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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. #1181
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      Quote Originally Posted by forexguy9 View Post
      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.
      that is really the truth in this business. many new trader already want to gain some huge profits without even knowing how to analyze the market or how to manage their account. this business is a high risk business that is why we need to learn how to do this business well before start investing


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      Quote Originally Posted by whiteliontrader View Post
      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.
      The scalping is not good for me, i see traders saying they use it, but i ask myself how is tit possible for them to be scalping and make money with the scalping. I still find it so amusing to scalp the market, this will make me to be trading all the days of my life without resting, that is what i do not like forex to do to me. I like to trade with long term analysis, this will not cause me to panic when doing my work, and i can trade for 24 hours or more without any issue. But with scalping, i will be sweating like x-mass goat...lol.... We have to do our trading well, that is my point.


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    7. #1183
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      Right we all are short term traders because we want quick result and withdraw our profit, many of us work for small profit using small lot size daily and face the market, forex is a risky business or we will be patient during live trading it will give us more benefits and our monthly profit will helpful for us.


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    9. #1184
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      Quote Originally Posted by Sixteen View Post
      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.
      A good risk trader should trade in both long, and short term strategies and protect his self many times with hedging. There are many ways we can define risk and many traders think that risking too much for too little is better, but high hit rate percentage strategies lose from bigger players in the market. It is clear that we should risk less to be successful in the long run.


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    11. #1185
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      i agree with Sixteen about some traders opting to sell and some opting to buy. all traders can not have the same view about a market situation hence at every price point there are buyers as well as sellers. this is one of the things that make forex good


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    13. #1186
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      Quote Originally Posted by Honey Bee View Post
      Right we all are short term traders because we want quick result and withdraw our profit, many of us work for small profit using small lot size daily and face the market, forex is a risky business or we will be patient during live trading it will give us more benefits and our monthly profit will helpful for us.
      Thats true, here everyone want to earn money within short time and i think for that reason we cant survive longer time in this market. we always need to understand that forex is too risky business and if anyone want to earn successful profit then he need to do this business for long term. Currently i am trying to do that, I hope i will be success in this market.


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      This aspect of the business is very interesting because people have different views is very important, if you remove this feature from the market then it will be difficult for us to make money, the strategy we use differentiate us from another trader, while one is planning to sell and another have the opportunity to buy, there is a trade created, after all, if you go to the physical market to purchase something, there would be a buyer and a seller for a transaction to be complete. Our system is different hence we can be seeing things differently.


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      in Forex market trade with Gold is so profitable cause Gold move huge in daily market, so that if trader understand the movement of Gold then they can make huge profit in Forex market, today after USD CPIs and Core CPIs news are impact the market shows in 4 hour chart Gold move at least 23 dollars and movement is continue to uptrend, market in up side is 1336.81 and down side is 1313.55 dollars, if trader calculate in pips then it is huge point movement. I think uptrend will continue few of dollars.


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    19. #1189
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      Quote Originally Posted by zahid4x View Post
      Thats true, here everyone want to earn money within short time and i think for that reason we cant survive longer time in this market. we always need to understand that forex is too risky business and if anyone want to earn successful profit then he need to do this business for long term. Currently i am trying to do that, I hope i will be success in this market.
      There is nothing wrong in trading in short term approach as in this trading business I have seen many short term traders doing and making it big as one of them is Kalex in this forum who have mattered his trading strategy so well that he even uses 10 lot here and growing his account with consistent profit. My conclusion, simply find your style tat you're comfortable with and trade that way.


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    21. #1190
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      Quote Originally Posted by ola4real View Post
      The scalping is not good for me, i see traders saying they use it, but i ask myself how is tit possible for them to be scalping and make money with the scalping. I still find it so amusing to scalp the market, this will make me to be trading all the days of my life without resting, that is what i do not like forex to do to me. I like to trade with long term analysis, this will not cause me to panic when doing my work, and i can trade for 24 hours or more without any issue. But with scalping, i will be sweating like x-mass goat...lol.... We have to do our trading well, that is my point.
      I think there are more less traders that are making money with the scalping. But I don't want to argue about it because most of them don't want to admit that it is not a good approach, instead they keep on losing. Well, on the other hand, if we have found a method that works for us we should stick to it. But then again no minute time frame trading will sustain any account for long.


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