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Newbie Journal

  • #1
  • First Post: Aug 29, 2006 9:17pm Aug 29, 2006 9:17pm
Hi,

I'm new to this place and relatively new to FX trading as well..

I have since lost $1,000 since I traded "live"

I made >$3,000 trading demos but I know I can only progress if I trade "live" since demos are just "imaginary" funds, the positions taken will be larger and with higher degree of risk. The mindset being trading real money is just different so I make sure every dollar lost is a new lesson learnt.
  • #2
  • Aug 29, 2006 9:21pm Aug 29, 2006 9:21pm
More background..

I know my losses came from a lack of discipline previously and also lack of a consistent trading system.

Currently, I read the fundamentals and news releases to enter my trades.

On technical analysis, I am still feeling my way around hence I am not good in that without any proper guidance..

So I hope to improve as I go along

And since I consistently produce losing trades, perhaps you can enter the opposite positions....
  • #3
  • Aug 29, 2006 9:27pm Aug 29, 2006 9:27pm
I usually trade the cross between Tokyo and London sessions as well as the cross between London and New York sessions

I try to take $30 profit for every $20 risk
Ideally I would like to take $30 profit for $10 risk but as the spreads I have to pay are quite high and my traded amounts are small, I tend to trigger stop-loss more often than take-profit if I hold out for more

Since the start of this week, I have maintained the discipline not to trade everyday unless there was something I felt comfortable with..
  • #4
  • Aug 29, 2006 9:32pm Aug 29, 2006 9:32pm
I feel quite bullish on EUR/USD to clear 1.2900 within a month largely on fundamental grounds

So, I am puting a limit order as follows:

Limit long EUR/USD @ 1.2800, stop 1.2750, profit take 1.2900


Pip gains todate: 0
  • #5
  • Aug 29, 2006 9:41pm Aug 29, 2006 9:41pm
Quoting bobztoise
I feel quite bullish on EUR/USD to clear 1.2900 within a month largely on fundamental grounds

So, I am puting a limit order as follows:

Limit long EUR/USD @ 1.2800, stop 1.2750, profit take 1.2900


Pip gains todate: 0
Amendment:

On my daily chart, my 5 day EMA has crossed 10 day EMA and touching 21 day EMA.

So I will participate half first.

Hence, long EUR/USD @ 1.2828, stop 1.2778, profit take 1.2928

Maintain limit long EUR/USD @ 1.2800, stop 1.2750, profit take 1.2900 in case EUR/USD retreats further..

I hope I am not embarrassing myself...


Pip gains todate: 0
  • #6
  • Aug 29, 2006 11:02pm Aug 29, 2006 11:02pm
Tempted to long GBP/USD before London session commences

5 day EMA crossed 10 and 21 day

Limit long GBP/USD @ 1.8957, stop 1.8907, profit take 1.9027
  • #7
  • Aug 29, 2006 11:16pm Aug 29, 2006 11:16pm
Quoting bobztoise
Tempted to long GBP/USD before London session commences

5 day EMA crossed 10 and 21 day

Limit long GBP/USD @ 1.8957, stop 1.8907, profit take 1.9027
Looking at Sterling strength at the London open

So long GBP/USD @ 1.8994, stop 1.8954, profit take 1.9054

I will shift my stop loss if GBP/USD heads higher as my spread is 7 pips which is a killer...
  • #8
  • Aug 30, 2006 3:07am Aug 30, 2006 3:07am
All the best bobztoise
  • #9
  • Aug 30, 2006 3:33am Aug 30, 2006 3:33am
Thanks Purple,

So far so good for my 2 long positions

Thinking of a short USD/JPY next.... but I lost loads on this pair so far so I think I will wait and see.. :
  • #10
  • Aug 30, 2006 8:17am Aug 30, 2006 8:17am
Quoting bobztoise
Looking at Sterling strength at the London open

So long GBP/USD @ 1.8994, stop 1.8954, profit take 1.9054

I will shift my stop loss if GBP/USD heads higher as my spread is 7 pips which is a killer...
Shucks... I just arrived home and was about to amend my take profit when it got hit...

Hence profit taken at 1.9054

Pip Gains todate: +60
  • #11
  • Aug 30, 2006 8:20am Aug 30, 2006 8:20am
Quoting bobztoise
Amendment:

On my daily chart, my 5 day EMA has crossed 10 day EMA and touching 21 day EMA.

So I will participate half first.

Hence, long EUR/USD @ 1.2828, stop 1.2778, profit take 1.2928

Maintain limit long EUR/USD @ 1.2800, stop 1.2750, profit take 1.2900 in case EUR/USD retreats further..

I hope I am not embarrassing myself...


Pip gains todate: 0
Shift stop to 1.2798, risk reduced to 30 pips

Pip Gain todate: +60
  • #12
  • Aug 30, 2006 8:30am Aug 30, 2006 8:30am
Not much of ideas for the New York session

Thinking that GBP/USD should see resistance at 1.9100

So, limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006

If trade does not trigger 2 hours into Tokyo session, will cancel

Pip Gains todate: +60
  • #13
  • Aug 30, 2006 7:58pm Aug 30, 2006 7:58pm
Will close all yesterday's limit positions not triggered yet except short GBP/USD

Outstanding limit positions:
limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006

Outstanding open positions:
long EUR/USD @ 1.2828, stop 1.2798, profit take 1.2928

Pip Gains todate: +60
  • #14
  • Aug 30, 2006 8:22pm Aug 30, 2006 8:22pm
Taking a risky trade here..

NZD/USD looks to be in Wave E of a 5-wave count. There may be more upside but I think 0.6520 will give resistance on my Fibonacci projection

Hence, short NZD/USD @ 0.6510, stop 0.6535, profit take 0.6460

French Fin Min's comments also reminds me how the JPY may be due some strength

Hence, limit short USD/JPY @ 117.43, stop 118.03, profit take 116.83

Outstanding limit positions:
limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006
limit short USD/JPY @ 117.43, stop 118.03, profit take 116.83

Outstanding open positions:
long EUR/USD @ 1.2828, stop 1.2798, profit take 1.2928 (looking to close)
short NZD/USD @ 0.6510, stop 0.6535, profit take 0.6460

Pip Gains todate: +60
  • #15
  • Aug 30, 2006 8:25pm Aug 30, 2006 8:25pm
Quoting bobztoise
Amendment:

On my daily chart, my 5 day EMA has crossed 10 day EMA and touching 21 day EMA.

So I will participate half first.

Hence, long EUR/USD @ 1.2828, stop 1.2778, profit take 1.2928

Maintain limit long EUR/USD @ 1.2800, stop 1.2750, profit take 1.2900 in case EUR/USD retreats further..

I hope I am not embarrassing myself...


Pip gains todate: 0
Closed my long EUR/USD @ 1.2831, 3 pips gain.. can't see further strength for now hence will try again when Euro heads lower

Outstanding limit positions:
limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006
limit short USD/JPY @ 117.43, stop 118.03, profit take 116.83

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6535, profit take 0.6460

Pip Gains todate: +63
  • #16
  • Aug 30, 2006 8:43pm Aug 30, 2006 8:43pm
Quoting bobztoise
Taking a risky trade here..

NZD/USD looks to be in Wave E of a 5-wave count. There may be more upside but I think 0.6520 will give resistance on my Fibonacci projection

Hence, short NZD/USD @ 0.6510, stop 0.6535, profit take 0.6460

French Fin Min's comments also reminds me how the JPY may be due some strength

Hence, limit short USD/JPY @ 117.43, stop 118.03, profit take 116.83

Outstanding limit positions:
limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006
limit short USD/JPY @ 117.43, stop 118.03, profit take 116.83

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6535, profit take 0.6460

Pip Gains todate: +60
NZD/USD heading higher, past losses has taught me that my stop could be too close..

Hence, shift stop to 0.6560, to trail it once trade moves into 10 pips gain

Outstanding limit positions:
limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006
limit short USD/JPY @ 117.43, stop 118.03, profit take 116.83

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6560, profit take 0.6460

Pip Gains todate: +63
  • #17
  • Aug 30, 2006 9:07pm Aug 30, 2006 9:07pm
Decided to remove by USD/JPY limit and participate immediately via short EUR/JPY

Hence, short EUR/JPY @ 150.35, stop 150.95, profit take 149.55

Outstanding limit positions:
limit short GBP/USD @ 1.9096, stop 1.9136, profit take 1.9006

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6560, profit take 0.6460
short EUR/JPY @ 150.35, stop 150.95, profit take 149.55

Pip Gains todate: +63
  • #18
  • Aug 31, 2006 1:08am Aug 31, 2006 1:08am
RSI on GBP/USD daily turning south
No strength in Asia all day to touch 1.9100

Hence, cancel limit GBP/USD and take part now before the London open

short GBP/USD @ 1.9050, stop 1.9090, profit take 1.8980

Outstanding limit positions:
Nil

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6560, profit take 0.6460
short EUR/JPY @ 150.35, stop 150.95, profit take 149.55
short GBP/USD @ 1.9050, stop 1.9090, profit take 1.8980

Pip Gains todate: +63
  • #19
  • Aug 31, 2006 3:26am Aug 31, 2006 3:26am
Quoting bobztoise
RSI on GBP/USD daily turning south
No strength in Asia all day to touch 1.9100

Hence, cancel limit GBP/USD and take part now before the London open

short GBP/USD @ 1.9050, stop 1.9090, profit take 1.8980

Outstanding limit positions:
Nil

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6560, profit take 0.6460
short EUR/JPY @ 150.35, stop 150.95, profit take 149.55
short GBP/USD @ 1.9050, stop 1.9090, profit take 1.8980

Pip Gains todate: +63
short GBP/USD was stopped... 40 pips loss... a good lesson NEVER to chase a trade if I had kept my limit order earlier..

Outstanding limit positions:
Nil

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6560, profit take 0.6460
short EUR/JPY @ 150.35, stop 150.95, profit take 149.55


Pip Gains todate: +23
  • #20
  • Aug 31, 2006 7:23am Aug 31, 2006 7:23am
Going for a cross now..

Think EUR has lagged GBP in performance

long EUR/GBP @ 0.6735, stop 0.6715, profit take 0.6775

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Outstanding limit positions:
Nil

Outstanding open positions:
short NZD/USD @ 0.6510, stop 0.6560, profit take 0.6460
short EUR/JPY @ 150.35, stop 150.95, profit take 149.55
long EUR/GBP @ 0.6735, stop 0.6715, profit take 0.6775

Pip Gains todate: +23
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