Hi my name is Jackie. I am starting this journal to track my progress. You will get to follow my transition from demo trader to live trader and eventually Incubator fund trader to hedge fund trader.
I use a long term trading strategy trading from the Daily, Weekly, and sometimes Monthly charts. You will see that I usually make one to two trade a week. I don't use Take Profits, I use trailing stops and wait to get stopped out.
When I place a trade I place it in the direction of the long term trend with a 50 pip trailing stop and a 1000 pip Stoploss. At the end of the day if the trade is over 100 pips in the positive I increase the size of my trailing stop to 50 precent of the gains in an effort to give my trade more room to range, while giving me the oppurtunity to stay in a long term trend.
So for example I buy the EUR and at the end of my trading day it has run up 150 pips and my 50 pip trailing stop has not been stopped out then I will increase it to half of 150 (75 pip trailing stop).
This am I made my first trades for this journal
Buy EUR/USD @ 1.5474 currently 1.5530
Sell USD/JPY @ 103.52 currently 103.83
Buy GBP/USD @ 1.9612 currently 1.9609
Sell USD/CHF @ 1.0462 currently 1.0442
Thats it for now,
Jackie
I use a long term trading strategy trading from the Daily, Weekly, and sometimes Monthly charts. You will see that I usually make one to two trade a week. I don't use Take Profits, I use trailing stops and wait to get stopped out.
When I place a trade I place it in the direction of the long term trend with a 50 pip trailing stop and a 1000 pip Stoploss. At the end of the day if the trade is over 100 pips in the positive I increase the size of my trailing stop to 50 precent of the gains in an effort to give my trade more room to range, while giving me the oppurtunity to stay in a long term trend.
So for example I buy the EUR and at the end of my trading day it has run up 150 pips and my 50 pip trailing stop has not been stopped out then I will increase it to half of 150 (75 pip trailing stop).
This am I made my first trades for this journal
Buy EUR/USD @ 1.5474 currently 1.5530
Sell USD/JPY @ 103.52 currently 103.83
Buy GBP/USD @ 1.9612 currently 1.9609
Sell USD/CHF @ 1.0462 currently 1.0442
Thats it for now,
Jackie