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NZDUSD NNFX Journal Demo One of my rules is to do my exits once on the daily chart. My other rule is to lose a little as possible. I went short on 2/2/2021 prior to the close of the daily candle in the NY sesssion. My system told to go short and I did. Later on that night while in the Asian session I was testing different aspects of my system I noticed that NZDUSD went well against me lol I checked my system. My C1, C2, and baseline indicated that NZDUSD went way long. I exited at 44 pip loss which was fine for me. One thing I am learning about the anything with the USD pairs/Majors is anything is war more possible than with the cross pairs. I am now learning to manage USD pairs more than I do with Cross pairs. Fun little game. I am still analyzing on MT4 and executing on Tradingview or Oanda's platform. I need to learn how to execute on MT4 because its in price and not in pips like Oanda and tradingview. If anyone sees this and has some tips for executing trades on MT4, please let me. My goal is to try out for a prop firm in 4-5 months. If anyone can elaborate please do so. Thanks for being kind.
Short
by Radhames6
29/10/20 Trade 1: GJ Sells of 15min break of minor support.After a pretty bad day yesterday. Emotional trades after being stopped out at breakeven on a trade before it shot up in my direction and closing lucky closing the day at breakeven after overtrading, I come back to the charts looking to execute my plan. I took this sell on GJ based on the strong downward momentum followed by a pullback which created minor resistance. Entry was on the break of previous candle lows as explained in the video. Trade played out perfectly. Left some profits on the table due to prematurely trailing stops on the 5min timeframe. But traded my plan perfectly.
Short
by BE.FX
27/10/202 - Trade 2: GU Sell 30min Fakeout and 15min ConfirmI was initially looking to enter buys as we closed above resistance on the 15/30 and 1hr timeframes. I couldn't enter as my stop would have been too big. I decided to wait for a pullback of some sort and minor support to be created on either the 15 or 30min timeframe to take buys. This didn't happen. Instead, price closed below the previous resistance level creating a 30min fakeout (close back in range). I entered this sell after I got a second confirmation on with another 15min close below. Price moved down nicely but didn't quite trigger my auto 8pip breakeven point due to spread, so I moved to breakeven manually at around 7pips. I did this earlier because we were hitting an area of congestion on the 15/30min and I felt it was an area price could bounce from, which it eventually did. Trade was stopped out at a small .5pip loss. May have been some minor slippage or incorrect placement of stop.
Short
by BE.FX
27/10/2020 - Trade 1: GJ Sell @ 30min/1hr Support Break27/10/2020 - Trade 1: GJ Sell @ 30min/1hr Support Break Took the GJ trade based on the 30min and 1hr breaking a support level. My entry was as the current 30min candle broke the low of the previous 30min candle. The entry was a little late as the ideal entry would have been when the 1hr candle also closed below support (although it was a little weak). Unfortunately, I didn't get the push I would have liked to secure 10pips, and price stalled twice just before the point we'd I'd move stops to breakeven so I decided to manually move stop to BE. They eventually got hit, which was a good decision in hindsight. This is a good example of how id like to manage my trades. Trailing stop on 30 and 15min candle highs until my 8pip auto breakeven trigger.
Short
by BE.FX
Buys EURAUD - 30min Minor Resistance BrokenEnter buys on EURAUD for last trade of the night. The 30min and 1hr closed bullish above minor resistance, so I took a countertrend trade with reduced risk. I was meant to ent a .02 lot but entered a .01 lot, so making that mistake put me off a little. The price moved around 6 pips in my direction, but I decided to move stops to breakeven early (usually I do at plus 8pips) but I was a little unsure due to how other Eur and Aud charts were forming. Price eventually moved as predicted without hitting my original stop, but I think I was just wanting to ensure I protect my profits from the previous trade.
Long
by BE.FX
Short EJ - Break of Support and 30min lows.Took Pre New York sells on Ej. Saw that price pushed down to support I had drawn during London. It failed to break but created another minor 30 support at the longer-term support level. Ideal entry would have been to impulse enter as price broke the previous candle 30min lows, but I didn't get in. Unfortunately, I FOMO entered as I felt the stops were still in my tradable range. If I had waited for the 15min to close I would have got a better entry as price retraced, but still closed below the break level. Overall, the trade played out. 1st exit: .02 lots @ +10.1pips 2nd exit: .01 lot @ +5.1pips.
Short
by BE.FX
Are you "The Unexamined Trader"?Socrates famously said “The unexamined life is not worth living.” Why do we do what we do, why do we feel the way we feel about something, or what is our purpose in life? These questions brought about generation after generation of journals, diaries, and random thoughts from some of our greatest thinkers from Socrates himself, to Jonathan Edwards in early America, and maybe even yourself. If we look at the information, meditate on it, we *should* take future actions that will be purposeful and not live day-to-day mundane lives. We want lives of purpose, of meaning, and of growth and satisfaction. The same thing goes for our trades. So many of us trade willy-nilly, never looking back as to WHY we took a trade, what was the PURPOSE of the trade, what did we LEARN from that trade, and what are we NEVER going to do again or what will I CONTINUE to do in my future trades? Just as an unexamined life is not worth living, the unexamined trader should not be trading. “Why do I keep making the same mistakes?” “How come I let my emotions get the best of me?” “Why do I always seem to miss out on best trades with the monster returns?” Ask yourself, do you examine each and every one of your trades? At the end of each trading day, do you look for patterns of profit and signs of “The Suck” that draws your account down day after red-candle day? Can you look at the psychology, feel the emotion of why you planned a trade, why you got in a trade, how were you feeling during a trade, and why did you get out of a trade when you did? After that, did you ask “What did I learn?” “What will I continue to do?” and “What mistake will I eradicate from my mindset and NEVER do again?” There are three kinds of people: Those who make things happen, those who watch things happen, and those who ask “What happened?” The same goes for trading. If you never look back at the trades you took, especially the ones that were losers, you will consistently ask “What happened? Why am I always a loser?” If you watch things happen *plus* examine all the factors that went on during the process, your trading ability will grow inch by inch, yard by yard, which will turn you into one of those top traders who MAKE things happen. You will be able to *see* the money on the chart. And once you learn to identify patterns by analyzing trade after trade after trade, you find there are *limitless* opportunities to make money. (I paraphrased that last sentence from Mark Douglas, Trading in the Zone, which I highly recommend.) All that said, DO YOU JOURNAL? The trade journal is often the most overlooked tool in the trader toolbox. There are several ways to do so, and there are a plethora of traders on YouTube who share their ideas on how to journal your trades, and I recommend that you try several methods to find what’s right for you. The method I like is to screenshot of my trade and document the fool out of it right there on the chart. Then I “tell the story” via text boxes and arrows, and I number each one of them to walk myself through the story. Yes, each trade has a *story* to tell. I include the FACTS of the trade (the levels of Supply and Demand, the RSI, the trend, whatever factual decisions that went into the trade), the PSYCHOLOGY of the trade (how did I feel when price started going sideways right when price went to 2/3 towards my target?) and the results of the trade (what did I learn, what did I do great that I will continue to do, and what did I not do well that I should remove from my plan or my psychology). The proof is in the puddin’ as they say… The Covid lockdowns of early 2020 were the "best worst thing" to happen to my trading career. I was a Covid Casualty, as my employer shut down in part as a result of the Covid lockdown requirements. I was mad, upset, depressed, that I couldn’t go out to a coffee shop, bar, or cigar lounge. My friends all hunkered down in their domestic bunkers and wouldn’t come out. After 6 weeks of feeling sorry for myself I had had enough and decided to backtest / backtest / backtest and journal / journal / journal for 8+ hours per day for 30 days. I backtested the top 2 Futures contracts by volume in each category on the 15 minute chart. (2 metals, 2 indexes, 2 meats, 2 energies, etc.). 300-some-odd trades later, I felt like Neo when he woke up out of the Matrix and saw Cypher looking at all the green gobbledygook on the screens … instead of a nonsense of symbols Cypher told Neo that now he could see “Blondes, Brunettes, and Redheads” in the patterns. After 300 trades, simulating, backtesting, and journaling, I could “see” the money on the chart… the patterns of cashflow… the areas of value traded by the big institutional traders so I could follow them in their footsteps. I went from backtesting to forward testing, testing with live data in a simulated account using everything I had learned, and three weeks in a row I had a green week. And then I went live. Do this yourself and I promise, it will be like taking the Red Pill. You will never see the Matrix, you will never see the charts, in the same way. Instead of blondes, brunettes, and redheads, you will see opportunities, traps, and the footprints left by the market makers… And we can then *follow* in their footsteps. I leave you with a screenshot of one of my trades from last week… I hope it will inspire you to do the same. If you are not yet a consistent, profitable trader, learn to “see through the noise’ by journaling. If you want to see the scene I referenced from the Matrix, click here and enjoy! (And clicking the ‘Like’ and “Share” buttons wouldn’t hurt either if this article was edifying to you!) If you like it, I’ll write some more! If you want to show off your journaling prowess, leave a comment with a picture! Trade hard, trade well...
COMEX:GCZ2020Education
by ocaptain
19
Sell GUTook sells on GU based on: 1. 4hr breaking out then closing back in the range. 2. Price pushing down to create support. 3. Pirce breaking above resistance then closing back in range on 30min and creating 30min resistance and breaking low of the previous 30min. Enter as: - The 30min broke the low of previous low and the 5min closed below that low. I waited for the next 5min to push down and then entered. Entry: 1.2706 Initial Stop: 1.2789 Target: 1.26794 (Disclaimer: I'm just a long time trader still trying to find his way in the markets. Take anything I post here with a grain of salt) Will close portion of the potion between plus 7 - 10pips as that lines up with the bottom of the range.
Short
by BE.FX
Short EJ Short EJ: Reason: I felt that I identified a bearish bias-based off the 1hr and 4hr candles. We also wicked down and closed below 15min resistance. Other timeframes: Bearish across all timeframes only issue is no wick on the 4hr and the 15min created a higher high but not a lower low. Details: The 15min - 4hr timeframes were all bearish at the time of entering the trade. It should also be noted price was below the 200EMA on those timeframes as well (I'm seeing if this has any correlation to session directional bias) Entry - 1.7777 Initial Stop - 122.788 Target - 122.488
Short
by BE.FX
My journey in trading, experiences, ups and downs. Hello everyone: In this video (all talking in this one) I am gonna talk about my trading journey and experiences. All the ups and downs that I have been through in hope to give new and experienced traders a honest raw example of a trader’s journey. Of course everyone learns and absorbs information differently, and I am sure there are people out there who didn't have to go through the way I did, but I thought sharing my journey would help some of us who are still struggling to find consistency in trading. So, a little bit about my trading journey: Beginning Stage -Not profitable the first 2+ years, gone through the roller coaster ride of a trader’s journey -Start with S.R and indicators. Does work and makes profit, but doesn't suit my personality. -Was not consistent, some weeks in profit, some months in losses -Made all the mistakes, wanted to give up and quit many times. -Had negative trading emotions, mindset, and no idea on trading psychology -Not following the trading plan, no risk management -Over trading, over risking, revenge trading -Emotional when I miss out potential runs of the market -Blame the market on my losses Turning Stage: -Did not give up -Admit all my mistakes, work on them, change them. -Truthy admit you are in control of your trading account, not the market, strategies, mentors or other external factors -Put in the time and effort, understand that this is something it can be your career for the next 30 years, what is it to you to put in a few years of hard work ? Acknowledge the market will evolve and change, and we need to adapt as a trader -Understand trading is a probability game, not right or wrong. I can be wrong, and won't affect my emotions. -Want to be the "house" rather than a "player" in a casino setting, -Learn about price action and structures. -Have no problem missing trades and profits, understand the abundance of opportunities in trading -Follow my trading plans, make goals, back testing, forecasting, journaling -Acknowledge my expectations in trading, 3:1 RR, 15-20 trades, 1% risk per trade, 35-40% strike rate (higher strike rate requires less R:R). Looking for consistent growth of accounts and capital -Understand once you are consistent, there will be more opportunities and investors who are willing to let you trade -Continue to have a humble attitude in trading and market -Continue to learn and grow So I hope I answer most of the questions that you have asked, but if you have additional questions on my journey and anything else, let me know below. :) Thank you
Education
by jojofang0901
14
GBPNZD: Lesson learned Swing trading > Day trading This is just a week review of the trades i took and my reasoning the successes and the failures Trade: Entry 1.96608 SL 1.96585 TP 1.95800 on this pair I was able to secure 50 pips but if I had held to one position that had the perfect entry I would’ve been up $54 instead of being up $15. The reality is swing trading is far more superior and has less room for error. GN on the D1 was on a down trend (structure) Broke a daily resistance (confirmation) scalped the downtrend before the pull back towards the daily resistance Lesson: Being able to find the perfect entry at the beginning of the week and trading with the trend is far superior. Given that i'm at the beginning of my journey i might definitely continue to day trade to have more practice on demo Background: I wanted to deposit $500 extra dollars in my trading account catch 50 pips on a 0.3 and chase my losses but i decided to challenge myself with my decimated account of $15 to go to $1000 trading 0.01-0.03 learn all the lessons with real money but with an amount that wouldn't be too hard on my mental if i lost everything. On a psychological level going through this journey of trading with 0.01- 0.03 to $1000 will help develop patience and good risk management. Small Good Decisions. They add up.
Short
by Jean-Louis-jammalbmp4ua2f9r
Every trader MUST have a trading journal!1. What is a trade journal? A trade journal is a method which allows you to describe all the relevant details of every trade that you take. 2. Should I have a trade journal? Every single trader MUST have a trading journal. Without having a clear picture for each of your trades, it will be very hard to become a successful trader. 3. How does a trade journal help me? A trade journal is like a time machine: it allows you at any time to review your trades and their outcome, reflecting your strategy, state of mind and the market conditions before, during and after the trade. 4. What is the purpose of the trade journal? Reviewing all the relevant details of your trades will help you understand how successful you are as a trader, what you are doing right and wrong, when and why you take winning or loosing trades, what and how should be improved. 5. How to keep a trade journal? The sole purpose of a trade journal is to provide you at any time with a clear picture for every trade you take. It should contain relevant details, such as: - What, when and why have you traded? - What was the entry price, stop loss and take profit? - How much of your account balance did you put into that trade? What were the potential risk and profit? - How did the market looked before and after the trade closed? - How do you feel before and after the trade? To make it easier for you, there is a link to a template that you can download and START USING TODAY!. Template Link: Click HERE
Education
by Mike713
6