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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. #1161
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      A target is important, you cannot achieve consistent results without knowing when you have reached your goal as a forex trader, if we keep trading without knowing our limits for each day, that would leave behind a very bad understanding which means that we might likely develop a mentality for over trading, having a realistic target is important too, you cannot say for instance that your one hundred dollars will become one thousand within a day, well this is possible but the question will now be how you can maintain that kind of high appetite without losing the capital later. Don't put too much stress on yourself in this business, it can demoralize you.

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    5. #1162
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      Quote Originally Posted by Neriah View Post
      A target is important, you cannot achieve consistent results without knowing when you have reached your goal as a forex trader, if we keep trading without knowing our limits for each day, that would leave behind a very bad understanding which means that we might likely develop a mentality for over trading, having a realistic target is important too, you cannot say for instance that your one hundred dollars will become one thousand within a day, well this is possible but the question will now be how you can maintain that kind of high appetite without losing the capital later. Don't put too much stress on yourself in this business, it can demoralize you.
      whether we are a trend rider or a scalper, we need to always have a target in the market, it can be per trade or in terms of trading result which can be in weekly or monthly basis, anyhow a target will always be a target. and we need to make sure our target is a realistic target in the market, some trader tend to set a target that is far above the capability of their trading capital, and this mostly lead to loss of account

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    7. #1163
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      Quote Originally Posted by Neriah View Post
      A target is important, you cannot achieve consistent results without knowing when you have reached your goal as a forex trader, if we keep trading without knowing our limits for each day, that would leave behind a very bad understanding which means that we might likely develop a mentality for over trading, having a realistic target is important too, you cannot say for instance that your one hundred dollars will become one thousand within a day, well this is possible but the question will now be how you can maintain that kind of high appetite without losing the capital later. Don't put too much stress on yourself in this business, it can demoralize you.
      Setting of targets is very important in business,at least if not for anything you know exactly what you are chasing,and you know also when you have achieve something at least,and it is very important that we do not set targets that are too big to reach at first as that might even discourage us,sets short,middle and long term targets .

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    9. #1164
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      Quote Originally Posted by sonibark View Post
      whether we are a trend rider or a scalper, we need to always have a target in the market, it can be per trade or in terms of trading result which can be in weekly or monthly basis, anyhow a target will always be a target. and we need to make sure our target is a realistic target in the market, some trader tend to set a target that is far above the capability of their trading capital, and this mostly lead to loss of account
      Whether you are a scalper or long term trader it does not really matter but what matters is being able to always trade with good plan and huge discipline to always make sure that you have developed good trading discipline in order to remain effective.
      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. #1165
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      You have hit the nail on the head penuelophir, it does not truly matter whether some one is a scalper or has decided that he wants to be trading on a long term basis, your major goal is profitability and consistency, if you have the discipline to implement this then i think you will have less things to worry about as a trader, but when what you think about always is how your little capital can become a million within some short and unrealistic period of time, this will bring unnecessary pressure to you and at the end of the day , your account will experience the margin call that you have tried so hard to run away from, that is what i think.

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    13. #1166
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      Quote Originally Posted by bigani View Post
      Setting of targets is very important in business,at least if not for anything you know exactly what you are chasing,and you know also when you have achieve something at least,and it is very important that we do not set targets that are too big to reach at first as that might even discourage us,sets short,middle and long term targets .
      Yes right if we do not have target in our mind then our trading becomes aimless and we will get prone to make more mistakes. So it becomes so important for us that we have a target set in our mind and can set a take profit according to that so that when that target is met then the trade will close on its own which is the best solution.

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    15. #1167
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      Setting targets is an essential aspect of the forex business that everyone needs to settle, this means you cannot be having a small account on the average and target something that is way beyond your immediate reach, if that is how you trade, then success is definitely going to elude you, we should not see the market ad a license to become greedy, we just need to ensure that we do the right thing, let's put ourselves in the right path that could easily lead to a successful end that we will be happy about, this is the best approach that we can ever have, success is not something we can seat and relax and expect automatically.

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    17. #1168
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      Quote Originally Posted by Timon View Post
      You have hit the nail on the head penuelophir, it does not truly matter whether some one is a scalper or has decided that he wants to be trading on a long term basis, your major goal is profitability and consistency, if you have the discipline to implement this then i think you will have less things to worry about as a trader, but when what you think about always is how your little capital can become a million within some short and unrealistic period of time, this will bring unnecessary pressure to you and at the end of the day , your account will experience the margin call that you have tried so hard to run away from, that is what i think.
      Yes, what you are saying is the correct thing. Many traders here will want other traders to be follow their style and view of trading, but that is not the right approach to this market. Trader that wants to make success will have to train on their own, and what the trader trained may not be what i will train. This is why we will not be having the same view about the market at all time. We will have the view that gives us good income when we know how to trade the market, and that is when we have the strong experience and the believe in ourselves.

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    19. #1169
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      Dear bidyut brother we feel and miss you and we want to need your proper market analysis, valuable experience and update your trading Journal because it's very help full for us and hope you earn more green pips from InstaForex broker. Wish you best of luck dear bidyut brother. Thank you.

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    21. #1170
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      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.

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