I've decided to start a journal. I don't want to clog up any threads with my posts - so now I can just clog up my own!
I'm not an experienced trader. Been learning and demoing for about a year so you won't find anything special here, just someone learning 'on the job' as it were.
I trade by observing candlestick patterns around past support and resistance areas. These areas include trendlines, fib levels and pivot levels.
I usually trade off the smaller TF's (1M, 5M, 15M), but if I see a good setup on the higher TF's then I will take that. I use the same techniques on lower and higher TF's.
I have a small account (200GBP). This is for two reasons. One, its the only money I have that I can afford to lose, and two, if I am a good trader then it should be all I need to get going on the path. I'll never be risking more than 2% of my account and will be aiming to increase my account by around 20% a month although this isn't a set target.
I do not trade full time - I have another job so I can only do my trading in the mornings first thing really (0630-0830 GMT), however because I live in the UK I catch the Frankfurt open and the London open which provide good trading opportunities. I'll try and give my reasons why I took trades as often as I can (for myself mainly).
I hope to gain knowledge and experience here as well from experienced traders, and any contructive criticism/feedback is appreciated.
Jimmy
JOURNAL UPDATE:
I blew this first account in Sept 10. I was gutted because I was trading well at points. I had good steady gains followed by one bigger loss. This was due to my failure to keep a hard stop on a trade where I thought 'I was right'. In the end this was my ultimate downfall.
The last few months I have gone back to demo trading in an attempt to sort out this psychological aspect to my trading. I think it has worked but only going live again will tell. In my opinion I have spent 200 pounds on an education that I could not receive off of anyone but the market itself. It taught me an indispensible lesson.
Money Management and psychology are everything in trading.
I have saved a bit of capital over this period ready to go live in the second week of the new year 2011.
Ding ding round 2..........
I'm not an experienced trader. Been learning and demoing for about a year so you won't find anything special here, just someone learning 'on the job' as it were.
I trade by observing candlestick patterns around past support and resistance areas. These areas include trendlines, fib levels and pivot levels.
I usually trade off the smaller TF's (1M, 5M, 15M), but if I see a good setup on the higher TF's then I will take that. I use the same techniques on lower and higher TF's.
I have a small account (200GBP). This is for two reasons. One, its the only money I have that I can afford to lose, and two, if I am a good trader then it should be all I need to get going on the path. I'll never be risking more than 2% of my account and will be aiming to increase my account by around 20% a month although this isn't a set target.
I do not trade full time - I have another job so I can only do my trading in the mornings first thing really (0630-0830 GMT), however because I live in the UK I catch the Frankfurt open and the London open which provide good trading opportunities. I'll try and give my reasons why I took trades as often as I can (for myself mainly).
I hope to gain knowledge and experience here as well from experienced traders, and any contructive criticism/feedback is appreciated.
Jimmy
JOURNAL UPDATE:
I blew this first account in Sept 10. I was gutted because I was trading well at points. I had good steady gains followed by one bigger loss. This was due to my failure to keep a hard stop on a trade where I thought 'I was right'. In the end this was my ultimate downfall.
The last few months I have gone back to demo trading in an attempt to sort out this psychological aspect to my trading. I think it has worked but only going live again will tell. In my opinion I have spent 200 pounds on an education that I could not receive off of anyone but the market itself. It taught me an indispensible lesson.
Money Management and psychology are everything in trading.
I have saved a bit of capital over this period ready to go live in the second week of the new year 2011.
Ding ding round 2..........
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.