My trading journal
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Thread: My trading journal

  1. #1
    Kurou
    Guest
    Okay!!

    I have defeated myself and I think this is the very first step of cash management. Contemplating this...I begin new and this is my journal, my path of whatever I'm doing. If I'm successful I will do FOREX and should I loose this journal. . .then I'm out. No more casinoing

    I'm starting with 500 dollars demo account (really this is the account that dropped from 1000 to 500 dollars in two days). I know the reason for this decline and that I know that I'm responsible for this.

    I'm taking no more than 6-10 PIPS in a day, of course with stop loss. Stop loss won't be fixed. I will be just fine with each win and will draw real 10 dollars from my own account....every time I loose (I do not know what I will do with that pulled amount but I know that by doing so I'm feeling the loss of cash in my account)

    I'm not leaving computer screen throughout the time when I am in exchange. This doesn't means that I will continue looking at the blinking PL column like zombies but rather I will do some thing else, may be a few reading.

    However much the market appears promising. I am not going back to the charts if during the particular period of trading I have met my PIPS.

    No more enjoyable stuff and kick out of clicking the mouse here and there
    I will make trading as boring as simple as possible. I will reduce my exposure to open positions and therefore risk to as much as you can.

    I won't exchange more than 1%. . .but this is question and that I am working on calculating this

    I will post each and every transaction I took and its own result and will post my PL equation each 15 days (beginning July 19th)

  2. #2
    Kurou
    Guest
    Long EURUSD at 1.29728 (July 16, 2010: 6:50 AM)
    Take profit of 6 PIPS: 1.29788
    Profit: $16.20 on 0.27 lots
    Current equity 542.21 out of 517.10 (I did a small dumb transection of 2-3 PIPS hoping to regain my loss in the past trade therefore thats why there's some favorable gap)

    Moral: nicely! Nothing much have changed. Moving in or out at service or resistance is helpful and wait till there's definite movement. Looking at 5 minutes chart to determine my entrance for 15 minutes can be valuable

    Total real money loss (according to my rules) is $10 due to loss in trade-1

  3. #3
    Kurou
    Guest
    I will say this was the sort of stupid commerce that I wanted to escape from as soon as possible so kept my draw profit at two PIPS only. This was once R3 place so I was little worried

    Long EURUSD at 1.29924 (July 16, 2010: 6:50 AM)
    Take profit of 2 PIPS: 1.29944
    Profit: $5.40 on 0.27 lots
    Current equity 547.61 out of 542.21

    Alright so according to my rules. My Friday is completed and I am coming back to the market till monday. I am aware that when I come back. . .there is LOTS of money to be produced. . .but who cares. . I have my principles and I am this time sticking with them. . .because there is lots of money to be lost as well

    Take care every one and have a fantastic weekend!!

    Total real money lost (10$)

    Followup with this stupid trade cited above: By 10:40 AM the market dropped by approx 60 PIPS to 1.2931. .Therefore this weekly resistance was clearly very legitimate (so was my concern on commerce ) and I am happy I moved from the market with just two PIPS profit and saving myself from getting struck on stop.

  4. #4
    Kurou
    Guest
    Short EURUSD in 1.29073 (July 18, 2010: 11.40 PM)
    Take profit of 3 PIPS: 1.29043
    Profit: $8.40 on 0.28 lots
    Current equity 556.01 from 547.61

    Of-course the huge dogs must be grinning, laughing or thinking entirely stupid for me for this type of trading. I do not know if I am right or not until today. Only the time will tell.

    Total actual money lost (10$)

    Followup on this trade and the lesson learned:
    Well, originally I'd setup TP of 6 PIPS on this trade but if I look at the history, the current PA is in the zone of previous day's consolidation or anything technical jargon used for that. Based on this I reduced my TP into 3 PIPS, which got hit. In general impression on current EURUSD (TF-30 mins) looks choppy. So thanks... I am done

  5. #5
    stoSaak
    Guest
    Wonderful work. As long as you follow your plan win or lose is the main thing. That is exactly what I keep telling myself even though it hard to stick to.

  6. #6
    Kurou
    Guest
    Long EURUSD at 1.29654 (July 19, 2010: 7:10 AM)
    Take profit of 3 PIPS: 1.29684
    Profit: $8.40 on 0.28 lots
    Current equity 564.41 from 556.01

    Lesson learned: I'm still an idiot rookie
    This is actually the very stupid entry I had and wasn't based on rules. I guess we all break rules occasionally and we must pay for that. May be I was lucky (and it's dangerous to be lucky in markets, it gives false hopes and assurance ):

    Rules broken :
    I abandoned the computer screen since I needed to go for work (so wrong time to input commerce )

    I triggered it out of excitement without analysis. Market was clearly choppy once I entered and right after I entered there was large dip on M-30 (the first false sign, potential bear trap)

    Message from retail/neophyte feeders:
    Jill, please do enjoy this more frequently and soon you PIPS will be mine PIPS

    Total real money lost (10$)

  7. #7
    Kurou
    Guest
    Short EURUSD in 1.29666 (July 19, 2010: 11:32 AM)
    Take profit of 3 PIPS: 1.29636
    Profit: $8.40 on 0.28 lots
    Current equity 572.81 out of 564.41

    Trade Predied on recent failed Service

    Total real money lost (10$)

  8. #8
    Kurou
    Guest
    Brief EURUSD at 1.29471 (July 19, 2010: Approximately 2:00 PM)
    Take profit of 4 PIPS: 1.29431
    Profit: $11.20 on 0.28 lots
    Current equity 584.01 out of 572.81

    This was scary since there was projected loss of almost $50 on this trade. First trade was based on fracture of service. But baby if I keep on doing so then I am only 1 trade away from your ride back to fundamentals.

    Recall that this pattern Jill and through this period if you see market subsequently take yourself in between your eyes



    Total actual cash lost (10$)

  9. #9
    Kurou
    Guest
    Extended EURUSD in 1.29590 (July 19, 2010: Around 10:05 PM)
    Take profit of 4 PIPS: 1.29630
    Profit: $11.20 on 0.28 lots
    Current equity 595.21 from 584.01

    Total actual cash lost (10$)


  10. #10
    Kurou
    Guest


    What a waving flag! Looks like powerful resistance on its way. I will await the gravity to act on EUR. Figure 2 is the followup of waving flag after London session available


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