To the moon!
Page 1 of 503 123 LastLast
Results 1 to 10 of 21

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.

    Insert

  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...

    Insert

    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.

    Insert

    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.

    Insert
    Insert


  7. #7
    Like your journal,
    subscribed!

  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.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners more information