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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. #1851
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      Quote Originally Posted by Oriakhiebillz View Post
      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.
      very well said brother . in other word let the market to chase after you not the opposite . actually , those mistakes are often made by newbies but at the same time we can not deny that those are very common mistakes; i mean we are all exposed to 'em .
      so once we have our own strategy , the strategy that we can really depends on , then we start to minimize the number of mistake for a better trading experience .


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    5. #1852
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      Quote Originally Posted by sniper2050 View Post
      very well said brother . in other word let the market to chase after you not the opposite . actually , those mistakes are often made by newbies but at the same time we can not deny that those are very common mistakes; i mean we are all exposed to 'em .
      so once we have our own strategy , the strategy that we can really depends on , then we start to minimize the number of mistake for a better trading experience .
      I think is actually a physcological problem that is common among newbies because I was once in that category when I was still new to forex, they always try to trade all the time even when they don't have any solid reason to back the trading up, they just want to try their luck and see if they can end up in profit. Forex doesn't work like that, successful traders don't open new positions everyday, they only trade when their system tells them to. Whe we can avoid chasing after the market thereby avoiding over trading too then we can do better in the trades we open with good analysis.


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    7. #1853
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      well, using lot size 0.1 on a $200 trading account is somehow okay but the trader should not count on this and leave the trade open without a stop loss. there are instances where the market moves over 2000 pips. and the 0.1 is just 2000 pips for $200 acct


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    9. #1854
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      Quote Originally Posted by sonibark View Post
      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
      Yes, everyone will face challenges in forex trading during their career but when the preparation is not enough the trader will face emotional problem.
      I think there is a big difference between trader who are prepared and the trader who are not prepared.


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    11. #1855
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      Without facing some serious challenges nobody can becomes a professional trader because challenges make you more stronger and give you a courage to fight well in your particular field you must to learn that how you control your emotions in this business otherwise you face huge losses in future!


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    13. #1856
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      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.
      you know brother, its just like you are talking about me, because this is the way i use to trade in the past, and am sure many of us must have gone through this period, all i want is to make more profit, and with this i will keep opening a trade, and i keep loosing m trading account every two weeks in the market, and i got frustrated at some point, where there is nothing to show for it, there is nothing good that will come out of over trading, only consistent loss, because the more we trade the more we expose our account to more loss


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    15. #1857
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      Quote Originally Posted by forexguy9 View Post
      well, using lot size 0.1 on a $200 trading account is somehow okay but the trader should not count on this and leave the trade open without a stop loss. there are instances where the market moves over 2000 pips. and the 0.1 is just 2000 pips for $200 acct
      There is no need to become specific in lot size and in stop loss every thing should depend on the risk and money management. When a trader follow risk and money management rules there he will come to know that how to use appropriate lot size and stop loss. Some times with the smaller stop loss big lot size and handsome profits become possible.


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      Quote Originally Posted by 786pk View Post
      Without facing some serious challenges nobody can becomes a professional trader because challenges make you more stronger and give you a courage to fight well in your particular field you must to learn that how you control your emotions in this business otherwise you face huge losses in future!
      Success stories comes out of every challenge when it is handled so well that we have to learn from them and make use of their lessons in the future trading experiences but when you are not mindful of the lessons then you keep repeating the mistakes over and over again which will surely lead to more losses!
      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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    19. #1859
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      Quote Originally Posted by 786pk View Post
      Without facing some serious challenges nobody can becomes a professional trader because challenges make you more stronger and give you a courage to fight well in your particular field you must to learn that how you control your emotions in this business otherwise you face huge losses in future!
      You are very correct,we must face challenges in this market what we make of those challenges is what will really determine what we become here,some traders quit too early,when you experience loss in this market you need to learn from it so that you can become better and stronger that is the only way to grow,history they say will always repeat itself,making the same mistakes twice should not be an option.


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    21. #1860
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      Let me agree with your submission here ,we either learn from our mistakes or from others.But how best do we translate all these to advantage ?This is the essence of such encounter so that our improvement will be the ultimate result of the outcome of our past inadequacies.


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