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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. #1861
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      Finally Eur/Usd is trading at $1.2400 and i hope it will continue it's bullish movement in this week. $1.2400 is resistant level of this pair according to me and now its break it. I know it is trading on that level and it may come back but i think this thing will not happen today. the next target of this pair is $1.2430 which may be hit within in some hours specially when US session start because normally this pair move quickly in Europe or in US session. Let's see what happened in next some hours with this pair. Good luck to all the Buyers!
      I want to be With You!

      Mian Naseer's trading journal


    3. The following 3 users say Thank You to Mian Naseer for this useful post.

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      Quote Originally Posted by Mian Naseer View Post
      Finally Eur/Usd is trading at $1.2400 and i hope it will continue it's bullish movement in this week. $1.2400 is resistant level of this pair according to me and now its break it. I know it is trading on that level and it may come back but i think this thing will not happen today. the next target of this pair is $1.2430 which may be hit within in some hours specially when US session start because normally this pair move quickly in Europe or in US session. Let's see what happened in next some hours with this pair. Good luck to all the Buyers!
      Yes bro I also hope that eurusd and Gbpusd keeps going like this and create a new higher high which would be beneficial for us. According to the circumstances usd should get weeks and i think this is what we are going to see in next few day. And actually it could be a good chance for us to try to trades here and get away with some good profit.


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    7. #1863
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      Quote Originally Posted by Benzone View Post
      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.
      Discipline is the most crucial element that stands out to guarantee our success in the forex market, this consciousness is essential because that is what will not make us trade recklessly as though losing is not possible, the trader who wants to be a professional someday must imbibe this into his mindset.


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    9. #1864
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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 .
      Too many entries are not good for a new trader, it needs experience to handle many positions and different pairs all-together. The best to do is to limit your knowledge to one, or two pairs and squeeze everything you can get from the market. After some Years it should be easier for you to handle more.


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    11. #1865
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      Quote Originally Posted by Oghale View Post
      Discipline is the most crucial element that stands out to guarantee our success in the forex market, this consciousness is essential because that is what will not make us trade recklessly as though losing is not possible, the trader who wants to be a professional someday must imbibe this into his mindset.
      No matter how good you are as a trader once you are not discipline you can not succeed here,Forex is very interesting and also very open too,but then we must set boundaries for ourselves,we must know when to trade and when to sit on our hands,that is basically the difference between professional traders and amateur traders,if you want to trade like a professional then you must be discipline.


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    13. #1866
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      Flying shark, you are indeed right, too many entries at the same time is bad for a new trader because he is yet to understand the market environment properly, it is only those with prerequisite experience that should trade like this, there are two moderators that uses many orders for one pair that I know and that is money grows and nikita.


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    15. #1867
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      Quote Originally Posted by Oghale View Post
      Discipline is the most crucial element that stands out to guarantee our success in the forex market, this consciousness is essential because that is what will not make us trade recklessly as though losing is not possible, the trader who wants to be a professional someday must imbibe this into his mindset.
      Agree with you dear Oghale and I think discipline most important in Forex business because discipline can protect our trading plan, emotion, invest and bring success in Forex business. I always believe indiscipline trader never can stay long time in Forex market. We should follow all Forex rules and discipline on trading to success in Forex business other wise Forex success very difficult. Thank you.


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    17. #1868
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      Quote Originally Posted by bigani View Post
      No matter how good you are as a trader once you are not discipline you can not succeed here,Forex is very interesting and also very open too,but then we must set boundaries for ourselves,we must know when to trade and when to sit on our hands,that is basically the difference between professional traders and amateur traders,if you want to trade like a professional then you must be discipline.
      You know one important thing about forex market is that when trading we cannot choose the rules to follow rather we will have to equip ourselves with all the rules, for traders that thinks having a good trading strategy is the only thing we needed in other to make good profit then such traders are heading for a surprised. A strategy without a good money management and also discipline is nothing


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    19. #1869
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      Quote Originally Posted by sonibark View Post
      You know one important thing about forex market is that when trading we cannot choose the rules to follow rather we will have to equip ourselves with all the rules, for traders that thinks having a good trading strategy is the only thing we needed in other to make good profit then such traders are heading for a surprised. A strategy without a good money management and also discipline is nothing
      Having a good strategy is very important in the market this would help you in finding good opportunities that can bring profit but since no strategy is 100% guaranteed then the importance of discipline comes in. Discipline supersedes all because it will help you keep a good money management, make you not to be emotional in the market and helps you to stick to your trading plan.


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    21. #1870
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      Quote Originally Posted by FlyingShark View Post
      Too many entries are not good for a new trader, it needs experience to handle many positions and different pairs all-together. The best to do is to limit your knowledge to one, or two pairs and squeeze everything you can get from the market. After some Years it should be easier for you to handle more.
      A newbie cannot cope with you many positions and that means he will lose and not keep track of the trades he has entered, we need to trade only what we can control, if all those opened trades happen to be on negative and leading to the margin call of his account, he will be confused as to how to close the positions all at once, thus can be a problem.


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