Zack's Trading Journal to 1 Million Dollars

[Pearson]

Hello All

This is my trading journal to 1 million dollars. I will be starting with approximately $600.

I will be trading 'pennies' in many peoples mind, but they will begin to add up as I go along. For the most part I probably will not be too keen on using a stoploss, as I am pretty good about picking a direction. I use small lot sizes (1 cent per pip for every $100.00) I am comfortable with a lot of drawdown no matter the account size, and will trade the night away.

Once I place a trade, I will compound my lot size every 100 pips depending on the currency being traded. This is to account for trades that have unexpected news or something there other to interfer with my original entry. If I see that a trade is going the opposite direction I will cut the loss, no hard feelings.

My goal will be to make 1000 pips each week, starting with .06 lots (6 cents per pip, and $60.00 each week) The main pair I will be trading is GBP/JPY but I will occasionally place trades in other pairs. I prefer the pairs that move the most, but if I see a good trade I will trade it regardless.

Typically I would say I would be looking for having no more than 2-3 trades open, and most likely usually 1.

My project 'officially' starts next week, but I will be placing some trades in the meantime.

As for analysis, I will be using Support/Resistance in addition to one maybe two overbought/oversold indicators, but most importantly price action and patterns.

I have a part-time job and I will be placing more money into my account as time goes by, but with everything accounted for, I should be looking at my million dollar account by my 21st Christmas. Wish me luck.

I will post updates along the way to compare where I am forecasting to be and where I actually am.

Zack

[Pearson]

For my first trades this week,

I am Short on GBP/JPY at 205.29
I am Short on AUD/USD at .9586

I have no targets for these yet, just expecting at least 300 on each.

Let's see where they go

Zack

Current Equity: $628.24

[rogan]

Wow - good luck !!!

[jarmin]

Good luck - How old are you now??? When is your 21st birthday?

[LearningToPimpPips]

Why did you go shorts at 205.29 on GBP/JPY.

Most on this board are long with the break of the 204.80 S/R line and letting a 2nd half ride at this point.

[Pearson]

Originally Posted by jarmin

Good luck - How old are you now??? When is your 21st birthday?

June 1, I turn 20

[Pearson]

Originally Posted by LearningToPimpPips

Why did you go shorts at 205.29 on GBP/JPY.

Most on this board are long with the break of the 204.80 S/R line and letting a 2nd half ride at this point.

I realize that....but I don't see the uptrend lasting. The entry may be early, but I see it going short more than long. Time will tell. I don't think it will make it to 207.00. I have been wrong before. I try not to predict immediately where it will turn, only that it will.

[Pearson]

Just stopped by and thought I would give an update

Short USD/JPY .06 lots 104.01 Target 103.50
Short GBP/JPY .06 lots 206.00
Short GBP/JPY .06 lots 205.29
Short GBP/USD .06 lots 1.9771
Short GBP/USD .06 lots 1.9834
Short AUD/USD .06 lots .9586

Equity $627.13

These are longer term trades so maybe I will come back before London tonight and see some bigger profit.

I am waiting for a confirmation on the daily for AUD/USD with a close below .9558. If it closes there today it is a bearish engulfing pattern, with a close below the weekly trendline. I don't think that it will have enough momentum to move above the trendline again at .9558 if it closes below it today in 7.5 hours.

To accelerate my trading experience I have decided that for no indicator trades (trades based just on S/R, Price Action, and Candlestick Patterns) I will use Nick's guidelines, and lot sizes will be .01 mini lots for every $40 in the account, with the current balance instead of .06 it will be .15 lots(15 cents per pip)

In addition, if the indicators I am using, I really don't like using indicators all that much but I like to keep a CCI period 14 on my charts, I will post some charts when I have time, but basically I like scalping and trading 4 hour charts.

I like low stress trading and 4 hour charts allow me to do that. Big on no indicators, but if I do use one its either CCI, MACD or RSI, but I like the CCI because it incorporates the other two in it.

Good luck all and happy pipping!

[merino]

Hi Zack,

Good to see you here,All the best for the journal

Merino

[heks]

You are doing good, you are up around 190 pips at the moment (trades from your last post). One step ahead to your million. Good luck