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Growing A Small account - Have to start somewhere


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Growing A Small account - Have to start somewhere

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  #1 (permalink)
cgleckman
Northridge, California
 
 
Posts: 25 since Mar 2011
Thanks: 8 given, 18 received

** Just for all those looking through these, I only trade Forex and occasionally gold/silver through the Forex market**

Hello to everyone who may at some point read this post. To start off I am new to futures.io (formerly BMT) and I am glad to be here. To start off I want to take some time to give some history about me and how I started to trade.

First off I am 21 years old, attending California State University Northridge. I am Majoring in Business Finance. I know I am getting started kind of young (or atleast thats what I keep hearing) but I simply just don't care. I believe I can do this and do this successfully.

I started trading pretty recently (November 2010) and I did NOT go in blind. I spent roughly 9-10 months researching the forex market beforehand. I didnt paper trade and I didnt sim trade, I just researched and learned.

When I first started I did SIM trade but I hated it because it didnt feel real. So after about two weeks I went to a live account with only $200 in it. Now to be honest I have since put $400 more in and I did lose my initial $200 in the learning process.

Anyway, currently I have two different accounts. One account with IG Markets, which I use for my 5 minute trading and for the charting package. I also have an account with FXCM Micro which I use for long terms because of the smaller minimums. I do trade mostly medium/long term currently (1h/4h/daily - occasionally a weekly if I see it form), due to a crazy class schedule this semester. However spring break is coming in about 3 weeks (First week of April 2011). I will do more short term trading then.

Now my goal with this journal is to hold myself accountable and to be 100% transparent with everything I do to hopefully get feedback that will benefit me and others who read through the post. I plan to post my first entry immediately following this post.

If anyone reads this and cares to answer a question, my question is: For these journals are we suppose to post entry/exit points?

Well lets get started!

P.S: I am glad to answer any questions that anyone may have about how I trade or what not (as I am sure
questions will eventually arise). So please do not be afraid to ask questions, criticize my trading, and leave me feedback!

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  #3 (permalink)
cgleckman
Northridge, California
 
 
Posts: 25 since Mar 2011
Thanks: 8 given, 18 received


Well I woke up this morning pretty disappointed since my long term trades all went against me over night. But I know they can just as easily turn back in my favor so I left my stops in and let them run. Since I have classes today I will not be doing any short term trades unless one arises while I am watching.

I am excited to be starting a journal because I know in the end it can only help and somehow this is helping to give me more confidence to trade. I love to trade and even thought I trade with small amounts, I have to start somewhere and eventually build up to those bigger accounts and bigger amounts per pip.

The EUR/USD has been flip flopping between my stop and entry on the 1 hour chart and I am hopeful that it will break one way or the other soon. I have an entry at my stop in the opposite direction due to a trend seeming to form on the 1h chart.

I also entered an AUD trade off the 1 hour chart and it went 50 pips in my favor. Because I trade long term I placed the order and walked away. It triggered and after hitting +50 pips it reversed against me. Currently down 25 pips. I am starting to see a pattern with this and I am starting to consider a 50% profit target at 50 pips and moving the stop to entry at that point. After that letting the trade run and moving the stop as I see fit from there.

As a part of transparency I believe it is in my best interest to post what pairings I have active trades in.


Current Trades Active: EUR/USD | NZD/USD | AUD/USD

Current Trades Pending: EUR/USD | GBP/USD

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  #4 (permalink)
cgleckman
Northridge, California
 
 
Posts: 25 since Mar 2011
Thanks: 8 given, 18 received

So sitting in class i decided that what the teacher was talking about was a waste of my time so I opened up my trading platform. When I did so I was saddened to see my trades still working against me, however not 10 minutes later 2 of the 3 trades (NZD/USD and AUD/USD) started to go short in my favor. The NZD went 110 pips in my favor, and since that was my target (apparently it jumped my limit at 100 and went to 110), the trade was taken off. My aud dollar was up 50 pips so I took 50% and now have stop at entry with the rest running.

It was a tough lesson to watch the trades go against me but it was a nice lesson to learn to trust the charts and to let medium term trades run, no matter if they go against you 50 or 100 pips.

My EUR/USD is still far against me (approx 100 pips) so I am hoping that eventually it will turn around like the aud and nzd trades did.

I have done a little more research on short/medium/long term trades and I am now classifying my trading style as medium term/ long term.. not just long term!

Current Trades Active: EUR/USD | AUD/USD

Current Trades Pending: EUR/USD | GBP/USD

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  #5 (permalink)
 Eric j 
NY
 
Experience: Advanced
Platform: Esignal, MBT navigator
Trading: Currencies
 
Posts: 2,526 since Jun 2009
Thanks: 1,396 given, 2,576 received

You dont have to post entries and exits , consider what would help you and go with that . When you journal for a month or 2 you will definitely look back , read your posts and do the "uh huuuh" if you put down everything .

I trade (live) only off the 4H and dailies and heres what Im looking at on the EU - theres a long bias and if this candle closes green Ill look to get long . Nice and simple plain vanilla , if its going up I buy if its going down I sell (5% of the job) then I manage the trade (95% of the job) to get all I can without sticking my head out far enough to get it cut off.

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  #6 (permalink)
 Mickey Caine 
Kent, England
 
Experience: Intermediate
Platform: Sierra
Broker: Infinity
Trading: Oil
 
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Posts: 196 since Jul 2009
Thanks: 1,605 given, 353 received

It may be a good idea to post a chart with your trade location marked on it and a brief description of why you entered. That way people may be able to give you some pointers on how to improve, if need be of course.

Good luck on your trading journey. One good descision you have already made is joining this forum.

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  #7 (permalink)
cgleckman
Northridge, California
 
 
Posts: 25 since Mar 2011
Thanks: 8 given, 18 received


Eric j View Post
You dont have to post entries and exits , consider what would help you and go with that . When you journal for a month or 2 you will definitely look back , read your posts and do the "uh huuuh" if you put down everything .

I trade (live) only off the 4H and dailies and heres what Im looking at on the EU - theres a long bias and if this candle closes green Ill look to get long . Nice and simple plain vanilla , if its going up I buy if its going down I sell (5% of the job) then I manage the trade (95% of the job) to get all I can without sticking my head out far enough to get it cut off.

I will start posting charts thats actually a good idea.

Also why are you looking to buy the eur if it closes green? The EUR has been flip flopping around the last day or so.. personally I wouldnt be looking to buy it until atleast above 1.4000. But just so I understand your thoughts so I can learn and adjust.. why are you looking to buy it?

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  #8 (permalink)
cgleckman
Northridge, California
 
 
Posts: 25 since Mar 2011
Thanks: 8 given, 18 received


Mickey Caine View Post
It may be a good idea to post a chart with your trade location marked on it and a brief description of why you entered. That way people may be able to give you some pointers on how to improve, if need be of course.

Good luck on your trading journey. One good descision you have already made is joining this forum.

Haha ya I am hoping this site will help. Even if it just keeps me honest and keeps a record of everything I do, I cant see it not helping me.

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  #9 (permalink)
cgleckman
Northridge, California
 
 
Posts: 25 since Mar 2011
Thanks: 8 given, 18 received

Currently watching and waiting for a possibly GBP sell. I already have the order in (and have had it in for a while) but its showing strong signs of resistance just above my entry, could make for a great break out trade. After a great day of trading, I am not as nervous about placing trades. Feels good to have confidence in my system!

On another note I was pleased to see that my AUD trade reached my 100 pip limit. This just adds to my confidence and I know I need to start focusing on letting the trades run longer (past 100 pips) but for now (while I am still learning and developing my system of trading) I feel its necessary to take the gains at 100 to build confidence and faith as well as seeing progress.

Current Trades Active: EUR/USD

Current Trades Pending: EUR/USD | GBP/USD

Currently Watching: EUR/JPY (Possibly a long entry starting to form)

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 Eric j 
NY
 
Experience: Advanced
Platform: Esignal, MBT navigator
Trading: Currencies
 
Posts: 2,526 since Jun 2009
Thanks: 1,396 given, 2,576 received



cgleckman View Post
I will start posting charts thats actually a good idea.

Also why are you looking to buy the eur if it closes green? The EUR has been flip flopping around the last day or so.. personally I wouldnt be looking to buy it until atleast above 1.4000. But just so I understand your thoughts so I can learn and adjust.. why are you looking to buy it?

Its all a probabilities game . Remember when I said "if its going up I buy" ?. The channel has seen price close above the resistance side and price is not breaking the support side = buy it on a pullback . Which is what I did according to the plan , see the note where I got in and scaled out 1/2 already . Ill exit the rest when I see a lower close .

Hope it helps , Eric .

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