Mission Statement: To try out a new position trading strategy that I am creating. To identify losing trade mistakes and to learn from them. To highlight emotional trades based on impulse or greed with a view of stopping these.
Where I am at the moment: Trading on and off for a few years. Read enough to sink a ship. Now I wish to become consistent and analytical about my trades.
The Plan: To begin with, I will look to take at least one position a day, though this may be a pending order and will depend on the instrument that I am watching. As positions open, I can then look to diversify my portfolio. The aim to to make pips not £'s. £'s come with pips naturally.
Risk Appetite: I am looking at 1% risk. for me on MT4, that is 0.01 lots. As I progress, I will leave the option to increase this to 3% on some trades but no more.
Balance: I am using a demo account for this with the assumption of a £500 balance. In reality there is 100,000 in the account though, this is being ignored. and only £500 is being used. (I have requested my broker reduce this, unsure if they're able too).
Community interaction: This journal is for me to be self critical. That being said, I am more than happy for people to comment, critique, offer advice and suggestions. I will take every bit of help I can get. Please note though, I am trading a strategy so, it may be that I hear what you're saying but I may trade it my way anyway to see what results I would have gotten. I am happy to discuss / share anything that happens as a result of this.
One request though; I will post screen shots / summaries of my trades before the trade goes live where possible and all trades will be linked to my trade explorer which is public. I request simply that comments are useful / constructive.
Outside of that, I hope that it can also be helpful to someone. I have no idea what this is going to look like in a few months time, but here goes!
I will post my first trade up tonight. Let me know if you wish me to include anything.
Where I am at the moment: Trading on and off for a few years. Read enough to sink a ship. Now I wish to become consistent and analytical about my trades.
The Plan: To begin with, I will look to take at least one position a day, though this may be a pending order and will depend on the instrument that I am watching. As positions open, I can then look to diversify my portfolio. The aim to to make pips not £'s. £'s come with pips naturally.
Risk Appetite: I am looking at 1% risk. for me on MT4, that is 0.01 lots. As I progress, I will leave the option to increase this to 3% on some trades but no more.
Balance: I am using a demo account for this with the assumption of a £500 balance. In reality there is 100,000 in the account though, this is being ignored. and only £500 is being used. (I have requested my broker reduce this, unsure if they're able too).
Community interaction: This journal is for me to be self critical. That being said, I am more than happy for people to comment, critique, offer advice and suggestions. I will take every bit of help I can get. Please note though, I am trading a strategy so, it may be that I hear what you're saying but I may trade it my way anyway to see what results I would have gotten. I am happy to discuss / share anything that happens as a result of this.
One request though; I will post screen shots / summaries of my trades before the trade goes live where possible and all trades will be linked to my trade explorer which is public. I request simply that comments are useful / constructive.
Outside of that, I hope that it can also be helpful to someone. I have no idea what this is going to look like in a few months time, but here goes!
I will post my first trade up tonight. Let me know if you wish me to include anything.