My FX Journal (Plz Help) :)

This is a discussion on My FX Journal (Plz Help) :) within the Trading Journals forums, part of the Reception category; Hello my name is Nick, 22 from London. Played poker on a high level, usually 6-12 tabling the $50 or ...

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Old Nov 5, 2010, 12:01pm   #1
 
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My FX Journal (Plz Help) :)

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.
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Old Nov 5, 2010, 12:07pm   #2
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread Its just gone up another 25 pips since i closed the position, damn!
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Old Nov 5, 2010, 12:14pm   #3
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Re: My FX Journal (Plz Help) :)

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 ?
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Old Nov 5, 2010, 12:31pm   #4
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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!
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Old Nov 5, 2010, 3:29pm   #5
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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
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Old Nov 5, 2010, 3:43pm   #6
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread just missed the fall within 20mins ago due to eating dinner + updating the thread + statement
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Old Nov 5, 2010, 10:42pm   #7
 
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Re: My FX Journal (Plz Help) :)

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

Last edited by redart; Nov 6, 2010 at 10:09am.
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Old Nov 6, 2010, 1:17am   #8
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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
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Old Nov 8, 2010, 10:30am   #9
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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.
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Old Nov 8, 2010, 10:55am   #10
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread Looks like a fakebreakout, its dropped back down, now looking around 1.61430
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Old Nov 8, 2010, 11:41am   #11
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Re: My FX Journal (Plz Help) :)

Quote:
Originally Posted by MayZerG View Post

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.
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Old Nov 8, 2010, 12:30pm   #12
 
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Re: My FX Journal (Plz Help) :)

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

Will PM you to discuss further
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Old Nov 9, 2010, 12:20am   #13
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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

Last edited by MayZerG; Nov 9, 2010 at 12:25am.
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Old Nov 9, 2010, 12:24am   #14
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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
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Old Nov 9, 2010, 11:30am   #15
 
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Re: My FX Journal (Plz Help) :)

MayZerG started this thread 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
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