Hey,
This is a second crack at recording my trades. After not trading since January I finally have the time needed to trade. In this first post I will announce and update my:
Trade criteria
Total returns
Completed trades
In the continuing posts I will post my trades as I enter them, all of them, and I will include my charting/analysis.
I ask that you don't post comments here, even encouragement, as this is my bookkeeping page. I will open a second thread, "Palmer's Live Trading Discussion" for discussions or encouragement.
Acknowledgement:
#1- J2Fcm: He got me into forex, which was probably one of the best things that has happened to me in about 29.7 years.
#2- James16, Dialist and Fijitrader. These guys have an amazing system and I hope "I do good by it". I'm no pro though, so there's a good chance I might misinterpret/misunderstand a concept of theirs.
#3- Jacko and StieveT's threads. I took good information away from them and am sincerely grateful.
Methodology:
Trade signals:
Double/Triple bar low/high - creates new support/resistance for breakout
Double/Triple bar low/high Close - trend changes/swings
Outside bars - Trend continuation
Pin bars/Pinnochio - Swings/breakouts (combined with Fib's)
Trade entry points:
On Fib retracements, or above resistances/ below supports for breakouts.
Trade exit points:
Based on 4 hour tunnel MT4 program. You'll see the bands following the 55 EMA that indicate take profit points, on my graphs.
Money Management:
Leveraged account balance: $500
Actual deposited funds: $500
Risk 1-2% ($5-10) per trade
Date: 4/10/8
Current balances:
__________________Start_____Current_____Total Change
USD________________500______534.31_______34.31
% Acct Gain_________0________2.726%_______6.862%
*Added funds, percent gain is still accurate
As time goes on I will add additional funds, but the percent gain remains a universally accurate figure
For example- I have calculated percent gain on a $500 account. Now I add $200. If I calculate percentages from that point on for a $700 account the total percentage gain will still reflect respective "Account Gain" despite the fluctuation in total account value (percentages are valueless).
**On 6/22/8 I have updated my balance- I have created a new account with a clean dollar history, but am keeping all trades recorded. This new account actually has $500, and on top of that I am adding in the percent gained/lost thus far to bring my Long Term account to an accurate balance. Prior to this update my account reflected scalping, trend trading, and long term trading. Now this account and balance will reflect all the mistakes/gains I've made thus far and, from this point on, ONLY the long term trading I make- no more scalps or trend trading here.
2008___________
April
$ Gain______________ $17.13
% Acct Gain___________ 3.426%
May
$ Gain______________ $3.60
% Acct Gain___________ 0.71%
June
$ Gain______________ $13.63
% Acct Gain___________ 2.726%
Good luck trading guys!
This is a second crack at recording my trades. After not trading since January I finally have the time needed to trade. In this first post I will announce and update my:
Trade criteria
Total returns
Completed trades
In the continuing posts I will post my trades as I enter them, all of them, and I will include my charting/analysis.
I ask that you don't post comments here, even encouragement, as this is my bookkeeping page. I will open a second thread, "Palmer's Live Trading Discussion" for discussions or encouragement.
Acknowledgement:
#1- J2Fcm: He got me into forex, which was probably one of the best things that has happened to me in about 29.7 years.
#2- James16, Dialist and Fijitrader. These guys have an amazing system and I hope "I do good by it". I'm no pro though, so there's a good chance I might misinterpret/misunderstand a concept of theirs.
#3- Jacko and StieveT's threads. I took good information away from them and am sincerely grateful.
Methodology:
Trade signals:
Double/Triple bar low/high - creates new support/resistance for breakout
Double/Triple bar low/high Close - trend changes/swings
Outside bars - Trend continuation
Pin bars/Pinnochio - Swings/breakouts (combined with Fib's)
Trade entry points:
On Fib retracements, or above resistances/ below supports for breakouts.
Trade exit points:
Based on 4 hour tunnel MT4 program. You'll see the bands following the 55 EMA that indicate take profit points, on my graphs.
Money Management:
Leveraged account balance: $500
Actual deposited funds: $500
Risk 1-2% ($5-10) per trade
Date: 4/10/8
Current balances:
__________________Start_____Current_____Total Change
USD________________500______534.31_______34.31
% Acct Gain_________0________2.726%_______6.862%
*Added funds, percent gain is still accurate
As time goes on I will add additional funds, but the percent gain remains a universally accurate figure
For example- I have calculated percent gain on a $500 account. Now I add $200. If I calculate percentages from that point on for a $700 account the total percentage gain will still reflect respective "Account Gain" despite the fluctuation in total account value (percentages are valueless).
**On 6/22/8 I have updated my balance- I have created a new account with a clean dollar history, but am keeping all trades recorded. This new account actually has $500, and on top of that I am adding in the percent gained/lost thus far to bring my Long Term account to an accurate balance. Prior to this update my account reflected scalping, trend trading, and long term trading. Now this account and balance will reflect all the mistakes/gains I've made thus far and, from this point on, ONLY the long term trading I make- no more scalps or trend trading here.
2008___________
April
$ Gain______________ $17.13
% Acct Gain___________ 3.426%
May
$ Gain______________ $3.60
% Acct Gain___________ 0.71%
June
$ Gain______________ $13.63
% Acct Gain___________ 2.726%
Good luck trading guys!
No sig