786 Trading Journey

My Trading Journey:
Some time I lost, some time upset, sometime disappointed, some time changed systems, some time excited, sometime paused but I never quit and never thought that I dont need to learn now.

Will update soon...
I am starting this journel to keep the track of my trades;
I will trade 4 hour charts based on fibo.
I will consider price action of pin-bar, outside bar, inside bar (details are in James-16 thread) . I will take 80% profit early or first target on sing of weakness and rest will move my stop-loss to previous canlde high/low to maximize profits.
I will try to add more details in first post about rules, my trading joureny, what I learnt so far and what I am still learning...
The backbone of trading is to control your risk, minimize your risk as much as possible, preserve your capital ... that is main key thing.
I will trade GJ,AU,UJ,NJ,NU,GU,NCad,ACad,EURCHF,CadJpy,AJpy,GCad,EURUSD
I will keep adding subtracting the pairs based on results.
I learnt from many threads/traders, Feb System II and III, James16, FTI, Bobokus, Sho' trading the price action.
But these trades are based on Simoneg's thread:
http://www.forexfactory.com/showthread.php?t=471531
Thanks for all of my friends who helped me a lot and guided me to find what kind of trader I am and which system work for me. I am still in the journey but had finished some of my lessons.
Ruels:
1. I will fib monthly high/low, weekly high low, daily high low and/or current 4h swing high low.
the stop loss will be nearest opposite support/resistance or fib level where I think market will not go or if it goes there then mean I was wrong.
I have not much hard and fast rules of entry/exit or trade but few things which I will not change;
1. Always use stop loss
2. I will only move stop-loss to put as break-even or lock my profits
3. I will trade 30 cents per trade till I get consistency in profits.
Edit: I thought .30 is thirty cents but actually it is 3$. Now I will keep it as is; Later with live account I will do it for 30 cents.


Charts setting:
0.0 Low
1.0 High
.809 Resistance
.618 Long
.50 Pivot
.382 Short
.191 Support
1.34 Bull Target 1
1.55 Bull Target 2
-.34 Bear Target 1
-.55 Bear Target 2
-1.27 Bear-extended T3
-1.68 Bear-extended T4
2.27 Bull-extended T3
2.68 Bull-extended T4

Magenta color for Monthly-fib, Green for weekly, firebrick for daily and blue for currenty 4 hour swing high/low.

Here is the chart will look like: GJ has reached target 1 and has potential to reach to T2 and extended profit targets.

Thise week: Trades:0 Profit:0 Loss:0
Buy limit order for USDCHF @0.88339 SL:0.88050 TP: 0.89150
Edit: Order did not hit, cancel the order.

Quick scalp : NzdJpy:
short @89.42
Tg: 89.05
sl: 89.60
Edit: stop-loss hit (-$58); instead of 30 cents a pip, it is 3 dollar a pip.

Short USDJPY @103.270 for SL:103.550 and TP:102.200

Wowoo.. I lost all of my trades ... dump this system.. it is not working ... find some other system ... or may be worst.. i cannot be a trader ... lol

These are old thoughts I used to think of them..
No system is bad and all systems work ... which system is for me ; i have to find out.
The main key is that I cannot predict the market, no system can predict the market; no trader can predict the market. I just have to minimize my risk and control my exposure, need to save my capital. I lost but my risk was pre-defined. Also please note that I am customizing the system according to my own liking and nature... that is why I am in demo. So lets made some little bit changes.

Here are some black & white rules : (Will need add some more for MA or will remove them from chart)
1. Open Monthly/Weekly/Daily charts and marked support/resistance
2. Fibo on daily high low
3. Buy if
a) If price is above Long/Pivot ; I will buy two orders one at long and other at pivot and stop-loss below short level
OR
b) If price is bear-targets and there is monthly/weekly level then touch of that level will buy and will close if hourly candle close below (against) the trade.
Target: For a) type trade target 1 and 2 of fibo and for b) type trade pivot/long levels are targets.

Each trade will be .30 and .20 will be taken some time early and rest .10 will move stop loss on previous hourly candle.
Here is chart example:
I have two buy limit orders; one is at resistance as price is stalling on it and second is on long level and stop loss is below short level;

The main thing which I am stuck on it is to how to reduce the risk, or minimize it when I am wrong. but never never let the looser grow longer. My first goal is to break-even;

I had old trade with old system on ej short; it should be buy trade with new system or at least should pull back to long and then trade; So that I will do now; if it pull back to long I will close it and will put buy order so lets see;

"Girten hain shah sawaar hi maidan- e- jung mein,
Wo tilf kya girenge jo ghutno ke bal chale hain"
Means :those who ride the horse to fight in the battle field have a chance of falling but how will those cowards fall who walk on their knees only.

Market is waiting for tomorrow ECB Press Conference and on Friday Non-Farm Employment Change