PT Journal
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Thread: PT Journal

  1. #1
    Well this is going to be my last attempt at a trading diary and trading generally.
    I've a solid system/plan which works but I tend to deviate from this. It almost seems that I dont want to suceed in FOREX. Which led me to start thinking that this isn't for me. After thinking about this for a elongated period, I have decided to give it one last shot.

    Issues I have recognized-
    1) Lack of structure and discipline, these other problems snowballed from this.
    2)Over Trading, at one stage I was trading 12 pairs.
    3)Greed, initially I had a solid MM plan, but false assurance led me to throw this away.
    4) No direction, Now I dont mean in trading but I didnt follow any sort of tendencies, I took any trade that came my way.
    5) Greed, Yes I understand that I mentioned this but I believe this was the main reason why I tend to fail. I want it all and I want it yesterday!!!
    6) Lack of paitence, I leap into transactions way to early. Some times it works sometimes it doesn't.

    Steps that I have taken-
    1) I'm only going to exchange 3 pairs
    2) Going to go back to basic's with my MM.
    3) Only take trades in the direction of the Daily.
    4) Going to take at the maximum 3 transactions each week and discuss my life.
    5) Hopefully this diary will help my follow my egy to the tee.

    One of what I think to be a major aspect of trading I have overlooked was exactly what do I want from this After looking in the mirror for a bit I realized that there are many marketing geniouses in forex. At one stage I got into all of that jibba-jabba that was fed to me personally. Anyways I'm just ranting today, so this is what I expect of myself.
    1) To be able to help some other trader out who is in precisely the exact same dilemma.
    2) Extra income a month
    3) Eventually maybe quit my 9-5 and exchange full-time.


    Since the tittle suggests I exchange Part-Time. That I mean I normally exchange off 4H charts and sometimes off the 1H. All these TF work best for me since I work a full time job and am very busy after work. The 4H works becuase I dont need to be in front of the charts monitering daily. I exchange this TF but I am lucky enough to have the ability to track my charts when at work!

    As for my system and charts-
    I use MT4 for my charting (I presume its GMT 1) and put trades on another broker.

    Indiors-
    Slope Management Line (SDL) (Period 9, Method 3, Price 0)
    Accelerator Oscillator (AC)
    Stochastic Oscillator (%K 5,%D 3, Slowing 4, Low/High, Simple)
    Average True Range (ATR) (Period 10)

    The Stoch is overlayed on the AC

    Entrance -
    For Longs- When Stoch is crossing up and the SDL works from red to blue. AC ought to be shing from green to red.
    -I shall wait for the SDL to shut in blue until I enter, because it sorta re-paints.
    -After it shuts in blue enter on the open of another candle.

    For Shorts- Stoch crossing , SDL turns from blue to red, AC changing green to red.

    Filter-
    Only trade in the direction of the daily. Same configurations apply to determine direction.

    Stop Loss-
    Either the worth of the ATR or the high of the set up candle.
    -Set up candle is your candle that the SDL began to change, 95% of the time its either the former candles or candle.
    ~Notice ~
    My discontinue losses aren't static. Quite simply I dont put them together with my broker, unless I know I will be around then I put it. Rather I have a plogical SL or I will use MT4 to set an audio alert when it reaches in about my SL area.


    Take Profit-
    Right now I am going to use a static TP. It'll differentiate for each pair.
    EURUSD- 30 pip TP
    GBPUSD- 40 pip TP
    GBPJPY- 50 pip TP
    This may change, but thats where they're staying at.

    For the time being
    -I shall only be in 1 trade at one time, unless I'm in a trade that's in profit then I shall consider taking another position.
    -I shall also use the 1H to re-enter into the positions or to TP. These transactions you sorta want a feel for.
    -I will not be trading on Sunday's
    -Positions will be closed befor EOD Friday.
    https://forexintuitive.com/attachmen...0996225865.mq4
    https://forexintuitive.com/attachmen...1340980611.tpl

  2. #2
    Here's a few charts to demone the transactions that I did take last week. All three TF were required for this. If it werent the weekend the last line around the 1HR is a potential trade.

    Well in all that's my system/plan. I've learned that I don't need outlandish goals and dre to be succesful at trading that I simply need solid MM and also a realistic egy and also to be consistent to both my egy and my transactions.

    I plan on posting my transactions and screenshots as the occur throughout the week, but after I hit my targets I'm done for the week. Give me a time off the following week, and start back up.



  3. #3
    Quote Originally Posted by ;
    micro-acount;
    daily trading
    1 microlot =1 cent/pip, so $1000 = 100.000 pips
    poen maximum 5 trades daily
    maximum 1 hour facing the charts, same hour daily.
    Take a couple of months break should you need.
    Expect favorable benefits in 1-2 decades.

    Good luck!
    Thanks for the advice, I appreciate it. Maybe I should of stated that my problem hasn't been with trading together with my own pyschology. I have a plan and it works, I just get over positive and sidetracked from it on occasion and then I really do stupid trades. So I guess my real problem is lack of structure and discipline over periods of time.

  4. #4
    First trade for this journal, all right.
    Short EU @ 1.5521
    SL @ 1.5560
    TP currently set @ 1.5491

    Created trade off of 1H.
    Daily= confirmed short.
    4H= confirmed short.
    1H= confirmed short.

    10:00 AM TP has been struck 30.

  5. #5
    Short EU @ 1.5538
    SL @ 1.5560
    TP currently set @ 1.5505

    Exited @ 1.5540. -2 pip loss.

    Created trade from 1H.
    Daily= confirmed brief.
    4H= confirmed brief.
    1H= confirmed brief.

    Decision Exited becuase Stoch's about the hourly are below 50 and beginning to cross upward, and the AC has closed in green.

  6. #6
    Are you trying to brief both GBPUSD and GBPJPY either tonight or tomorrow.
    Both the Daily's remain powerful, waiting for the 4H to honor.

    Going to stay away from this EURUSD untill it decides what it needs to perform. Stoch's down around the 20 region, SDL appearing apartment. To me this is a sign that the euro is ready to start gaining some strength. Anyways need to force trades particularly using this pair.



  7. #7
    Short GU @ 1.9613
    SL @ 1.9657
    TP currently set @ 1.9573

    Made trade off of 4H.
    Daily= confirmed short.
    4H= confirmed short.

    Not so sure how confident I am about this trade as the majority of this USD strength is news related... But regardless it has fulfilled my criteria for a transaction.


    Well that has been really short lived. Stopped out at 1.9657. Lesson learned. Note to self its probally better to wait a few hours following a news anouncment to exchange it.

  8. #8
    I think in the old saying old habbits are hard to kill
    Today I entered a short trade on GBPUSD. Virtually everything was looking good.
    On the Daily-
    Stoch's were heading down.
    AC was red for a few days now.
    SDL has also been red for a little while.

    Hence the Daily is confirmed and set my direction to trade on the 4H.
    Lets take a look at the 4H currently

    On the 4H-
    Stoch's were headed down.
    SDL has shut in red.
    AC has only turned red.

    I should not have obtained this particular trade. Technically I should have waited for another candle becuase the AC has no been confirmed yet. Well hopefully I will learn my lesson and not let this affect me .

  9. #9
    Yeahhhhh.... Got the sign for GBPUSD. What a gap, wish I waited...

    Short GU @ 1.9643
    SL A 1.9675
    TP currently @ 1.9603

    Have a feeling that this will go better then my last trade.

    TP was hit...

  10. #10
    Short GJ @ 205.05
    SL @ 205.95
    TP currently @ 204.55

    Went with half my regular postion dimensions on this one, this pair could be a beast occasionally.

    Only enetered the other half of this place 205.35
    Currently Short at a averaged price of 205.20


    Made trade off of 4H~
    Daily verified short.
    4H verified short.

    Trade hit on my Stop Reduction
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    *Notice *
    Im going to change my rules a bit for GJ. I believe that the Daily, 4H and the 1H must confirm in order to go short. I think this will cut down on DD and potential give me a better entry using a tighter SL...

    reevaluate why you have to enjoy keeping a diary. Hopefully I'll Be able to solidify my egy even more... wu-hahahahahahahah (evil laugh)

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