Since I need a place to put down my thoughts (and have them critiqued) I thought I would make a trading log. I hope to write more about why I chose each trade, in hopes I can learn from the mistakes.
Trading method - In the most basic form, I'll be making a line, and trading off of how the price reacts to the line.
Trading capital - $500, demo account.
Currencies to follow - For now, just EU.
Trading risk - 4% per trade, until I reach $5000.
Trading timeframe - I use CC, and my HTF will be the daily (D3) candles. I'll use H4 (H12) to try and pinpoint entries.
Onto the trades...
I'm currently watching EU for a pullback around the 1.29 area. On the daily chart there was some serious downward momo, and now there is a large "gap" where people are holding profit. I think some of those people will be zlined.
Struggles - Both the daily and H4 show some support around 1.275. Part of me wonders if this big drop is just the retracement for a larger move upward.
I'll add charts when I have the chance.
Cwn6161's Trading Log
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tmanbone wrote:Looking forward here also. Can you give us a brief summary of your experience. Thanks,
Sure! I've been trading for just over a year, in equities. For most of this time, I tried be a day trader, while having a full time job. After too many trials and errors I came to realize that I couldn't do both at the same time, and so I closed my accounts off in mid July.
I've been dabbling in and out of forex for the last few months, and feel that there are far more advantages to trading in forex than in equities.
Like most here I'd like to make trading my full time job, but before I put anymore cash on the line I want to add 1000% to a demo account, at minimum.
Since I know that I still can't day trade, I'm trying to take a longer-term approach to discretionary trading, and hope to use this thread as a way to plan out my trades. Or get yelled at for making bad choices!
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These may help.
- Attachments
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- Position Sizing.xls
- (23.5 KiB) Downloaded 195 times
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- ROI Calculator.xls
- (16.5 KiB) Downloaded 212 times
"The simplicity of the markets is it's greatest disguise"
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- bredin
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Plan your average position, then look to make that average true.
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