Hi Guys,
As one of my New Years resolutions I am starting this trade journal.
I think ill use this for my contrarian daily/4 hour method. I also trade short term breakouts but Im unsure if Ill document those here yet. Depends how this goes I suppose.
The reason I havent used a journal in the past is partly due to laziness/ time constraints and also the feeling that giving away "my secrets" will somehow make my methods unprofitable . I know that nothing I write on an internet forum can change a TRILLION dollar market but thats how i feel. Ive resolved to try to put those feelings aside and give this a shot.
"Dont do what Donny Dont Does" is a quote from the Simpsons. In this case Donny Dont is the average retail forex trader who it is widely reported struggles to make a profit in this game. The often quoted numbers are 80-90% of retail traders lose money.
Setup Rules-
Once the long short ratio gets over %60-40 on a pair and is traded by +5% of traders I look for a price action or breakout entry on the 4H or daily charts
So for example 9.67% of clients at this large retail broker currently have a position open in AUD USD. 70.81% of them are long so Im looking for a Signal to go short.
Why are so many traders long AUDUSD? Because retail traders love to go against the trend. It HAS to turn around soon right? The longer the downtrend the more retail gets long and the more the retail guys lose money. Thats where I come in with a sell stop below 0.72 and trade the breakout which eats up all the poor retail guys stops which are clustered below 0.72
Thats a Brief intro for now.
EDIT- Im going to try to post all my trades now and update a monthly profit/loss which was hard to do if i wasnt adding all trades.
As one of my New Years resolutions I am starting this trade journal.
I think ill use this for my contrarian daily/4 hour method. I also trade short term breakouts but Im unsure if Ill document those here yet. Depends how this goes I suppose.
The reason I havent used a journal in the past is partly due to laziness/ time constraints and also the feeling that giving away "my secrets" will somehow make my methods unprofitable . I know that nothing I write on an internet forum can change a TRILLION dollar market but thats how i feel. Ive resolved to try to put those feelings aside and give this a shot.
"Dont do what Donny Dont Does" is a quote from the Simpsons. In this case Donny Dont is the average retail forex trader who it is widely reported struggles to make a profit in this game. The often quoted numbers are 80-90% of retail traders lose money.
Setup Rules-
Once the long short ratio gets over %60-40 on a pair and is traded by +5% of traders I look for a price action or breakout entry on the 4H or daily charts
So for example 9.67% of clients at this large retail broker currently have a position open in AUD USD. 70.81% of them are long so Im looking for a Signal to go short.
Why are so many traders long AUDUSD? Because retail traders love to go against the trend. It HAS to turn around soon right? The longer the downtrend the more retail gets long and the more the retail guys lose money. Thats where I come in with a sell stop below 0.72 and trade the breakout which eats up all the poor retail guys stops which are clustered below 0.72
Thats a Brief intro for now.
EDIT- Im going to try to post all my trades now and update a monthly profit/loss which was hard to do if i wasnt adding all trades.