Might also be because you're switching from presentation into a live account. However, if that is the case I'd still trade smaller for use to the idea of losing money. Could also turn off your computer once you make the transaction lol.
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Might also be because you're switching from presentation into a live account. However, if that is the case I'd still trade smaller for use to the idea of losing money. Could also turn off your computer once you make the transaction lol.
Ok, update on the current trades. While EURUSD is still on the run (I'm completely aware that I bought a weakness)I shut out open positions in USDJPY and GBP since they round numbered support. Since this transactions helped me to return out of my disastrous 5% drawdown, I just got afraid and shut them. But opened a lesser leveraged SHORT position on USDJPY again, and put a SELL STOP beyond round numbered service in GBPUSD.
Hmmm, I simply closed my EURUSD with -4 pips since ISM Manufacturing Index came out favorably backing USD. I really don't know but let's see what happens, I suppose the EURUSD will drop down like gems in few seconds....
ISM Manufacturing Index studying for USD came out quite optimistic. So I anticipated EURUSD to go down but it didn't penetrate the 1.5500. Its perplexing, occasionally news have a big effect and sometimes not (though ISM Manufacturing Index is red colored in FF's calender).
News...
I usually don't give throw about news but Federal Reserve's announcement about its intentions not to further cut rates resulted in the subsequent astrophe.
June 04, 2008 (live trading started on May 19, 2008):
I've done many transactions and its very time consuming to record them all here. However, be certain that you document each transaction for they truly reveal your errors. By reviewing your previous transactions, I've observed subsequent errors:
- You don't trade in accore to your time-frame. To put it differently, while S/L's are mostly placed in harmony with your time-frame, you exit positions too premature.
- You have failed to spot the trend of your time-frame and as a result you are often inclined to buy weakness and market strengths.
- You still have not managed to eliminate the temptation of over-leveraging.
Just try to eliminate the three common errors first and you will have achieved a big progress in your endeavour to be an expert. But, there is good news, I've opened up additional charts for every single currency for the purpose of proper trend analysis.
Fellow traders,
Yesterday I started three places and by closing them now I obtained break-even. From now on, all subsequent trades will be contained in this journal.
Today I went on three pairs: GBPUSD, EURUSD, AUDUSD.
Regrettably I can't place images since I do not know how to do that, so sorry for this.
GBPUSD: '' I went at 1.9513 since there's a significant resistance at 1.9483, that has really proved itself as to be holding since the price did not penetrate it. I have put my S/L farther down at 1.9315, slightly below the 2nd major resistance at 1.9402. My risk on this transaction is limited to 2% of my overall account balance.
EURUSD: we have a major uptrend going on here for many years, hence it feels difficult for me personally to go short on this one. Although I lost quite considerably on EURUSD whilst going long on demo, I believe that a major trend does not turn onto a sixpense. As for the timing the entry, I did not do it, I went at 1.5536 since my S/L is set miles below at 1.5277, slightly below a major resistance at 1.5333. My risk is limited to 2%.
AUSUSD: there's definately something happening here. Yesterday I'd shortened it 0.9526 using a tight S/L in 0.9566. But to my surprise that it went farther upwards breaking through the resistance of 0.9535. I lost 1 percent of my account in a couple of hours. But its okay, now the previous resistance at 0.9535 along with the magical 0.9500 should offer a fantastic support with this pair, causing me to go long at 0.9583 using a comparatively tight stop at 0.9460. By accomplishing my S/L price would indie that the previous breakout was a false one.
Let's see what happens.
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