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    Thread: Bidyut's trading journal

    1. #1
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      Default Bidyut's trading journal

      Introduction: This is my first trading journal in mt5 forum and it is in a demo account. Iíve opened a demo account with 500 USD balance. The main purpose of opening this demo account is only for making a trading journal in mt5 forum. Long time back our respected moderator dzin4aans had encouraged me to open a trading journal. But due to some unforeseen reasons I was unable to give attention in this regard. After looking at many trading journals available in this section Iíve got some positive energy and a lot of good motivation to open my own trading journal. Now I think it is the right time to open a trading journal.

      Main motive of opening a trading journal: First of all I want to improve my trading by sharing my own trading system. By opening a trading journal here I would definitely get an opportunity to interact with other good traders. They can suggest, guide me for opting a better trading system. This is one of the best ways to engage myself in improving my existing trading strategy.

      Why Demo Account: This is my first trading journal in mt5 forum. Still I consider myself as a leraner and I want to improve my trading and it is only possible through demo account. Second reason is that I want to open a separate account (real trading account) for trding journal. But at this moment Iím not fully prepared myself (financially) to open a real account for this purpose. In other hand I donít want to wait for long to start a trading journal. So my main motive here would be to engage myself in a good discussion where we can share knowledge and learn everything which is required to be a good trader.
      In future I would definitely go for a trading journal where I can show real profit in real account. Once I get ready for that I would definitely inform you all through this journal or through my signature.

      My strategy:

      Support & Resistance: From the very beginning I am trying to trade on support and resistance levels. So my main focus would be to see support and resistance levels of a particular pair on a daily basis before opening any order. Iíll try to open orders by looking at support and resistance levels. Most probably my buy orders would be above support levels and sell would be below resistance. In addition Iíll try to take decisions of opening any order by looking at price action.

      Price Action: It is important to watch in which direction a particular pair is moving where weíre going to trade. In simple words Price action gives us an idea where the price is moving. When I see 3 to 4 candles formed an upward trend in other words when few bull candles form an uptrend Iíll go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, Iíll go for sell order. So here I would go for trading on any pair by following price action.

      Chart Type: I would like to trade in a clearly visible chart and I consider candle stick chart as a best option for me. I do not use too much indicators. Itíll consists of only support and resistance levels.
      Time Frame: I prefer to see 1 hr, 4 hours, daily time frames to decide where the price is moving or to predict the actual trend I will go for these time frames. To open any order or to check entry point Iíll go for only 1 hour chart.

      News Events: As we know fundamental or economical news are very important to watch while taking any trading decisions. Iíll keep an eye on day to day news events to trade. The best way to watch any types of news events is through economic calendar. Most of the movements take place in any particular pair due to news releases. Even technical trader canít ignore the importance of fundamental news or any economic data releases (e.g. NFP) etc. Sometimes I would stop trading during high impact news. In other words Iíll be very careful during news events and try to avoid trading in case there are no clear movements.

      Lot Size: I would go for 0.10 LOT size (per order) at the very beginning. I may go for many orders at a time but not more than 1 LOT in total. For example, 10 orders with 0.10 lot size orders. Sometimes I may go for averaging my trades by taking additional lot size orders. Gradually I will try to increase the lot size orders with growing account balance.

      Target: Anywhere from 10 to 100 pips. I can decide only after looking at the levels. Sometimes I may not give any target and close all orders manually.

      Stop Loss: Iíll try to put a stop loss in some trading positions but not in all trading positions. Again itíll depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair itíll be around 50 pips.

      Long term or short term: My goal would be to take profit from every trade in a short term period. I prefer short term trades because it is easy for me to handle. In case I see slow movements in any trade Iíll keep the order for long hours and definitely wait for the price to trigger the target ( if I put TP).

      Trading Pairs: I would like to trade on major pairs (EURUSD, GBPUSD etc.). Also I would go for high volatility pairs for example, GBPNZD, GBPJPY etc. Sometimes I will try to trade in Gold and Silver if I get good confirmation.

      Risk-Reward Factor: As it is not a contest account Iíll try to go slowly. I believe in steady growth and not in sudden growth as far as forex trading is concerned. I would only go for 5% to 10% risk, and not more than that. Similarly, Iíll try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then Iíll wait for it to get more profit out of it. For any trader to sustain in the market is more important than anything else, so I will try to avoid any unnecessary risk. Sometimes I would go for cut losses in the form of stop loss or by closing manually. Once we learn how to manage risk weíll automatically able to grow our trading account to a satisfactory level.

      To my fellow members: I hope there is no doubt about my trading plan. I do not want to complecate things, so Iíll try to elaborate every trade with clarity. Iím ready to answer you if youíve any questions regarding my trades or anything related to my trading journal. Iíll be grateful if we can stick to the topic and not talk about anything off topic in this section. Your good suggestions are always welcome. Thanks to everybody for visiting here. Lets start together!


    2. #2281
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      Quote Originally Posted by balut View Post
      It would be better to wait until tomorrow if you want to trade the USDCAD because it's going to be a wild ride later on due to USD ADP Non-Farm Employment Change & Prelim GDP q/q while the CAD will have their interest rate decision. It still consolidating and waiting for the big moment once the interest rate is release then there may be a huge breakout after that.
      I am not going to trade again this week because I am very busy with an offline business and I am really stressed out and would not be able to concentrate on making good analysis and this is the time I make mistakes that leads to huge losses! So I am staying on the sideline because it is a position too!
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades


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    5. #2282
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      Hello everybody, another month has passed and today is the 1st day of June 2018. When I look back I feel glad that I've spent so many years in mt5 forum. I've joined here a long time back i.e. about 6 to 7 years ago. So I've joined here at the very beginning of my trading career and this is one of the best part of my life. I took many odd decisions in my life and joining in mt5 forum was one of my best decision. At the very beginning I was not that serious because I thought I know everything about forex trading. But with passing time I realized that I know nothing about the profession. Still today I feel that more we learn more we know how less we know about the profession. Most of the time we ignore the importance of learning and engage ourselves in useless works. We try to spend time in useless discussions or in useless works and as a result we fail to achieve our prime goals. We do mistake but we do not like to correct our mistakes. It may be due to our ego or our skeptical nature. In my last few years trading experience I've learned that never be over confident in any work. Always try to learn and then only we'll able to progress in this forex trading field.

      I'm really glad that I'm a part of this great community which always teach us the right path towards our goals. We should try to focus more on our work rather than to focus more on showing our egoism to others. In front of the forex market we're nothing. Market is the supreme and we're just followers of it. MT5 forum has given us the opportunity to learn the profession in a best possible way and we should respect it by positive contribution.

      I've received the payment on time but due to bad internet connection I was not able to upload the payment proof on time. I've already uploaded the payment proof on the appropriate section. For your good convenience I'm again uploading the payment proof here in the image form.

      Name:  Payment-Received-28-05-2018.PNG
Views: 76
Size:  30.8 KB

      I'm glad that I've received the payment on time. Okay now move to the next point. Last week I've updated my views on certain currency pairs. I was bearish on GBPUSD and EURUSD. On other hand I was bullish on USDCAD. We know how USDCAD moved in last two to three days time. So it was mixed (USDCAD) because of high impact news releases. I've traded on GBPUSD and GBPNZD and got some nice profit. I was trying to do some limited trading this week. Because it was not going in a single direction in most occasions. I was very careful not to do anything which may lead me to losses. Please have a look at the trading results.

      Name:  Closed-Orders.PNG
Views: 77
Size:  10.0 KB

      Based on my personal assumptions I've tried to trade. But today I'll try to take actions only after getting clear confirmation. Otherwise I'll try to avoid trading. Let us discuss about GBPUSD pair.

      My Views On GBPUSD pair: If we look at 4 hours chart then we'll find that the price is trying to come down below the immediate support i.e. 1.3266. If it successfully broken then we may see further downside towards 1.3236 followed by 1.3196.

      On other side the first resistance can be found at 1.3336. Subsequently 2nd and 3rd resistances are situated at 1.3376 and 1.3406 respectively.

      Lately GBPUSD failed to show any significant upside reversal. We can consider 1.3336 as a strong resistance. Any upside is only possible once it goes beyond this level. Similarly towards down the strong support level can be found at 1.3236 and 1.3196. These are strong levels and we've to be watchful on these levels in order to take any crucial decisions.

      4 Hours Chart

      Name:  GBPUSDH4.png
Views: 78
Size:  22.7 KB

      Support And Resistance Levels For Today

      Pivot: 1.3306
      R1 1.3336
      R2 1.3376
      R3 1.3406
      R4 1.3435
      S1 1.3266
      S2 1.3236
      S3 1.3196
      S4 1.3155


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    7. #2283
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      Quote Originally Posted by bidyut View Post
      Hello everybody, another month has passed and today is the 1st day of June 2018. When I look back I feel glad that I've spent so many years in mt5 forum. I've joined here a long time back i.e. about 6 to 7 years ago. So I've joined here at the very beginning of my trading career and this is one of the best part of my life. I took many odd decisions in my life and joining in mt5 forum was one of my best decision. At the very beginning I was not that serious because I thought I know everything about forex trading. But with passing time I realized that I know nothing about the profession. Still today I feel that more we learn more we know how less we know about the profession. Most of the time we ignore the importance of learning and engage ourselves in useless works. We try to spend time in useless discussions or in useless works and as a result we fail to achieve our prime goals. We do mistake but we do not like to correct our mistakes. It may be due to our ego or our skeptical nature. In my last few years trading experience I've learned that never be over confident in any work. Always try to learn and then only we'll able to progress in this forex trading field.

      I'm really glad that I'm a part of this great community which always teach us the right path towards our goals. We should try to focus more on our work rather than to focus more on showing our egoism to others. In front of the forex market we're nothing. Market is the supreme and we're just followers of it. MT5 forum has given us the opportunity to learn the profession in a best possible way and we should respect it by positive contribution.

      I've received the payment on time but due to bad internet connection I was not able to upload the payment proof on time. I've already uploaded the payment proof on the appropriate section. For your good convenience I'm again uploading the payment proof here in the image form.

      Attachment 78177

      I'm glad that I've received the payment on time. Okay now move to the next point. Last week I've updated my views on certain currency pairs. I was bearish on GBPUSD and EURUSD. On other hand I was bullish on USDCAD. We know how USDCAD moved in last two to three days time. So it was mixed (USDCAD) because of high impact news releases. I've traded on GBPUSD and GBPNZD and got some nice profit. I was trying to do some limited trading this week. Because it was not going in a single direction in most occasions. I was very careful not to do anything which may lead me to losses. Please have a look at the trading results.

      Attachment 78178

      Based on my personal assumptions I've tried to trade. But today I'll try to take actions only after getting clear confirmation. Otherwise I'll try to avoid trading. Let us discuss about GBPUSD pair.

      My Views On GBPUSD pair: If we look at 4 hours chart then we'll find that the price is trying to come down below the immediate support i.e. 1.3266. If it successfully broken then we may see further downside towards 1.3236 followed by 1.3196.

      On other side the first resistance can be found at 1.3336. Subsequently 2nd and 3rd resistances are situated at 1.3376 and 1.3406 respectively.

      Lately GBPUSD failed to show any significant upside reversal. We can consider 1.3336 as a strong resistance. Any upside is only possible once it goes beyond this level. Similarly towards down the strong support level can be found at 1.3236 and 1.3196. These are strong levels and we've to be watchful on these levels in order to take any crucial decisions.

      4 Hours Chart

      Attachment 78179

      Support And Resistance Levels For Today
      Congrats dear bidyut brother to receive your withdrawal 98.61$ and hope you earn more profit from Forex market because I always believe your hard work, good skills and proper market analysis bring your success.
      Many many thanks bidyut brother to your proper market analysis because it's very helpful for and hope you always share your valuable experience, proper market analysis and updating your valuable trading Journal for us. Wish you best of luck. Thank you.


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    9. #2284
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      Quote Originally Posted by bidyut View Post

      Attachment 78178

      Based on my personal assumptions I've tried to trade. But today I'll try to take actions only after getting clear confirmation. Otherwise I'll try to avoid trading. Let us discuss about GBPUSD pair.
      Congrats, on your profitable trades and Congrats on your withdrawal mate.

      Regarding GBPUSD, I will wait and watch what it does in NFP release today & after only NFP release I will look for any trading decision or any trading opportunity if there is any.

      Trading before NFP release is a bit risky.

      So, let see what it does in NFP today, will NFP give GBPUSD the much needed upside boost or will it push the pair down further? It will be interesting to watch.


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    11. #2285
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      Quote Originally Posted by bidyut View Post
      Hello everybody, another month has passed and today is the 1st day of June 2018. When I look back I feel glad that I've spent so many years in mt5 forum. I've joined here a long time back i.e. about 6 to 7 years ago. So I've joined here at the very beginning of my trading career and this is one of the best part of my life. I took many odd decisions in my life and joining in mt5 forum was one of my best decision. At the very beginning I was not that serious because I thought I know everything about forex trading. But with passing time I realized that I know nothing about the profession. Still today I feel that more we learn more we know how less we know about the profession. Most of the time we ignore the importance of learning and engage ourselves in useless works. We try to spend time in useless discussions or in useless works and as a result we fail to achieve our prime goals. We do mistake but we do not like to correct our mistakes. It may be due to our ego or our skeptical nature. In my last few years trading experience I've learned that never be over confident in any work. Always try to learn and then only we'll able to progress in this forex trading field.

      I'm really glad that I'm a part of this great community which always teach us the right path towards our goals. We should try to focus more on our work rather than to focus more on showing our egoism to others. In front of the forex market we're nothing. Market is the supreme and we're just followers of it. MT5 forum has given us the opportunity to learn the profession in a best possible way and we should respect it by positive contribution.

      I've received the payment on time but due to bad internet connection I was not able to upload the payment proof on time. I've already uploaded the payment proof on the appropriate section. For your good convenience I'm again uploading the payment proof here in the image form.

      Attachment 78177

      I'm glad that I've received the payment on time. Okay now move to the next point. Last week I've updated my views on certain currency pairs. I was bearish on GBPUSD and EURUSD. On other hand I was bullish on USDCAD. We know how USDCAD moved in last two to three days time. So it was mixed (USDCAD) because of high impact news releases. I've traded on GBPUSD and GBPNZD and got some nice profit. I was trying to do some limited trading this week. Because it was not going in a single direction in most occasions. I was very careful not to do anything which may lead me to losses. Please have a look at the trading results.

      Attachment 78178

      Based on my personal assumptions I've tried to trade. But today I'll try to take actions only after getting clear confirmation. Otherwise I'll try to avoid trading. Let us discuss about GBPUSD pair.

      My Views On GBPUSD pair: If we look at 4 hours chart then we'll find that the price is trying to come down below the immediate support i.e. 1.3266. If it successfully broken then we may see further downside towards 1.3236 followed by 1.3196.

      On other side the first resistance can be found at 1.3336. Subsequently 2nd and 3rd resistances are situated at 1.3376 and 1.3406 respectively.

      Lately GBPUSD failed to show any significant upside reversal. We can consider 1.3336 as a strong resistance. Any upside is only possible once it goes beyond this level. Similarly towards down the strong support level can be found at 1.3236 and 1.3196. These are strong levels and we've to be watchful on these levels in order to take any crucial decisions.

      4 Hours Chart

      Attachment 78179

      Support And Resistance Levels For Today
      first congrats for your withdraw , i think GBP/USD will come bake to up word temporary and keep deep in the price so i think we should avoid trading at the first of new week and stay focus till find good and clear chance to inter it without any fair from lose so it is my advance for all trader about this pair in this situation .
      By the way i joined MT5 from 2013 but till now i have no experience , drop on loss every month and run on close cycle of collecting bonus and lose it at the end of the month so i will tray to make some thing at the second half of 2018 .
      My Trading Journal: GENERAL trading Journal - New Trading System In The Making


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    13. #2286
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      My Views On GBPUSD pair: If we look at 4 hours chart then we'll find that the price is trying to come down below the immediate support i.e. 1.3266. If it successfully broken then we may see further downside towards 1.3236 followed by 1.3196.

      On other side the first resistance can be found at 1.3336. Subsequently 2nd and 3rd resistances are situated at 1.3376 and 1.3406 respectively.

      Lately GBPUSD failed to show any significant upside reversal. We can consider 1.3336 as a strong resistance. Any upside is only possible once it goes beyond this level. Similarly towards down the strong support level can be found at 1.3236 and 1.3196. These are strong levels and we've to be watchful on these levels in order to take any crucial decisions.

      Many of technicals are changed now and it seems that its consolidating here, the biggest risk is fundamental at this movement trump and kim meeting of tomorrow may be any news can lead this pair to some where else that we are not expecting i am still holding my positions but surely will tighten the stops before the meeting time or will exit from all. i want to know about your view on it?


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    15. #2287
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      Quote Originally Posted by kashifrehman View Post
      Many of technicals are changed now and it seems that its consolidating here, the biggest risk is fundamental at this movement trump and kim meeting of tomorrow may be any news can lead this pair to some where else that we are not expecting i am still holding my positions but surely will tighten the stops before the meeting time or will exit from all. i want to know about your view on it?
      Dear guys no system here that confirm us 100%. Fundamental factor always involve in forex market and different world class analysis release different type of analysis report that gold bust out from a consolidating area but not see any changes. Now gpb/USD seems to me like gold. Market try to confuse trader so that they do wrong losing thier patience. This is good to keep away from any entry.


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    17. #2288
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      Quote Originally Posted by kashifrehman View Post
      Many of technicals are changed now and it seems that its consolidating here, the biggest risk is fundamental at this movement trump and kim meeting of tomorrow may be any news can lead this pair to some where else that we are not expecting i am still holding my positions but surely will tighten the stops before the meeting time or will exit from all. i want to know about your view on it?
      Exactly, the fundamentals are certainly going to provide a big boost to GU this week. Tomorrow is lined up with UK economic average earnings and unemployment rate in the morning, if both prints red, then we should see a sell off, up to today's low or even past it
      However the move will likely not be sustained for long with US CPI coming in at 12:30 GMT. GU appears to be at support area in a rising trendline at around 1.3370 on H1 and H4. Will the support hold or not?


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      the meeting between Kim and Trump scheduled for tomorrow will get the market crazy. these two have moved the market recently than when the technicals go to work. there is bound to be pump and dump. i prefer to stay out till after the meeting.


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      Quote Originally Posted by gayol7 View Post
      the meeting between Kim and Trump scheduled for tomorrow will get the market crazy. these two have moved the market recently than when the technicals go to work. there is bound to be pump and dump. i prefer to stay out till after the meeting.
      Well and I think we should try to get proper knowledge about world economy, proper market analysis, follow strong money management, follow risk management, properly use all useful trading tools (SL, TP), avoid greed, control emotions, patience, discipline and concentration before open position in Forex market then we may success and we can protect our invest other wise we simple mistake can bring big loss that's true. Wish you best of luck. Thank you.


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