My forex trading Journal with FBS

[Laurel]

Today i have opened an account in FBS and deposited $200 in it.

I have decided to publish my trading journal with this broker.

If there is any problem with this broker, I will let you know. I will also inform you how my trades are going, I hope you will like my trades.

Day: 30-03-2011

I have deposited money in FBS. I got $50 as bonus (25% bonus)

AUD/USD has broken all time high and today trading at 1.0309. I have sold 0.01 lot of this pair.

USD/JPY has overcome 83 level. I have also sold 0.01 lot of this pair.

Update:

I have attached my FBS account in myfxbook.

Now, you all can see my trading performance.

http://www.myfxbook.com/members/Laurel/fbs/98481

 

[Laurel]

1 April 2011

I sold EUR/JPY today of 0.01 lot. This pair is rising quickly without any correction, so a correction is must and it is near.

I got an opportunity to close the AUD/USD trade at break even, but my analysis tells me AUD/USD will fall soon, so I will keep this trade open for longer period.

There is an important economic news today which is NFP. Once, the news will be published, it will be easy to predict the market movement. This news will be published at 12:30 GMT time.

FBS execution speed is very quick till now, I will check the spread and execution speed at news time.

 

[Laurel]

3 April 2011

My current thoughts

This week was not good for me. I am in floating loss in my 2 trades and my account is experiencing a 9% drawdown.

I am not worried with such drawdown, drawdown is a part of trades and next time I have to be more choosy while opening trades.

I am waiting for the Tuesday, there are many economical news in that day and I will try to manage 50 pips in Tuesday.

Lets have a look on what news will come out in Tuesday, 5 April 2011:

GMT Time 12.15 am Fed Chairman Bernanke Speaks
GMT Time 05.30 am Australia Cash Rate and RBA Rate Statement
GMT Time 03.00 pm USA ISM Non-Manufacturing PMI
GMT Time 07.00 pm FOMC Meeting Minutes

Best wishes for a new trading week.

 

[Laurel]

Since , there were not any major economic events today, market was silent and most pairs traded in a short range. I expect market will be volatile from tomorrow.

AUD/USD has created an all time high today. I believe "What goes up will must go down". The sentiment for AUD/USD is very bullish and when this sentiment will be hurt, there will be a quick fall in AUD/USD pair.

Thats why my AUD/USD trade is still open, its my bad luck/bad analysis, I didn't got the accurate entry.

Where we can get an accurate entry for selling AUD/USD?

Its RBA Rate Statement which will say it tomorrow. Lets wait for the news. I don't think there will be any announcement of interest rate change, but it will create 70-80 pips or more movement in AUD/USD

I didn't open any trade today and now very sleepy, good bye!

(One thing need to be mentioned, my 9% draw down has reduced to 6.5% . An angel, please come in my dream and make it 0% ....)

 

[Laurel]

7 April 2011

Bearish sentiment is growing in the market for USD. Therefore, USD is weakening.

This week, the best performer is AUD/USD till now, the weakest currency is Yen.

AUD/USD is creating new daily high every day and new high lies at 1.0503 . Retraced 80 pips after that and now trading at 1.0450

In the other side, JPY is weakening everyday against USD, approaching to 87. Currently trading at 85.

Due to my losing floating trades, I am still in sideline. I want to enter in some trades with fixed sl but I am not getting any clear signal.

So, better to wait.

FBS terminal loads very quickly, its a positive side of this broker. Hope fully their withdrawals will be fast too.

 

[Laurel]

There is dividend in forex like the stock market.

Its hike of interest rate. ECB did that yesterday, I think that was an unofficial hike cause it was not scheduled and the movement in market tell us what is the impact of interest rate hike.

If you are the one who buy euro by selling usd, from now you will get more swap than before. It can't generate big $$ with a $100 trade but when the trade volume is $10 billion, it can.

Its why billionaires always search the country with highest interest rate and buy the currency of those countries.

According to demand and supply strategies, it increases demand for the currency, here for the euro. Since, supply is limited, the price of euro is bound to rise, its happening too.

But why others are increasing? Its like your salary has increased in your office, so others will also expect growth. Thats it, the correlation.

 

[Laurel]

ECB increased interest rate last week which was a prime reason of the euro rally last week. Euro/usd went below 1.4250 and after the interest rate hike, its succeed to break above 1.44 and at the end of the week, ran another rally to 1.4483.

Next resistance lies at 1.4500 (psychological resistance).

There are talks about debt crisis of some European countries, next week that will be an important factor. If not, euro/usd will continue rally to next major resistance 1.5154.

Since, the change of trend is confirmed, next week I will enter in couple of new trades in favor of the trend. Happy weekend.

 

[Laurel]

First sign of reversal.

EURO/USD failed to run another rally, GBP/USD bounced back from 1.6425

Commodities are falling, AUD/USD went below 1.05 and now trading at 1.0493.

USD/JPY is also shy, going to fall for the 3rd day today.

I grabbed some pips today when AUD/USD went below 1.05, bought AU and after taking 8 pips, closed it. Quick in, quick out.

Dollar is on the track in the first day of this week. Lets watch if it can hold the gain it made today for the rest of the week.

 

[Laurel]

Thanks to USD/CAD for its up move. I took 66 pips in this trade and said the trade TA TA!

2 more trades are still running. Actually I don't like to pay swap for AUD/USD trade every day (although its 1 cent daily but simply I don't like it). Yen again starts becoming stronger against USD, so I hope euro/jpy will fall as well. Don't know why, but FBS is not charging any swap for this trade. (teeth)

Next plan is to sell euro/usd. Its pretty interesting to see euro rising when other currencies starts falling against USD. I will allow euro/usd to reach next resistance level first before order a sell trade.

 

[Laurel]

The rally started at 7 January 2011. And from that day, Eur/USD was always above the trend line. Few times it broke the trend line but the daily close was above the trend line.

This suggests the bullish strength of Euro/USD in the first quarter of the year. The bullish sentiment is intact and we can only consider the change of bullish sentiment below 1.4280.

Today EUR/USD is the subject of the journal because it has created another new high today in last 16 months.

1.50 seems very possible from this view.

There was no new trade today. Tomorrow I will scalp with the market.

 

[Laurel]

Today I am doing scalping.

I just took 4 pips with AUD/USD. I find it close to a strong resistance, so sold it and took 4 pips. The execution was very fast.

EUR/JPY is falling as well, so my loss in EUR/JPY has minimized. I expect profit in this trade soon.

This week is going to end. Happy weekend.

 

[Laurel]

Its Sunday and forex market is closed today. It will open again tomorrow, I want to close my scalping trades after market opening.

I gain total 133 pips after I started publishing my trading journal with FBS. The highest profit comes through usd/cad trade, I took 64 pips in that trade.

But the overall result is not positive, there are some open trades in floating loss. If I consider the total scenario, I am in loss in total and I have to cover over 200 pips to reach in break even point.

I am hopeful those loses will be recovered with time. In the meantime, I will try to take more pips from some new trades. So, when market direction of losing trades will change and the loss will be covered, the total balance and equity will be more than the deposit.

I am happy with FBS with its execution speed, loading time, spread and others. But I am eager to ask a withdrawal. Right now, I have no plan to withdraw part of my deposit. I want to withdraw either my profit or the deposit bonus after unlocking it.

 

[Laurel]

For the first time after 11 January, eur
/usd is going to break the uptrend support line. If it can, it will be a strong signal of a possible trend change. So, eur/usd can be weaken this week, but first it need to break the support line clearly. A daily close below the trendline support is necessary.

I found some useful articles in FBS analytics, I am quoting it below:

Mizuho: EUR/USD is overvalued by 20%

Analysts at Mizuho Corporate Bank claim that the single currency is overvalued versus the greenback by almost 20%. Such conclusion is based on the comparison of currencies’ purchasing power.

More: Mizuho: EUR/USD is overvalued by 20%

Citi: time to cut longs on riskier currencies

Analysts at Citigroup claim that during the last several weeks investors’ trading strategies were determined by the positive risk sentiment. However, it’s time to finish such trade now, say the specialists.

More: Citi: time to cut longs on riskier currencies

Big banks and brokerage companies are suggesting risky pairs already completed the rallies, so a big correction is near. Trendline also says the same.

My running trades:

EUR/JPY at 36 pips loss.
AUD/USD at 115 pips loss.

2 more trades closed with profit today:

USD/JPY with 10 pips profit
GBP/USD with 4 pips profit

Those are scalping trades, so I took less profit. Today is 18 th April, the first day of a new trading week.

Best wishes for your trades in this week.

 

[Laurel]

Can you remember me?

Its Laurel, posting my daily forex trade journal to you for last 20 days in a regular basis. From the first, I was showing my live trading stats to you. I faced loss, I wrote about it and I accepted it. No business can run without loss and loss is a part of the business too. If you can accept it, one day you will see the profit too.

If you start thinking what happened to Laurel today, actually I am very glad. My FBS account is again on the track. I just kept the risk same for every trades and recovered all of my loses yesterday. Yesterday morning I was in 216 pips loss and now I am in 170 pips profit in total.

EUR/USD broke the major trend line support, so it fall over 200 pips yesterday. Due to this reason EUR/JPY became week and I closed this trade with 137 pips profit. I decided to close the AUD/USD trade with loss because after closing both two running trades, I still have 170 pips profit.

I have no open trade today. I am taking rest.

My account balance in FBS increased by 9%. I deposited $200, got $50 bonus. So, it was $250 in total. Now, total profit is $17.87 and as my plan I asked a test withdrawal of $10.

Lets see if FBS is quick in making payments.

 

[Laurel]

After prolonged resting period, I am back today.

In the the mean time, two things happen.

First of all I received my requested $10 payment from FBS. It made me little greedy to make more $$ and withdraw it and therefore I made another deposit in a new micro account. I made an awesome profit of $252 with it, here you can see:

I requested a payment of $251 at yesterday night. Today after wake up, I found a sms from FBS INC. In the SMS it is said that my payment is processed. Its a good service of FBS, sending sms notification after processing withdrawals.

Anyway, it was a one time test. I prefer to make consistent slow earning rather than making a lot through gambling, so I will stick with my previous account. I am in 200 pips loss in a euro/usd trade in that account but I will try to reduce the loss by doing couple of scalping trades today.

 

[Laurel]

Since its Saturday and market is closed, its not possible to trade.

Dollar bears passed a great week, the trend traders succeed to achieve many pips in last week.

I am in 200 pips loss in my eur/usd trade which is running now. eur/usd broke the daily trendline and there was a daily candlesticks close below the trendline support. It was the reason why I ordered a sell but that was a false signal and euro/usd goes up again.

I may open a counter trade next week if the rally continues.

Happy weekend!

 

[Laurel]

I just opened a new trade.

Its a sell order in eur/usd, I want to scalp with this calm market.

A problem of most brokers which don't have fixed spread is high spread at this time when USA session is going to close. FBS has a positive side for its fixed 2 pips spread for eur/usd. But I am not sure if they also increase spread at this time in mini account where spread is not fixed. Anyway, its not my concern, micro account is working fine with me.

Yeww .... Just took 1 pip from the trade which I opened some moments ago. So, its a profitable day after all, at least I got 1 pip today.

Anyway, I am not going to take any more risk today.

More 2.30 hour remains for todays' trading session, but my trading for today ended here.

I hope you succeed to make at least 1 pip today. Lol from Laurel.

Take care!

 

[Laurel]

For the past some days, USD is going down and down. It seems there is no ending of this fall.

Today was not an exception too, all pairs rallied against USD. Now, the only hope for USD bulls is FOMC statement for this week.

I traded this news for sometimes, I want to trade this news today also. I hope my broker will not create any problem at news time (freezing server, re-quotes etc).

I will give you an update at night.

 

[Laurel]

Take any number of pips before FOMC news time.

I took 2 pips from a trade, just opened another trade.

Everything is going fine till now, I am scalping with the pre FOMC market.

 

[Laurel]

Its only loss, loss and loss.

I totally failed to measure the effect of FOMC news report and therefore in total 500 pips loss in 2 eur/usd sell orders. EUR/USD reached to 1.4880 today, there is very high possibility of break of 1.5 which can be considered as a strong psychological resistance. But in previous, a big retarcement also occurred in such condition.

Now, I need to reduce the floating loss without closing these two trades (I will keep them open until 1.5 will be broken). So, my main target for next some days is to take anything you will get by short term trades. I made 40 pips with FOMC yesterday but later on, it was covered by 200 pips loss.

I am happy with my broker. There was no spike in spread (it was always 2 pips in FOMC time like usual) nor it delayed any execution. I think I am doing very bad trading this week. I am still alive only for my money management policy.

I got a suggestion today in another forum, to track my trades in my trading journal. I appreciate it but I think its not necessary since they are already well tracked here:

FBS System | Myfxbook

I want to track in my journal what I was thinking while opening trades, what was my analysis and why I was wrong. All others are already being tracked in my myfxbook account.

I don't dare if I am in profit or loss, but transparency matters!