Hey traders, newbies and old geezers who trade for a living or still try do so. This will be my trading journal to write down my thoughts, mistakes and successes. Right now I am far away from being profitable so take everything I may write as my personal ideas and not as an advise.
My goal is to publish a review of my trading day including the charts with entries and exits and an outlook for the next day or week.
In my progress as a trader I already made all the mistakes possible:
- overtrading
- chasing price
- adding to a loser
- double the risk because of a loser
but still my initial deposit survived somehow. ALL the 3297 trades !! So yes I do trade with real money but it is just a tiny rest. I know after one and a half year of real money trading that I want to finally develop a style of trading that gives me a high probability and quick profits or minimum breakeven trades. I still hate to have losers and I hate to give money back. Although I know that losing is part of the business I want to keep them at a minimum or at least very small!
I love to see trades run in the average daily/weekly range, imortant S&R zones or BRNs.
Now I want to give an example of a trade I made last week to give you an idea of how I trade. Before I post the picture I want to thank all the guys in which threads or books I read and took over templates, ideas and indicators:
Traderathome, Cobra, Clive, Petefader, Dee, doriotcapita, Larry Williams, the community on Forex Factory as well and my girlfriend who patiently accepts my passion for trading :*
Alright let's start this thread with a nice example.
I always start my trading routine with a quick scan of the daily charts after the US session. I am european so for me this means 11pm (GMT+1). There I look for typical strucure (trend reversal or continuation) If you have questions to this just ask me
Daily Chart GBPAUD
Now you can see a break of the low from the daily candle (23.12.). Now I assume that the downtrend will most likely continue or at least give me some decent movement to grab some pips or get the trade breakeven to hold it for a long run (BRN, ADR..) This is the moment when I switch into the 15min timeframe to find an entry which gives me a tight SL. I prefer entries at certain times as well. This means: London open and New York open.
So we find this scenario in the M15
As you can see.. After breaking the daily low price retraced with volume at London open and was rejected under high volume which means for me that sellers sold into this up move to push the price down once more (effort). The result was a nice 45pips move but I "only" took a breakeven trade. My plan here was to hold the trade for at least the daily low from 03.12.2015 and to watch its reaction there.
So the result was "just" a BE trade but I learned to be happy with a trade like this because I sticked to my plan and suffered no loss. Right now I also try to optimize the entries with divergencies but for the moment it is no entry criteria.
Trading this way is one of my tools. Another way to trade is the following style.
I study price behaviour at daily, weekly and monthly highs or lows. You can find very nice entry points with a very small SL and really good movements. Here is only one example for this.
AUDUSD H4
As you can see there were minimum 4 trades (I only marked the profitable ones) in which you would have a SL of maximum 5-10 pips and a reward of over 100pips. Speaking of a nice R:R ratio
I do know I am able to see these patterns which repeat over and over again. But I also know that my mindset is my biggest problem. With the help of this thread and maybe some good advises from you I will make my dream come true and become a trader working in my home office. Being solely responsible for my decisions and the only one who decides over success.
I am positive that all the nights, days, hours and tears... (yes tears ladies and gentlemen... !!) were worth everything
I invite you all to make this a peaceful and harmonic place where we can exchange our ideas and and also critics.
I hope the images are shown in good quality and I will post some trading ideas for the next week in the next days as well
For now.. happy christmas to all of you
Pip
My goal is to publish a review of my trading day including the charts with entries and exits and an outlook for the next day or week.
In my progress as a trader I already made all the mistakes possible:
- overtrading
- chasing price
- adding to a loser
- double the risk because of a loser
but still my initial deposit survived somehow. ALL the 3297 trades !! So yes I do trade with real money but it is just a tiny rest. I know after one and a half year of real money trading that I want to finally develop a style of trading that gives me a high probability and quick profits or minimum breakeven trades. I still hate to have losers and I hate to give money back. Although I know that losing is part of the business I want to keep them at a minimum or at least very small!
I love to see trades run in the average daily/weekly range, imortant S&R zones or BRNs.
Now I want to give an example of a trade I made last week to give you an idea of how I trade. Before I post the picture I want to thank all the guys in which threads or books I read and took over templates, ideas and indicators:
Traderathome, Cobra, Clive, Petefader, Dee, doriotcapita, Larry Williams, the community on Forex Factory as well and my girlfriend who patiently accepts my passion for trading :*
Alright let's start this thread with a nice example.
I always start my trading routine with a quick scan of the daily charts after the US session. I am european so for me this means 11pm (GMT+1). There I look for typical strucure (trend reversal or continuation) If you have questions to this just ask me
Daily Chart GBPAUD
Now you can see a break of the low from the daily candle (23.12.). Now I assume that the downtrend will most likely continue or at least give me some decent movement to grab some pips or get the trade breakeven to hold it for a long run (BRN, ADR..) This is the moment when I switch into the 15min timeframe to find an entry which gives me a tight SL. I prefer entries at certain times as well. This means: London open and New York open.
So we find this scenario in the M15
As you can see.. After breaking the daily low price retraced with volume at London open and was rejected under high volume which means for me that sellers sold into this up move to push the price down once more (effort). The result was a nice 45pips move but I "only" took a breakeven trade. My plan here was to hold the trade for at least the daily low from 03.12.2015 and to watch its reaction there.
So the result was "just" a BE trade but I learned to be happy with a trade like this because I sticked to my plan and suffered no loss. Right now I also try to optimize the entries with divergencies but for the moment it is no entry criteria.
Trading this way is one of my tools. Another way to trade is the following style.
I study price behaviour at daily, weekly and monthly highs or lows. You can find very nice entry points with a very small SL and really good movements. Here is only one example for this.
AUDUSD H4
As you can see there were minimum 4 trades (I only marked the profitable ones) in which you would have a SL of maximum 5-10 pips and a reward of over 100pips. Speaking of a nice R:R ratio
I do know I am able to see these patterns which repeat over and over again. But I also know that my mindset is my biggest problem. With the help of this thread and maybe some good advises from you I will make my dream come true and become a trader working in my home office. Being solely responsible for my decisions and the only one who decides over success.
I am positive that all the nights, days, hours and tears... (yes tears ladies and gentlemen... !!) were worth everything
I invite you all to make this a peaceful and harmonic place where we can exchange our ideas and and also critics.
I hope the images are shown in good quality and I will post some trading ideas for the next week in the next days as well
For now.. happy christmas to all of you
Pip
"Everybody gets what they want out of the market."