txetarro
12-04-2010, 10:44 PM
Hello to one and all members and visiter to forum. I am a relative newbe into the world of forex trading, have been playing around with it for about seven months now and dropped a couple thousand dollers in live accounts.
Have been trading demo now for the previous three months and seeking to learn from others on this website I believe I have to say a big thanks to pepole like and Sho whos threds I have found to be very very helpfull.
Well now it is my turn to attempt and put into action what I have read and discover out for myself weather or not I've lurnt anything have I been wasting my time.
I do not mind if anybody puts comments and or charts with this thred but I do ask that pepole refrain from making unplesent or naste comments about or to anybody else since I believe the perpose of those sort of areas is to learn and try to help each other to improve our trading and NOT to start slanging matches. Thanks for every one.
In order to accomplish that I have just opened a deno mini account with a broker from Australia I am not sure if it's allowed for me to name any brokers here so I wont. The main reason that I picked a broker from Australia though is
1/ I live in that nation although I wasn't born ,
2/ Should I go live with a broker from Australia they have some of the tightest regulations,
3/ There demo account doesn't expire after 30 day if you don't do not trade it which I think is a plus.
That I am going to trade useing only Keltner Channel and Shochastic as clarified by Sho the diffrence being that I will trade the 4hour chart and will use the 1 hour chart to help with my entrys. I will also be useing mainly price action and candle patterns because of my entrance sisters
I will risk no longer than 1.5percent of account equity per trade using a max stop of 30 pips.
My trading will be based only on technical charts together with the sole fundimentles being no trading during news time however this could change as time goes buy. As Isaid I am new to this and hope I can learn from doing this journal and others can find out along the way with me.
Edit: Here are my trading rules as of 6/12/2010, These may be changed as I progress through this journey.
Before trading:
1/ Assess for time of news.
2/ Assess charts and indie up support/resistance places.
3/ Search for pairs that have obviously outlined moves rather than sideways.
4/ Wait for at least 4 hours after market opens on Monday morning local time before making frist trade for weekly.
Entry rules:
1/ All trades will be taken of the H1 charts useing candle configurations and price action signals
2/ When a signal is spoted ckeck to be sure risk doesn't exceed my 1.5percent of captial.
3/ Trades can be earned in eather management Long/Short.
4/ Aposition could possibly be inserted to given that another strong signal in favour of that trade is recived, A max of three put in on trades at the 1 direction on any pair at one period only.
Trade Management:
1/ always set a stoploss degree.
2/ I will not have a set TP degree but will seem to allow my profits run untill I see that a Change in management of the market.
3/ When my place has moved to profit by the same level as my Stoploss I will move my stop to break even and allow trade run.
4/ My frist trade onany pair will risk no longer than 1% the next two add on trades will risk up to 1.5% and the last add on will risk no more than 0.75%.
Trade Exit:
1/ Trades will be exited if the Stoploss is struck.
2/ Once I see what I think is a clear change in the management of the market.
These are my trading rules if anybody thinks that these rules do not cover all the points that have to be covered then don't hesitate to make sugestions or just point me in the right direction. Thank you.
I am going to place this account on Myfxbook so you can follow exactly what I do nad know that it is for real and Idon't cherry pick my own trades to hide my bad ones. Here is the URL to it http://www.myfxbook.com/members/fxprobe/h4-candle-patterns/68462
Have been trading demo now for the previous three months and seeking to learn from others on this website I believe I have to say a big thanks to pepole like and Sho whos threds I have found to be very very helpfull.
Well now it is my turn to attempt and put into action what I have read and discover out for myself weather or not I've lurnt anything have I been wasting my time.
I do not mind if anybody puts comments and or charts with this thred but I do ask that pepole refrain from making unplesent or naste comments about or to anybody else since I believe the perpose of those sort of areas is to learn and try to help each other to improve our trading and NOT to start slanging matches. Thanks for every one.
In order to accomplish that I have just opened a deno mini account with a broker from Australia I am not sure if it's allowed for me to name any brokers here so I wont. The main reason that I picked a broker from Australia though is
1/ I live in that nation although I wasn't born ,
2/ Should I go live with a broker from Australia they have some of the tightest regulations,
3/ There demo account doesn't expire after 30 day if you don't do not trade it which I think is a plus.
That I am going to trade useing only Keltner Channel and Shochastic as clarified by Sho the diffrence being that I will trade the 4hour chart and will use the 1 hour chart to help with my entrys. I will also be useing mainly price action and candle patterns because of my entrance sisters
I will risk no longer than 1.5percent of account equity per trade using a max stop of 30 pips.
My trading will be based only on technical charts together with the sole fundimentles being no trading during news time however this could change as time goes buy. As Isaid I am new to this and hope I can learn from doing this journal and others can find out along the way with me.
Edit: Here are my trading rules as of 6/12/2010, These may be changed as I progress through this journey.
Before trading:
1/ Assess for time of news.
2/ Assess charts and indie up support/resistance places.
3/ Search for pairs that have obviously outlined moves rather than sideways.
4/ Wait for at least 4 hours after market opens on Monday morning local time before making frist trade for weekly.
Entry rules:
1/ All trades will be taken of the H1 charts useing candle configurations and price action signals
2/ When a signal is spoted ckeck to be sure risk doesn't exceed my 1.5percent of captial.
3/ Trades can be earned in eather management Long/Short.
4/ Aposition could possibly be inserted to given that another strong signal in favour of that trade is recived, A max of three put in on trades at the 1 direction on any pair at one period only.
Trade Management:
1/ always set a stoploss degree.
2/ I will not have a set TP degree but will seem to allow my profits run untill I see that a Change in management of the market.
3/ When my place has moved to profit by the same level as my Stoploss I will move my stop to break even and allow trade run.
4/ My frist trade onany pair will risk no longer than 1% the next two add on trades will risk up to 1.5% and the last add on will risk no more than 0.75%.
Trade Exit:
1/ Trades will be exited if the Stoploss is struck.
2/ Once I see what I think is a clear change in the management of the market.
These are my trading rules if anybody thinks that these rules do not cover all the points that have to be covered then don't hesitate to make sugestions or just point me in the right direction. Thank you.
I am going to place this account on Myfxbook so you can follow exactly what I do nad know that it is for real and Idon't cherry pick my own trades to hide my bad ones. Here is the URL to it http://www.myfxbook.com/members/fxprobe/h4-candle-patterns/68462