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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. I致e 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 I致e 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 I知 not fully prepared myself (financially) to open a real account for this purpose. In other hand I don稚 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. I値l 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 I値l 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 we池e 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 I値l go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, I値l 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. It値l 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 I値l 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. I値l 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 can稚 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 I値l 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: I値l try to put a stop loss in some trading positions but not in all trading positions. Again it値l depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair it値l 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 I値l 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 I値l 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, I値l try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then I値l 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 we値l 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 I値l try to elaborate every trade with clarity. I知 ready to answer you if you致e any questions regarding my trades or anything related to my trading journal. I値l 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!

      Thanks  

    2. #1781
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      Quote Originally Posted by catfish007 View Post
      Of course, the traders that really want to be a success in the forex trading needs to be trading with the proper account management, this is the solution to whatever the trader is doing. When you have an active means of trading, just make sure that you are doing it well, that is what will help you to overcome in the financial market And when trading forex, the trader will need to be sure that they are trading with the proper skills, discipline and patience amidst the management they are using. Traders need correct trading plans too.
      We must be more clear in many things about money and risk management. There are million ways that one can make money in the forex market and the fact that a money management fits best in a proper system that has to do nothing with how much money and how we are going to distribute it in another strategy. A simple example is: a proper trader sells an x pair using 1 lot and a second trader sells the same pair using martingale from around the same spot price with the same risk, lets say 20 dollars stop. What is the difference and why martingale is a losing system. Do you get it?

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    4. #1782
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      Quote Originally Posted by FlyingShark View Post
      We must be more clear in many things about money and risk management. There are million ways that one can make money in the forex market and the fact that a money management fits best in a proper system that has to do nothing with how much money and how we are going to distribute it in another strategy. A simple example is: a proper trader sells an x pair using 1 lot and a second trader sells the same pair using martingale from around the same spot price with the same risk, lets say 20 dollars stop. What is the difference and why martingale is a losing system. Do you get it?
      Doing well in the market is a function of the way the trader have trained himself, not the function of the money the trader have. We can have money, that is what we are all wanting from the market, it will gives better income, and the stress we do in making trades will be yielding more fruit. But what is more important is for traders to know how they will trade the market well. When you trade forex, you will have the skills that is necessary when you do no rush things when trading. It is this skills and experience that makes traders do it better.

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    6. #1783
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      Proper money management is the key that opens the gate to succeed in the forex market, someone that trades with greed will make withdrawal, but the question would be for how long can thus individual carry on like this, us forex trading meant to be a war everytime we trade? The answer should be based on what you think is the best response, this is a rhetorical question by the way.

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      Money management is the problem most of the people have as traders, they believe in trying to hit it big with just one trade and this could easily lead to margin call, traders need to be using patience for their own good because it will prevent many hurtful things from taking place while they are in the market.

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      Quote Originally Posted by Oghale View Post
      Money management is the problem most of the people have as traders, they believe in trying to hit it big with just one trade and this could easily lead to margin call, traders need to be using patience for their own good because it will prevent many hurtful things from taking place while they are in the market.
      It will not remain problem for trader any more if trader choose to use excel sheet for his money management then he can stay aware with his action and upcoming expected moves. its easy to manage it if excel sheet is used and trader prefer to stay with the lot size and leverage which it suggest then he can also stay with in his risk apatite.

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    12. #1786
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      Quote Originally Posted by Neriah View Post
      Proper money management is the key that opens the gate to succeed in the forex market, someone that trades with greed will make withdrawal, but the question would be for how long can thus individual carry on like this, us forex trading meant to be a war everytime we trade? The answer should be based on what you think is the best response, this is a rhetorical question by the way.
      A serious trader must make money management a good habit in their trade because with a good money management there is lots more opportunities for us to win very much from forex business. We must sense the need to manage our capital and we should be ready to manage our risk in the right means. A good management will always work out good for us and we must be ready to plan on managing this trade and see we can actually survive.

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    14. #1787
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      Quote Originally Posted by kashifrehman View Post
      It will not remain problem for trader any more if trader choose to use excel sheet for his money management then he can stay aware with his action and upcoming expected moves. its easy to manage it if excel sheet is used and trader prefer to stay with the lot size and leverage which it suggest then he can also stay with in his risk apatite.
      You have given very good suggestion brother, if we make excel sheet and try to track each and every trade then we will get to know how much risk per trade we are taking and we can plan according to it but I know most of the traders will not do it.

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    16. #1788
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      Quote Originally Posted by zahidmehmood View Post
      You have given very good suggestion brother, if we make excel sheet and try to track each and every trade then we will get to know how much risk per trade we are taking and we can plan according to it but I know most of the traders will not do it.
      If you can properly follow money management and fixed your lot size according to your capital then i think its not necessary to track our every trade on excel sheet. But if you do not follow money management then excel sheet will not help you. I already try it with my self. So i know more about this. Just follow money management and always do trade based on that.

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      Quote Originally Posted by FlyingShark View Post
      We must be more clear in many things about money and risk management. There are million ways that one can make money in the forex market and the fact that a money management fits best in a proper system that has to do nothing with how much money and how we are going to distribute it in another strategy. A simple example is: a proper trader sells an x pair using 1 lot and a second trader sells the same pair using martingale from around the same spot price with the same risk, lets say 20 dollars stop. What is the difference and why martingale is a losing system. Do you get it?
      I don't like the martingale system for anything because I don't understand it, but if you as a Forex Trader knows its working in and out, if course nothing stops you from trading it, I have tried many forex systems as a newbie but this one is one of the adventures that I never took, maybe because I never got introduced to it at any point in time.

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    20. #1790
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      Martingale is a beautiful trading strategy if you can study it and apply all its components without using greed to face it, the challenge may be you lack of discipline and maybe money in your account, but essentially the secret of using this strategy to make money is patience and a good eyes for observations of what is happening in your chart.

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