Hello everyone!
Trading plan
Objective
My primary objective in FOREX trading is to do a consistent amount of money. I want to be able to enjoy life, have more freedom and to help other while not having to worry about money issues. Also, I want to have a backup plan in case my professional life took a stab (either from me or from the job itself).
My objective is to achieve 50 % yearly return. That is approximately a weekly 1 % growth. I do not know how possible or realistic that is right now. But that is a nice figure to start with and I will do everything in my power to achieve and go beyond it.
Trading style
I am currently searching my real trading style. Although, right now I am trading intraday, trying to catch daily move. I am using both discretionary method, with Fibonaccis, trendlines and support and resistance levels. I also just began developing a more mechanic one, but most aspect of it are still in construction.
My primary strength is my capacity to be a never-ending learner and find new distinction that can lead me to the ultimate success.
My primary weakness is my attitude of fear toward money and getting little too much emotionally involved in my trading. This fear is causing me to diverge slightly sometimes from my goals and plans.
I made a plan to involved myself for at least 4 hours a day in FOREX studying and I am going to keep that for at least 4 months. I will not trade if :
-I am emotionally tilting.
-there is majors news coming .
-I cannot feel the market in my guts.
-I just don’t feel like it [When that happens, find out what is wrong and correct it]
I am trading the GBPUSD at this time, but I am not tied to that pair and I keep searching for the best market for me. I will trade from 2:30 am to 6:30 am, then to a report of the day at 19:00 pm. I am also developing a more mechanical one (Ozboll)[See below]. Also, I am learning the fundamental , but I cannot at this time use it effectively.
Each day, I will enter my trades and shows chart of what I was thinking at that time, and why I entered a particular trade. I will also input everything I think it is worth seeing. I will write if I followed my plan or not.
After a win, I will write exactly what I did and try to see if I can recognize patterns in my winning trades.
After a lose, I will write exactly what I did and try to see if I followed my plan (find new distinctions that can improve my plan) and try to see if I can recognize any pattern in my losing trade.
Each week, I will review my 5 days of trading and highlight sentences I wrote that I think are important and that I must get back on and analyze what is the best action to take.
Each month, I will review the highlighted sentences and unanswered questions and resolved then. If I cannot solve then by then, I will do it the next month.
Money Management
At this time, I don’t have a clear money management, but I am trading never more than 0.3 % of my capital. I am trading that amount or lower, depending on how sure I am of my trade.
My risk-reward ratio is usually : risk 1, gain 2.
I am still deciding if I should use trailing stop-loss or just let my stop or my take profit get hit. {To complete, see pages 21}
Trading goal
My first goal is to learn to be consistently profitable. I am putting a small amount of my capital (20 % of it) in learning Forex. After some times, when I will be experience and have a better understand of the market, I will be able to put a bigger amount of my capital and trade the same way I do. When I achieve my goal, I will have another goals even bigger that myself.
Welcome to my Journal. I am currently developping 2 journals.
1- One is my personnal trades on the GBPUSD.
I trade with charts :
1-2-3 : big fibs, small fibs, tiny fibs,
4-5 : Trendlines, prices action on GMT period
6-7 : Experimental Triangle and fork chart
8 : Sane chart ( the sanest chart).
You will be able to see them throughout most of my entries.
2- My second journal is my Ozboll system.
Daily Chart setup :
SMA(200)
Bollinger’s Bands 20 period, 0 shift, 2 deviation(BB)
Accelerator Oscillator(AC) + Stochastic Oscillator (5,3,3)(STOCH)
Bollinger’s Bands bandwidth(BW) + Commodity Channel Index (CCI)
The SMA(200) is just to see the general direction of the trend.
A – The bands is tight
1- Price is touching the lower or upper bands. This is the main thing we are looking for, because price won’t usually like being on a edge or crossing one.
2- We are looking to find nice smooth symmetrical half hills (2-3 day) on the both the AC and the STOCH. Full hills are usually 2 week long.
3-(¿ To confirm) Only trade on the opposite direction of the band you are near. STOCH and AC must follow the direction.
4-Exit when you reach the middle band or AC-STOCH goes against you
B –
1- The band is large and price is touching it.
2- STOCH and AC are following each other AND beginning or on the first day of a new hill formation.
3- Trade with the direction of the trend and bands you are near.
4- Exit when :
a - the bandwidth lowers
b- The STOCH and AC hill
c- Price don’t touch the band anymore
The CCI is just to confirm the general direction, and that there is not any divergence in the price.
Live with passion !
Trading plan
Objective
My primary objective in FOREX trading is to do a consistent amount of money. I want to be able to enjoy life, have more freedom and to help other while not having to worry about money issues. Also, I want to have a backup plan in case my professional life took a stab (either from me or from the job itself).
My objective is to achieve 50 % yearly return. That is approximately a weekly 1 % growth. I do not know how possible or realistic that is right now. But that is a nice figure to start with and I will do everything in my power to achieve and go beyond it.
Trading style
I am currently searching my real trading style. Although, right now I am trading intraday, trying to catch daily move. I am using both discretionary method, with Fibonaccis, trendlines and support and resistance levels. I also just began developing a more mechanic one, but most aspect of it are still in construction.
My primary strength is my capacity to be a never-ending learner and find new distinction that can lead me to the ultimate success.
My primary weakness is my attitude of fear toward money and getting little too much emotionally involved in my trading. This fear is causing me to diverge slightly sometimes from my goals and plans.
I made a plan to involved myself for at least 4 hours a day in FOREX studying and I am going to keep that for at least 4 months. I will not trade if :
-I am emotionally tilting.
-there is majors news coming .
-I cannot feel the market in my guts.
-I just don’t feel like it [When that happens, find out what is wrong and correct it]
I am trading the GBPUSD at this time, but I am not tied to that pair and I keep searching for the best market for me. I will trade from 2:30 am to 6:30 am, then to a report of the day at 19:00 pm. I am also developing a more mechanical one (Ozboll)[See below]. Also, I am learning the fundamental , but I cannot at this time use it effectively.
Each day, I will enter my trades and shows chart of what I was thinking at that time, and why I entered a particular trade. I will also input everything I think it is worth seeing. I will write if I followed my plan or not.
After a win, I will write exactly what I did and try to see if I can recognize patterns in my winning trades.
After a lose, I will write exactly what I did and try to see if I followed my plan (find new distinctions that can improve my plan) and try to see if I can recognize any pattern in my losing trade.
Each week, I will review my 5 days of trading and highlight sentences I wrote that I think are important and that I must get back on and analyze what is the best action to take.
Each month, I will review the highlighted sentences and unanswered questions and resolved then. If I cannot solve then by then, I will do it the next month.
Money Management
At this time, I don’t have a clear money management, but I am trading never more than 0.3 % of my capital. I am trading that amount or lower, depending on how sure I am of my trade.
My risk-reward ratio is usually : risk 1, gain 2.
I am still deciding if I should use trailing stop-loss or just let my stop or my take profit get hit. {To complete, see pages 21}
Trading goal
My first goal is to learn to be consistently profitable. I am putting a small amount of my capital (20 % of it) in learning Forex. After some times, when I will be experience and have a better understand of the market, I will be able to put a bigger amount of my capital and trade the same way I do. When I achieve my goal, I will have another goals even bigger that myself.
Welcome to my Journal. I am currently developping 2 journals.
1- One is my personnal trades on the GBPUSD.
I trade with charts :
1-2-3 : big fibs, small fibs, tiny fibs,
4-5 : Trendlines, prices action on GMT period
6-7 : Experimental Triangle and fork chart
8 : Sane chart ( the sanest chart).
You will be able to see them throughout most of my entries.
2- My second journal is my Ozboll system.
Daily Chart setup :
SMA(200)
Bollinger’s Bands 20 period, 0 shift, 2 deviation(BB)
Accelerator Oscillator(AC) + Stochastic Oscillator (5,3,3)(STOCH)
Bollinger’s Bands bandwidth(BW) + Commodity Channel Index (CCI)
The SMA(200) is just to see the general direction of the trend.
A – The bands is tight
1- Price is touching the lower or upper bands. This is the main thing we are looking for, because price won’t usually like being on a edge or crossing one.
2- We are looking to find nice smooth symmetrical half hills (2-3 day) on the both the AC and the STOCH. Full hills are usually 2 week long.
3-(¿ To confirm) Only trade on the opposite direction of the band you are near. STOCH and AC must follow the direction.
4-Exit when you reach the middle band or AC-STOCH goes against you
B –
1- The band is large and price is touching it.
2- STOCH and AC are following each other AND beginning or on the first day of a new hill formation.
3- Trade with the direction of the trend and bands you are near.
4- Exit when :
a - the bandwidth lowers
b- The STOCH and AC hill
c- Price don’t touch the band anymore
The CCI is just to confirm the general direction, and that there is not any divergence in the price.
Live with passion !