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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. #1151
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      Quote Originally Posted by simisola View Post
      I don't agree that long term trading is better and more secure, that is just a belief that we should hold because of the strategy we use, there are many day traders that even have the opportunity to earn far more than a trader that only uses longer term, certain assumptions that we make in the forex business are not valid and there is no data to verify them, the goal is to earn from this business, whether your plan is short or long term is not the bone of contention and should never be, money management, discipline and patience amongst other things are what matters more.
      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.


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    5. #1152
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      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.
      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.


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    7. #1153
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      simisola is quite right when she said the trader could make good money from the forex business irrespective of whether the trader is a long or short term trader. the major thing is to have a good strategy that works with ones trading style.


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    9. #1154
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      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
      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.
      Last edited by penuelophir; 03-11-2018 at 12:59 PM. Reason: corrected a mistake
      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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    11. #1155
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      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.


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    13. #1156
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      This business is all about commitment and deciding what works best, short term is very good but long term is better because it gives us enough time to analyse and gives our trades enough time to absorb market spike and if one is trading on longer term they should take money management policy seriously because that is the only weakness in longer term trading.


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    15. #1157
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      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.
      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.


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    17. #1158
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      You are correct with your statement dear honey bee, a forex trader that has but little investment will be better off with short term trading because the is how his account can perform, apparently the argument as to whether we should trade long term or short term will depend on the amount that an individual has to invest in the market, you cannot tell someone with a ten dollar deposit to consider long term, that would be nonsense, it would be best for this individual to begin small and when his capital has grown to some level decides to change the time frame that he looks at, that is what I feel is the best approach we should use as we trade, so our focus should be about consistency and money management.


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    19. #1159
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      if we have an investment that cannot withstand long term trader,i believe we are suppose to trade short term, the reason that has made many beginner traders to use scalping for instance is because they do not have enough money that could help them trade like everyone else, although we cannot use this as an excuse for greed, this is probably the leading cause for traders that try to double their money within a small period of time as they think that once their account has grown very well, then they can easily trade with a normal lot size and avoid greediness, this is the trap we should always avoid, it has killed the career of many young and promising forex traders.


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    21. #1160
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      You describe well about your trading strategy and you are good in picking your trades. But i am not agree with your words that you write in your target section. There is always need to specify a target. If you specify a specific target that will support you a lot and will help to secure you profit if the condition of high volatility times. On the other side its not possible to stay in front of trading screen so i believe that its better to set up tartget and pre-decide that. you are at liberty you can move your target as per your monitoring analysis.


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