I decided to start my own journal, I have been losing $ all over the past couple of years.
I only recently start to make profit in the 4 weeks.
I have been through up and down in Forex.
One thing I really learned is that, we all have our ego and always think that our trade are
correct and rarely admit that we are wrong.
I look through a lot of of traders in (Trades weekly statistics), Majority of trader, who make
over 2 digits growth every week tend to not to be profits at all.
I think that money management is the main thing that we need to concentrate on.
If you really want to be successful or making profits in forex.
You can be right 100X and making 1000% but it only take one trade to blow up everything.
I have been there and done that.
Lesson Learned and need to improve :
1) Holding losing positions too long.
2) Keep adding losing positions (Doing the avg things or whatever traders call it)
3) No Money Management what so ever.
4) No trading plan on entries or exits.
5) Always do countertrend trades (Yes I made all my profits so far by doing this)
Which is completely wrong, all it take is one wrong trade.
6) No Stoploss
7) Take Revenge on the market
New Approach from now on :
----- Scalp with the trend ----
1) For example : if EU went up for a day, wait until 3-6 PM in Eastern Time.
Wait for it to settle at support and buy. Trend don't change unless major news/event happen!
2) Limit to 15 Pips SL
3) When in profit at least 10 Pips, Change SL to +1 and leave it alone until at 25+
4) Even +1 is profit, don't let it turn into a losing trade.
5) Hold trade longer when in profit (Using # 3)
There are many times that If I only hold one trade longer, it will better profit than having 10 different trades.
I trade Naked Charts! (Only at Support or Resistance)
I got lucky so far in 4 weeks.
From $223 to $939 (My Leverage is only 50:1) Broker : Oanda
I'm only talking about my smallest account in this journal, the reason is small account can growth at a faster rate because you're willing to risks more! The main reason, I started this journal is that majority of traders here start with small capital!
I only recently start to make profit in the 4 weeks.
I have been through up and down in Forex.
One thing I really learned is that, we all have our ego and always think that our trade are
correct and rarely admit that we are wrong.
I look through a lot of of traders in (Trades weekly statistics), Majority of trader, who make
over 2 digits growth every week tend to not to be profits at all.
I think that money management is the main thing that we need to concentrate on.
If you really want to be successful or making profits in forex.
You can be right 100X and making 1000% but it only take one trade to blow up everything.
I have been there and done that.
Lesson Learned and need to improve :
1) Holding losing positions too long.
2) Keep adding losing positions (Doing the avg things or whatever traders call it)
3) No Money Management what so ever.
4) No trading plan on entries or exits.
5) Always do countertrend trades (Yes I made all my profits so far by doing this)
Which is completely wrong, all it take is one wrong trade.
6) No Stoploss
7) Take Revenge on the market
New Approach from now on :
----- Scalp with the trend ----
1) For example : if EU went up for a day, wait until 3-6 PM in Eastern Time.
Wait for it to settle at support and buy. Trend don't change unless major news/event happen!
2) Limit to 15 Pips SL
3) When in profit at least 10 Pips, Change SL to +1 and leave it alone until at 25+
4) Even +1 is profit, don't let it turn into a losing trade.
5) Hold trade longer when in profit (Using # 3)
There are many times that If I only hold one trade longer, it will better profit than having 10 different trades.
I trade Naked Charts! (Only at Support or Resistance)
I got lucky so far in 4 weeks.
From $223 to $939 (My Leverage is only 50:1) Broker : Oanda
I'm only talking about my smallest account in this journal, the reason is small account can growth at a faster rate because you're willing to risks more! The main reason, I started this journal is that majority of traders here start with small capital!
