I decided to write my own trading journal here. Hope it benefits everyone who read this and benefit me at the same time with your comments and advice.
I'm a total beginner in forex trading and I have to say it has never been easy during my 'researching' period. I have been digesting Loz's teachings since January this year 2010. Borrowing some trading books from the library. I traded in a trial account and the result was positive. I started to realize there'll be tons of money flowing into my bank account if I trade in a real account. So, I started off with USD$2K in Febuary... Nope. FOREX dont like me. Burnt! I top-up with additional USD$8K. Made a few K here and there... untill March...Nope, my account burnt too! =(
I was giving-up for a couple of months then to restore my spirit. Went back to trial account to sharpen my skills. Noted all my mistakes and improved them in the trial account. My trial account started off with 10K and ended with 32K within 4 months. This has proved that all my past mistakes have its remedy now. I re-gained my confidence level at this point and decided to go live! I bought Loz's Golden Cross template then felt even more secure.
September 10th, I started with 20K in my live account. Target is to earn 5K per month. Applying Golden Cross template, setup my favorite indicators, being extremely careful and bommm! My account is now USD$45K (24th Sept). It is more than 100% profit in 11 trading days!!! =) It surpassed my original target at 5k! With all the facts and result, I decided to rise my target to reasonable 10K per month. Hopefully I can accumulate 80K before end of this year... =)
Here was my weakness/ mistake: - traded in short timeframe - 1min, 5min, 15min, 30min, 1 hr (it's NOT for me =( ) - did not apply stop loss - let a trade floating for too long with a short timeframe! - careless in identifying support and resistant indicator - did not use multiple indicators for confirmation before entering a trade - too greedy !! - did not constantly monitor the indicator
However, with my current result, I've proved that all above mistakes were resolved! =)
Okay, I am back here again. =) Thanks for Loz and friends who keep sending me messages. Ya.. other than Loz, there are people wanting to know more about my trade, how i did it, etc.
It has been few months (10) now, since I started off my first project- 80K target, with 20K deposit. The first project has been hugely successful. Made over 130K. Have withdrawn for all kind of living expenses, like down payment for new house, new car, pocket money to family, etc. =)
I started off my second project this year around Feb. With target- 100K before Christmas this year. Things was not pretty smooth this time. I made silly mistakes. 1st mistake, I opened trade with the wrong currency pair!! It costs me 7K for this mistake. Second mistake, I calculated wrong TP. Ya, i set the wrong TP and it costs me 12K!! =(
Actually I trade between my busy day job schedule. I did alot of shopping recently with wife for our new house =) Meeting up contractors, designer, survey for furniture, lighting, etc. Yup, I was distracted, and not so focus recently, and hence, these mistakes =(
However, I reckon that these mistakes was not about my strategies. All my winning trades are based on solid reason backup with Loz's teaching and all. My second project started with 20K deposit around 1 month ago, it has grown to 50K at this moment. I believe I'm able to make another 50K before this Christmas. =)
Write again next time. I'm off to bed now... tired.