Forex Signal Mentor

  

Trading Made Easy  

All times are UTC - 5 hours [ DST ]


Forum rules


Members of ForexSignalMentor.com How's your progress going? Post your results and if you need any extra one-on-one help, a good place to start is to post here and myself and others will help you.



Post new topic Reply to topic  [ 4 posts ] 
Author Message
 Post subject: Nudge's Trade Journal
PostPosted: Wed Jun 02, 2010 1:33 am 
Offline
FSM Subscriber

Joined: Tue Jun 01, 2010 2:01 pm
Posts: 7
Location: Queensland, Australia
Hi All,

Just to give you a little on my forex journey, I found forex back in December 2008 and have been trading demo on and off, I have a good understanding of what most of the terms mean, and also have a good understanding of different candle patterns and various simple stratergies that sometimes work, however I didn't really put this knowledge to any real use, I was a gambler.

In Janyary 2010 I decided I would go live with a deposit of $500 and blew it, and then again 3 more times over the last couple months, what was my problem? I believe it was my idiot attitude of thinking I was playing blackjack, ignorance to the way people trade, not understanding what the hell I was doing, and using too much 'gut' feeling, yep I learnt sweet F.A.

So this time, I opened a micro account with a $50 deposit using between 0.02 and 0,05 lots, this will be my demo account. I just feel this is better for my mindset rather than demo trading, I'm currently sitting on $62.

This time around I promised myself I would not allow emotion, greed, impatience, and all the other naughty things that kill a trader to get the better of me.

I've always felt that I needed a mentor, it's the best way I have learnt in the past with other things, so today I did a search for mentors and found Loz at ForexSignalMentor and can see from just 1 of his lessons, I have made the right choice.

My plan, is to give me the education needed to have a greater win % over my losing %, simple as that really.

So, over the coming months, I hope to progress in my journey more than I have done in the last couple years, shouldn't be too hard lol :roll:

I'll just put down a couple of my rules on how I trade and if anyone has any input I would greatly appreciate it.

Money Management

Trade no more than 5% of the base equity
Start by trading 3% on first trade

If I have 2 wins in a row, then risk increased to 4%
If I have 3 wins in a row, then risk increased to 4.5%
If i have 4 wins in a row, then risk increased to 5%

If i have 1 loss, then risk decreased to 4%
If i have 2 losses, then risk reduced to 3%
If i have 3 losses, then risk reduced to 2%
if I have 4 losses, then risk reduced to 1%

If after 4 losses and then I have a win, increase risk back to 3%

If more than 4 losses, stop trading for the day and get some sleep.

My Trading System

I will be using a combination of Price Action, Candlestick Patterns, S/R, trends, pivots, record sessions, psychology, and now along with Loz's strategies and guidance.

I generally trade the AUDUSD, EURUSD, GBPUSD on various timeframes. I think part of my problem before was trying to trade on too many pairs, limiting myself to just 3 pairs until I know them well enough to add another pair.

So that's it for me, and hope we can all learn by sharing something.

_________________
Charlie


Top
 Profile  
 
 Post subject: GBPUSD M30 Using 3BM Strategy - Live Trade 20 Pips
PostPosted: Wed Jun 02, 2010 2:23 am 
Offline
FSM Subscriber

Joined: Tue Jun 01, 2010 2:01 pm
Posts: 7
Location: Queensland, Australia
So i have done my first trade, funny enough I noticed it happening as I was typing my initial post above.

I set out the support and resistance lines, noticed the last mouse hit on a support line at 1.4673 and retraced.

I entered 5 pips above the first mouse open at 1.4716, and closed out for a 20 pip gain at 1.4736.

I also attached the iMACD indicator to help give me an additional signal.

I opened this trade using 0.05 lot.

Image

_________________
Charlie


Top
 Profile  
 
 Post subject: Re: Nudge's Trade Journal
PostPosted: Wed Jun 02, 2010 2:41 pm 
Offline
Site Admin

Joined: Tue Sep 29, 2009 10:35 am
Posts: 304
Nicely done mate :)

_________________
All the best
Loz
CEO Forex Signal Mentor
https://www.forexsignalmentor.com
CEO Daily Trading System
Daily Trading System
CEO Ultimate Golden Cross
https://ultimategoldencross.com
CEO Article Marketing Robot Videos
-------
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.
"

-Thomas Edison


Top
 Profile  
 
 Post subject: Re: Nudge's Trade Journal
PostPosted: Fri Jun 04, 2010 4:30 am 
Offline
FSM Subscriber

Joined: Tue Jun 01, 2010 2:01 pm
Posts: 7
Location: Queensland, Australia
Thanks Loz, its great to finely be able to understand someone who knows what they are doing, everyone else I have tried to learn from either has crappy stragegies, or make it way too technical and give no real explination on what they are doing.

Thanks again mate.

_________________
Charlie


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 4 posts ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  
cron