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    Thread: Omoba9ce's trading journal

    1. #1
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      Default Omoba9ce's trading journal

      Hello everyone,
      Welcome to my trading journal. Just like the name implies, this journal is aimed at motivating myself and other traders who care, in executing trades and not just standing on the sidelines.

      First of all, I want to make this clear, this journal is probably going to help me more than it is going to help you. Because having this journal is going to ensure that I make good use of opportunities so that I have updates to post.

      There are many times I have looked back on the start of a big trend and wondered why I did not take advantage of it. Also, I have missed breakouts that was so obvious and was preparing for. Truth is, there are only a number of good opportunities a day, or even a week. To be consistently profitable, we have to make use of these opportunities when they do come.

      Here, I am going to be making trades based on trend, breakout plays, and trend reversal, so as to maximize trading opportunities. By doing this, I'll be able to trade range; where there is no clear trend, and also trade a reversal when the market looks like it.

      Trading strategy:
      I will focus on trading the forex major pairs (involving the USD) and also some crosses like Eur/jpy, Eur/chf, Eur/Gbp, Gpb/Jpy and Gbp/Chf. My analysis is going to be quite flexible as I will not be using a specific system. I will be employing both technical and fundamental analysis in executing trades and gauging market sentiment.

      Technical Analysis: I am going to be making use of:
      1. Time frame: H4, H1 and M15
      2. Trend line, channels, to mark support and resistance.
      3. Indicators : moving average, RSI and stochastic to identify and confirm signals.
      4. Chart patterns
      5. Divergence.

      Fundamental Analysis :
      1. News releases
      2. Current events
      3. Market price of stocks and other assets like oil, gold etc.

      Money management :
      I believe that every trader knows what he or she wants from their trading, So there is no fixed stop loss or profit target, everyone can set Stop loss and profit targets as they see fit and in accordance to their trading style. Also, these levels will be determined by the individual trade set up.

      I would greatly appreciate the analysis, insights, opinions and forecasts of other experienced traders and even the less experienced ones like myself, as it will help me to see the market from all angles and not make one-sided analysis.
      Analysis, charts, updates, coming up!!
      Thank you!


    2. #2
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      Welcome to this trading journal section. After reading your post, looks like you already know what's the important things to trade. I saw if you already have a way to predict market with fundamental and technical analysis and you also saying about money management too. It's looks perfect. I can't wait to see how you trade and I hope I can learn something from you. Good luck for your thread.


    3. The following 4 users say Thank You to captainleo for this useful post.

      balut (04-05-2018), Batavia (04-05-2018), kashifrehman (04-06-2018), Omoba9ce (04-05-2018)

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      welcome to trading journal section mate, you trade in crosses pairs, i prefer for GBPJPY i hope you will share your analysis here as soon, am very interesting about GJ this pair have big volatility, so i just want to say good luck for your trade.


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

      balut (04-05-2018), kashifrehman (04-06-2018), Omoba9ce (04-06-2018)

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      Omoba9ce

      Welcome to journal thread mate. You have a nice introduction on your journal and I'm sure everyone can relate from it. It sounds like you're still struggling from hesitation and fear to enter your trade. I also experienced this feeling before but as I gained experience I managed to ignore it. Keep calm and just take the trade.


    7. The following 4 users say Thank You to balut for this useful post.

      Batavia (04-05-2018), kashifrehman (04-06-2018), mikehenley (04-06-2018), Omoba9ce (04-06-2018)

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      from what i read about the trading journal one will surely benefit as one find the time to take the records. i am new in the forum and i hope to start my own trading journal as soon as i have the resources. wishing you the best with your journal.


    9. The following 4 users say Thank You to uduak18 for this useful post.

      kashifrehman (04-06-2018), Omoba9ce (04-06-2018), Unregistered (2)

    10. #6
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      Quote Originally Posted by Omoba9ce View Post

      There are many times I have looked back on the start of a big trend and wondered why I did not take advantage of it. Also, I have missed breakouts that was so obvious and was preparing for.

      Welcome to the journal section. Good to have you here.

      What you mentioned in the above quote is very common with a great majority of traders. Someone has rightly called it analysis paralysis and this has robbed is of thousands of pips in profits.

      While trading trends, try as much as possible to target role reveal levels as your entry and exit points.

      I wish you well.
      Come Alive!
      Proudly Nigerian


    11. The following 5 users say Thank You to Mez Da Whiz for this useful post.

      kashifrehman (04-06-2018), Omoba9ce (04-06-2018), Unregistered (3)

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      Best of luck to your trading journal buddy!
      It seems that you still don't have a specific strategy to used but as your journal implies is like, Trading what you see and not what you think and just listen what the market is saying to you, anyways, looking forward to learn some helpful inputs from a ** Super Hero like you..best of luck buddy..
      My Trading Journal: Journey of a Sniper Trader


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

      kashifrehman (04-06-2018), Omoba9ce (04-06-2018), Unregistered (1)

    14. #8
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      Welcome to this trading journal section. After reading your post, looks like you already know what's the important things to trade. I saw if you already have a way to predict market with fundamental and technical analysis and you also saying about money management too. It's looks perfect. I can't wait to see how you trade and I hope I can learn something from you. Good luck for your thread.
      @Captainleo thank you very much. Yeah I know the important things, many traders know the important things in forex trading, the issue is how well we able able to put what we know into play and get desirable results. No it's not perfect, nothing in this market is, but we can continue to give our best with each passing day and make sure our best of today is better than yesterday.
      welcome to trading journal section mate, you trade in crosses pairs, i prefer for GBPJPY i hope you will share your analysis here as soon, am very interesting about GJ this pair have big volatility, so i just want to say good luck for your trade.
      Thanks man. Yes gbp/jpy is a very volatile pair and should be traded with good knowledge and extra caution. My trade was closed at break-even around 11pm Gmt due to sharp down move as a result of news release and growing fears of escalating trade wars between us and China which for the moment caused the safe haven yen,
      to strengthen. Currently, I have my eyes on a neat ascending triangle formation (price has been making higher lows and same highs) and price is just at the resistance line of the triangle and is having trouble breaking through this area of 150.40. This pair might experience a breakout today, mainly due to opposing currency moves, that is if the jobs and unemployment data comes out bad for the US. Still, a bounce can still be in view if pound bears are still much in the market. An upward break from this triangle can result in a huge bull run of hundreds of pips to the previous highs, while a bounce can give bears more momentum to push the pair back down to the 148.40 level, or even to the previous lows of 145.00 levels. It is very important to watch intraday moves for clarity. Observing my chats, stochastic is already pointing downwards from overbought region and so is RSI, a moving average crossover can just confirm a down move. I hope I will be able to update if I do open any positions with this pair today.

      Welcome to journal thread mate. You have a nice introduction on your journal and I'm sure everyone can relate from it. It sounds like you're still struggling from hesitation and fear to enter your trade. I also experienced this feeling before but as I gained experience I managed to ignore it. Keep calm and just take the trade.
      Yes @balut with time, if we are willing, we will able to overcome all our trading fears and hesitation. Also, having the right account balance is also a confidence boost.
      Welcome to the journal section. Good to have you here.

      What you mentioned in the above quote is very common with a great majority of traders. Someone has rightly called it analysis paralysis and this has robbed is of thousands of pips in profits.

      While trading trends, try as much as possible to target role reveal levels as your entry and exit points.

      I wish you well.
      Mez Da Whiz analysis paralysis is it? Phew... lol. Anyways whatever the name, it cannot be bigger than a determined trader. Also, please clarify on what you mean by "role reveal levels "

      mikehenley Thanks man. I have strategies but not just one, and so I let the market tell me which strategy to use in specific times rather than trusting a strategy to work every single time.


    15. The following 7 users say Thank You to Omoba9ce for this useful post.

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    16. #9
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      Welcome to the journal section mate, you touched all essential needs of trading forex successful, like the traditional rule, giving equal respect to both technicals and fundamentals and the tools you do make use of are quite effective. Waiting for you to update us on your trades and how you apply various strategy based on the market behavior.


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

      kashifrehman (04-06-2018), Omoba9ce (04-07-2018), theomilli (04-08-2018)

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      Welcome in this section, you explained your trading way well and hopefully if you share your trading ideas and analysis here then definitely you will get constructive views of others and this will help you to make your trading more better.

      Trading strategy:
      I will focus on trading the forex major pairs (involving the USD) and also some crosses like Eur/jpy, Eur/chf, Eur/Gbp, Gpb/Jpy and Gbp/Chf. My analysis is going to be quite flexible as I will not be using a specific system. I will be employing both technical and fundamental analysis in executing trades and gauging market sentiment.

      Proficiency matters with trading strategy and when a trader stick to one trading strategy and put all of his efforts to make that strategy better and better there he become consistent just considering and trading with random strategies is not a good idea at all.


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