Well here it goes...
Method:
J16
Time Frames:
weekly/daily/4hr
I will be taking my trades posted in this journal on a live account. If there is a trade posted that is taken on a demo account, I will specify that.
Risk per trade will vary, never exceeding 4%.
Up to this point, my trading has been very loosely monitored. I think making a thread like this will force me to take full and detailed recordings of all my decisions. Starting this journal can only help me so I feel it's necessary in my pursuit of success.
Every weekend I will post how much my account has grown, or how much my account has shrunk during the previous week in percentage terms (that's realized and unrealized).
I need to thank my mentor, James16 for being the most helpful and giving human being on the internet (this is not an exaggeration, just fact). His crew in the J16 thread are overly friendly and it will leave you stunned when you first check it out. I have been inspired by others who have come up as successful traders, namely kissfan, MBQB11, and Jarroo are the first 3 who pop into my head. I know there's a ton more but you guys know who you are! If I ever give back half to anyone else, what I have learned from these people, I will be extremely pleased with myself.
Let's get this party started, shall we?
UPDATE: 4-29-2010
I have neglected this thread in a bad way. I turned my attention back to the J16 thread, and that thread has been bogged down by politics and newer traders as of this past week or so. I can't complain about new traders, because I'm a new trader too. But I feel like my graduation is near in terms of deciding who I AM, and what I BELIEVE. It's time for me to pave my own road, and determine what type of trades I want to take, and what my risk structure is for those trades. Also, my technique has spread beyond J16 PA, and posting touch trades in the J16 thread doesn't feel right to me anymore. Recently, I have had a good "theoretical" run of touch trades going with the trend (by theoretical, I mean that I have canceled some winner trades before they even were triggered, and would have proven to be very successful in hindsight). My studies into round numbers at every 100 pip increment has also become better, also the idea that closing up the entire position at a first target area is a good idea, for the most part (thanks Mike!).
Also, I have began studying futures now. Expanding my knowledge to more markets will mean that I have more opportunity, thus more reason to be patient and wait for the best trades. As of this date, I HOPE that I can be trading futures on a live account after 3 months of study.
95% of traders fail. What do traders on Forex Factory NOT DO, especially in the journals section? Answer: They don't post their trade terminals. Why? Because they're part of the 95%. period. End of discussion.
I plan to start posting my terminal here, and following what I see on my charts, and my own risk structure when I see an opportunity. I don't care if I have a string of losing trades. Really I don't. Money does not matter, what matters is progress. AM I IMPROVING? well, that will be seen here.
I still owe my knowledge to my mentors, and without them I would be doomed.
Rules:
I am not smarter than my rules
All trades where a plan was followed, go in the winner column. +/- is irrelevant
Weekly trades are managed on a weekly chart, daily trades are managed on a daily chart
Trend is my friend
Counter trend trades are good for 1% risk at the most
Trend trades are good for 3% risk at the most
Be patient
Don't be greedy
If you guys have any questions in regards to why I took a trade the way I did, or something of that nature, I hope you will ask in a reasonable manner that doesn't hint at "pie in the sky" expectations because I will not deal with that. Also, private messages get a much better response from me than a random post thrown into my thread here, so consider that a hint as to how to get a good response from me.
UPDATE: 6-2-2010
New update, I have reduced the number of pairs I am trading down to:
EURUSD
GBPUSD
AUDUSD
USDCAD
EURGBP/GBPCHF (these almost mirror each other)
EURJPY
GBPJPY
I may place a rare trade here and there on the other pairs, but the other pairs are too choppy I have found. lowering to these ones will allow me to get a better feel for them specifically as well. Also I can focus heavier on futures, and becoming accustomed to the fundies!
Method:
J16
Time Frames:
weekly/daily/4hr
I will be taking my trades posted in this journal on a live account. If there is a trade posted that is taken on a demo account, I will specify that.
Risk per trade will vary, never exceeding 4%.
Up to this point, my trading has been very loosely monitored. I think making a thread like this will force me to take full and detailed recordings of all my decisions. Starting this journal can only help me so I feel it's necessary in my pursuit of success.
Every weekend I will post how much my account has grown, or how much my account has shrunk during the previous week in percentage terms (that's realized and unrealized).
I need to thank my mentor, James16 for being the most helpful and giving human being on the internet (this is not an exaggeration, just fact). His crew in the J16 thread are overly friendly and it will leave you stunned when you first check it out. I have been inspired by others who have come up as successful traders, namely kissfan, MBQB11, and Jarroo are the first 3 who pop into my head. I know there's a ton more but you guys know who you are! If I ever give back half to anyone else, what I have learned from these people, I will be extremely pleased with myself.
Let's get this party started, shall we?
UPDATE: 4-29-2010
I have neglected this thread in a bad way. I turned my attention back to the J16 thread, and that thread has been bogged down by politics and newer traders as of this past week or so. I can't complain about new traders, because I'm a new trader too. But I feel like my graduation is near in terms of deciding who I AM, and what I BELIEVE. It's time for me to pave my own road, and determine what type of trades I want to take, and what my risk structure is for those trades. Also, my technique has spread beyond J16 PA, and posting touch trades in the J16 thread doesn't feel right to me anymore. Recently, I have had a good "theoretical" run of touch trades going with the trend (by theoretical, I mean that I have canceled some winner trades before they even were triggered, and would have proven to be very successful in hindsight). My studies into round numbers at every 100 pip increment has also become better, also the idea that closing up the entire position at a first target area is a good idea, for the most part (thanks Mike!).
Also, I have began studying futures now. Expanding my knowledge to more markets will mean that I have more opportunity, thus more reason to be patient and wait for the best trades. As of this date, I HOPE that I can be trading futures on a live account after 3 months of study.
95% of traders fail. What do traders on Forex Factory NOT DO, especially in the journals section? Answer: They don't post their trade terminals. Why? Because they're part of the 95%. period. End of discussion.
I plan to start posting my terminal here, and following what I see on my charts, and my own risk structure when I see an opportunity. I don't care if I have a string of losing trades. Really I don't. Money does not matter, what matters is progress. AM I IMPROVING? well, that will be seen here.
I still owe my knowledge to my mentors, and without them I would be doomed.
Rules:
I am not smarter than my rules
All trades where a plan was followed, go in the winner column. +/- is irrelevant
Weekly trades are managed on a weekly chart, daily trades are managed on a daily chart
Trend is my friend
Counter trend trades are good for 1% risk at the most
Trend trades are good for 3% risk at the most
Be patient
Don't be greedy
If you guys have any questions in regards to why I took a trade the way I did, or something of that nature, I hope you will ask in a reasonable manner that doesn't hint at "pie in the sky" expectations because I will not deal with that. Also, private messages get a much better response from me than a random post thrown into my thread here, so consider that a hint as to how to get a good response from me.
UPDATE: 6-2-2010
New update, I have reduced the number of pairs I am trading down to:
EURUSD
GBPUSD
AUDUSD
USDCAD
EURGBP/GBPCHF (these almost mirror each other)
EURJPY
GBPJPY
I may place a rare trade here and there on the other pairs, but the other pairs are too choppy I have found. lowering to these ones will allow me to get a better feel for them specifically as well. Also I can focus heavier on futures, and becoming accustomed to the fundies!
Many choose unhappiness over uncertainty.