CC's $1000 CAD Trading Journal

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Old May 28, 2009, 8:37am   #1
 
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CC's $1000 CAD Trading Journal

Hello everyone

After a much need break I'm back
Here is the start of my $1000 CAD trading journal. Lets get started to trading it up.

I will have to be much more patient and diligent about selecting my trades as there are only these pairs to trade

I hope you like this journal
I already took a loss of $100 bucks (shorting GBP/USD to early)
Here is the pic
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Old May 28, 2009, 11:24am   #2
 
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hey cc,

I have a few Qs if you don't mind;

Is this journal replacing the old one or running along side it?

Are you trying out a new method?

If not, why have you gone back to mini lots and a $1000 account?

Hope you don't think my Qs are too intrusive
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Old May 28, 2009, 1:22pm   #3
 
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Hey CC
I'm subscribed ...
I see your long USDCAD. Im wondering if we don't go back to parity soon ...
Nic
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Old May 28, 2009, 4:16pm   #4
 
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To Help Other newbies

c_c405 started this thread Hi Eleftros
I started this thread to show others and some of my grasshoppers that one can trade a small sum into a much larger sum. It is an exercise for beginners really. before I left on holiday I was talking with a grub of mine who suggested that I show how it can be done on a very low amount of cash. I thought it was a good idea since most new traders in forex aren't usually trading with a large amount of money. We talked about how it could be a good thread to show and track as it grew or was lost. I may lose this sum on bad trades as easy as I deposited the funds. $1000 is not a lot of cash to trade with but I feel it resembles about 90% of new traders who may not have much experience. Stating with this low level account will demonstrate to them and anyone else who reads it how it could be done

My methods will be adapted as needed and revised as needed - This will be a challenge to me to avoid liquidation

Most new traders with such low funding amounts would be locked into mini accounts due to the low starting capital, less currency pairs (majors) and a lot more risk since it only 10 bad trades away from nothingness

The challenge and the hope I can help some low level starters earn some cash :-)

Cheers



Quote:
Originally Posted by Elefteros View Post
hey cc,

I have a few Qs if you don't mind;

Is this journal replacing the old one or running along side it?

Are you trying out a new method?

If not, why have you gone back to mini lots and a $1000 account?

Hope you don't think my Qs are too intrusive
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Thanks! The following members like this post: elitejets
Old May 28, 2009, 4:25pm   #5
 
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It might

c_c405 started this thread One can never be to sure about the markets.

I personally feel the 1.10 zone will hold but since I'm long and locked in my stop for a profit I have been taken out today due to price action. I must be careful on my USD/CAD longs and should expect to lose a few stops along the way to parity if it heads that way.

There is a good chance that parity is on the horizon.
I do think that USD weakness is a bit more fundamental than anything else. I will keep my stops intact when I trade them and will watch closely the greenback as it's mostly the dominant major in this mini account.

There is a lot of head room above to gain with but still a bit to go on downside the bottom will happen - just never know when


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Originally Posted by elitejets View Post
Hey CC
I'm subscribed ...
I see your long USDCAD. Im wondering if we don't go back to parity soon ...
Nic
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Old May 28, 2009, 8:07pm   #6
 
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Hmmm,

Not sure this will be a good lesson for beginners,

Your methods are going to change as your experience in the market dictates (something noobs do not have)

Your risk per trade is going to be very high to begin with. (£1000 may not be much to you but to the new traders you talk about it is not to be thrown away).

I hope that this journal does not encourage new traders to take larger risks then they should in the hope of getting rich quick.


Not trying to put a downer on your journal or your intentions but just want noobs to know that this is a very high risk set up.
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Old Jun 8, 2009, 5:48pm   #7
 
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Missed the Cable short entry price - Looking to short the Yens

c_c405 started this thread Aside from the USD/JPY pair I'm looking to short a few Yen crosses - Namely the EUR/JPY and GBP/JPY pairs so I'm waiting for corrections in their current uptrend. If my wave counting is correct we are due for a correction just never know when

I am currently long on USD/CAD and USD/CHF pairs
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Old Jun 8, 2009, 5:56pm   #8
 
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Begin Somewhere

c_c405 started this thread Hi Eleftros
It may not be a good lesson for all, but this thread is aimed at careful selection with lower risks and a lot more patience. As I have mentioned I will need to be far more careful in my pair selections as there are fewer to chose from and they are limited to the majors. As far as $1000 not being much to me is completely false - I trade $1000 the same as 100000 - I'm cheap and greedy and even though it is a small amount I simply don't want to lose it at all! If I do lose it then I will likely be chastised by a few members here for being an idiot.

Until I lose it though I will continue to trade it in the hopes that some others who are starting with a small amount in the forex can benefit some pips.

I certainly don't think that a newbie will take all of my advice (many do not) but I do hope they can profit a bit instead of becoming part of the 98% failure rate they read about.

Cheers


Quote:
Originally Posted by Elefteros View Post
Hmmm,

Not sure this will be a good lesson for beginners,

Your methods are going to change as your experience in the market dictates (something noobs do not have)

Your risk per trade is going to be very high to begin with. (£1000 may not be much to you but to the new traders you talk about it is not to be thrown away).

I hope that this journal does not encourage new traders to take larger risks then they should in the hope of getting rich quick.


Not trying to put a downer on your journal or your intentions but just want noobs to know that this is a very high risk set up.
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