My FX Journal (Plz Help) :)

[MayZerG]

Hello my name is Nick, 22 from London. Played poker on a high level, usually 6-12 tabling the $50 or $100nl tables.

But deep down i've always wanted to be a stock trader, so if i could successfully move over i will.

I've deposited an initial bankroll of £250 on SmartLiveMarkets running on MT4, and using 10p per pip. Deciding when to move to 20p, maybe at £500, maybe i should do it now? I will be day-trading so no positions will be held longer than a few hours.

Focusing on GBP/USD for now and looking at EUR/USD for obvious reasons (they are the most traded in volume).

http://img35.imageshack.us/f/gbpusdg.jpg/

On this chart i created the support/resistance lines, it broke around 8:15am (as soon as markets opened at 8:00) assuming because of the news the night before that the Fed Reserve bailed out the USA economy by $600bn. Unfortunately i was out for most of the day yesterday due to working part-time .

http://img35.imageshack.us/f/gbpusd2.jpg/

On this chart support line broke at 6:15am, I was asleep until 10:45am i'm afraid, had a late night . Identified new support at 8:15am as seen again 2 hours later. Made a long position shortly after, i tried to put in a profit stop, but actually done it wrong as it opened another position haha. Did not mind as it gave me another 30 pips.

http://img819.imageshack.us/f/state.jpg/

As of 12:00 5th November: +83 pips

I have a long way to go into how to put substantial reason behind my trade, and i will accept ANY advice given to me, thanks everyone .

Nick.

 

[MayZerG]

Its just gone up another 25 pips since i closed the position, damn!

 

[littleluca]

Never regret! Have a plan and trade a plan! If you exit too early that is fine as long as you exited according too a plan... i.e exit at support.. exit before news release... There are 100's of pips a day available...
So is S+R the way you trade ?

 

[MayZerG]

Hey luca

Its the only real way i know to trade at the moment, 15min range breakout based on S+R at the correct pivots. While looking for news updates, or by watching the chart and looking for new trends, so i need alot of help!

 

[MayZerG]

5th November Totals:

38686 2010.11.05 11:59 buy 0.10 gbpusdsb 1.61801 0.00000 0.00000 2010.11.05 12:36 1.62335 0.00 0.00 0.00 5.34
38704 2010.11.05 12:31 buy 0.10 gbpusdsb 1.62010 0.00000 0.00000 2010.11.05 12:35 1.62305 0.00 0.00 0.00 2.95
38812 2010.11.05 14:34 buy 0.10 gbpusdsb 1.62232 0.00000 0.00000 2010.11.05 14:35 1.62279 0.00 0.00 0.00 0.47
38837 2010.11.05 15:15 buy 0.10 eurusdsb 1.40959 0.00000 0.00000 2010.11.05 16:02 1.41059 0.00 0.00 0.00 1.00

= +98 pips

 

[MayZerG]

just missed the fall within 20mins ago due to eating dinner + updating the thread + statement

 

[redart]

Off to a decent start!
Look like we're both starting off with similar sized accounts and at the same stakes.
First one to £1000 or a spectacular blowup wins!

So you're trading off the 15min mainly, playing range breakouts and stuff?
What sort of stops have you been using out of interest?
Have you demo traded your methods for a while?

It looks like you made 100 pips or so today. Cool. Im down slightly today. Account isn't really moving at the moment, hence I haven't updated my journal in a few days.

Lets Hope you get similar results to today going forward!

good luck

 

[MayZerG]

Hey Paul ,
I'll take you up on that challenge!

Trading off 15mins, though i may go to 30min/hour the forex swings are so volatile, that in smaller timeframes, we could essentially be making decisions based on something incorrect.

I dont have a limit stop loss, i'll just feel out when i need to finish a losing trade. If i feel it could swing back in my favour in an hour or so, i will stick it out, if not i will finish it.

I traded on IG Index for similar small amounts trading Daily US Light Crude Oil, i didnt stick with it, only made about £20 then cashed out my money, as i was too focused with poker.

goodluck to you too <3

 

[MayZerG]

went long at 1.616 when i should have shorted so im hoping to breakeven, will hold the position rather than cut losses.

Identified support at 1.611, resistance at 1.613.

Its broke the resistance as im typing this, so im only 20 pips away from BE.

 

[MayZerG]

Looks like a fakebreakout, its dropped back down, now looking around 1.61430

 

[pboyles]

But deep down i've always wanted to be a stock trader, so if i could successfully move over i will.

Nick.

Nick,

You are giving yourself the worst possible chance of success by spreadbetting forex. If you are serious about this you need to be trading stocks or futures with direct market access not spreadbetting. Also forget about starting with £250, you're wasting your time.

You are not trading stocks you are trading/gambling against a bookmaker.

 

[MayZerG]

The last point you made i knew that already, the clue is in the name, spreadbetting.

Will PM you to discuss further

 

[MayZerG]

GBP/USD had been in a sideward trend for all of monday which was disappointing, i had a long that i was hoping to BE on but it never happened, thank god i didnt hold the position over night!

8th November Totals:

39119 2010.11.08 09:00 buy 0.10 gbpusdsb 1.61578 0.00000 0.00000 2010.11.08 09:07 1.61641 0.00 0.00 0.00 0.63
39126 2010.11.08 09:07 buy 0.20 gbpusdsb 1.61627 0.00000 0.00000 2010.11.09 00:06 1.61386 0.00 0.00 0.02 -4.82

= -18 pips

 

[MayZerG]

Just witnessed 2 currency pairs break support and stupidly missed GBP/USD which i had been waiting for, for over 18 hours now, due to shorting/focusing on AUD/HKD which was extremely volatile.

http://img9.imageshack.us/f/shipox.jpg/

39562 2010.11.09 01:01 sell 0.20 audhkdsb 7.8242 0.0000 0.0000 2010.11.09 01:11 7.8161 0.00 0.00 0.00 16.20

+81 pips

 

[MayZerG]

had another short on AUD/HKD and set a profit stop at 7.836 because i was convinced it was going through another downtrend after its consolidating range between 7.849 and 7.834 so i went to sleep and hoped for the best.

result =

39583 2010.11.09 03:13 sell 0.20 audhkdsb 7.8430 0.0000 7.8360 2010.11.09 05:29 7.8360 0.00 0.00 0.00 14.00

+70 pips

 

[MayZerG]

39850 2010.11.09 12:31 sell 0.20 audhkdsb 7.8734 0.0000 7.8700 2010.11.09 15:36 7.8700 0.00 0.00 0.00 6.80

AUD/HKD has just fell another 60 pips below my TP, i knew it would eventually go through a downtrend after its small consolidation range, but decided to play it safe, and put in a TP i knew it would eventually reach.

+34 pips at 7.8700 Take Profit

 

[MayZerG]

November 9th Totals:

39562 2010.11.09 01:01 sell 0.20 audhkdsb 7.8242 0.0000 0.0000 2010.11.09 01:11 7.8161 0.00 0.00 0.00 16.20
39583 2010.11.09 03:13 sell 0.20 audhkdsb 7.8430 0.0000 7.8360 2010.11.09 05:29 7.8360 0.00 0.00 0.00 14.00
39850 2010.11.09 12:31 sell 0.20 audhkdsb 7.8734 0.0000 7.8700 2010.11.09 15:36 7.8700 0.00 0.00 0.00 6.80
40036 2010.11.09 19:29 sell 0.20 audhkdsb 7.8214 7.8234 7.8195 2010.11.09 19:29 7.8234 0.00 0.00 0.00 -4.00
40037 2010.11.09 19:30 sell 0.20 audhkdsb 7.8205 7.8346 7.8155 2010.11.09 19:40 7.8155 0.00 0.00 0.00 10.00
40044 2010.11.09 20:21 sell 0.20 audhkdsb 7.8097 7.8085 0.0000 2010.11.09 21:04 7.8085 0.00 0.00 0.00 2.40

= +227 pips

 

[MayZerG]

I have realised i have itchy fingers and want to trade all the time, i have made 2 trades today which have destroyed my profits due to rushing in without planning ahead.

Got caught by a reversal for 100pips and longed on a range at the top of the resistance, just a complete disaster on my part for failing to spot an obvious chart.

 

[MayZerG]

Tried to place a long trade on EUR/USD judging by the Daily period

price: 1.37051
stop loss: 1.35700
take profit: 1.41000

failed

 

[MayZerG]

It has been a difficult ride, and i havnt updated this in a week, last week i didnt have much time, and i was mostly breakeven, after doing more studying/research/strategy i was able to slowly recover my losses towards the end of last week before markets closed on friday.

This week has been good sticking primarily on EUR/USD due to the Ireland bailout and uncertainty concerning Portugal/Spain. Has dropped nearly 4,000 pips in 2 days.

Tried a small trade on the SP500 due to the clashes with North Korea shelling 1 of the Islands that South Korea owns. It hit its small stop loss before recovering a few hours later which is a shame.

But this week is looking great, and im always looking for discussion/feedback, so please post!

Nov 22nd
45358 2010.11.22 13:57 buy 1.00 eurusdsb 1.36689 0.00000 0.00000 2010.11.22 14:01 1.36618 0.00 0.00 0.00 -7.10
45361 2010.11.22 14:01 sell 1.00 eurusdsb 1.36601 0.00000 0.00000 2010.11.22 14:05 1.36457 0.00 0.00 0.00 14.40
45413 2010.11.22 14:35 sell 1.00 eurusdsb 1.36258 0.00000 0.00000 2010.11.22 16:34 1.36248 0.00 0.00 0.00 1.00
45631 2010.11.22 18:49 buy 1.00 eurusdsb 1.35878 0.00000 0.00000 2010.11.22 18:51 1.35918 0.00 0.00 0.00 4.00
= +123 pips

Nov 23rd
45951 2010.11.23 08:46 sell 1.00 eurusdsb 1.35567 0.00000 1.35467 2010.11.23 12:40 1.35467 0.00 0.00 0.00 10.00
45956 2010.11.23 08:54 sell 0.20 sp500sb 1188.1 0.0 1186.5 2010.11.23 10:16 1192.2 0.00 0.00 0.00 -8.20
46165 2010.11.23 12:54 sell 1.00 eurusdsb 1.35604 0.00000 0.00000 2010.11.23 12:55 1.35527 0.00 0.00 0.00 7.70
46166 2010.11.23 12:57 buy 1.00 eurusdsb 1.35496 0.00000 0.00000 2010.11.23 12:59 1.35540 0.00 0.00 0.00 4.40
46195 2010.11.23 13:35 buy 1.00 eurusdsb 1.35286 0.00000 0.00000 2010.11.23 13:36 1.35315 0.00 0.00 0.00 2.90
46204 2010.11.23 13:46 buy 1.00 eurusdsb 1.35205 0.00000 0.00000 2010.11.23 13:47 1.35235 0.00 0.00 0.00 3.00
46212 2010.11.23 13:56 sell 1.00 eurusdsb 1.35279 0.00000 0.00000 2010.11.23 13:59 1.35206 0.00 0.00 0.00 7.30
46242 2010.11.23 14:25 sell 1.00 eurusdsb 1.35148 0.00000 0.00000 2010.11.23 14:30 1.34996 0.00 0.00 0.00 15.20
46263 2010.11.23 14:45 buy 1.00 eurusdsb 1.34861 0.00000 1.34891 2010.11.23 15:05 1.34891 0.00 0.00 0.00 3.00
46404 2010.11.23 16:32 buy 1.00 eurusdsb 1.34076 0.00000 0.00000 2010.11.23 16:40 1.34078 0.00 0.00 0.00 0.20
= +496 pips

The only problem i have is, when i have a long or a short position riding a major uptrend/downtrend, i dont know where the top/bottom is, so i tend to just stop at my TP, should i be trying a few trailing stops instead? This is why if you look at my trends, i've tried to trade both the major trend, and also the retracements using Fibacconi.

Thanks all.