MY FX DIARY
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading…”
– Victor Sperandeo
I've been into trading Forex now for two months already. I started when I went to Admiral Markets training and doubled my training account with small leverage within 3 days. During the same day plus few days more I managed to 120x my 10 eur account with 1:500 leverage and lost half of it on a huge news. Lessons learned. But I thought that if I can 120x my account within 5 days, then what is possible when the sums are higher. This is what I want to figure out here.
Anyways, one of the keys in trading is being accountable and to learn from your mistakes. A diary is necessary here. I will do it as my trading blog.
So, as a newbie I will document my journey here, posting daily updates along with all my thoughts about trading, current account balance etc, to keep track of everything and learn my lessons on the way.
So, let's go!
As a guy with not much experience (which here in this industry will get you going) my plan is to have a new strategy every week to try things out and see if it suits me or not.
Strategy 1 ->
AUDUSD, NZDUSD, AUD/JPY, EUR/JPY, GBP/JPY, and NZD/JPY are the pairs to focus.
Maximum 0.02 lot
Maximum 3 different pairs in trade. Better to have only 2 pairs.
Trade every day 20–22 when the EU market opens.
Listen Ignat and Livetraders.com advice carefully.
Maximum 3 trades on one pair, meaning max 6 (9) trades at the same time.
No overnight trades, always take the loss or take the profit before going
to sleep.This is the one that I have never tried before.
As I am currently living in New Zealand, here are the market openings in my time zone.
I start off with 80€ account.
Monday 30.10
I started off being unpatient and break all the rules which I set myself.
I made 5 trades on EURJPY when Livetraders gave me signal. When I saw the first market reaction I ended up making more trades on the same pair and at the end of the day when EU market opened it moved into another direction which was unexpected. Stop loss should've been more pips as my account was too low for that many trades. Besides, I made a last minute decision to break the rules and instead trade USDCHF even though the strategy was not to leave trades floating overnight.
Account balance before going to sleep 53€. Meaning 42,4% loss within a day. Could be even more. Not bad, huh?
Takeaway — never go more than 3 trades on one pair.
Did right-> took off all the other pairs and concentrated on one pair & trade. Good night!
Tuesday 31.10
Started with a EURJPY selloff again thanks to Livetraders.com. Even though it was pushed through support, it didn't went as I thought it will. Made small profits which at the trading session went into minus anyways because I traded USDJPY without actual proof.
Today was a good day because for the first time I traded with another guy that wants to be a real trader in few months time. His name is Dan, he is 32, from South Africa and 8 months in.
Definitely a guy who will help me a lot on my journey.
Anyways, 34€ on my account. Lost money again. Will see how it goes tomorrow.
Wednesday 1.11.2017 -> 11.11 is my favourite numbahh!!
Anyway, I started with overnight trades and I hit a major volatility pair NZDUSD in the morning when one of the trades triggered and it went up about 500 pips in a few minutes. From there on I made a lot new trades with small lots which I am not sure if its good. Probably not, because I lost a lot of pips because of the fees. Anyways, I am going to hold the trades overnight and I will wake up tomorrow morning around 6.30 just to trade the US news.
I am also learning Elliot Wave Theory on Udemy.
Here is the link ->
https://www.udemy.com/forex-trading-with-the-elliot-wave-theory/learn/v4/t/lecture/6147356?start=0
I don't know what I am doing and if the decision to stay with the trades overnight is a good idea or not. Let's see. I have nothing to loose.
Balance 43€ with and intention that I can lose all of it during the night shift or gain around 80€ if everything goes well.
Thursday 2.11.2017 ->HOW I FUCKED UP EVERYTHING
Okay, so today I lost pretty much all of the money I have made recently and my own money along with it because of greediness and unpatience.
I saw that NZDUSD was coming up and so I decided to go all in with it but eventually it started to fall. I did wrong entry and expected it to be going up all the time but eventually it bounced back and only then went back up again.
LESS IS MORE!
NO QUICK BUCK!
YOU HAVE TO NOTICE THE HIGH PEAK OF THE TREND AND TAKE THE MONEY THERE.
Anyways, lessons learned. This week I am not trading, just learning Elliot Waves and will be back in the markets with another 50€ deposit starting from next week. =)
Less is more!
