forex journal
forex journal
Is trading Forex basically legal gambling?
I’m a college student who won a chunky settlement and have been using it to pay for my living expenses. However, sick of seeing my bank account slowly deminish, I’ve been searching for a way to make enough money to pay for gas, beer money and sushi that only consist of me sitting at my computer for an hour or two a few days a week. I came across Forex trading and have been researching it thouroughly. After reading daily journals of traders it seems almost all of them barely break even in the long run. I feel they might as well be playing online poker. Is it worth it? Any other ideas? Is futures trading any better?
Well first of all I don’t know of any successful Forex traders that post their journals. They are quite happy to make a nice return on their investment without having to toot their horn
There are some conservative strategies to invest in the forex market that many people consider too boring and evidently not complicated enough. It seems there is a breed of players entering the Forex market the same way they would belly up to a roulette wheel in Las Vegas.
I ran an analysis a couple of weeks ago that you may find interesting. First of all it is important to note that this is based on historical prices and is not necessarily representative of future results. But it is interesting.
Let’s say that you opened a conservative hedge trade on the 1st of any month this year.with $10,000 and used a conservative margin of 10% You just let the account sit and didn’t touch it what would it have looked like on 7/20/2007 (the day I ran the analysis).
If you opened your account on
Jan 1st = $13,161 on 7/20/2007
Feb 1st = $13,645
Mar 1st = $11,924
Apr 1st = $12,045
May 1st = $10,473
Jun 1st = $10,530
None of these accounts would have ever been close to a margin call and the Jan and Feb accounts would seem to have faired quite well through the China correction during late Feb / early Mar.
So I guess the morale of the story is that it is not the Forex market that is the problem. It is the human elements of greed, fear, lack of knowledge and lack of a conservative investment strategy.
It’s not what you do it’s how you do it!
Good luck with your decision process.
Paul
forex journal
5 Simple Steps to Turn You Into an Elite Forex Trader
These 5 simple steps will help turn you into a confident, disciplined Forex trader. By using the steps outlined below you can be in the top 10% of all Forex traders. That would be the few that actually make money.
There are going to be two things you notice about these steps:.
They are obvious.
They are simple.
All aspects of Forex trading should fall into those two categories. In fact, one of the biggest mistakes I see Forex traders make is trying to learn and use too much.
However, that is for a different discussion. Back to the 5 simple steps.
Step 1 – Get Yourself Ready To Trade
In my experience with hundreds of traders I have been amazed with how few of them know how to get their game faces on.
They forget trading is a job. The greatest one in the world, but a job nonetheless. It’s difficult for them to be self motivated. Like the majority of the world they need someone over their shoulder telling them what to do.
So, find anything in or around you that can be used to prepare to trade.
Take a shower
Drink coffee
Stretch
Read a book
Do Yoga
Anything to clear your mind
Once your mind is clear, move on to Step 2.
Step 2 – Look over your last few trades
Your trading success, just like the Forex itself, will have momentum and patterns. As you gain experience you will learn to see YOUR patterns. You might catch yourself making the same mistakes time and time again.
As you will learn later, you should be keeping a journal of all your trades. I don’t mean the records that come with your trading software. Your journal should be as specific as it can be.
Why did I enter a trade? Why did I exit a trade? Was I near support? Was I near resistance?
Just to mention a few of the questions that your journal should answer for every trade. Take note of any repeated mistakes you have made over the last few trades.
Once you have recognized any trading trends, move on to Step 3.
Step 3 – Fundamental and Technical Analysis
Fundamental analysis refers to anything other then price action. In our case it means news.
Technical analysis refers to anything that is related to price action. Price itself, formulas, patterns, etc….
There is a reason why I mention both of those in one step. I wouldn’t waste an entire step on fundamental analysis. It doesn’t take me 3 minutes. I look to see what piece(s) of news are being released today in order to determine what kind of volatility to expect in the upcoming session.
This helps me when determining which support and resistance levels I expect to come into play.
As far as technical analysis goes. I don’t care what tools, indicators, charts you look at. However, be consistent. Don’t use MACD and CCI one night, and RSI and Stochastics another. Don’t keep changing the length of your moving averages, or switch from simple to weighted to exponential.
The fact is, find what makes the most sense to you. I think it’s great to understand what these indicators mean, but there is no need to over analyze.
I would like to add one thought here…use Fibonacci Lines.
Once you have finished your analysis, both fundamental and technical, move on to Step 4.
Step 4 – Money Management (Determine your trade size)
You should have a very well defined money management system. For example, never risk more then 4% / 5% / 10% of your account on one trade. Increase your trade size by one mini for every $400 / $800 / $1,200 in profit.
It has always astonished me how randomly some traders make these decisions. They change their approach day after day. This is a sure fire path to failure.
Determine what makes the most sense to you and stick with it.
Again, I’d like to add in a thought here. You shouldn’t be trading a live account until you can consistently make money in a demo account. At least 2 straight weeks of profit, and not because you made $10,000 one day while losing money in 9 out of 10 days.
So, assuming you are trading a live account, adjust your position size to meet your predetermined formula.
Once you have determined your trade size, move on to Step 5
Step 5 – Make the Trade!!!
You have done all your homework. You have used all your skills and knowledge. The only thing left is to make the trade.
By now, you know exactly what you expect to happen with the currency pair you are watching. You just have to stay patient until your opportunity arises.
However, once it does, pounce on it like a lion on its prey. Do not hesitate when you see exactly what you expected to see.
Be sure, of course, to place a stop order either with your entry order or immediately after. Also, if you have one, be sure to place your profit target.
Once you enter or exit your trade, start writing. Record your trade in a journal, with all reasons for entry and exit. Be as specific as possible. You will be amazed how much valuable information you will gather over time.
Using these 5 steps you should be able to make drastic strides in your Forex trading. If, however, you are not comfortable with any part of your trading it is imperative that you consider a Forex trading course.
Remember, you are only as good as your knowledge and your knowledge is only as good as your education.
About the Author
Eddie is the Head Instructor at
Foreign
Exchange University
. Learn about their elite
Forex
Trading Course
Do you use a forex trading journal? Which?
If you are serious about speculating have your own trading jurnal. It can be online as a blog or writen in your notebook. Put your trading plan there, executions, mistakes you make, profits/losses, limits, stop losses. Put your plan in advance not to be moved by market and your emotions.
I know that this is not what you asked for but instead of reading someone’s blog you will be better off making your own.
The only website i can recommend is www.tradingmarkets.com. Most of others is a waste of time.
Forex Journal
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