Fadetoblas Journal
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thread: Fadetoblas Journal

  1. #1
    Junior Member Jhoanperwz1996's Avatar
    28

    Fadetoblas Journal

    Hi all,

    I come from Mongolia and had been demo-trading for 10 months. Since yesterday I moved live and guessed it makes sense to record each trade.

    My system: a discretionary one, no indiors or at all, pure price-action and S R.

    Timeframe: 4H (primary trading chart) and greater.

    Let's see how my company will do. I am certain that you will learn a lot by viewing my transactions. If necessary, Don't hesitate to post questions.

    Cheers,

  2. #2
    Junior Member Jhoanperwz1996's Avatar
    28
    I have switched to reside trading like 10 days ago and have to say that something is different in contrast to demo-trading. While demoing, I used to make like 20 - 30 percent per months. Now, however, I am actually down 2%!!!

    Logically, I attempted to figure out what can it be that I am doing differently now. And probably there are many things that I am not conscious of, but by exercising much more self-awareness I have noticed myself sitting before the screen considerably more often than I used to do! Experience tells me that most of my failures as a trader, whilst demo-trading, were due to the fact I was tracking my open positions also closely. And when I stopped stressing about them and do other important things, trades went well. As a newbie trader, I obviously suffer with this panicking-syndrome once the market goes against you. That's why I will attempt to minimize my presence whilst complying to the next rule: whenever the trade is poor, do not amend it until your S/L has been hit.

  3. #3
    Junior Member pauladd's Avatar
    14
    Hello Zoopy,

    Thanks for your feedback, really appreciated. You are completely right, I must give this notion a significant thought. I just don't know yet which other pairs I should include in my portfolio. One thing is for sure, I will concentrate on just 1 - 3 pairs max. Thats it. Otherwise its quite hard to keep monitoring them. Can you perhaps have a suggestion as of which other pair I could include?
    Fadetobla

    There is the MATAF website which I sometimes refer to just to give me an idea of the correlation between pairs.

    Http://www.mataf.net/en/forex/tradin...elation/table/

    What I have discovered in the past is that it's very hard just to get state 4 pairs that aren't correlated somehow. Here is what I've discovered though...

    gbpusd, eurusd, usdchf, audusd, nzdusd and usdjpy are highly correlated because they have USD inside them so if there's major USD news, you can be sure it will influence all.

    Gbpchf, gbpjpy, eurjpy, euraud and I feel the other yen crosspairs are correlated. I understand when gbpchf goes up, there's a good possibility the others will follow along. May not be the exact same now though because everything is out of whack.

    Usdcad and eurcad are correlated to each other but both of these seem to be less correlated from those above.

    If you take a close look at the above, that will not leave you with a lot of choices lol. So... maybe eurusd, gbpchf and usdcad/eurcad. However,... personally when I had a choice, concentrate on one pair. This gets rid of the correlation problem all together. Besides... if you can't trade 1 pair, what makes you feel that you can trade two or three?

  4. #4
    Junior Member Jhoanperwz1996's Avatar
    28
    Zoopy,

    Thanks for taking time and effort to put these pairs together.

    I am thinking that even though these currencies are connected to a certain degree, yet these correlations will only influence our trades if we'd exchange those huge waves at weekly or monthly charts. But on H4 I see different trends that are secondary and the impact of correlation is at minimal. What do you think on this? Nonetheless, in terms of the major trend you're right and I have decided to restrict my trades to EURUSD, GBPUSD only. Sometimes I might open a position on other pairs though.

    In regard to my journal, today I had a very good idea that might help me in documenting each trade I undertook. For those who follow this thread and MYSELF, I promise that no trade will evaporate not being revealed here. By taking a look at the documentation, it was a great to realize at how dumb I could be at times. Now I managed to document each EURUSD trade which I did undertake.

  5. #5
    Junior Member Jhoanperwz1996's Avatar
    28
    Ok results of the previous three transactions, I figure I number them trade #2.

    I shut all of my open positions with following results: EURUSD @ 44 pips, GBPUSD @ 42 pips, AUDUSD @ 13 pips. Since its the first time that I actually trade live, I believe GREED came for I accepted profits that are roughly 40 pips in size, which is actually a fairly small number compared to gains I used to collect while trading my own system onto demo.

  6. #6
    Junior Member Jhoanperwz1996's Avatar
    28
    I took #3 that involved going LONG on: EURUSD, GBPUSD, USDCAD, AUDUSD

    And going SHORT on: USDJPY.

    Now to the transactions: I haven't closed them yet for I wish to exchange the way I did while demoing - large S/Ls (leaving room for the trade to develop), MM is focused on 1 - 2% of account balance.





  7. #7
    Junior Member Jhoanperwz1996's Avatar
    28
    Reasoning for trade #3.

    EURUSD:

    As already mentioned previously, EURUSD is really on a long-term uptrend and that I don't think it'll turn on a sixpence. S/L is set just beneath the previous dip.

    GBPUSD:

    Considering that the pair did not penetrate the strong support at 1.9402, I believe it might be the beginning of a big ride up. S/L has been placed just below a monthly strong support at 1.9547.

    AUDUSD: Among my difficulty childs for I can anticipate considerable retracements off stage of my entry. On the other hand, the rationale here is the same like EURUSD - a long-term uptrend. I didn't care to time a suitable entry for a few of my rules is, which I've adopted from Soultrader, don't try time the market.

    USDCAD: my second issue child - has not made any substantial moves since yesterday. After reaching a historical dip @ 0.9042, the pair was starting to trend upwards, however, ended up ranging between 0.9794 and 1.0358. Its been ranging here today for like 159 days, which means a breakout, though it must occur at last, its going to become significant one. The reason why I went long on this particular one is that I suppose the pair will continue ranging for a while and in that case there is just 1 way to go - up.

    USDJPY: Properly, price was about to penetrate the bottom line of a H4 triangle, and so I went brief. It had been rather nerv taking for it bounced up and down for quite some time. Lucky for me, even when I woke up this afternoon, price has penetrated the main point and I see a possible downward movement of up to 240 pips.

    Cheers.

  8. #8
    Junior Member Jhoanperwz1996's Avatar
    28
    ... Trade #3.
    I shut EURUSD in 1.5782 ( 171 pips) because it appears to stall at resistance @ 1.5782. Let's see if it breaks through it. 1 thing for sure though, I will not trade possible retracements, in other words I won't go SHORT within an uptrend. Its difficult for me not to trade the pullbacks, but I need to control myself.

    The residual positions do ok with average floating gains of approximately 55 pips, with the exception of USDCAD where I am still long. But my position sizing with this particular one is insignificant. I am still speculating on an up movement.

  9. #9
    Junior Member Jhoanperwz1996's Avatar
    28
    I feel so bad because I didn't stick to the egy of upgrading this journal with each transaction undertaken.

    In the future, I will attempt to do it on the best of my skills.

    After trade #3, I did lots of transactions and was doing great... Until May 29, 2008 if for some reason that the USD rocketed...

    EURUSD:

    I entered a long position at 1.5628, attempting to ch a bottom. But as you all know, it moved down. Since my S/L is at 1.5255, despite -117 pips I had the courage to enter another long position at 1.5511! The pair went even further down from 1.5511 flat, such as 48 pips. Now all I can do is to wait till my S/L will get struck.

    USDJPY:

    I shortened it at 104.99 expecting it fall. But to my surprise that it went up and is currently at 105.57 and is fighting with the strong resistance at 105.59 for quite some time now. I can only hope it comes back... I've promised to myself I will never ever trade this pair .

  10. #10
    Junior Member pauladd's Avatar
    14
    I'm so bad since I didn't adhere to the plan of updating this journal with each transaction undertaken.

    In the future, I will try to do it on the best of my skills.

    After commerce #3, I did many trades and was doing great... Until May 29, 2008 if for some reason that the USD rocketed...

    EURUSD:

    I entered a long position at 1.5628, attempting to grab a bottom. However, as you know, it went down. Since my S/L is at 1.5255, despite -117 pips I had the guts to go into a second long position at 1.5511! The pair went even further down from 1.5511 level, such as 48 pips. Now all I can do is to wait until my S/L gets struck.

    USDJPY:

    I shortened it at 104.99 expecting it fall. However, to my surprise it went upward and is currently at 105.57 and is fighting the powerful resistance at 105.59 for quite a while now. I can only hope it comes back... I have promised to myself that I will never trade this pair .
    Hi Fadetobla

    Nice to see you've started a journal for yourself. You tend to find out faster this way (atleast that's what I've found). 1 thing I'll comment on and I am not sure you've thought about this however, is correlation between the pairs.

    I discovered you're trading eurusd, gbpusd, usdjpy, audusd and I believe I saw usdcad. One needs to be somewhat cautious when trading highly correlated pairs. What I mean by this is... if you typically trade with 2% of your account and go long on eurusd and brief on usdjpy and it doesn't turn out to be in your favor, your risk is not 2%, it is 4%. Something to keep in mind.

    Another thing you need to be cautious of is adding to a loser. Not add to a loser although add to a winner.

    Only my two cents. Good luck with the rest of your trades

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