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    Thread: simisola's trading journal

    1. #651
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      Quote Originally Posted by whiteliontrader View Post
      What i do not like traders to be saying is what you have just said now, i think that it is not same way that we view the market, and through this, we can not be making trades in the same manner. And as long as the trading system is working well, the trader will be making money with that strategy even when they lose money at times. He might truly lose his money through the stop loss hit, but how are you sure that the traders will not be making money again. And how are you sure that if he did not use the stop loss that is tight, that he will not lose more money.

      Forex trading is about your plans too, you might not be planning well when you use high stop loss, you have to make sure that your trading strategy is blending with your plans. It is not every trader that will go for very high stop loss, that is what is so important. And like you that you are using high stop loss, just make sure that your risk is not that high, that might affect you if your stop loss is hit.
      Yes brother I don't see anything wrong with what he asking him about the results I just trade. I think the fault is how he present it. And about what you said forex trading is all about plan and having a good trading strategy, but we should know that it's when we have a good knowledge that we will plan well

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    4. #652
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      it is quite essential to target a decent reward for every risk taken. in other words, i will only take a trade where the reward is higher than the risk. traders should desist from taking trades that will not be well rewarding.

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    6. #653
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      Quote Originally Posted by forexguy9 View Post
      it is quite essential to target a decent reward for every risk taken. in other words, i will only take a trade where the reward is higher than the risk. traders should desist from taking trades that will not be well rewarding.
      If there's no setup at the time of analysis that has a potential 2:1 RRR, and there are several that have 1:1 RRR, is it unwise to take that trade? I'm thinking 1:1 RRR is better than not trading, since it's one direct trade, he doesn't earn.
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    8. #654
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      Quote Originally Posted by Mez Da Whiz View Post
      If there's no setup at the time of analysis that has a potential 2:1 RRR, and there are several that have 1:1 RRR, is it unwise to take that trade? I'm thinking 1:1 RRR is better than not trading, since it's one direct trade, he doesn't earn.
      sometimes a trade with "RRR" of 1:1 can have better ROI then one with 1:2. this is because trades with a more near tp will hit more often, strikrate will be higher.

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    10. #655
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      Quote Originally Posted by Alexander Tatsumaki View Post
      sometimes a trade with "RRR" of 1:1 can have better ROI then one with 1:2. this is because trades with a more near tp will hit more often, strikrate will be higher.
      This is the point I was trying to make in my previous post because the poster sounded like it was improper to trade a 1:1 RRR. It all boils down to style, profitability and how familiar one is with his method.
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    12. #656
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      Default New trade set up

      Hello everyone, my journal has gathered some dust because of lack of usage, so now I have decided to reactivate it again, to begin that I saw an opportunity in eur jpy which met the requirements of my trading system as described in the first page, so I have place a buy at 130.09 my stop loss is 129.40 and of course what I intend to target is 131.15. All fingers crossed as await the outcome of this trade.
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    13. #657
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      Quote Originally Posted by simisola View Post
      Hello everyone, my journal has gathered some dust because of lack of usage, so now I have decided to reactivate it again, to begin that I saw an opportunity in eur jpy which met the requirements of my trading system as described in the first page, so I have place a buy at 130.09 my stop loss is 129.40 and of course what I intend to target is 131.15. All fingers crossed as await the outcome of this trade.
      Nice and clean chart,eurjpy will have to break the resistance at 130.96 and close above it for us to see a good buy,but i see that you have placed your buy in a good position,131.315 will be a good place to take profits for me, tomorrow FOMC and Thursday is ECB so there will be a lot to look for this week.

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    14. The following 9 users say Thank You to bigani for this useful post.

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    15. #658
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      Quote Originally Posted by simisola View Post
      Hello everyone, my journal has gathered some dust because of lack of usage, so now I have decided to reactivate it again, to begin that I saw an opportunity in eur jpy which met the requirements of my trading system as described in the first page, so I have place a buy at 130.09 my stop loss is 129.40 and of course what I intend to target is 131.15. All fingers crossed as await the outcome of this trade.
      i made my position the same with you in eur/jpy and the basic reason is that i see in daily time frame the possibilities of the bullish trend is still strong so i prefer to go with the flow and keep using big time frame as my trend guidance because i think that it is safer to trade that way because i really can use tight stoploss and bigger take profits level.

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    17. #659
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      Quote Originally Posted by simisola View Post
      Hello everyone, my journal has gathered some dust because of lack of usage, so now I have decided to reactivate it again, to begin that I saw an opportunity in eur jpy which met the requirements of my trading system as described in the first page, so I have place a buy at 130.09 my stop loss is 129.40 and of course what I intend to target is 131.15. All fingers crossed as await the outcome of this trade.
      Well although I dont have eurjpy on my analysis but I think based on the latest strength of eur across all board we should be looking at more buy because it has been trying to push and I believe that the pair will keep pushing even further, unfortunately am not a fan of stop loss but its clear been safe incase the market decides to go otherwise.

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    19. #660
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      There are some very interesting and important levels that eur jpy is going to test, the first one that I see is at 131.30 which has a double top type of price formation, I know that price will have a serious struggle before it breaks above the resistance because of how it happened there previously, the next key level is all the way up to 133.** whether price will get there eventually depends on many factors.
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