To the moon!
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Thread: To the moon!

  1. #1
    After lurking for weeks, I have decided to start a journal. The reasons are that I really need to keep track of my trading to find out something and currently just watching what I did for the afternoon is not providing that insight. Besides, I'd love to get other people's remarks, in the event they know something I don't. With this thought, I will post charts of my trades.

    About me

    I am a 30 year-old guy. I've been trading demo and reading stuff about trading for decades now but never had the courage to attempt at this. I lost my job and decided to give a go to this thing. I have set up an account with 500 euro I mean to exchange until I eventually become profitable. In the event this account loses too much capital, I will establish a new 500 euro account, and so forth. If at any point I start getting profits, I shall increase the account to one day be able to stay off of it. I really like trading, so I will dedie myself to the learning procedure. I hope achieving my goals does not take long, but I won't give up any time soon. There are traders in this forum that have shown to me that it is possible, so I feel like becoming profitable is merely an issue of time and expertise.

    My trading:

    Of all the stuff I've seen everywhere, the most convincing method I've seen so far is trading breakouts, therefore that is what I will do. I won't be using indiors to this, as I don't really believe in completely repaired principles to enter or exit trades. I think it is experience that will tell you whether you need to enter or exit and not some indior. I will use nevertheless support and resistance lines on the chart (obviously, because I'll be trading breakouts)

    Broadly speaking, this is the egy:

    - I will exchange only forex, all pairs that result from the combination of USD, EUR, GBP, JPY, AUD and CAD.
    - nightly on a 1H chart, draw support and resistance lines on each of the charts, to get them prepared.
    - Setup audio alarms right above and below the traces that might be broken.
    - Every morning, await the price to cross among the lines and trigger one of the alarms. After this occurs I'll switch to some 5M chart.
    - When the crossover happens in the direction of this trend (the trend will be determined subjectively), await verifiion (a pullback or a rise in momentum) enter the trade.
    - When the trade is going well and not losing momentum, re-enter the trade every time a new maximum/minimum is reached.
    - All open positions will have a stop loss and a take profit. The stop loss will be just behind support/resistance along with the take profit just before support/resistance. The idea is that the price must break support/resistance to hit the stop loss but does not have to to hit on the take profit.
    - Since the commerce grows, the stop loss and take profit will be transferred according to my feeling about what is very likely to take place.
    - If one day I lose a 1 percent of this account, I quit trading daily.

    So far I have not had a lot of success with this, but the experience has explained that it is potentially profitable. The main problems I've encountered so far are:

    - Fake breakouts. I hate those, but once I wait too much to enter, it gets too late and frees up all my potential for profit.
    - Monitoring the breakout and watching it gain momentum, then feel that there will be no pullback. Then the pullback will come and I have a losing place right from the start. I will stay in but that makes me risk more than I'm comfortable with. I can't believe how many times that has occurred, however, it keeps happening.
    - Overtrading. As I feel excited to check my system I spend a lot of time viewing the charts and attempt to enter a trade just anyplace. Ultimately I'll attempt to restrain this somewhat better.

    I did have one profitable week (out of 3 so far), and I feel the main reason for this was simply that I didn't overtrade (I started 4 or 3 trades a day)

    And that is it, I will be updating this daily. Feel free to comment with whatever you desire. All advice, criticism, suggestions, compliments or whatever is welcome, as I am a beginner and want to learn as far as you can.

  2. #2
    Well, now went nicely with a fantastic EUR/GBP trade. As per usual it began when I entered the transaction, so I began losing money correcting right but in the end it moved into the predicted direction. I thought it would go much further, but it didn't and took outside me on a quick correction. Oh well, I got a 0.6 percent on that it is enough.


  3. #3
    Quote Originally Posted by ;
    Well, today went well with a fantastic EUR/GBP trade. As per usual it began so I began losing cash once I entered the transaction correcting but in the long run it moved in the path. It didn't and took me outside, although I thought it would go much further. Oh well, I got a 0.6 percent on this so it is enough. Add picture
    Hi Sundude,

    greatest of luck with your journal and trading!

    Could please ask: were you candle late for the breakout? ( the previous M5 candle broke the range shut above it)
    or is that how large the spread was, or the range narrow?

    You sound a little down or frued about reserving 0.6 percent!! Almost like: oh, well, I had been hoping for a whole lot more...
    but dont be!
    Clocking 0.6 percent in 2 hours is nothing to feel bad about, just the contrary!
    Maintain such results consistently, and you've got 10% months.
    Results lie that may possibly open to you avenues that you dont even dare to believe about just now, trust me on this one!
    , consistency, persistence, very low drawdown

    once more, fantastic luck with your journal!

  4. #4
    Thank you for the good wishes, you know that you have been a great inspiration for me personally

    Yes, I was a bit late for that breakout, largely for two reasons. The first is that a preceding maximum was that I needed to see broken before entering. As you pointed out, the next is the spread. I feel like I entering too late, but when I attempt to get before it, it ends up being a fake breakout and carrying me out. I find it tough to discover a balance between both situations.

    And no, I'm not in any way disappointed by that 0.6%, though only every day was like this... However, I did have any other resistance lines over I expected would be tested. As I entered I had to risk too much putting the stop loss far away. This always makes me a bit uneasy, as I feel the risk/reward is too high.

    Let's see what tomorrow brings, but yeah, I will be persisting. has always been one of my favorite

  5. #5
    Now went quite well, 0.6% up following two successful trades. The first one occurred on the EUR/JPY. As I expected resistance I had the take profits prior to it. In the long run it lasted to go up when I had been out but oh well...


    After the initial one was done so quickly, I saw a nice set up on the EUR/USD. I was questioning whether to re-enter the EUR/JPY (which sounded fine) or pick the EUR/USD and ultimately decided for the EUR/USD as it's lower spreads. After the breakout it had a pullback so that I could enter on risk using a stop loss behind the support. After accepting profit for the first time that I decided to find the stop loss to the profit zone and then forget about it. I was taken by it out.


    I am feeling quite well right now but I got really stressed throughout the trades. I need to work on my emotions or I'll never be able to scale up.

  6. #6
    Horrible evening today. Had two EUR/USD transactions fail only to return up the way I thought they would. I guess I have to place the stop loss better to prevent this in the long run. There's nothing worse than guessing right and losing money. I have another place open. The place on the GBP/AUD did indeed go wrong also.

    Therefore, I am done for the day. Tomorrow things get much better.


  7. #7
    Like your journal,

  8. #8

  9. #9
    Another day, yet another collapse

    I stand by the decisions I made today, but it simply didn't work this time. I opened two places, an EUR/GBP and EUR/USD. The EUR/GBP one went great but fixed a bit too much and took me outside. This collapse and many others from this week are making me thing I need to stop shing the stop loss so early. From now on I shall only move it if there is a retracement after which a candle sticks a new maximum. This way I avoid the fruion of seeing it go the way I thought it would after it takes out me . The EUR/USD went horribly wrong but that was a standard error in the prediction and not anything more. Ground wasn't simply lost by it as much as I thought it would.

  10. #10
    And the exact same thing. Possibly the stops were tight, at least the one about the EUR/AUD.

    I'll need to alter this a bit for next week. Overall it moved quite bad in the end... I figure it will take some time to become profitable.

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