say hello to my little journal

[gozinsky]

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.

 

[gozinsky]

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.

 

[gozinsky]

Stopped out at .7925. I think I've been shaken out. Stupid forex.

 

[gozinsky]

It's diverging again. I think I'll get back in after this hammer.

 

[gozinsky]

Back in at .7927

 

[nine]

Do you have a written trading plan gozinsky?

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

 

[gozinsky]

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

 

[nine]

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)

 

[gozinsky]

I see. So I'm trading based on a bullish divergence at a significant support level. I will enter the trade when price reverses at support with divergence. I will set profit target at .7977 resistance level which I deem a valid level because major moving averages reside there on multiple time frames which I believe price will meet. I will set my stop loss just below the support/divergence level I'm trading off of because, if this level is violated, I know my trade isn't working. This is the basic thought process that was happenning in my head when I made the trade. And I always trade my plan. What else would I trade?

 

[nine]

LOL. You'd be surprised. But seriously, if that is exactly what happens and it meets your needs then its cool.

 

[gozinsky]

Cool. So here's the trade now. This is taking a long time. Stupid forex need to do what it's told.

 

[jasont]

Hey Gozinsky,

It's good to have another journal on here so welcome aboard. In regards to what Nine is saying about the trading plan. I think it is a good idea for anyone trading to write some rules or guides down on paper for reference. I personally don't like my plan as strict rules because they don't allow me to do what I do best. I rather have them as guides for what commonly happens in the market place and assess their relevance on a trade by trade basis in regards to market sentiment.

As for: "Stupid forex need to do what it's told."

The sooner you realize that you're a participant in the market and not vice versa, the sooner you will feel better about your trading. The market needs to tell you what it's doing not the other way around. Relax a bit and have fun, that's more of a priority than making a buck.

 

[Pakua42]

So what happened to this jounal? Its now 3 yrs later. I thought taking a trade at the 50% fib retracement on a 4 hour chart might be a very good system indeed, especially if you can add a very few rules on stops and targets. This can probably be made into a winning system easily. My oipinion is that the .786 is the most important retrace of all fib numbers. Problem is it doesnt happen often enough but research has shown its the best number. But 50% is good too. just make a plan and stick to it. Miss some winning traades, you wont die. Let us know how anyone trying this fib system makes out. Im also reading Carolyn Borodens fibonacci book and it seems like the bomb. Anyone read her stuff or join her service?

 

[Successful_Trader]

3 years on.. and where is the journal?