This thread is a trading journal showing to beginners who might be interested the way I trade Forex. Please be understanding, I will not answer questions and this thread is not about who is wrong or who is right.
I use for this Journal a demo account of 10k, easy to mirror up or down in terms of position size. The account is provided by a retail broker on MT4 platform, apparently the most used by Forex traders or beginners. I already have some positions in this account those who are interested to know the incentives behind these trades and also be informed in real time can track @neoflytox on twitter. Below is a summary of the closed positions. A position is not a trade; it's a position inside a trade which is a strategy based on a directional bias. Currently I sell (there is no short in Forex) the Euro vs currencies I'am bullish on:
Bearish on the Euro.
Bullish on GBP
Slightly Bullish on USD, AUD and NZD
Neutral on JPY.
I don't go beyond the majors, even though the best opportunities are found on EM currencies.
Opened positions:
Short (For real time updates follow @neoflytox on Twitter but keep it secret)
- Market: Forex
- Symbol: EUR.GBP
- Date: 2015 Nov 2nd 12:18GMT+1
- Order: Market Sell
- Qty: 25K
- Price: 0.7119
- Stop: NA
Short
- Market: Forex
- Symbol: EUR.GBP
- Date: 2015 Oct 30th 16:46 GMT+1
- Order: Market Sell
- Qty: 25K
- Price: 0.7174
- Lock : 0.7170
Short
- Market: Forex
- Symbol: EUR.USD
- Date: 2015 Oct 30th 10:34 GMT+1
- Order: Market Sell
- Qty: 25K
- Price: 1.1083
- Stops: NA
Short
- Market: Forex
- Symbol: EUR.USD
- Date: 2015 Oct 29th 14:32 GMT+1
- Order: Market Sell
- Qty: 25K
- Price: 1.0926
- Stops: NA
Some can wonder how to sustain such a drawdown, it's because a trade is made of multiple positions and the previous P&L is insuring the current drawdown. The goal is to build progressively a heavy position adding to it or taking some partial profit to pay the risk until it reaches the target or the directional bias is questioned.
The directional bias is based on global and domestic macro driving monetary policy. The timing is based on liquidity search, techs positioning barriers attacks (knock outs) and other catalysts like news releases. Updates can be posted here with some delay(they are pasted from another place) , to be updated in real time you can track my tweets @neoflytox. I'll do my best and hope this will help some young beginners to see the Forex differently.