol.. I got plenty of challenge flags to throw

You can follow my progress @ myfxbook

do you trade GC future ? which one is better for day trade ? XAU or GC ?

They are pretty much the same. There are a few slight differences though. The margin is the most significant difference.

If you are day trading with a smaller account, spot gold is better if you can get higher leverage. There are some brokers who offer spot gold fx, but the margin is way too high if you are in USA. It is better to use offshore brokers for spot fx. If you can get STP/ECN platform, this is even better. The ability to hedge and hold positions overnight if needed can be useful if properly mastered. Also, some brokers offer micros.

If you are in the USA, you do not want to day trade spot gold fx if you can't get an offshore broker, as previously stated. The high margin isn't optimal for day trading. Gold futures will be better in this situation. One can even take advantage of the e-micro gold contracts.

They both move pretty much in sync. I prefer the lower margin because I am still building my account.

Started the day with a +47 pip profit. Entered @ 1705.2, exited @ 1709.9. This was a high probability trade set up. Since it is a low volatility day, and price seemed to have exceeded its ADR of the past few days. I anticipated a low risk buying opportunity at the M0 pivot on the daily. My conjecture was correct as I was able to catch the bottom with an immediate bounce. The only drawdown came from the spread. This is why I love gold, it trades with extreme precision.

--nice .could you give detail of your strategy ?--how to enter /exit ?

Hi asteriskstar,

Are you asking me to I explain my strategy in written format? Or should I go more in depth in my videos?

It will be hard for me to write a strategy guide on what I do, because a lot of my trades comes from intuition and experience. Nothing works all of the time. The best approach depends on current dynamics.

I use basic price action when I trade. But, it isn't 100% mechanical though. I really focus on reading the market. For instance, is it a "Trading day or trending day?" Or, what is the average daily range? How will the news affect the upcoming session? How did the overnight session trade? These aren't necessarily checklists, but I intuitively understand how all of these elements tie together.

Since, I am currently day trading, I mostly use pivot points, support/resistance and fibonacci confluence to enter and exit my trades. These areas aren't magical, but the big money use the same rationale, so I do it as well. After a while, you get in rhythm with the market. Every commodity, currency, stock, you name it, trades in a rhythm.

Morning started off nicely with +33 pips. My second trade was -35 pips. I can't believe I was stopped out by 2 pips. I saw another good trade set up, but I chose to sit on the sideline because of the fed annoucement. Also, I knew I wasn't going to be around to monitor the trade, so I gave it a disciplined pass. So, I'm down a few pips today plus commission. The streak was good while it lasted. I hope the streak doesn't go the other way now. That would suck! The next 2 days will be highly volatile, imo... So, that will be either good or bad. I guess only time can tell.

Due to the copius amount of data released today, gold seemed to range trade for majority of the morning. Action may pick up soon, but I can't take that chance. I have to leave and get started with my day. So, I sold @ 1716 and and bought @ 1712 for a nice 40 pip profit. Sweet! I will be back tomorrow as I wrap up the week.

It is no secret by now, that day trading gold is my bread and butter. Occasionally, I trade the bigger time frames on the currency pairs. I believe this to be a low risk selling opportunity. Of course there are no guarantees, but I definitely feel this is a highly probable trade. My entry is @ 1.6122 & my initial target is @ 1.6050.

Another +40 pips in profit today. Only got one trade on gold. But hey, that's fine. Another great week! Gonna have some fun this weekend. Celebrate Halloween and watch the New Orleans Saints beat the Broncos on Sunday, as they try to turn around this horrific 0-4 start. Happy Halloween!

I decided to close my position after a +24 pip gain. Originally, I sold @ 1.6122. My initial target was @1.6050. But, since it is Friday, I decided to close my position. If price pulls back on Sunday, I may re-enter and try again for that 1.6050 price target. If it gaps down on Sunday and hits that price target, that's fine too. There will be plenty of opportunities to profit.