damn i feel really pissed off lol, even though i didnt take the trades because my stops didnt get hit i know i would have taken them if i wasn't at school resulting to 2 hefty losses.
time i started just lookin at dailies and not H4, and researched some funnymentals, too.
time i started just lookin at dailies and not H4, and researched some funnymentals, too.
Friday 16th Oct 2009
Well what can I say..............blown nearly half the Oanda account chasing losses, went down by $37.62.
But I have now changed account from Dollars to Sterling and the My FX Book link below now shows this new account.
Balance £44.56. This includeds one trade done yesterday +18p,
I made the sin of upping my trade size from 10% to some trades 75% suicide but got my emotions under control and will not go above 10% again. In fact as I get the balance higher I will reduce the % per trade.
October to December is a busy time for me so will not be trading everyday so I will only enter trades at the right entry prices (well I will try).
Well what can I say..............blown nearly half the Oanda account chasing losses, went down by $37.62.
But I have now changed account from Dollars to Sterling and the My FX Book link below now shows this new account.
Balance £44.56. This includeds one trade done yesterday +18p,
I made the sin of upping my trade size from 10% to some trades 75% suicide but got my emotions under control and will not go above 10% again. In fact as I get the balance higher I will reduce the % per trade.
October to December is a busy time for me so will not be trading everyday so I will only enter trades at the right entry prices (well I will try).
was it that cable short you lost on?
i was shocked too, i was very bearish on it aswell but my stop didn't get hit luckily
i guess this is what they mean when you've gotta understand the fundamentals aswell as technicals...no point going long at support if the britain cuts interest rates....
strange though, interest rates in the UK are extremely low and yet it just keeps holding...there's another fundamental/technical reason no doubt
i was shocked too, i was very bearish on it aswell but my stop didn't get hit luckily
i guess this is what they mean when you've gotta understand the fundamentals aswell as technicals...no point going long at support if the britain cuts interest rates....
strange though, interest rates in the UK are extremely low and yet it just keeps holding...there's another fundamental/technical reason no doubt
Last edited:
wallstreet1928
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Nice journal , keep it up
wish you the very best my friend
wish you the very best my friend
maybe i suck lol but i found it hard to determine whether price would follow the longer term trend or the trend it's in now...if you get what i mean.
however after i plotted a 200 EMA onto my chart (this is for dailies) i consider price above to be in an uptrend, for example, had you been using the 200 as a trend identification method, you could have caught virtually all the indices in a nice 50% rise! works awesome for FX too. unless it's really obvious that we are in a sideways market and the EMAs are just chopping about like in cable now on the dailies, but there is a short term downtrend on cable and i hope to get a mouthful of that .
for example using TA here on the CAC index you could have used the failed double top+ resistance becomes support + price above 200 EMA as reasons to get in on this.
so if you are having trouble with what trend to follow plot a nice EMA or SMA or whatever onto your chart
Attachments
Ok I think the 1.6400 in the UK session is not on I see it below 1.6200 in the UK session, closed out my long for a short at 1.6279 plus I still have the short order at 1.6264.
Well the early hours last night got margined out at 1:10am so missed the drop.
Balance £14.89
So as from today a new way for me to trade. This is the great thing about Oanda for me to be able to trade so low as a newbie.
90% of account to be used as margin, target per day to add 4% profit to the account.
One Click trade set up:
90% order size
25 pip stop loss
50 pip take profit
Once a trade is open I will move the stop loss to entry point (if possible) plus if there is a strong move I will take out the take profit and move stop loss to lock in profits.
No losing positions to be left open just winning ones with trailing stops to lock in profit.
So was working last night and missed the GDP annoucement so missed the trade. Got onto my Trading Desk at 10.50am:
OPEN £14.89
4% Target £15.48 +59p
As always you can track my trades on the My FX book link below.
Balance £14.89
So as from today a new way for me to trade. This is the great thing about Oanda for me to be able to trade so low as a newbie.
90% of account to be used as margin, target per day to add 4% profit to the account.
One Click trade set up:
90% order size
25 pip stop loss
50 pip take profit
Once a trade is open I will move the stop loss to entry point (if possible) plus if there is a strong move I will take out the take profit and move stop loss to lock in profits.
No losing positions to be left open just winning ones with trailing stops to lock in profit.
So was working last night and missed the GDP annoucement so missed the trade. Got onto my Trading Desk at 10.50am:
OPEN £14.89
4% Target £15.48 +59p
As always you can track my trades on the My FX book link below.
