Hello,
First I would like to wish everyone happy new year and a prosperous 2007. This is my first post, however I have been trading forex for approx. 10 months. I have been trading a mini account for over 5 months and having good results for the last 2. I began with trading the 5 minute charts and now trade the daily charts with good results. The most difficult part is profit taking. After analysing my trades and reading several methods on forums, I believe that I am ready to document my trades in real time.
So for the beginning of 2007, I am starting my trading journal. Hopefully, this journal will force me to be more discipline and follow through with my system.
As for my system, I trade the daily charts with confirmation of the 4 hour charts and I also check the weekly charts to determine trends. I really don't have a mechanical approach for my entries. Just looking for basic candle patterns and trend following. All trades are placed at 5pm eastern time.
Before, I had a hard time taking profits. I always closed my position too soon. So right now I place a stop loss at 10 pips below the previous day's low or 10 pips above the previous day's high. The trade is ended when the stop loss is hit.
I trade all pairs that I feel have a high probability of success. I will be posting my trades / updates at 5 pm every day.
Right now, I have 2 trades open:
Gold - +480 pips so far
Long from 635.40 / s/l 631.86
USD/JPN minus 18 pips so far
Short from 118.63 / s/l 119.16
First I would like to wish everyone happy new year and a prosperous 2007. This is my first post, however I have been trading forex for approx. 10 months. I have been trading a mini account for over 5 months and having good results for the last 2. I began with trading the 5 minute charts and now trade the daily charts with good results. The most difficult part is profit taking. After analysing my trades and reading several methods on forums, I believe that I am ready to document my trades in real time.
So for the beginning of 2007, I am starting my trading journal. Hopefully, this journal will force me to be more discipline and follow through with my system.
As for my system, I trade the daily charts with confirmation of the 4 hour charts and I also check the weekly charts to determine trends. I really don't have a mechanical approach for my entries. Just looking for basic candle patterns and trend following. All trades are placed at 5pm eastern time.
Before, I had a hard time taking profits. I always closed my position too soon. So right now I place a stop loss at 10 pips below the previous day's low or 10 pips above the previous day's high. The trade is ended when the stop loss is hit.
I trade all pairs that I feel have a high probability of success. I will be posting my trades / updates at 5 pm every day.
Right now, I have 2 trades open:
Gold - +480 pips so far
Long from 635.40 / s/l 631.86
USD/JPN minus 18 pips so far
Short from 118.63 / s/l 119.16
