photo
Earn up to
$50000
for inviting friends
to get StartUp Bonus
from InstaForex
No investments required!
Start trading without
any investments and risks
WITH NEW STARTUP
BONUS 1000$
GET BONUS
55%
from InstaForex
on every deposit
  • Amazed
  • Amused
  • Angelic
  • Angry
  • Asleep
  • Bashul
  • Bitchy
  • Blah
  • Bored
  • Breezy
  • Brooding
  • Busy
  • Buzzed
  • Chatty
  • Cheeky
  • Cheerful
  • Cold
  • Confused
  • Cool
  • Crappy
  • Cynical
  • Daring
  • Dead
  • Devilish
  • Doh
  • Doubtful
  • Drunk
  • Fine
  • Flirty
  • Goofy
  • Grumpy
  • Happy
  • Hot
  • Hungover
  • Innocent
  • Inspired
  • In_Love
  • Lonely
  • Lurking
  • Mellow
  • Paranoid
  • Pensive
  • Psychedelic
  • Relaxed
  • Sad
  • Scared
  • Shocked
  • Sick
  • Sleepy
  • Sneaky
  • Stresses
  • Tired
  • Twisted
  • Worried
  • Yeehaw
  • Reply to Thread
    Page 182 of 229 FirstFirst ... 177 180 181 182 183 184 187 ... LastLast
    Results 1,811 to 1,820 of 2287

    Thread: Bidyut's trading journal

    1. #1
      MT5 Veteran
      I am:
      Inspired
       
      bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut's Avatar
      Posts
      4,315
      Accumulated bonus
      1505.61 USD (What is this?)
      caught pokemons
      412 (What is this?)
      Thanks
      13,895
      Thanked 6,924 Times in 1,821 Posts

      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. #1811
      FX Zombie
      I am:
      Relaxed
       
      Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce has a reputation beyond repute Omoba9ce's Avatar
      Posts
      2,374
      Accumulated bonus
      639.79 USD (What is this?)
      Thanks
      1,775
      Thanked 2,713 Times in 988 Posts

      Default

      Quote Originally Posted by Mian Naseer View Post
      It is true that Money Management is very important for successful trading but without trading strategy it is useless. first of all we need to make proper strategy after deeply analyze the market. if somebody think that money management is enough to trade well and make well then it is wrong. good money management for every positions is a skill and we need to practice in demo account for some months to develop this skill.
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.


    3. The following 12 users say Thank You to Omoba9ce for this useful post.

      bidyut (04-16-2018), Honey Bee (04-15-2018), kashifrehman (04-15-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oriakhiebillz (04-15-2018), sniper2050 (04-15-2018), Timon (04-15-2018), Unregistered (4)

    4. ForexCopy
    5. #1812
      I just can't quit pips!
      I am:
      ----
       
      bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani has a reputation beyond repute bigani's Avatar
      Posts
      5,400
      Accumulated bonus
      1705.23 USD (What is this?)
      Thanks
      842
      Thanked 2,572 Times in 999 Posts

      Default

      Quote Originally Posted by theomilli View Post
      Yes you are right, in this business learning the hard way is the ultimate means to become very disciplined and principled. After a series of huge losses due to greed and uncontrolled emotions one must have learnt his lessons and be very careful when next they enter into the market and make right use of the stop loss and take profit command whenever they trade. Believe it experience is indeed the best teacher in forex.
      Learning is the only way to go as far as Forex trading is concern,we learn on a daily basis because this market is dynamic and things changes all the time,if we win or lose it is good to look at the charts again and study them because it will definitely happen again,those who do not learn will keep on losing ,being emotional over a losing trade is not the way forward,learning is the only solution.


    6. The following 5 users say Thank You to bigani for this useful post.

      bidyut (04-16-2018), Honey Bee (04-15-2018), Neriah (04-16-2018), Oghale (04-16-2018), Timon (04-15-2018)

    7. #1813
      It's time to retire!
      I am:
      Relaxed
       
      kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman has a reputation beyond repute kashifrehman's Avatar
      Posts
      17,355
      Accumulated bonus
      4071.39 USD (What is this?)
      Thanks
      2,419
      Thanked 3,911 Times in 1,267 Posts

      Default

      t is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      You are very right dear its trading strategy that will determine the entry and exit if a trade consider his trading strategy. In most of cases its emotions and greed which compel trade to navigate from the trading strategy so if trader navigate from it then trader cannot get success. From time to time trader need to evaluate that either he is following the exact things or not.


    8. The following 10 users say Thank You to kashifrehman for this useful post.

      bidyut (04-16-2018), Honey Bee (04-15-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), Oriakhiebillz (04-15-2018), penuelophir (04-15-2018), Timon (04-15-2018), Unregistered (2)

    9. #1814
      Forum Guru
      I am:
      ----
       
      sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark has a reputation beyond repute sonibark's Avatar
      Posts
      8,472
      Accumulated bonus
      2280.66 USD (What is this?)
      Thanks
      3,563
      Thanked 13,169 Times in 3,354 Posts

      Default

      Quote Originally Posted by Omoba9ce View Post
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      You are right partially brother, but before a trading strategy we still have to know that we need a solid trading knowledge, it's our knowledge that will determine how good our trading strategy, so the first thing to do is to learn and understand the market very well, then we can use that knowledge to build a very good trading techniques


    10. The following 2 users say Thank You to sonibark for this useful post.

      bidyut (04-16-2018), Oriakhiebillz (04-15-2018)

    11. #1815
      FX Super Hero
      I am:
      ----
       
      Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee has a reputation beyond repute Honey Bee's Avatar
      Posts
      1,304
      Accumulated bonus
      782.70 USD (What is this?)
      Thanks
      4,873
      Thanked 4,278 Times in 1,021 Posts

      Default

      Quote Originally Posted by Mian Naseer View Post
      It is true that Money Management is very important for successful trading but without trading strategy it is useless. first of all we need to make proper strategy after deeply analyze the market. if somebody think that money management is enough to trade well and make well then it is wrong. good money management for every positions is a skill and we need to practice in demo account for some months to develop this skill.
      WE will choose many currency pairs for doing trades and for better analyses the market chart we will use indicators or have trading strategy for opening future trades, every pair have different plan and not every strategy will suitable for any pair so it will need practice and deeply analyse the all time frame then we will get success.


    12. The following 10 users say Thank You to Honey Bee for this useful post.

      bidyut (04-16-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), Oriakhiebillz (04-15-2018), penuelophir (04-15-2018), shahidmehmopd (04-16-2018), Timon (04-15-2018), Unregistered (2)

    13. #1816
      MT5 Maniac
      I am:
      Happy
       
      Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz has a reputation beyond repute Oriakhiebillz's Avatar
      Posts
      3,311
      Accumulated bonus
      781.38 USD (What is this?)
      Thanks
      1,653
      Thanked 2,172 Times in 866 Posts

      Default

      Quote Originally Posted by Omoba9ce View Post
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      It is the knowledge we acquire through learning and practicing that we can use to create a trading strategy, if we have well rooted knowledge then we would be able to make solid strategy which can enable us determine the trend most of the time, then we need a good money management to form a rigid foundation in order to optimize your trading strategy and make the best out of the market.


    14. The following 5 users say Thank You to Oriakhiebillz for this useful post.

      bidyut (04-16-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), Timon (04-15-2018)

    15. #1817
      My charts talk to me!
      I am:
      Amused
       
      bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x has a reputation beyond repute bappy4x's Avatar
      Posts
      830
      Accumulated bonus
      187.98 USD (What is this?)
      Thanks
      2,204
      Thanked 6,155 Times in 866 Posts

      Default

      Quote Originally Posted by Honey Bee View Post
      WE will choose many currency pairs for doing trades and for better analyses the market chart we will use indicators or have trading strategy for opening future trades, every pair have different plan and not every strategy will suitable for any pair so it will need practice and deeply analyse the all time frame then we will get success.
      But I am not agree with to choose many currency because if you choose many currency then it will be not much better for everyone. Because it will take more time to get all about it. But I think if you follow few currency like GBPUSD, EURUSD NZDUSD AUDUSD etc. If you do analysis for GBPUSD then you will get 80% idea about EURUSD and if you do AUD then you will get idea about NZDUSD because these goes almost similarly.
      Bappy's Trading Journal
      Mt5 forum is best Forex forum Community, To join Click Here


    16. The following 5 users say Thank You to bappy4x for this useful post.

      bidyut (04-16-2018), crown (04-15-2018), sniper2050 (04-15-2018), Unregistered (2)

    17. #1818
      Banned
      I am:
      Happy
       
      Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon has a reputation beyond repute Timon's Avatar
      Posts
      974
      Accumulated bonus
      652.50 USD (What is this?)
      Thanks
      6,315
      Thanked 4,950 Times in 848 Posts

      Default

      A trading strategy falls into one of the most difficult category that traders face in the market, you will need to do a lot of research before yoi can come to the point where you would be able to develop your own system, and this is after many losses have been made when you are trying out different methods with the hope of getting what suits your style.


    18. The following 7 users say Thank You to Timon for this useful post.

      bidyut (04-16-2018), crown (04-15-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), simisola (04-16-2018), sniper2050 (04-15-2018)

    19. #1819
      MT5 Addict
      I am:
      ----
       
      crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown has a reputation beyond repute crown's Avatar
      Posts
      585
      Accumulated bonus
      443.11 USD (What is this?)
      Thanks
      1,376
      Thanked 2,370 Times in 562 Posts

      Default

      Quote Originally Posted by penuelophir View Post
      Please forgive me guys, I wanted to say that I am enjoying the forex trading these days because I am making use of good money management and not the other way round. In fact, when you start trading with adequate trading lot it makes you to relax even in the face of losses. Currently, I am making use of 0.1 for every $200 in my trading account.
      Oh i see you was mistake on your previous post right? However this is not a problem. I see you use 0.10 lot size on your $200 capital. I think this is good lot size. I also use the same lot size. But when i open multiple trade that time i reduce my lot size. Do you open single trade or multiple trade?


    20. The following 9 users say Thank You to crown for this useful post.

      bappy4x (04-15-2018), bidyut (04-16-2018), catfish007 (04-15-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), simisola (04-16-2018), sniper2050 (04-15-2018), Timon (04-16-2018)

    21. #1820
      Forex in the blood
      I am:
      Fine
       
      sniper2050 has a spectacular aura about sniper2050 has a spectacular aura about sniper2050 has a spectacular aura about sniper2050's Avatar
      Posts
      383
      Accumulated bonus
      146.20 USD (What is this?)
      Thanks
      200
      Thanked 192 Times in 74 Posts

      Default

      Quote Originally Posted by Omoba9ce View Post
      Of course, the first thing to have is a trading strategy, and then a trading plan. It is your trading strategy that Will determine the way you enter and exit the market, whether you chose to use a mechanical system or whatever as your signal. Now money management comes in after you have your strategy. Money management is simply how best to use your system to get the best out of the market. Your trading straty/system along Smith your money management is what makes up your trading plan. Every trader should have one.
      actually , you have just resume the whole perfect trading process in such a magnificent and complete way , thank you.
      and as you said before , if you don't have the right plan n the right start then you won't make any step for ward . even if you have a very good money management control , you won't be able to use it at all . so creating a strategy , in other word having an idea about your future strategy would absolutely give you the rest (how to develop it , how to apply money management control on it ...) .


    22. The following 9 users say Thank You to sniper2050 for this useful post.

      bappy4x (04-15-2018), bidyut (04-16-2018), kashifrehman (04-16-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), Omoba9ce (04-15-2018), simisola (04-16-2018), Timon (04-16-2018)

    Reply to Thread
    Page 182 of 229 FirstFirst ... 177 180 181 182 183 184 187 ... LastLast

    Tags for this Thread

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts