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Thread: Newbie Journal

  1. #1
    Hi,

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

    I've since lost $1,000 since I traded live

    I made gt;$3,000 trading demos but I understand I can only advance if I exchange live since demos are only fanciful funds, the positions taken will be larger and with higher amount of risk. The mindset being trading real money is merely different so I ensure every dollar missing is a new lesson learnt.

  2. #2
    I normally trade the cross between Tokyo and London sessions in addition to the cross between London and New York sessions

    I try to take $30 profit for each $20 risk
    Ideally I would like to take $30 profit for $10 risk but as the spreads I must cover are rather high and my traded figures are modest, I have a tendency to activate stop-loss more often than take-profit when I hold out for more

    Since the start of the week, I've preserved the discipline not to trade regular unless there was something that I felt comfortable with. .

  3. #3
    I feel quite bullish on EUR/USD to clear 1.2900 in a month Mostly on fundamental grounds

    Therefore, I am puting a limit order as follows:

    Limit Extended EUR/USD @ 1.2800, Cease 1.2750, profit take 1.2900


    Pip gains todate: 0

  4. #4
    Quote Originally Posted by ;
    I'm very bullish on EUR/USD to clear 1.2900 within a month mostly on fundamental grounds

    Therefore, I'm puting a limit order as follows:

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


    Pip profits todate: 0
    Amendment:

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

    So that I will take half .

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

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

    I expect I'm not embarrassing myself...


    Pip profits todate: 0

  5. #5
    Tempted to extended GBP/USD until London session commences

    5 day EMA crossed 10 and 21 afternoon

    Limit extended GBP/USD @ 1.8957, cease 1.8907, profit take 1.9027

  6. #6
    Quote Originally Posted by ;
    Tempted to extended GBP/USD until London session starts

    5 day EMA crossed 10 and 21 day

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

    Provided that GBP/USD @ 1.8994, cease 1.8954, profit take 1.9054

    I will change my stop loss if GBP/USD heads greater as my spread is 7 pips that is a killer...

  7. #7

  8. #8
    Thanks Purple,

    So far so Great for my 2 long positions

    Thinking of a Brief USD/JPY next.... But I dropped loads on this pair so much so I believe I will wait and watch. . :

  9. #9
    Quote Originally Posted by ;
    Looking at Sterling strength at the London open

    Provided That GBP/USD @ 1.8994, Cease 1.8954, profit take 1.9054

    I will shift my stop loss if GBP/USD heads Greater as my spread is 7 pips That's a killer...
    Shucks... I just arrived home and was Intending to amend my take profit as it got hit...

    Consequently profit taken at 1.9054

    Pip Gains todate: 60

  10. #10
    Quote Originally Posted by ;
    Amendment:

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

    So that I will participate half .

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

    Maintain limit lengthy EUR/USD @ 1.2800, stop 1.2750, profit take 1.2900 if EUR/USD retreats further. .

    I expect I'm not embarrassing myself...


    Pip profits todate: 0
    Shift stop to 1.2798, risk decreased to 30 pips

    Pip Gain todate: 60

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