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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!

      Thanks  

    2. #1171
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      Its nice to have your valuable opinion in my trading journal. It doesn't matter which strategy we're applying in our tradings. If we understand it better and we're getting good result from our existing trading strategies then we must stick with it. Most of the time trader do not able to perform well by adopting a particular strategy, they think that it is not good for them or it is not profitable strategy for them. Actually the real problem does not lies on the strategy itself. If the trader do not apply the strategy perfectly then definitely the output will be not good at all. Most of us have discussed whether long term trading strategy is good or short term strategy. Here I want to say that both types of trading are good. There may be some advantages of disadvantages in opting short term or long term trading. But if a trader is much alert about it then I think there is no problem at all in adopting anyone of the strategy. Market is going nowhere so I'm not able to post any good analysis in these days. But I hope soon I'll able to find good opportunity and at that time I'll post my analysis in my trading journal. I'm also not active in contest at this moment. Only in one million option trading contest I've tried to participate with new experiment. I've tried to open my options for 10 minutes and try to see the result. Because I've seen that many good participants are doing well in short term. Here we've to predict correctly so it needs a lot of good practice. So this week I'll try to practice in option trading contest where I'll try to open options for minimum time frame. This is just an experiment and nothing else so it is possible that I may not get desired result at first. I may switch to long term in option trading contest at any time if I don't get good result in short term. Yesterday I've able to predict 6 options correctly out of 11 and that is also in 10 minutes time period. Today too I'll try to experiment with my short term strategy and let you know about the result tomorrow.

      Quote Originally Posted by zahid4x View Post
      I already said with short term strategy you will get more problem of controlling your mind. This is high risky business. If you want to do this business with successfully then controlling mind is most important and if you want to control that then from beginning time you should try to use long term strategy, because with long term strategy you can easily control that which i can do in my trade.
      Both short term and long term have some advantages and disadvantages. But if we try to look at long term trading then we'll find good advantages. Those who have low capital can opt for long term trading with low lot size orders. If they do so then they will easily able to gain good number of pips. This way their equity would grow with time. Here the trader should know where the market is moving and upto which level it could move. In such situation the best way for the trader is to open orders at oversold or overbought territory. Suppose a trader want to sell a pair then he/she must try to sell the pair at overbought territory. Patience and good experience is always needed to perform long term trading.

      Quote Originally Posted by whiteliontrader View Post
      You are right, the mind controlling is what the traders that are using the short term trading strategies will be battling with, but when they could fight and win it, it will be better. Although, i do not like traders to be going for scalping trading strategy, but it might be what is good for the traders at times. Perhaps, if you can not use the short term trading ways, just stick to your long term ways of trading, after all, it is success that all traders are using one way of trading or the other for. We have to be careful about this and be so happy after all.
      In short term we may see numerous ups and downs. To avoid that we can opt for long term trading. But again here everything depends on the trader itself. We can't force anybody to opt any strategy. If the trader do not feel comfortable in doing long term trading then he/she can opt short term trading. In scalping too we need a lot of good experience and good trading skills. For a trader it is very important to adopt a strategy which is easy for him/her to implement. Which can give him/her the comfort and the easiness, then only he/she will able to succeed in the profession.

      Quote Originally Posted by harbir View Post
      The biggest advantage of the long term trading is that if you have a good account balance then you can hold on to a trade for as long as you want and we know that after some time the price of any particular currency will come back or retrace and our trade will be in profit but in short term trading if our trade in loss then we have to close it and open another one but there is no doubt that in short term trading there are more opportunities to make profits.
      That is true harbir bro. We can hold our trading positions for long if we've good equity. But we've to be very alert and not to go against the trend. Long term trading doesn't mean we'll able to earn a lot of profit. If our analysis won't go right then we'll get the negative result. So here we've to be ready to cut losses if needed. The best way to deal with long term trading is to open low lot size orders. As I've already mentioned it many times in my previous posts. Yeah in short term we can get a lot of opportunity to trade and to make profit. It is not important which strategy is good, the important part is how we trade and how we able to get our desired profit.

      Quote Originally Posted by catfish007 View Post
      It is good to learn how to control our minds, even if traders are using long term pattern of trading, aside from the short term trading you made mention of, they have to control their minds, because no part of the trading of the market is immune from losses, or give traders the heartbreaks. We all have to be sure that we do trading very well, we have to make sure that our trading are being done after the training we had. Not that we will think that a short term strategies should be avoided due to one reason or the other, we have to be very careful about this.
      Hi catfish007 bro yeah it is very important to control our mind during trading. Right mindset is always needed to perform well in our tradings. With growing experience and knowledge a trader can control his/her mind to some extent. Most of the successful trader do not feel bad even they face losses in the form of SL hits or cut losses. Because they know that if they do not close the bad trading orders then they will lose all. So they are positive person and always able to deal with any market condition. So here we've to trade with proper strategy and with proper money management too. Even we face losses it would be limited to few bucks only because of proper stop loss. So in every trading strategy we've a probability that we could lose some amount. We must be ready to face such situation then only we'll able to progress in the profession.

      Quote Originally Posted by penuelophir View Post
      Personally, I love to trade on the longer term because first it allows me to trade without stress and it gives me time to execute my trades without being in a rush, but for me it is not best means of compounding my profits over time. As newbies I believe we should learn from the longer term so that we could possibly master what we are doing without stress.
      That is nice penuelophir bro. It is good that you like to trade for long term. Long term trading is also helpful for those who do not want to trade frequently. We don't need to trade all the time if we trade less and for long term. But most of the time we can't do that. Because we do not have that much of patience and only experienced trader can do that. It is good if every newbie try to understand the importance of long term trading. Actually there is no harm in doing long term trading if we can analyse the trend properly.

      Quote Originally Posted by forexguy9 View Post
      well, whether trading long term or short term, a serious trader's major challenge is in having the right skills and experience that works in the business. a consistent work on this would be necessary to make a long-lasting success in the forex business.
      If we've good knowledge and experience then we can do well in any types of trading. Yeah there is no doubt that we've to maintain the consistency. We can only able to do well if we know how to implement a certain trading strategy into our trading system. What are loopholes and what are the benefits in adopting certain trading strategy is also important for us to consider.

      Quote Originally Posted by Honey Bee View Post
      Short term trading will best for us we are small investors and we will have a good plan and strategy start with small profit then thing for more, try to safe account from red margin call control on our greed or bad habits understand the importance of the market then we will choose long term trading when we will reached to $2000.
      Most of us are day trader and we do short term trading. There is no harm in adopting short term trades because here our targets are small and we can book profit on daily basis. Yeah if we've good equity in our trading account then we can adopt long term trading. But again it depends on us which strategy suited us most. For long term trading a trader must have good patience. If we able to keep patience during long term trades then definitely we'll able to reap huge profit at the end.

      We've got different opinions and views on short term and long term trading. Its good to get your valuable opinions on this particular topic. Actually most of us are short term traders because we always want result instantly. Once again I'm glad to have so many responses on this particular topic.

      I'll try to look at pairs and try to give some analysis later. Have a great trading day to all of you.

      Thanks  

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    5. #1172
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      Quote Originally Posted by Leonvic90 View Post
      Your style of trading is peculiar to yourself and that is because two different people cannot have the same view about price movement, it is natural for people to adopt different methods of trading, a scalper is not more professional than positional trader or vice versa, it is just that each person is more interested in the things that gives them peace of mind, as for me, I prefer day trading, I see it as the best that suits my personality, I cannot convince someone to use this method because they may not have the same understanding regarding price activities . You are uniquely built and so am I.
      it is true and that is what really happen in this business because a trader's emotion and also habit will really effect their way in trading and this is why every trader will have their own trading style and system that needs to be improve and also evaluate from time to time. a trader need to keep on evaluatin their mistakes and making some improvement to their trading system and style

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    7. #1173
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      Quote Originally Posted by Leonvic90 View Post
      Your style of trading is peculiar to yourself and that is because two different people cannot have the same view about price movement, it is natural for people to adopt different methods of trading, a scalper is not more professional than positional trader or vice versa, it is just that each person is more interested in the things that gives them peace of mind, as for me, I prefer day trading, I see it as the best that suits my personality, I cannot convince someone to use this method because they may not have the same understanding regarding price activities . You are uniquely built and so am I.
      The truth is that if everyone is actually buying and no one is selling, forex would not have been an interesting business. This is why different traders have different views and analysis at a point. You might analyze for sell with some good fundamental reasons while I can analyze for buy with some good technical reasons.

      We just have to follow the method that gives us huge confidence in our trade and give us the opportunity to plan well on our risk which will be very important in our trade and help us manage our business in a very exciting way.

      Thanks  

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    9. #1174
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      Scalping is quite dangerous because many traders increase their lot size in scalping and take huge risks which effect them very badly in psychologically and then they miss very nice setups in frustration i prefer long time frames and i execute 3 new trades on real account for complete analysis & entry+exit point and signals check my journal post below

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    11. #1175
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      That is nice penuelophir bro. It is good that you like to trade for long term. Long term trading is also helpful for those who do not want to trade frequently. We don't need to trade all the time if we trade less and for long term. But most of the time we can't do that. Because we do not have that much of patience and only experienced trader can do that.
      You are very right my dear that patience is the problem most of us are facing in the trading environment and when we have developed enough trading patience then making good progress over time. I am now willing to always wait for the right time to execute my trades in order to keep making money.
      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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    13. #1176
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      Its nice to have your valuable opinion in my trading journal. It doesn't matter which strategy we're applying in our tradings. If we understand it better and we're getting good result from our existing trading strategies then we must stick with it. Most of the time trader do not able to perform well by adopting a particular strategy, they think that it is not good for them or it is not profitable strategy for them. Actually the real problem does not lies on the strategy itself. If the trader do not apply the strategy perfectly then definitely the output will be not good at all. Most of us have discussed whether long term trading strategy is good or short term strategy. Here I want to say that both types of trading are good. There may be some advantages of disadvantages in opting short term or long term trading. But if a trader is much alert about it then I think there is no problem at all in adopting anyone of the strategy. Market is going nowhere so I'm not able to post any good analysis in these days. But I hope soon I'll able to find good opportunity and at that time I'll post my analysis in my trading journal. I'm also not active in contest at this moment. Only in one million option trading contest I've tried to participate with new experiment. I've tried to open my options for 10 minutes and try to see the result. Because I've seen that many good participants are doing well in short term. Here we've to predict correctly so it needs a lot of good practice. So this week I'll try to practice in option trading contest where I'll try to open options for minimum time frame. This is just an experiment and nothing else so it is possible that I may not get desired result at first. I may switch to long term in option trading contest at any time if I don't get good result in short term. Yesterday I've able to predict 6 options correctly out of 11 and that is also in 10 minutes time period. Today too I'll try to experiment with my short term strategy and let you know about the result tomorrow.
      Thanks for the point you have made, though strategy will always have effects on how the market works, though I don't quite believe the trading with scalping trading strategy, it is a wrong choice for me, but still yet, most traders don't give the strategy more room for it to become a profitable trading strategy, they just learn for some few days and then if it is not working as great as they want, it will be labelled a failed strategy.

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      the things that work for one trader might not work for other traders. trading strategies or systems should revolve around the ability of the trader to use them successfully. one will not need to day trade if he gets the best results from long term trade

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    17. #1178
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      Quote Originally Posted by 786pk View Post
      Scalping is quite dangerous because many traders increase their lot size in scalping and take huge risks which effect them very badly in psychologically and then they miss very nice setups in frustration i prefer long time frames and i execute 3 new trades on real account for complete analysis & entry+exit point and signals check my journal post below
      That is the reason why traders are mostly losing in scalping, they will increase their lot size, and what to make fast money through their scalping, but the scalping should never be traded like that. The traders of the scalping will work to ensure that they have the good money management as they trade, not that they will just be jumping into the trading of the market without looking back. We also have to make sure that we trade the market accordingly, it is not all traders that are trading the market well, and either scalping or not scalping, we need money and risk management.

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    19. #1179
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      White-loin trader your point of view regarding scalping is nice according to me the main reason of losing money in scalping is greed when someone got some profit in scalping then they consider themselves a Forex guru and he take more risk and lose all the capital most traders earn profit in 10 trades and lose all the capital in 1 single trade

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    21. #1180
      It's time to retire!
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      forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9 has a reputation beyond repute forexguy9's Avatar
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      well, humans are reputed for wanting things fast. so i am not surprised when i see traders who learned for just a few days and then rushed into the real live trading. we need to really allocate quality time to learning and practice to achieve the best.

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