My Trading Venture

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jmag4
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My Trading Venture

Postby jmag4 » Thu Jul 17, 2014 8:41 pm

Hello everyone, I've been reading this forum for months now and believe it is time to create a topic to post my trades to see if I'm seeing what I should be seeing.

Little bit about me - just graduated university with a finance degree and struggling to figure out what I want to do with my life. In the mean time, I would love to learn to trade as I absolutely love trading, one of my huge passions although I have very little experience.

I have been reading these forums for a few months now. I've read through the NLA thread on baby pips (as much as I could get through with the archived chache version). I also read through the NLA thread here on Kreslik. I am now currently making my way through the 'lukx zline trading log + cfabian p.35 + adaseb p.48' thread.

I dream of one day trading for a living as I absolutely love watching the markets and could do it for many hours a day.

Currently trading with a demo account on Oanda. I realize that ECN brokers are probably the way to go, but having difficulty finding one that I can use as I am living in Ontario, Canada. I see that a lot of people on this forum recommend MB trading but I don't think I can make an account there as a Canadian resident

I'd like to give a big thanks to TRO, MightyOne, Dragon33, and to Es/pip (as well as many others) for posting and helping on this forum.

Please let me know if this is the wrong forum and I will post somewhere else.

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jmag4
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Postby jmag4 » Thu Jul 17, 2014 8:54 pm

So far I've learned the following:

Wicks in the direction of Loss
Body in the direction of profit

Higher timeframe rules the other timeframes

Mightyzone is 50% of a momo candle (a candle which is double the previous candle)

Zeroline is a 'line in the sand' where people have held profit

Watch to see whether candles are closing above/below previous highs/lows as this will give you a general direction of trend?

jmag4
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Postby jmag4 » Thu Jul 17, 2014 9:00 pm

Image

Trade on the daily. I split my entry into three - two marked with check marks and the other is still open as you can see. The two exits are marked with a 'x's
The reason for the exits was because of a zeroline on the daily which you can't see on my chart. I set a take profit because I couldn't be at the screen all day.

Let me know what you guys think.

One of the other problems which I can't seem to figure out is my trade sizes.

I'm hoping to risk 2% per trade. I have a demo account with $10,000 which means a risk of $200 per trade over 20 pip stop loss is 10 lots? I'm definitely screwing this up because whenever I attempt to place a order like this my account rejects it saying insufficient funds.

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Captain Pugwash
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Postby Captain Pugwash » Fri Jul 18, 2014 6:52 am

This is a really nice lot size Calculator - nice and straight forward to use
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jmag4
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Postby jmag4 » Fri Jul 18, 2014 6:14 pm

Captain Pugwash wrote:This is a really nice lot size Calculator - nice and straight forward to use


Thats great, thank you very much.

I really just had to go over leverage, account size and lot size more which I did and now have a better understanding

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