Need Advice Please...

Hi Folks,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

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Attached is a list of all my trades during the last week on my REAL account. Please notify me with my areas of weakness, advise me better approaches to the market, or encourage me if you think I've done it right. I'll try to provide you with as much information as possible.<o></o>

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Please consider the following notes:<o></o>

1. The times are in GMT (I use MetaTrader and it uses GMT rather than my time zone which is Eastern time).<o></o>
2. The shaded rows are those trades that tried to use scalping methods to make some money. I was so anxious that I closed them all earlier than I supposed to ended up with little profit.<o></o>
3. I use a four hour chart and sometimes focus on 5 min for scalping and/or entry opportunities.<o></o>
4. I keep all USD cross currency charts open (i.e. AUDUSD, EURUSD, GBPUSD, USDCHF, USDCAD, USDNZD), draw proper trend lines and look for those times that prices either bounce off from the trend line or pass through them. My focus is on intraday opportunities based on trend lines and chart formations. However, I also use indicators as aid tools.<o></o>
5. My favorite indicators are EMA8, EMA32, EMA64, Parabolic SAR, CCI, and Stochastic. I may use other indicators as well.<o></o>
6. I use Fibonnacci retracement for setting my S/L, T/P targets. However, I'm not obliged to those.<o></o>
7. As you see out 10 trades 7 ended up in profit (although only 2 of them resulted in considerable profits) and 2 ended up in loss.<o></o>
8. Some of the S/L that you see on the chart are not my initial stop losses. I either moved the S/L during the trade or used a trailing stop to change it automatically.<o></o>
9. I think use of trailing stop is not always a great idea. For example in trade #6 I could end up with T/P of +39 pips rather than the +4 pips profit.<o></o>
10. I am a full time employee so I have a limited time to setup and implement my trades. <o></o>
11. All my trades are handled manaully. I'm still working on a method to handle trades authomatically.<o></o>

Okay, now it's your turn to either share your ideas or ask me questions.<o></o>

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Thanks in advance.

http://www.cadpanel.com/irr_images/trades-July13-20.jpg

I just bring this up for your attention and reply.

Man, its too much work to go thru all your trades, bring up charts and find the exact entries and exits on them.
I'm too lazy... pfffft
Why don't you save the screen shots with your indicators on them, exactly the way they look when you trade. Mark ur entries and exits on them and post them here. Make this much easier for everyone...

Good advice. I'll do it from now on. Thanks for bringing this up.

I can only comment on trade#1.
It was a good trade, I was in at 115.52 exited on 116.79 (break of 1hr tunnel - vegas method). I think you've exited to soon.
happy trading.

Thanks. You are right. I think I should revise my money management techniques.

Hey how are you? My name is Mike and im a fairly new trader, but i do have some advice. If your just looking for reassurement through other people, ur doin fine 60 something pips in about a week is fantastic. If your new like me you might not think so but that adds up reeeaaallll fast. great job on your trading. Best luck.

Thanks Mike. Yes! I'm fairly new to Forex trading. I made a couple of mistakes but with the fast paced risky forex making mistakes is inevitable (especially when you are a noob like me). Thanks for your encouraging words. I'll hopefully publish my current week trades with more details including charts.

Sounds to me as if you are getting the hang of it nicely, and your other posts suggest that you really understand the psychological approach you need to take for you. If I were to 'advise' (and I think we would all do well to think of ourselves as noobies!), I would say, keep it simple, and beware relying on automatic systems - especially if you are already getting a good proportion of positive trades.

Thanks. Actually, for the moment I decided not to use automatic trading. The problem is that simple programs rely on quantitative analysis which is not reliable enough - to my experience - to enter a trade. I'm going to develop an automated system that is based on both chart and quantitative analysis. This system will analyze the chart to find trend lines, chart patterns, candlestick patterns, along with the use of technical indicators. The project will take a few months so this probalby means no automatic trading for the moment.