That is my first journal. I begin this diary to appraise this trading egy and which currency pairs fits best with this egy. After 12 months I shall examine this trading egy and the currency pairs.
[Performance for May 2008 was roughly 10% (1028 pips) but won't be included in this journal]
Rules: Daily review, between 17:00. .21:00 (est), all the [17] currency pairs off the daily charts and 240 min. Chart for conformation; The (soft) S/L is originally 100 pips/1% (GBP pairs 200 pips/1percent ) BUT if everything looks good then depart the commerce open and give it more space to get a maximum reduction of 200 pips/2%; Exactly the very same rules applies for profit taking: originally close the transaction if the transaction is currently 100 pips in profit BUT if the trade looks exhausted or if it goes against me then shut the trade immediately; When the transaction is about 50 pips or more in profit then move the (hard) S/L to break-even (B/E); Replace market order with cease order 10 pips under/above last low/high. Put stop orders at the queue (reveal here). Make additionally notes of this minimal required S/L, B/E and highest potential T/P for that specific trade. Discontinue order queue:
Date Time Currency Pair Buy/Sell Price
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Trade 1 closed at B/E (about the pip and going 300 pips in my direction! - Insert next time 10 pips extra below/above B/E). Trade 3 closed for 75 pips. Trade 5 closed to 100 pips. Trade 2 are still available.