say hello to my little journal

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Old Apr 24, 2008, 1:28am   #1
 
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say hello to my little journal

Hello, I just joined here and thought I would start a journal thread for my demo trading. I'm not trading live now, just the demo account. I thought I would try out some strategies and see how it works out. Hoping to trade for real again soon. I did it for a little while with modest success, but I want to get better before attempting again.

I just went long NZD/USD @ .79438. It's a bullish divergence on the 10 min and A pullback to 62% fib and support on the hourly. Lets see how I do.....

I'm gonna get stopped out if it goes below the latest low. about ten pips.
It looks like it just bounced off the 50% fib and 34 MA on the four hour as well.
I'm down 6.7 pips right now, but hoping it's gonna turn around from bouncing off 50 MA and 50% fib on one minute.
My first profit target is gonna be .7977 Because that's where the 200 is on the ten minute so hopefully it will go up and touch it or even break through it.
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Last edited by gozinsky; Apr 24, 2008 at 1:58am.
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Old Apr 24, 2008, 2:17am   #2
 
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gozinsky started this thread I just came down and touched the line at the last low. Lot of support there and it turned around. Hope it keeps going up.
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Old Apr 24, 2008, 2:44am   #3
 
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gozinsky started this thread Stopped out at .7925. I think I've been shaken out. Stupid forex.
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Old Apr 24, 2008, 2:48am   #4
 
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gozinsky started this thread It's diverging again. I think I'll get back in after this hammer.
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Old Apr 24, 2008, 2:52am   #5
 
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gozinsky started this thread Back in at .7927
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Old Apr 24, 2008, 2:57am   #6
 
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Do you have a written trading plan gozinsky?

(Note that if forex took your money, forex is not foolish)
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Old Apr 24, 2008, 3:04am   #7
 
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Quote:
Originally Posted by nine View Post
Do you have a written trading plan gozinsky?

(Note that if forex took your money, forex is not foolish)


I'm just trading divergences with this one. You mean a plan as far as risk/money management/strategy/system etc.? No. basically right now, I'm just trying to get better with my setups. The stop loss on this is at .7910

Last edited by gozinsky; Apr 24, 2008 at 3:10am.
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Old Apr 24, 2008, 3:43am   #8
 
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Not really. I mean a basic trade plan.

For each setup you need.
I will enter when xxxxxxxxxxxxxxxxxxxxxx
I will place a target at xxxxxxxxxxxxxx and a stop at xxxxxxxxxxxxxxxx
I will manage the trade by ... if .... happens

You should have no more than a few setups ... all on one a4 page.
Without this then you can't judge the most important thing in your trading - the only thing you can control - did I trade my plan?

3 for perfect=to plan entry, 3 for perfect=to plan placing stops and targets, 3 for managing the trade exactly as your plan says.

A perfectly good trade is 333 (or nine) and a perfectly bad trade is 111 (or kick your own **** time).

Also, only if you can say that your trades were to this basic plan can you ever evaluate the real time performance of your trading.

Rating each trade every time you trade is good advice (IMHO)
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