YouAreNotFree's £1k-£1,000,000 Journal

[YouAreNotFree]

Good thread mate and best of luck.

If you don't mind a suggestion,

take a note of when your trailing stop knocks you out, and what happens to the market in the hours after. You may generate greater profits by leaving your stop alone.

Only your records will tell you this.

Thanks man.

I have a trading log and print out before/after charts so I can monitor those kind of thing you mention. It's a psychological battle for me to avoid closing a trade too early for fear of giving money back to market.

Speaking of which the Euro has now sank back below my exit Not before it presented me with another entry point though (which I didn't because I was still in the JPY trade). Oh well, who said learning was easy.





EUR/JPY trade stopped out at b/e. It got as far enough to give a 1:1 risk reward but quickly sank this morning.

 

[ledgy]

Thanks man.

I have a trading log and print out before/after charts so I can monitor those kind of thing you mention. It's a psychological battle for me to avoid closing a trade too early for fear of giving money back to market.


The right attitude right there

 

[YouAreNotFree]

Current account balance is £1325.58 after 11 weeks, at least I think its 11 weeks.

First trade of this week is.....


EUR/GBP
Short
4hr timeframe
2% risked

Enter- 0.88397
Stop loss- 0.88848
Target- 0.8620


Another one of my t/l breaks, this one also formed the bottom of a channel. Bearish outside bar, price is below the 200 ma, closed below some s/r and the Euro is getting a right hiding across the board. The weekly chart also shows a bearish 2 bar reversal. My target is the low at the beginning of the bottom channel line.

There was also also a break of a t/l on the EUR/USD. With hindsight that one was the better of the two. It was older and had more touches.









Up until now I've been a bit shy when comes to taking many of the signals my methods throw up and as a result I may only have 2-3 trades per week. I'm going to try my best to take everything from now on. If I had done so in the past my account would be significantly larger.

 

[market_bull]

Very interesting journal thus far. I think with your methodology and your very organized way of doing things, I truly believe you'll reach your goal. My sincerest wishes that you achieve your goal!

 

[YouAreNotFree]

Current state of play in the EUR/GBP. Moved stop lower towards some s/r. I'm not especially confident of this trade now. If I can still be in it at the point of the CPI/RPI release I will be happy. Higher than expected and I should be good, less, maybe not.





This is the EUR/USD. Exactly the same signal as the GBP, a break of a t/l. I chose the wrong pair for sure. The t/l was older, had more touches and with the current move to safety it should have been a no brainer. Would be up 2x risk at this time instead of less than one Bugger.

 

[YouAreNotFree]

Alrighty. Im out of the EUR/GBP. I was watching the news and bailed on the lower than anticipated price inflation, it also gives me an opportunity to trade other Euro pairs. The EUR/GBP is a little slow for me.

Finished with £24.72 / +1.86%

Yellow line on the chart is the approx exit point.

 

[YouAreNotFree]

Trade.....

Silver
Long
4hr timeframe
1.5% risked ( messed up my calculation here, should have been 2% as usual )

Enter- 35.32
Stop loss- 34.95
Target- 36.70+

Plenty of confluence on this one. 61.8 Fib retrace, tail bar, s/r and a t/l as support. High, HL pattern. The trendline formed part of a downward price channel, so price broke out and came back for a re-test.

FOMC report out at 7pm. May be volatility hence im probably going to move to b/e very soon. When Silver moves down i've noticed it generally moves very quickly so I'm not going to be caught out.

There was a double bottom last week too, I should have been more alert to that and possibly gotten in at the outside bullish bar near the lows. Hindsight eh?

 

[Pazienza]

Some interesting stuff in here YANF. Good job .

 

[YouAreNotFree]

Some interesting stuff in here YANF. Good job .

Cheers m8.




Closed the Silver trade out after a fast move up for £48 / +3.55% of the account.


After a move of better than 3% (in Silver, not my account) in quick time I would prefer to exit given it could be a knee jerk reaction to the FOMC meeting. If it carries on some more I don't mind as I have longer term investments in pm's anyways. Its all good.

Also, I could well be making obvious mistakes in my exit points, the thing is I don't have enough experience to make sound judgements and so I tend to think too emotionally when it comes to getting out. I am recording what happens after my trades have finished though, so I'll learn.


The current price in the screenshot is my exit give or take a couple of pips. It shows the 4hr but I timed my exit off the 15 min.

 

[jthetrader]

Wish you the best of luck mate, I'm new to trading so I don't know what's a realistic ambition and what isn't, mine are slightly less lofty though.:cheesy: £1,000 into £10,000 over a year would please me, earning £9,000 for clicking a few buttons and reading about the state of the world economy (which I do anyway) would be great. Certainly a lot easier than what most 18 year olds have to do to make £9,000.

My first aim, however, is to not go from £1,000 to £0.

 

[Pazienza]

£1,000 into £10,000 over a year would please me,

Uh oh.

My first aim, however, is to not go from £1,000 to £0.

That sounds more realistic.

 

[Doomberg]

earning £9,000 for clicking a few buttons and reading about the state of the world economy (which I do anyway) would be great. Certainly a lot easier than what most 18 year olds have to do to make £9,000.

If you want to make 900% over a year you'll need to 1st learn that there is more to it than clicking a few buttons and reading the paper

 

[barryb]

If you want to make 900% over a year you'll need to 1st learn that there is more to it than clicking a few buttons and reading the paper

Says the seasoned pro....:whistling

 

[YouAreNotFree]

Losing EUR/JPY trade. Went short after a false break of an inside bar on the daily chart. When it didn't move strongly down I made a quick exit for -£7.08/ - 0.46% of the account. Bottom Yellow is my entry, top Yellow is the exit.







Major fail on my Silver trade this week. Bottom Yellow is my entry, top Yellow the exit. This should have been a bumper one for the account, but as usual I always start itching to exit and bank some profit prematurely.







I really need to stop jumping out of these trades too early so I've drawn up new rules to do so. Unless I have a specific target defined before I enter I'll look to stay in as for as much of the move as possible.


The week as a whole produced a little over 5% for the account so it's not all bad.

 

[Dogtrade]

Great work! I'll be following this journal with interest.

 

[Merstocks]

Ambitious but interesting and energetic thread.Good luck! Hope you keep the head. Will follow your progress.

 

[YouAreNotFree]

Great work! I'll be following this journal with interest.

Ambitious but interesting and energetic thread.Good luck! Hope you keep the head. Will follow your progress.

Thanks guys and welcome.





I haven't been able to trade Monday and Tuesday unfortunately, looks like I missed a nice and easy USD/CAD short but no worries. Hopefully the markets will offer up some goodies in the remainder of the week.

 

[YouAreNotFree]

Bugger!

It's a harsh game this trading. As usual I was checking all my 4hr charts at the bar close. I ran my eye over all of em, apart from this one....because I had changed it to the 30 min t/f and forgot to change it back for a quick scan.

Ironically based off the 30 min chart I did go long some more Silver at around this time, just not through my trading account. I only use the 4hr+ t/f to enter trades for my sb account, regardless if I happen to notice a good trade on something lower, trade the plan and all that.

Shame I missed it, there was a pin bar and right off 38.2 fib + s/r in a strong uptrend.

 

[YouAreNotFree]

Lucky escape on this one.

I had a pending sell order in on the GBP/USD which fortunately didn't get triggered. Bearish outside bar off an 8 touch t/l going all the way back to the beginning of May. MACD showed bearish divergence. All seemed good to me, although I guess it was fighting the trend over the past few weeks.

Two yellow lines were entry/ s/l.

 

[YouAreNotFree]

Couldn't trade again on Friday but what I did manage to do was sign up at FXCC. I will be trading using Currenex, which is ECN/STP. Lower spreads and I've also joined a rebate program.

It feels good to be trading somewhere there is no conflict of interest as there was at my SB bucket shop. Unfortunately I can only trade fx and Gold/ Silver with through Currenex so for the occasions I venture into Oil and the indexes I'll have to stick with my SB account.