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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. I致e 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 I致e 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 I知 not fully prepared myself (financially) to open a real account for this purpose. In other hand I don稚 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. I値l 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 I値l 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 we池e 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 I値l go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, I値l 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. It値l 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 I値l 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. I値l 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 can稚 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 I値l 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: I値l try to put a stop loss in some trading positions but not in all trading positions. Again it値l depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair it値l 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 I値l 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 I値l 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, I値l try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then I値l 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 we値l 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 I値l try to elaborate every trade with clarity. I知 ready to answer you if you致e any questions regarding my trades or anything related to my trading journal. I値l 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!
      Last edited by bidyut; 11-15-2017 at 01:20 PM.


    2. Lamboghini
    3. #2
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      Here it goes my first update: I've opened AUD/USD pair above 2nd support level i.e. 0.7588. If we look at the 1 hour chart as given below, the bull candles has formed an upward trend. From here we can expect the pair would go into the north direction. Today we've seen many changes in most of the pairs. Specially in EURO related pairs we can see good boost but I'm not going to open on those pairs because it has already reached to a level from where we can see some profit booking. So I'm going for this pair (AUD/USD) to trade at this moment.

      Trading Pair: AUDUSD
      Number of Orders: Five (I've opened 5 orders in AUDUSD at the same price level i.e. 0.7600)
      Opened price level: 0.7600
      TP: @0.7630 (30 pips each in all positions)
      SL: No SL at this moment.

      Today's Support And Resistance Levels

      Pivot: 0.7629
      R1 0.7650
      R2 0.7670
      R3 0.7691
      R4 0.7712
      S1 0.7609
      S2 0.7588
      S3 0.7568
      S4 0.7548
      Please have a quick look at the chart (1 Hour Time Frame).
      Name:  AUDUSDH1.png
Views: 678
Size:  23.9 KB


    4. The following 11 users say Thank You to bidyut for this useful post.

      adewale (11-15-2017), Alexander Tatsumaki (11-15-2017), cambiste (11-15-2017), dzin4aans (11-15-2017), GENERAL (12-23-2017), ilyas_ili (11-15-2017), Kalex (11-15-2017), MartyFish (11-15-2017), NikitaBelle (11-15-2017), PhantomTrader79 (11-15-2017), simisola (11-15-2017)

    5. #3
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      Quote Originally Posted by bidyut View Post
      Introduction: This is my first trading journal in mt5 forum and it is in a demo account. I致e 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 I致e 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 I知 not fully prepared myself (financially) to open a real account for this purpose. In other hand I don稚 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. I値l 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 I値l 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 we池e 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 I値l go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, I値l 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. It値l 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 I値l 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. I値l 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 can稚 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 I値l 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: I値l try to put a stop loss in some trading positions but not in all trading positions. Again it値l depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair it値l 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 I値l 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 I値l 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, I値l try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then I値l 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 we値l 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 I値l try to elaborate every trade with clarity. I知 ready to answer you if you致e any questions regarding my trades or anything related to my trading journal. I値l 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!
      We have a vetran trader in our midst I am so happy seeing you open your trading journal because I know you to be a good trader, your wealth of experience that you will share with many of us here will be of great benefit, I can see that your focus is the majors, that is more like what I am doing for now. Welcome brother!
      Check Out My Journal My Ichimoku+200 EMA Strategy

      Jesus Loves You;Jesus Saves!


    6. The following 8 users say Thank You to adewale for this useful post.

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    7. #4
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      Quote Originally Posted by adewale View Post
      We have a vetran trader in our midst I am so happy seeing you open your trading journal because I know you to be a good trader, your wealth of experience that you will share with many of us here will be of great benefit, I can see that your focus is the majors, that is more like what I am doing for now. Welcome brother!
      I'm glad to see you in my thread. Knowledge is not limited, more you share more you get. I'm just a small trader and not that much expert in this field. But whatever I know I'll try to explain it here with simple explanation. I've got a lot of motivation from others to create my own journal. Yeah, I'm trying to focus on Major pairs because of two reasons. First of all it has small spreads, 2nd it gives us accurate result. In addition we can get a lot of economic and technical news from various sources. So I prefer to trade on major pairs. Later I'll try my hands on some high volatile pairs too (If I get some opportunity in doing so). Your good suggestion is always welcome!


    8. The following 7 users say Thank You to bidyut for this useful post.

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      Welcome to the trading journal bidyut, your coming here is long overdue because I think you were one of the people that did well during those competition held in the forum except I am mistaken, I also remember the days of pokemon competition, you came out tops.


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      A very very welcome bro in this trading journal section and me really feeling great to see you back after a longtime in this forum ,these days what was you doing bro?by the way really feeling fantastic to see your lovely journal.


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      Quote Originally Posted by bidyut View Post
      Introduction: This is my first trading journal in mt5 forum and it is in a demo account. I致e 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 I致e 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 I知 not fully prepared myself (financially) to open a real account for this purpose. In other hand I don稚 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. I値l 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 I値l 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 we池e 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 I値l go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, I値l 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. It値l 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 I値l 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. I値l 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 can稚 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 I値l 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: I値l try to put a stop loss in some trading positions but not in all trading positions. Again it値l depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair it値l 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 I値l 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 I値l 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, I値l try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then I値l 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 we値l 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 I値l try to elaborate every trade with clarity. I知 ready to answer you if you致e any questions regarding my trades or anything related to my trading journal. I値l 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!
      A big welcome to trading journal from your brother!
      I know you are quite active throughout forum from longtime and good to see that you are using S & R, Price action traditional strategies with pair like AUDUSD is my old but lucky one as always comes out winner for me. Its good step taken to start with demo account as Risk free during learning as mostly people faces MC like me and risking 5% of capital is fine to start with not much aggression.
      Keep learning to reach the success

      Million Dollar Journal


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      welcome mate, I am glad that you are using Price action as well I would like to see your strategy more and more on the charts. you have nicely explained your strategy as well. regarding the demo account how can you involve emotionally in a trade? I can not trade with demo it is a bit boring when you see your charts for hours and nothing really happen because you can not fight your emotions which you'll face in real account.
      I'm not RANDOM you just can't think as FAST as me


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      Welcome to the Journal Section mate, I like your detailed description regarding your trading plan and from that i can make that you know what are your strengths and weaknesses and it's good that you are drawing a plan & rules to maximize your strength and minimize your weakness.

      Looking forward to your Journal, wish you a good journey to become that good trader, which we all are aiming for.


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      Quote Originally Posted by simisola View Post
      Welcome to the trading journal bidyut, your coming here is long overdue because I think you were one of the people that did well during those competition held in the forum except I am mistaken, I also remember the days of pokemon competition, you came out tops.
      I'm happy to come back again. MT5 forum is like my own home and I can't stay away for long from here. Glad to know that you still remember me. I really enjoyed most of the contests but only in few I was able to do well. Yeah in pokemon competition I was trying my best and got 2nd position. That is image grabbing competition and I think I was little lucky at that time. Okay let's talk about my trading journal. If you've any suggestion or query then you can post here I'm ready to hear from you. Glad to have your good appreciation. Have a great day ahead.

      Quote Originally Posted by Kalex View Post
      A very very welcome bro in this trading journal section and me really feeling great to see you back after a longtime in this forum ,these days what was you doing bro?by the way really feeling fantastic to see your lovely journal.
      Hi Kalex, how are you? I've seen your trading journal and I think you're doing well. I'm very happy to see you in my thread. Actually I was busy in other works that's why I couldn't able to visit here. But from now on I'll try to be regular here and try my hands in sharpening my trading strategies. There is no other way to become improved trader other than to interact with good trader's like you. You're most welcome to give me some valuable suggestions. Its wonderful to get such a nice comment. I'll try to see you in your journal too.

      Quote Originally Posted by bigearners View Post
      A big welcome to trading journal from your brother!
      I know you are quite active throughout forum from longtime and good to see that you are using S & R, Price action traditional strategies with pair like AUDUSD is my old but lucky one as always comes out winner for me. Its good step taken to start with demo account as Risk free during learning as mostly people faces MC like me and risking 5% of capital is fine to start with not much aggression.
      Welcome bigearners to my journal. I'm lucky to be here where I can interact with people with similar interests. At first I was hesitating to create a trading journal with demo account. But later I've decided to open it because there is no loss in discussing about tradings. I can't gain real profit from it but I can gain the experience and the knowledge by doing so. I'm applying S & R, Price action into my trades because it is easy to follow. I do not use a lot of indicators. Demo account is free of risk but I'll try to maintain the account by doing good money management. I'm taking less risk because I want to treat it as a real account. I believe if I trade with big risk then I'll not able to give good message to those traders specially the new traders who are trading with 500 Bucks in real account.

      Quote Originally Posted by ilyas_ili View Post
      welcome mate, I am glad that you are using Price action as well I would like to see your strategy more and more on the charts. you have nicely explained your strategy as well. regarding the demo account how can you involve emotionally in a trade? I can not trade with demo it is a bit boring when you see your charts for hours and nothing really happen because you can not fight your emotions which you'll face in real account.
      I feel great to see you here. Good to know that you would like to see my strategy. Also I'm grateful to get your nice comment. Yeah it is little difficult to trade in demo because there is no real money involved in such tradings. But as far as mt5 forum is concerned I always get some positive energy when I see my fellow members. I'm trying to dedicate my time to mt5 community through this demo account. I've already written in the very beginning that in future I'll shifted myself to real account. Hope to see you again.

      Quote Originally Posted by MartyFish View Post
      Welcome to the Journal Section mate, I like your detailed description regarding your trading plan and from that i can make that you know what are your strengths and weaknesses and it's good that you are drawing a plan & rules to maximize your strength and minimize your weakness.

      Looking forward to your Journal, wish you a good journey to become that good trader, which we all are aiming for.
      Its nice to hear from you. I'm very happy to see all of you in my thread. Yeah our aim is same to become good trader. MT5 forum is providing us a platform from where we can become good trader. It'll be only possible if we do well in this field and help each other by exchanging our ideas, strategies etc. I always try to make clearer view in tradings. I don't want to go for complexity as far as trading is concerned. I've written everything now its time to follow them. Have a nice day MartyFish.

      ---------------------------------------------------------------------------------------------
      ---------------------------------------------------------------------------------------------

      A little glance of my opened orders: All positions are still floating in little minus. Didn't able to go further towards up after crossing 0.7609 which was initially 1st support level and now it is a resistance. About 1 hour ago it was almost at positive (14 to 15 pips). I'll wait for more time to see my positions to hit the respective targets. As far as my positions stay above support levels I can expect some consolidation before moving towards up.

      4 Hours Chart

      Name:  AUDUSDH4.png
Views: 677
Size:  26.5 KB


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