Rich1969's Journal

[Rich1969]

Hi all,

I thought it might help me discipline myself if I started a Journal.

I have been trading for little under 2 years so if you want to read an experienced traders journal close this one and look else where.

For those still with me this journal will be an honest account of my trades and trading method, warts and all. The point is to help me learn and develop as a trader so I actively encourage you to make constructive criticisms and debate of my entries in this Journal.

My methodology:
Whilst I have confidence in my trading approach I’m also mindful of the fact that at the time writing I’m only making slight gains in profitability. Therefore there is massive room for improvement. I firmly believe that I’m “headed in the right direction” and that I need to focus on improvement the efficiency of my trading method to make the leap from BE to profitable.

So first things first I though I would give a (very) brief overview of my approach to trading:

I'm strongly favour trading in the direction of the trend.
I trade almost exclusively off daily and 4H charts.
I use Support/Resistance levels to help determine entry and exit points for each trade.
I use trend lines to help determine entry and exit points for each trade.
I use analysis of higher time frames to help eliminate low probability trades.
I trade price reversals and break outs.
I keep an open mind to all possible opportunities in trading.
I avoid trading during or near high importance economic news releases.
I use price action to help determine weather to take or leave a trade.
I use candle stick chart patterns to determine entry and exit points for each trade.

Over the coming weeks I plan to elaborate on each of these points to give a more detailed explanation of the above.

For now the point of this journal is to throw open to you all my thought processes in the hope that I will be able to learn something from your critisms and that some of the newer traders may learn from my mistakes.

I hope you find this a useful thread to follow: Cheers Rich

PS I will make excuses now for my bad application of the English language and appalling spelling – there that’s got that out of the way.

[Rich1969]

Live account Aug 26, 2008 10:03 AM GMT Sell GBP/JPY 201.67 closed at 201.47 (Aug 26, 2008 10:42:45 AM) +20 pips
Demo account Aug 25, 2008 22:45 PM GMT Sell NZD/USD 0.7035 closed 0.6937 (Aug 26, 2008.08.26 07 AM) +98 pips

weekly totals
Live 20 pips
Demo 98 pips

The GBP/JPY was a short scalp line breakout, which I got in late due to "other" work commitments.

The NZD/USD is a demo trade on a slightly different system for standard S/r line breaks and reversal.

I will have been testing this for about 4 weeks now and will continue to test on demo account until I'm satisfied it is a profitable system before I start to trade live.

All pip values will be shown after spread and if I enter multi position trades closed part position. I will record pip values according to the proportion of traded value per position. eg if 50% position is closed only 50% of the pips will be recorded for that part of the trade and 50% of the pips value of the remaining position recorded.

[rogan]

Look forward to reading your journal Rich, perhaps it'll give me the kick up the arse I need.... lol

[Olby]

Great stuff Rich. Look forward to seeing how your journey progresses.

All the best with it.

[Bap]

Nice journal Rich. Always look forward to these.

I am still trying to figure a lot of things out about 4X and this is one of them.

I have no problem with your TP level of 204.47 @ 10:45 I match that on three different feeds. But I cant figure the 201.67 entry @10:03.

The best my ODL feed gives me @ 10:03 is 201.54, interbank only was @ 201.53 and MBT made it to 201.55 at the begging of 10:04.

What broker are you using? My differences are all within the spread differences and I am comfortable with that but against you I am missing 12 pips and that I worry about.

Anybody with any ideas. All times GMT.

[Rich1969]

Tks for your support guys.

Baps the price I entered on was using GFT. I have check this morning & its the correct price on their platfrom. I checked IBFX and their time line is GMT whereas GFT is British Summer Time (GMT+1hr). This may explain why your seeing diff price at 10.03 on ODL. Rich

[wombles]

Hi Rich,
Good effort. Look forwards to following your progress.
Hey, who knows...I might even do a journal myself soon.

[Rich1969]

Live account Aug 27, 2008 10:16 AM GMT Sell GBP/JPY 200.61 closed at 201.13 (Aug 27, 2008 11:25 AM) -52 pips

Short scalp I though it would test the 200.00 so targeted 50 pips. No news that I'm aware of and higher tf shown obvious reason for reversal.

The momentum looked okay but I have missed something here. Any ideas anyone?

weekly totals
Live -32 pips
Demo 98 pips

[Bap]

Rich
Excellent! That cleared things up for me.
That 201.67 line is an great example of resistance becoming support, then resistance again then support etc etc. At least on my charts with a 4 to 5 pip variance.
Thanks for pointing that out.

[rogan]

Originally Posted by Rich1969

Live account Aug 27, 2008 10:16 AM GMT Sell GBP/JPY 200.61 closed at 201.13 (Aug 27, 2008 11:25 AM) -52 pips

Short scalp I though it would test the 200.00 so targeted 50 pips. No news that I'm aware of and higher tf shown obvious reason for reversal.

The momentum looked okay but I have missed something here. Any ideas anyone?

weekly totals
Live -32 pips
Demo 98 pips

Rich, the only thing I have here is a clean bounce of my trend line.

Hope that helps ?