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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. #1841
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      The forex trader that is always practicing will never face certain challenges that everyone else passes through because he has already gained some experience from the market, anyone that wants to enjoy forex needs to understand the place of hard work, there is no other means of getting your dream achieved than through a proper mindset.


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

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    5. #1842
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      Quote Originally Posted by simisola View Post
      The practical aspect is where many of us make the greatest mistake in the market, we have the head knowledge about what we are supposed to do in certain circumstances but when the opportunity comes, we find ourselves doing something completely different which is why we may not become professional even though that is what we truly want.
      hahahahah, that is me you are talking about. this seems to be a general problem anyway. head knowledge is not the same thing as practical knowledge. most traders lack the discipline to make the head knowledge work. we need to adjust as regards this since profits would only be made when the right things are done.


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    7. #1843
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      Quote Originally Posted by Oghale View Post
      The forex trader that is always practicing will never face certain challenges that everyone else passes through because he has already gained some experience from the market, anyone that wants to enjoy forex needs to understand the place of hard work, there is no other means of getting your dream achieved than through a proper mindset.
      Brother I disagree with you, every trader will definitely face challenges in the forex trading market but when a trader is very consistent in learning and practicing then whenever the challenges come our way then such trader will have a good way of handling the challenges or difficulties, which simply means as long as we are trading in the market we will definitely have a bad time sometimes


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    9. #1844
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      Quote Originally Posted by Leonvic90 View Post
      There is a limitation to our achievement from the forex trading business as long as we refuse to practice, we will become professional through the effort that we take to stand in front of the computer and learn about our strategy, once we don't do this, there are many things that are likely to elude us as we trade.
      Practice is very important and would surely give us a very great opportunity to reach out for our goals. We need to take adequate steps to learn on improving on our system and make great income that will help us stay successful. Forex is a good business and good practice is something that will give us great chance to develop more. I learn well from my trade and good experience gives us a better means to earn directly once it's time.


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    11. #1845
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      Quote Originally Posted by Sixteen View Post
      Practice is very important and would surely give us a very great opportunity to reach out for our goals. We need to take adequate steps to learn on improving on our system and make great income that will help us stay successful. Forex is a good business and good practice is something that will give us great chance to develop more. I learn well from my trade and good experience gives us a better means to earn directly once it's time.
      You are right brother, most problem with retail traders who have even good strategy is that they often don't wait for the right setup to appear and take trades often too early and due this mistake they ends up being on the loosing side so we should remain patient while trading.


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    13. #1846
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      Quote Originally Posted by zahidmehmood View Post
      You are right brother, most problem with retail traders who have even good strategy is that they often don't wait for the right setup to appear and take trades often too early and due this mistake they ends up being on the loosing side so we should remain patient while trading.
      This is a common mistake usually made my small traders, they tend to always force the market wanting to trade all the time and see if they can make profit, forex trading business should not be run that way and those that engage in such act always end up struggling with losses. As a trader you must be strategic, you mustn't trade all the time rather you trade only when you see a good opportunity and your system has confirmed the entry, this way you can manage your account properly and see it grow bigger.


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    15. #1847
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      Quote Originally Posted by catfish007 View Post
      To use 0.1 lot with instaforex, it is like using 0.01 standard lot. And when i have the $200 in my account, i can never be thinking of trading with 0.01 standard lot, it is too small for me, unless you are referring to standard lot of 0.01 in your statements. However, forex traders have to know how this forex business is working, not that we will think we will take little risk every time, we might be wasting our time in the market. What i support is for traders to take calculative risk, that will help us to make money and we will be earning in reasonable manner too.
      I don't understand what about you are talking. I am open standard account and i am using 0.10 lot size which costing 10 cent per pips. Then why you are talk 0.1 and 0.01 are the same lot size. I see 0.01 lot size means 1 cent per pips. So there are different available on those lot size. I think you have made some mistake.

      Quote Originally Posted by Oghale View Post
      Using 0.10 for an account that is $200 is just great because it means that you won't be bothered with getting a margin call in case your analysis is wrong, there are people that use 1.00 lot for same account and if the leverage is large enough, they too can make good profit, but the risk is much higher this way which is not advisable.
      If we are using 1 lot on our 200 dollar account then we can stay on the market only for 200 pips. I see sometime this market move more then this pips. That time if we got wrong entry point then we can blow our account within that day. I think this is not good choice for this business. We should not take high risk. We should always follow money management for reducing our risk.


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    17. #1848
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      Quote Originally Posted by crown View Post
      I don't understand what about you are talking. I am open standard account and i am using 0.10 lot size which costing 10 cent per pips. Then why you are talk 0.1 and 0.01 are the same lot size. I see 0.01 lot size means 1 cent per pips. So there are different available on those lot size. I think you have made some mistake.
      You should be able to understand me when you read what i posted very well, it is s explained in details in the way. I was trying to be sure if you 0.1 lot size is instaforex lot size or the standard lot size. Or you do not know that instaforex lot size is different from standard forex lot size? If you did not know, then you must be newbie in the forex trading environment, or perhaps, it is instaforex alone you have ever traded with. Some traders makes mistakes of this when they comment, i needed to be so sure that was why i put it like that.


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    19. #1849
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      Quote Originally Posted by crown View Post
      I don't understand what about you are talking. I am open standard account and i am using 0.10 lot size which costing 10 cent per pips. Then why you are talk 0.1 and 0.01 are the same lot size. I see 0.01 lot size means 1 cent per pips. So there are different available on those lot size. I think you have made some mistake.



      If we are using 1 lot on our 200 dollar account then we can stay on the market only for 200 pips. I see sometime this market move more then this pips. That time if we got wrong entry point then we can blow our account within that day. I think this is not good choice for this business. We should not take high risk. We should always follow money management for reducing our risk.
      You are mixing somethings up brother, this is clearly a misunderstanding and a misconception, 0.01 with instaforex is one cent per pip, whereas with other forex brokers this amounts to ten cent per pip so there is a difference here, instaforex has a lot size that is equivalent to the cent account that is why someone with just $1 can trade using 1 cent for each pip movement.


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    21. #1850
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      Apart from having a functional trading strategy ,there should be a constant consciousness of disciplined trading.The market is such that you need to be careful of any entry so that ,no amount of volatility will affect your trading capital.


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