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Thread: A newbs quest to becoming a better trader (journal)

  1. #1
    Hello everybody! Thought I'd begin a journal here because I think it'll help improve my trading tremendously. Plus I expect to hear from some vets on here as this journal progresses

    Goal

    To consistently win transactions, no matter how small.

    Time Frame

    Longer-term trades appeal to me . However, I've been known to scalp from time to time I typically examine the 4-hour, 8-hour, and daily charts. For shorter-term transactions, 5-minute and 15-minute charts float my boat.

    Analysis

    Technical

    Indiors/Oscillators Used

    MACD, RSI, EMA, bollinger bands

    Pairs Traded

    EUR/USD
    USD/JPY
    GBP/USD
    USD/CHF

    Anyhow...

    I deposited a decent sum of money to a micro account ($3,000 to be accurate ) within a week ago, using a preexisting balance of $200, making the total account balance $3,200 as of a week or so ago.

    Since that time, I've placed several winning trades and also a few losing trades. The losing transactions, however, have done more damage. I'll begin this journal with last night's losing commerce...

  2. #2
    Oh and if there is anything anyone would like to add, please do so. Thanks!

  3. #3
    Pair Traded: GBP/USD
    Buy/Sell: Buy
    Open Price: 1.57158
    Close Price: 1.57250
    Open Time: 06:45 AM EST, 10/20/2010
    Close Time: 07:07 AM EST, 10/20/2010
    Lots Traded: 1
    Pips Earned: 9.2 ( $0.92)

    Scalped a Couple of pips this Afternoon. As you can see that I reduced the amount of lots traded . Figured I should not risk a lot of money when learning to trade.

    I put a 15-pip SL along with a 10-pip TP. TP was struck 22 minutes after entrance.



    (5-min chart)

    I created this transaction based on the low of this candlestick right before my entrance. Seems like I could have snagged a few more pips but oh well--this was a prosperous trade and that is all that matters.

  4. #4
    Quote Originally Posted by ;
    Oh and if there's anything anyone would like to add, please do this. Thanks!
    I would say limit your risk. I just risk 1/2% - 1% of my account on any one trade. And no more than 1% at risk at any one time.

    So this means if a 20 pip stop loss is hit I shed no more than 1% or 1/2% of my trading capital.

    Once a position is covered. That is. Then is the only time I will search for another entry. And I will cut risk in half an hour. 1/4% - 1/2%. If I lose with this one I don't lose al lI gained in the former transaction.

  5. #5
    Pair Traded: EUR/USD
    Buy/Sell: Buy
    Open Price: 1.39736
    Close Price: 1.38546
    Open Time: 08:15 PM EST, 10/18/2010
    Close Time: 07:49 AM EST, 10/19/2010
    Lots Traded: 10
    Pips Earned: -119 (-$119)

    The market really went . I never expected the price to fall 100 pips because yesterday. But managing losses and learning from previous mistakes is what's crucial, so let's examine...

    What went wrong?

    Trading too many lots, misinterpreting market information, and ignorance is what I think went wrong IMO. This reduction has taught me that the market is unpredictable. From now on, I'll only be trading 1 lot at a time, to minimize losses/risk and let myself to use bigger stop-losses to provide the market more breathing space. Additionally, a 100 pip reduction @ 10 cents per pip is nothing.

    The purpose is to consistently win trades, so losing a lot of money during the learning curve makes no sense.



    There is obviously a strong, long-term trend going on. I set a 120-pip SL along with also a 200-pip TP. I got to the trade at the wrong time, nevertheless, but I do not think that was my problem.

    I placed this commerce planning to hold it for a few days. By looking at the trend, I thought investing in euros would be a wise move (which I am sure it's longer-term) but for me, I'd my SL set at only 120 pips below the introductory price, which for longer-term trades I imagine isn't much breathing space in any way.

    I completely ignored what the RSI and MACD were telling me.

    What do I need to work on?

    Emotional management and chart interpretation.

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