Okay so this is it, my new venture.
Basically I'm a bit of forex freak whose aquired a good number of skills over some time, but hasn't really put a lot of trading discipline together in order to turn a profit. I find trades that I back out of wind up in profit...Without a solid framework the market will eat you up like a lawnmower and spit you out. My total losses in fx are only about 250$, though. I really want to turn this around so I'm starting this journal to better structure my Euro trades.
Once I commit to a trade, entry size, tp and sl, thats it, its getting carried through.
Nothing really new here, my idea is to get behind the market and only trade when I spot something solid. Another bad trait to get rid of is trading too much. Many traders, including me, can spot good trades, but after they cash in they feel they have to re-enter right away even if they don't have a good sense of where the price is going from there.
I use, BB's, RSI, chart patterns, and price levels.
I'm going to be running a high risk short stack strategy. My account balance is around 96$. Mainly try to gain around 20% per trade at 100 pips or so, with a sl of up to around 15%, nothing so set in stone but thats the general idea. Risk to me can be interpreted or expressed in many ways. Mostly I see risk not as how much of your account you risk per trade, but not always taking the trades that you know are best for you. Its short stack so if it gets busted no big deal. But if it grows I can lower the risk size over time.
Thanks for reading, first post done, trades to follow...
Basically I'm a bit of forex freak whose aquired a good number of skills over some time, but hasn't really put a lot of trading discipline together in order to turn a profit. I find trades that I back out of wind up in profit...Without a solid framework the market will eat you up like a lawnmower and spit you out. My total losses in fx are only about 250$, though. I really want to turn this around so I'm starting this journal to better structure my Euro trades.
Once I commit to a trade, entry size, tp and sl, thats it, its getting carried through.
Nothing really new here, my idea is to get behind the market and only trade when I spot something solid. Another bad trait to get rid of is trading too much. Many traders, including me, can spot good trades, but after they cash in they feel they have to re-enter right away even if they don't have a good sense of where the price is going from there.
I use, BB's, RSI, chart patterns, and price levels.
I'm going to be running a high risk short stack strategy. My account balance is around 96$. Mainly try to gain around 20% per trade at 100 pips or so, with a sl of up to around 15%, nothing so set in stone but thats the general idea. Risk to me can be interpreted or expressed in many ways. Mostly I see risk not as how much of your account you risk per trade, but not always taking the trades that you know are best for you. Its short stack so if it gets busted no big deal. But if it grows I can lower the risk size over time.
Thanks for reading, first post done, trades to follow...