Hello all.
I'm relatively new to the Forex game, but I know the secret to becoming successful in trading, or anything really, would be to take responsibility for one's actions, both negative and positive. In order to do that, I thought it'd be great idea to begin this journal/blog to bare my trading spirit and accept that obligation.
Hopefully this will all let me become a profitable dealer
Regards,
Kourosh
Took a trade on 2007-09-23 on gbp/chf. Triggered and went. As it was showing support off the 89ema tight stop. Profit target was just beneath the 200ma. Price languished for a bit as it was the Asian session. I have spooked and closed the trade too early for a little 13 pip gain. Here. Had I let it run, I'd have made over 40 pips.
Long @ 2.36950
Quit @ 2.3635
PT @ 2.3740
Closed commerce @ 2.37082
Took a commerce 2007-09-24 to get a 26 pip loss. It was not high probability trade so shouldn't have obtained it, but it didn't seem bad. The EUR/JPY was trending back on the 1hr and 5min charts, but seemed to be setting up for a bounce. I got in late and it didn't bounce as high as I anticipated, although it awakened. The signal triggered and I took the transaction but was filled badly and I got in right at the peak of the period (does not that happen a lot). I anticipated the bounce into the 200ma as price appeared to have hit resistance and appeared to be finding service. I got in, but got in at the top and it only went down. It bounced back as high but took a candle that was significant down and it went during my halt. It did exactly what I anticipated, but I got in too late and missed all of the pips. I got stopped out for a 26 pip loss.
Extended @ 161.657
Stop @ 161.39
PT @ 161.75
Desired a fill around 161.45/50
Aaaarrrggghhh!!!!
I took a piss poor trade just because. Then I took it again. I forced the transaction even though it did not seem that good, then re-entered it that it ought to get the job done. I did really trigger a transaction, but the ma's were a mess and the risk/reward wasn't there. I lost 28 pips on the 2 transactions. I need to return and do back studying and work on the patience. This isn't something I needed to post, however I need to take responsibility for those mistakes when I want to improve. I really could make the excuse that the transaction triggered and I got in with all the stop below service a fashion line off, but that's BS. I was looking to get in, but I picked on a setup. I did find a setup that I will discuss next.
I had a trade activate on the yen. I got at a few bars following the entry, but I do not think that's a problem. About the 1hr it looks like the ma's are turning up, on the 5min the tendency is long, and about the daily, we have decent support.
I moved long 1 mini lot and then chose to go long a 2nd mini lot in order to have 2 profit targets, the 200ma and the 800ma. The stops are the exact same and not as low as the previous non, but below 114.40, which can be round and significantly below the 62ema.
1 long @ 114.947 stop @ 114.34 PT1 115.14
1 long @ 114.969 stop @ 114.34 PT2 115.34
Update:
About the 5min chart the yen broke resistance @ 115 and closed over it!
Update2:
PT1 hit! Stop on second lot transferred up to breakeven.
Update3:
PT2 hit! Total of 56.4 pips on the trade.
That leaves me up a total of 29 pips for the day, for instance, bad trade earlier.
The last yen commerce was effective on more than 1 level.
It had been profitable.
Secondly, I didn't attempt to force the transaction like the prior one. I saw the trade and it seemed good on several time frames, daily, hourly and 5 minute.
Third, I had more than one lot so I managed to lock at a profit following the 1st lot turned profitable, while enabling the 2nd lot to operate higher.
When looking at the chart I can see that yen has moved with some authority over my 2nd PT. Once I have a few commerce, I will trade 3 or 4 lots so I can let some lots move much greater as with this particular trade. There is another 20-30 pips that I was able to ch doing that. I might have to change platforms as FXCM does not seem to be in a position to perform rules such as that, but Interactive Brokers has. After every PT was struck, I could move the stop on the remaining lots up to lock in profits. Something to consider. Trade smarter not harder!
Trade initiated 2007-12-14 07:45
Sell $20000 @ 1.0242 w/ stop @ 1.0311 and PT @ 0.9900
I shut out the trade on Friday afternoon at a profit because I did not want to hold the place overnight.
Closed @ 1.0162 to get a net profit of 80 pips.
I could have had further gains, but I'm delighted without holding the position over the weekend.
Considering the daily and hourly charts, the eurusd appears to have met resistance @ 1.4310 and held above it. There is additional support @ arounf 1.4315 therefore that I moved with a 50pip monitoring prevent a la Jacko's anti-hedge.
I considered not taking the commerce since it is very near a vaion and the markets are probably getting thin and could get whippy. I decided that the chart went to it and looked great. Following some dawdling, the trailing stop is firmly in the cash.
Buy 20000 @ 1.43352 using a 50pip monitoring stop.
Cease is currently @ 1.43600 so even when I get stopped out I will be considering gains of 24.8 pips.
Not too shabby.
Trade hit tracking stop and closed out @ 1.43590 for a whole gain of 23.8 pips
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