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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. #821
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      It's like I also have a follower who is also keen in developing interest on pivot point and I would also request that you throw more light on the subject so that we can also learn a thing from you because I strongly believe that we are all here to learn and develop our skills In this forum.


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

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    4. #822
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      Bonus have been paid and am sure we must have been waiting for the right time to execute some good entry that will increase our chance to win from forex. We have learnt so much from this journal and the goals is to keep learning and sharing good ideas about forex trading in the best way. Forex is profitable business but also risky which is why we must be careful and have a good plans to trade well..


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    6. #823
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      Hi bidyut

      Hope you get some nice start in forex trading this week. I want to tell you that I found a very strong bearish divergence on D1 and weekly time frame of Eur/Aud pair.
      There's also a very nice ABCD pattern there you can review my technical analysis regarding EA and my TP level Lot size and all other details on my today's journal post
      This is very good opportunity for all of us to make some decent profit from this pair in next coming 5 days. Hope you leave your comments regarding my live bonus account trade


    7. The Following User Says Thank You to 786pk For This Useful Post:

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      Quote Originally Posted by Sixteen View Post
      Bonus have been paid and am sure we must have been waiting for the right time to execute some good entry that will increase our chance to win from forex. We have learnt so much from this journal and the goals is to keep learning and sharing good ideas about forex trading in the best way. Forex is profitable business but also risky which is why we must be careful and have a good plans to trade well..
      I have missed out on the bonus so much and now I know that I will get to have more time spent on here to get more bonus too. The good thing is that we get the bonus and then we be able to use the strategy and the bonus good and make money from the market. Keeping goals should never be in the way of keeping daily target in the market.


    9. The following 2 users say Thank You to Cookie for this useful post.

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    10. #825
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      Quote Originally Posted by Sixteen View Post
      Bonus have been paid and am sure we must have been waiting for the right time to execute some good entry that will increase our chance to win from forex. We have learnt so much from this journal and the goals is to keep learning and sharing good ideas about forex trading in the best way. Forex is profitable business but also risky which is why we must be careful and have a good plans to trade well..
      This is one of the best means of learning and developing our trading skills towards the right way, because we are not risking anything at all than what we receive as bonuses and I believe we need to start executing right trades without being under pressure because it is not really our hard earned money. Personally, I am trying to master my trading strategy with this money and make sure that I am not in a hurry to start earning but trading the right way!
      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


    11. The following 7 users say Thank You to penuelophir for this useful post.

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    12. #826
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      Quote Originally Posted by penuelophir View Post
      This is one of the best means of learning and developing our trading skills towards the right way, because we are not risking anything at all than what we receive as bonuses and I believe we need to start executing right trades without being under pressure because it is not really our hard earned money. Personally, I am trying to master my trading strategy with this money and make sure that I am not in a hurry to start earning but trading the right way!
      yes many of us have been anticipating a lot for this day to come, in fact many of us have lost our live account since last month, including me, lol. am really excited for this opportunity, and am really grateful for intaforex for this and to the admin of this ,lovely forum for making this possible, am really grateful


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

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    14. #827
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      Wow, we lose our account easily because we are not careful, but I know that as traders the bonus had stood as a form of encouragement whenever we trade and lose, forex trading is a business where the challenges will always come but as after we have learned from th painful experience, we can easily now manage to trade with the little we have and then recover with time, I love what is happening with instaforex because they are very interested in how the traders are fairing, we should never be careless with this business, forex is too risky because you need to know what you should be doing at the right time.


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    16. #828
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      Quote Originally Posted by maximum View Post
      It is a good thing that you are here in this section of the forum, I think our primary objective here is to showcase our trading knowledge and skill in order to learn more and become a good or better trader through the contributions from other forum members
      As a forum member our main motive is to learn and it is only possible if we share knowledge with others. Lately most of us have found that trading journal is a great place to show our actual trading activities. It not only gives us the real knowledge but also we can get real opportunity to learn. When we visit different trading journals we can learn different strategies. We can interact with the journal creator which is the most important part of the section. It not only gives us the inspiration to trade but also reminds us about our own potential. We can adopt best things from every journal and include it into our own trading system. Learning is a continuous process and we can learn new things everyday and from everyone. Trading journal is one of the best place where we must spend more time, it'll definitely help us to develop our overall trading skills.

      Quote Originally Posted by simisola View Post
      Bidyut my man! I always love seeing your journal because there is something special about it, so if I may ask, does it mean that your trading system is based on Pivot point and other things that you use, how about price action, how exactly are you able to predict the market based on the way price has acted through the Pivot points areas, I am interested in how you are able to do some of the things we see here because they are really inspiring to see, maybe I can learn some things from you in real time because we are here to assist each other become successful.
      We're in the same boat and everybody has equal potential. I'm really happy to get your nice opinion about my trades. If you look at my previous posts then you'll also get some bad trades. So I'm not an expert but a general trader in forex trading field. I've just tried to put my honest effort into my tradings. We've many good traders who are very exceptional traders and they are good at elaborating things properly. My strategy is not complex but simple one. I only trade when I feel a particular pair would go into a certain direction. I patiently wait for a correction and when I see good confirmation at that time I open buy or sell order. In past I've done a lot of mistakes in my trades. I've regretted many times not to follow any proper rules or system into my trades. So those mistakes always remind me not to do anything which may lead me to losses. I do trade very carefully and that is why I do less tradings. I always try to avoid over trading and try to stay relax during my trades. I'll be grateful if somebody gain some knowledge from my trades. I can't explain everything in a single post about my trading system. My strategy would be reflected slowly into my trades. I'll try to explain everything with every trade. However if you look back at my trading descriptions you'll find brief details. I always like to elaborate why I've opened a particular order. So there is no secret at all and I'm a simple trader like other trades and try to trade when I feel good to trade.

      Quote Originally Posted by ehizmac View Post
      It's like I also have a follower who is also keen in developing interest on pivot point and I would also request that you throw more light on the subject so that we can also learn a thing from you because I strongly believe that we are all here to learn and develop our skills In this forum.
      That is really nice that you're also trading on the basis of pivot points. In reality we can't rely only in one substance if we want to be successful in forex trading profession. For example we can't rely on a single indicator or we can't rely only in fundamental news in order to get profit from it. If a trader is a technical trader then it will be not good if he/she ignore economic news. If he/she do so then one day he/she will fall into the bad trap of the market. So we've to look at all aspects no matter whether we do trade on the basis of pivot point, technical indicators, fundamental news, price action or anything else. Most important thing is we should trade only in confirmed market. When we will able to analyze the trend properly we'll automatically able to do well in our trades. In forex trading profession we can't just go for trading. We can't just go for buy an order when we see the price in rising mode. Because here we must try to understand the market sentiments. Whether the trend would last for 1 hour or for the whole day is also very important to consider before opening any order. So we've to be watchful and very accurate in taking proper decisions. Only then we'll able to do well in our trades.

      Quote Originally Posted by Sixteen View Post
      Bonus have been paid and am sure we must have been waiting for the right time to execute some good entry that will increase our chance to win from forex. We have learnt so much from this journal and the goals is to keep learning and sharing good ideas about forex trading in the best way. Forex is profitable business but also risky which is why we must be careful and have a good plans to trade well..
      Yesterday we've got our bonus and now its time to get ready for our trades. Many traders are there who are already doing good in their trades. Many are just starting their trading activities. So everybody is busy in their work and this is the right time to think about how to execute our trades properly. It is very important for us to trade carefully. We must try to trade with proper planning and only try to trade in good market condition. If we've still doubt about anything then we must continue our learning. Yeah trading journals are a great way to enhance our knowledge on forex trading profession. I really feel happy whenever I visit different trading journals, it is a great way to learn and also it gives us some types of motivation. I hope you're doing well in your trades.

      Quote Originally Posted by 786pk View Post
      Hi bidyut

      Hope you get some nice start in forex trading this week. I want to tell you that I found a very strong bearish divergence on D1 and weekly time frame of Eur/Aud pair.
      There's also a very nice ABCD pattern there you can review my technical analysis regarding EA and my TP level Lot size and all other details on my today's journal post
      This is very good opportunity for all of us to make some decent profit from this pair in next coming 5 days. Hope you leave your comments regarding my live bonus account trade
      Its really nice to see you in my trading journal. Yeah I'm doing good at this moment. This is really impressive that you're providing us with good updates. I'll definitely visit your thread for getting some good updates. Sometimes I may not reply you there but I would like to read your updates. As I've already said in one of my previous post you're doing very good work. Your trading journal is of higher level. Just try to maintain it with good updates. I hope you'll able to make a lot of profit from your trades and also we'll able to do well by following your trades. Have a nice trading day to you.

      Quote Originally Posted by Cookie View Post
      I have missed out on the bonus so much and now I know that I will get to have more time spent on here to get more bonus too. The good thing is that we get the bonus and then we be able to use the strategy and the bonus good and make money from the market. Keeping goals should never be in the way of keeping daily target in the market.
      Just join us and try to give some extra time to mt5 forum. Try to focus more on good contribution and I'm sure it'll help you to gain a lot of knowledge too. I was away for almost 1 year and after coming back I have tried to focus more on good activities. Our respected moderators have already discussed about how to involve ourselves in mt5 forum. By creating a trading journal you'll able to involve actively in the section. If you've already created your own trading journal then try to share your knowledge with others. I hope in coming days you'll able to contribute more with a lot of good activities.

      --------------------------------------------------------
      --------------------------------------------------------

      Today I've traded in GBPUSD with 1 Lot size order. I've opened the order at 1.3854 and closed manually at 1.3834. I've made a small profit of $20. I've already made a withdrawal request of $20. Just waiting for the amount to credit in my skrill account. I had no intention to trade today because I had no idea at the beginning. Later I found good opportunity in GBPUSD and tried to scalp at small profit. So didn't give any detailed explanation about my trade.

      Name:  profit-made-and-withdrawal-request.PNG
Views: 23
Size:  7.5 KB

      Once I receive the amount I'll upload the payment proof here. I'm also waiting for my 'Battle Of Forecast' payment. So in total I've two pending withdrawals at this moment.

      On other hand I'm trading in Real Scalping monthly contest. I've opened sell order in GBPJPY pair. At this moment the orders are in profit. The immediate support is seen at 148.62. Once it is broken we may see further downside towards 146.85. I'll hold the orders to gain some good profit.

      My order Details

      Symbol: GBPJPY
      Type: Sell
      Lot Size: 1 x (5 orders)
      Opened Price: 149.98
      SL: N/A
      TP: N/A
      Status: Still Opened

      4 Hours Chart

      Name:  GBPJPYH4.png
Views: 20
Size:  24.1 KB

      Support And Resistance Levels

      Pivot: 150.67
      R1 152.45
      R2 154.50
      R3 156.28
      R4 158.05
      S1 148.62
      S2 146.84
      S3 144.79
      S4 142.73
      Note: I'm glad that I'm getting an opportunity to share my trades with you. I'm not an expert in this field, don't consider me as expert because it'll misrepresent or misguide others. I'm just learning and don't hesitate to give me any suggestions.


    17. The following 3 users say Thank You to bidyut for this useful post.

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      Quote Originally Posted by bidyut View Post
      As a forum member our main motive is to learn and it is only possible if we share knowledge with others. Lately most of us have found that trading journal is a great place to show our actual trading activities. It not only gives us the real knowledge but also we can get real opportunity to learn. When we visit different trading journals we can learn different strategies. We can interact with the journal creator which is the most important part of the section. It not only gives us the inspiration to trade but also reminds us about our own potential. We can adopt best things from every journal and include it into our own trading system. Learning is a continuous process and we can learn new things everyday and from everyone. Trading journal is one of the best place where we must spend more time, it'll definitely help us to develop our overall trading skills.



      We're in the same boat and everybody has equal potential. I'm really happy to get your nice opinion about my trades. If you look at my previous posts then you'll also get some bad trades. So I'm not an expert but a general trader in forex trading field. I've just tried to put my honest effort into my tradings. We've many good traders who are very exceptional traders and they are good at elaborating things properly. My strategy is not complex but simple one. I only trade when I feel a particular pair would go into a certain direction. I patiently wait for a correction and when I see good confirmation at that time I open buy or sell order. In past I've done a lot of mistakes in my trades. I've regretted many times not to follow any proper rules or system into my trades. So those mistakes always remind me not to do anything which may lead me to losses. I do trade very carefully and that is why I do less tradings. I always try to avoid over trading and try to stay relax during my trades. I'll be grateful if somebody gain some knowledge from my trades. I can't explain everything in a single post about my trading system. My strategy would be reflected slowly into my trades. I'll try to explain everything with every trade. However if you look back at my trading descriptions you'll find brief details. I always like to elaborate why I've opened a particular order. So there is no secret at all and I'm a simple trader like other trades and try to trade when I feel good to trade.



      That is really nice that you're also trading on the basis of pivot points. In reality we can't rely only in one substance if we want to be successful in forex trading profession. For example we can't rely on a single indicator or we can't rely only in fundamental news in order to get profit from it. If a trader is a technical trader then it will be not good if he/she ignore economic news. If he/she do so then one day he/she will fall into the bad trap of the market. So we've to look at all aspects no matter whether we do trade on the basis of pivot point, technical indicators, fundamental news, price action or anything else. Most important thing is we should trade only in confirmed market. When we will able to analyze the trend properly we'll automatically able to do well in our trades. In forex trading profession we can't just go for trading. We can't just go for buy an order when we see the prize in rising mode. Because here we must try to understand the market sentiments. Whether the trend would last for 1 hour or for the whole day. So we've to be watchful and very accurate in taking proper decisions. Only then we'll able to do well in our trades.



      Yesterday we've got our bonus and now its time to get ready for our trades. Many traders are there who are already doing good in their trades. Many are just starting their trading activities. So everybody is busy in their work and this is the right time to think about how to execute our trades properly. It is very important for us to trade carefully. We must try to trade with proper planning and only try to trade in good market condition. If we've still doubt about anything then we must continue our learning. Yeah trading journals are a great way to enhance our knowledge on forex trading profession. I really feel happy whenever I visit different trading journals, it is a great way to learn and also it gives us some types of motivation. I hope you're doing well in your trades.



      Its really nice to see you in my trading journal. Yeah I'm doing good at this moment. This is really impressive that you're providing us with good updates. I'll definitely visit your thread for getting some good updates. Sometimes I may not reply you there but I would like to read your updates. As I've already said in one of my previous post you're doing very good work. Your trading journal is of higher level. Just try to maintain it with good updates. I hope you'll able to make a lot of profit from your trades and also we'll able to do well by following your trades. Have a nice trading day to you.



      Just join us and try to give some extra time to mt5 forum. Try to focus more on good contribution and I'm sure it'll help you to gain a lot of knowledge too. I was away for almost 1 year and after coming back I have tried to focus more on good activities. Our respected moderators have already discussed about how to involve ourselves in mt5 forum. By creating a trading journal you'll able to involve actively in the section. If you've already created your own trading journal then try to share your knowledge with others. I hope in coming days you'll able to contribute more with a lot of good activities.

      --------------------------------------------------------
      --------------------------------------------------------

      Today I've traded in GBPUSD with 1 Lot size order. I've opened the order at 1.3854 and closed manually at 1.3834. I've made a small profit of $20. I've already made a withdrawal request of $20. Just waiting for the amount to credit in my skrill account. I had no intention to trade today because I had no idea at the beginning. Later I found good opportunity in GBPUSD and tried to scalp at small profit. So didn't give any detailed explanation about my trade.

      Attachment 74238

      Once I receive the amount I'll upload the payment proof here. I'm also waiting for my 'Battle Of Forecast' payment. So in total I've two pending withdrawals at this moment.

      On other hand I'm trading in Real Scalping monthly contest. I've opened sell order in GBPJPY pair. At this moment the orders are in profit. The immediate support is seen at 148.62. Once it is broken we may see further downside towards 146.85. I'll hold the orders to gain some good profit.

      My order Details

      Symbol: GBPJPY
      Type: Sell
      Lot Size: 1 x (5 orders)
      Opened Price: 149.98
      SL: N/A
      TP: N/A
      Status: Still Opened

      4 Hours Chart

      Attachment 74239

      Support And Resistance Levels



      Note: I'm glad that I'm getting an opportunity to share my trades with you. I'm not an expert in this field, don't consider me as expert because it'll misrepresent or misguide others. I'm just learning and don't hesitate to give me any suggestions.
      You can say that but I can see that this thread is a good thread to learn about pivot point because you've proven that it really work nice and you answer any queries in detail. So I can safely say this is the best thread available to learn about pivot point.

      Congrats on your profit mate!


    19. The following 6 users say Thank You to PhantomTrader79 for this useful post.

      Anthony Cheung (02-19-2018), Beautiful Quynh (02-14-2018), bidyut (02-12-2018), PongsakornFX (02-19-2018), Sixteen (02-13-2018), UberTrade (02-19-2018)

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      Note: I'm glad that I'm getting an opportunity to share my trades with you. I'm not an expert in this field, don't consider me as expert because it'll misrepresent or misguide others. I'm just learning and don't hesitate to give me any suggestions.
      One of the things I have come to understand is that people who are open to learning is always good in acquiring enough knowledge and experiences. It is not about trading but it is about being able to execute right trades and to start earning money consistently but all these is possible when you are open to learning and gaining good trading skills.
      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


    21. The Following User Says Thank You to penuelophir For This Useful Post:

      bidyut (02-13-2018)

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