Hey everybody. I decided to take the leap and start a journal for people to observe and critique if they choose. I've been coming around this site since Dec, 2013 but up until recently I didn't really feel like I had anything to contribute. I'd like to try and take my trading to the next level and therefore want to create a journal.
Many thanks to Big Mike and all the other veteran traders that post to this site and make this forum possible. Their contributions have been invaluable to a beginner like myself.
I'm starting and trading with the EUR/USD. I've been SIM trading the EUR/USD for a few months and have had moments of success and failure. I plan on opening a live account within the next 6 weeks. With this journal I really want to focus on risk management, trade management, and the emotional and psychological factors that come with entering and exiting a trade. This journal, and my live account when opened, are not focused on profits. Instead they are focused on consistency and learning to follow and adhere to my own rules. My live account will be a $500 micro account which will allow me to get some skin in the game without fear of trading with 'scared' money.
I only trade with trend. I've tried countertrend trading but continuously misread price and suffered losses as a result. I trade off of price action. I have an EMA20 and an EMA200 on my chart and thats it. No other indicators. I primarily use a 5 minute candlestick chart while also monitoring the 15 min and 30 min charts as well. I look for pullbacks within trends and try to catch those. I also look for breakouts. I'll post pictures when available. Entries and exits are based off of price.
My rules are pretty simple-
No countertrend trading.
No more than 5 trades a day.
After three consecutive losing trades, stop trading.
Under no condition is my stop moved. None. Ever.
I'll post more as they become relevant or needed.
Never have an open position during a major news announcement. (Added 1/30/15)
I appreciate feedback and constructive criticism especially in the areas of trade management and psychology. Good luck to everybody in their future trades.