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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. #1211
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      Quote Originally Posted by bigani View Post
      One major problem in this market is traders always thinking the next trading system is better than the one they have,that is so very wrong,there is no one system that is perfect out there,all you need to do is to look at what you using adjust it to suit your style of trading and you are ready to go,you might even have some losing period but if you understand your trading style then you will not worry.
      right their is no 100% way to makes money in forex business, we will use different strategy and indicators for understanding the market movement and it will not give us 100% result every trades will makes profit or loss both in this business. so never thing for only profit also we can face loss in live trading.


    3. The following 7 users say Thank You to Honey Bee for this useful post.

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    4. #1212
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      Quote Originally Posted by 786pk View Post
      Money management plays a very important role in Forex business because if we understand it properly then we earn our desired income from this business but success comes in step its a pure online business not gambling so do it with patience and proper money management and 20% target is safe in start after that you increase your goal!
      Agree with you dear 786pk and I also believe money management most important part and important key to success in Forex business because I think proper money management can protect our investment and bring success in Forex market and other side without money management you van't stay long time in Forex business. For this reason I think we should first learn Forex, demo practice, achieve proper knowledge, proper analysis, follow good money management, discipline and follow all Forex rules before start live trading in Forex other wise Forex success very difficult. Thank you.


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    6. #1213
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      @bigani: you are right, mate. most of us abandoned many good trading systems and strategies thinking a new one would be better. this is a bad mistake. one should always polish an existing system or strategy to get the best out of it.


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    8. #1214
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      Quote Originally Posted by penuelophir View Post
      In fact, the way to start making money is not found in your ability to take risks but in knowing how to always make sure that they are reduced to the smallest in order to last longer here. When I was willing to take any amount of risks I kept on blowing out my trading account, but time came I saw what I was doing was the only cause of not lasting long and losing all my trading accounts then I changed it!
      i dont like to take more risk with my account because i want to be a long term trader in this business. you are right everything is depend on our ability. Loss is a part of this business so we should start this business without any fear and play it properly. if we can make our own account with our own knowledge and experience then it will give us proper profit. i think self confidence is most important for this business.


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    10. #1215
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      We cannot be taking more risks on our account, I believe that is a function of greed that we must avoid in the Forex business, risk is always present, it is left for you and me to ensure that we minimize their occurrence through a well planned money management, you will not benefit much from the market if your trading methodology is a reckless one. Loss is a part of the market, we cannot guarantee that we won't encounter it, but we could play according to the plans and thereby earn to our satisfaction, dear brother bidyut, we are waiting for updates from your trading system, maybe you have some serious engagement offline that has kept you busy, we enjoy when you tell us a summary of your account positions and strategy.


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    12. #1216
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      Quote Originally Posted by Honey Bee View Post
      right their is no 100% way to makes money in forex business, we will use different strategy and indicators for understanding the market movement and it will not give us 100% result every trades will makes profit or loss both in this business. so never thing for only profit also we can face loss in live trading.
      although there is no way to gain 100% successful trade, we need to know how to manage our trade so that we will be able to keep our risk low and we will be able to gain some profits, in forex trading the key to become successful trader is by learning how to analyze well and also how to manage our risk and keep it low


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      it is not a bad idea to have more than one trading system, but one should not dispose a strategy just to have another one. unless a strategy completely turns bad, one should work on it as much as possible to improve on the success rate of the strategy.


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      Quote Originally Posted by chakrabarty View Post
      i dont like to take more risk with my account because i want to be a long term trader in this business. you are right everything is depend on our ability. Loss is a part of this business so we should start this business without any fear and play it properly. if we can make our own account with our own knowledge and experience then it will give us proper profit. i think self confidence is most important for this business.
      Risk management goes a long way in determining how far you would go in forex business, when you know how to limit or reduce the risk you take when trading for sure you can stay a long time in the business and be consistent like that. As a trader if we want to survive the market then we must know how to minimize risk because forex trade is a risky business in general so setting rules like maximum lot size, maximum 2 open trades and having a tight stop loss when trading would go a long way to help.


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      The importance of risk management in this field can not be over-emphasized.Knowing fully well that ,it is basic to successful trading.In our frantic effort to profit from the market, we should not allow the market to drain our capital in return,otherwise, our purpose of trading is defeated.


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    20. #1220
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      Quote Originally Posted by maxiipus View Post
      although there is no way to gain 100% successful trade, we need to know how to manage our trade so that we will be able to keep our risk low and we will be able to gain some profits, in forex trading the key to become successful trader is by learning how to analyze well and also how to manage our risk and keep it low
      If we can manage everything in our trade then we can earn good money from this business. I see when i forget to following rules of this business that time i lost to control my mind thats give me more losses. I see here knowledge are important. Because only good knowledge can bring good profit.


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