Dear Fellow Traders i am trading forex spot and metals from previous eight years, I created this trading journal to share my trades with you, and to take input from you people to make my strategy better and off course this will also serve as learning material for new ones. How to make it successfully is a biggest question in this market that i will try to answer here.
Basic Purpose of This Trading Journal
Why the Trade was made (Basic Idea Behind Trade), if i find a good trading idea then other things become less important. When i enter into a trade for me that means that i am fully convinced with my idea that it will generate profits for me. When i admit the idea there i prone to convince myself a mediocre idea is good.
The pair i trade, the basic pair that i trade to make money like NZD/USD, EUR/USD. Often i choose to trade the pairs which match my risk tolerance.
When I made the Trade, Entry Signal and timing is very important for me so i keep track record to keep trade record of my patience. And here i will discuss about the entry signal and timing of entry. Risk reward ratio badly screwed if a trade is made on the wrong time. I will also discuss why i choose this specific time.
Targets, Both stop loss and take profit are important to risk management and it can disturb my profit discipline. If one of my trade is working well then it is imperative to hold that trade until my analysis tell me to exit from that trade, It is important to discuss the TP and SL in detail with each and every trade, so we do same here.
Trade Management, a good idea poorly managed become the main reason of failure for many of trades, i manage my trades well to take maximum output from then. Here i will discuss that how i manage the individual trade.
Short Introduction of Trading Strategy
I totally depend on the VSA/Wyckoff Trading principles, because i believe that VSA is about looking behind the chart, and using what I see to construct an overview of what the major players are trying to achieve. Here i will discuss about three basic principles of Wyckoff 1: The Law of Supply and Demand, 2: The Law of Cause and Effect 3: The law of Efforts Vs Results, here i will discuss that what i find on charts and where i search for these all on my chart. When i select a pair i depend on the five principles of Richard Wyckoff. For the risk and money management i depend at my own, for this purpose i use excel sheet which help me to calculate the exact volume size according to my SL.
Planning and Mind Pattern modification.
I believe that these two only can be modified when I share my thoughts with others and get input from them this can help me to change my habits from destructive to constructive. You are requested to share your views on each and every level so it can help me to change unwanted things and habits as well as it will bring more confidence in me to make profitable trades. When i put my trading psychology in words there it will become easy to get suggestion on that and so i can modify that with ease.