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Thread: bidyut's - Trading journal

  1. #1 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default bidyut's - Trading journal

    Introduction: This is my first trading journal in mt5 forum and it is in a demo account. Ive opened a demo account with 500 USD balance. The main purpose of opening this demo account is only for making a trading journal in mt5 forum. Long time back our respected moderator dzin4aans had encouraged me to open a trading journal. But due to some unforeseen reasons I was unable to give attention in this regard. After looking at many trading journals available in this section Ive got some positive energy and a lot of good motivation to open my own trading journal. Now I think it is the right time to open a trading journal.

    Main motive of opening a trading journal: First of all I want to improve my trading by sharing my own trading system. By opening a trading journal here I would definitely get an opportunity to interact with other good traders. They can suggest, guide me for opting a better trading system. This is one of the best ways to engage myself in improving my existing trading strategy.

    Why Demo Account: This is my first trading journal in mt5 forum. Still I consider myself as a leraner and I want to improve my trading and it is only possible through demo account. Second reason is that I want to open a separate account (real trading account) for trding journal. But at this moment Im not fully prepared myself (financially) to open a real account for this purpose. In other hand I dont want to wait for long to start a trading journal. So my main motive here would be to engage myself in a good discussion where we can share knowledge and learn everything which is required to be a good trader.
    In future I would definitely go for a trading journal where I can show real profit in real account. Once I get ready for that I would definitely inform you all through this journal or through my signature.

    My strategy:

    Support & Resistance: From the very beginning I am trying to trade on support and resistance levels. So my main focus would be to see support and resistance levels of a particular pair on a daily basis before opening any order. Ill try to open orders by looking at support and resistance levels. Most probably my buy orders would be above support levels and sell would be below resistance. In addition Ill try to take decisions of opening any order by looking at price action.

    Price Action: It is important to watch in which direction a particular pair is moving where were going to trade. In simple words Price action gives us an idea where the price is moving. When I see 3 to 4 candles formed an upward trend in other words when few bull candles form an uptrend Ill go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, Ill go for sell order. So here I would go for trading on any pair by following price action.

    Chart Type: I would like to trade in a clearly visible chart and I consider candle stick chart as a best option for me. I do not use too much indicators. Itll consists of only support and resistance levels.
    Time Frame: I prefer to see 1 hr, 4 hours, daily time frames to decide where the price is moving or to predict the actual trend I will go for these time frames. To open any order or to check entry point Ill go for only 1 hour chart.

    News Events: As we know fundamental or economical news are very important to watch while taking any trading decisions. Ill keep an eye on day to day news events to trade. The best way to watch any types of news events is through economic calendar. Most of the movements take place in any particular pair due to news releases. Even technical trader cant ignore the importance of fundamental news or any economic data releases (e.g. NFP) etc. Sometimes I would stop trading during high impact news. In other words Ill be very careful during news events and try to avoid trading in case there are no clear movements.

    Lot Size: I would go for 0.10 LOT size (per order) at the very beginning. I may go for many orders at a time but not more than 1 LOT in total. For example, 10 orders with 0.10 lot size orders. Sometimes I may go for averaging my trades by taking additional lot size orders. Gradually I will try to increase the lot size orders with growing account balance.

    Target: Anywhere from 10 to 100 pips. I can decide only after looking at the levels. Sometimes I may not give any target and close all orders manually.

    Stop Loss: Ill try to put a stop loss in some trading positions but not in all trading positions. Again itll depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair itll be around 50 pips.

    Long term or short term: My goal would be to take profit from every trade in a short term period. I prefer short term trades because it is easy for me to handle. In case I see slow movements in any trade Ill keep the order for long hours and definitely wait for the price to trigger the target ( if I put TP).

    Trading Pairs: I would like to trade on major pairs (EURUSD, GBPUSD etc.). Also I would go for high volatility pairs for example, GBPNZD, GBPJPY etc. Sometimes I will try to trade in Gold and Silver if I get good confirmation.

    Risk-Reward Factor: As it is not a contest account Ill try to go slowly. I believe in steady growth and not in sudden growth as far as forex trading is concerned. I would only go for 5% to 10% risk, and not more than that. Similarly, Ill try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then Ill wait for it to get more profit out of it. For any trader to sustain in the market is more important than anything else, so I will try to avoid any unnecessary risk. Sometimes I would go for cut losses in the form of stop loss or by closing manually. Once we learn how to manage risk well automatically able to grow our trading account to a satisfactory level.

    To my fellow members: I hope there is no doubt about my trading plan. I do not want to complecate things, so Ill try to elaborate every trade with clarity. Im ready to answer you if youve any questions regarding my trades or anything related to my trading journal. Ill be grateful if we can stick to the topic and not talk about anything off topic in this section. Your good suggestions are always welcome. Thanks to everybody for visiting here. Lets start together!
    Last edited by bidyut; 15-11-2017 at 01:20 PM.


  2. #2851 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Good morning everyone. Welcome to my trading journal. I wish you all Merry Christmas. Yesterday I traded in a few currency pairs. Unfortunately, I lost a few trading positions due to partly stopping out. I'm lucky that I lost only -$49.44, and now my currency equity is around $50.59. It means I lost half of the equity. Next week onwards I'll try to recover all the losses. I do not know how much time it'll require to recover the losses. But I'll try to give more time because my currency equity is very low at the moment. I lost a big chunk of equity in the EURJPY and GBPJPY trading positions. I was trading in these two currency pairs with short positions. However, the price of the currency pair moved against the sell positions. Later, the price came down, but I lost both trading positions a few hours back. Fortunately, I had a few trading positions actively running at that time. It has helped me to recover from some losses. Later I closed all the trading positions to avoid any further losses. Let's discuss everything in detail.

    Closed positions

    AUDUSD

    Name: AUDUSD-Sell-Position.PNG Views: 244 Size: 107.4 KB

    Yesterday, I opened a sell position in the AUDUSD currency pair. I opened the sell position at 0.7232 with one standard lot. Later, I closed the sell position to book profit. I made around $6 from the short trading position. The order details are as follows:

    Order no. 670411240
    Open Time: 2021.12.24 06:25:37
    Type: Sell
    Size: 1 Lot
    Symbol: AUDUSD
    Open Price: 0.7232
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.24 18:28:02
    Current Status: Manually closed at 0.7226
    Profit Made: $6.00 + (Swap $0) = $6.00

    I opened the short trading position in the AUDUSD currency pair at an overbought level. However, the price didn't come down at first. But later, it came down, and I closed it to book profit. I saw two bear candles at an extremely high level, i.e., at the resistance area, so I decided to open a sell position. It took almost more than 10 hours to show some profits. I didn't set any stop loss or profit target into the sell position. I closed the sell position manually at 0.7226 to book profit.

    EURJPY

    Name: EURJPY-Sell-Position.PNG Views: 237 Size: 107.6 KB

    Yesterday, I opened a sell position in the EURJPY currency pair. I opened the sell position at the 129.49 price level. However, the currency pair moved against my sell position. The stopped out level was 129.75, and the loss was around -$22.72 in this particular sell position. The order details are as follows:

    Order no. 670411236
    Open Time: 2021.12.24 06:25:15
    Type: Sell
    Size: 1 Lot
    Symbol: EURJPY
    Open Price: 129.49
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.24 11:52:40
    Current Status: Stopped out at 129.75
    Total Loss: -$22.72 + (Swap $0) = -$22.72

    It is unfortunate to lose any amount in our trades. My prediction on this particular currency pair was perfect. But I entered early and lost a big chunk of equity. I was confident that the price would fall. It didn't happen as expected, and it spiked up. Later, the price came down, but it didn't help me at all. Sometimes, we've to be careful not to trade without proper analysis. In my case, I was hurrying to open trades. I didn't set up any stop losses or profit targets into the sell position. I planned to close it manually at a decent profit. As we know, the EURJPY currency pair is one of the most volatile currency pairs. When the price moved against the sell position, it automatically closed due to low margin. In other words, I got partly stopped out. Nobody is perfect in predicting the forex market. So I accept it as a part of the profession.

    GBPJPY

    Name: GBPJPY-Sell-Position.PNG Views: 233 Size: 106.8 KB

    Yesterday, I opened a sell position in the GBPJPY currency pair. I entered into the sell position with one standard lot. The open price level was 153.21. Unfortunately, I lost the sell position due to stopping out. I lost around -$21.85 in this particular trading. The order details are as follows:

    Order no. 670411234
    Open Time: 2021.12.24 06:25:06
    Type: Sell
    Size: 1 Lot
    Symbol: GBPJPY
    Open Price: 153.21
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.24 11:52:47
    Current Status: Stopped out at 153.46
    Total Loss: -$21.85 + (Swap $0) = -$21.85

    The GBPJPY is one of the fastest moving currency pairs. Yesterday, when I saw some downward movement in the currency pair, I decided to open a sell position. In the 4 hours chart, there was a small rejection at the overbought level. However, it didn't move as expected. I opened the sell position at 153.21 and stopped out at 153.46. Later, the currency pair fell below the open price level. But it was too late for me. In forex trading, we may face such things more often. I accept it as a part of this profession. I was a little early to enter into the short trading position. That's why I got negative results despite predicting correctly. I didn't place any stop loss or profit target into the sell position. I planned to close it manually to book profit.

    GBPUSD

    Name: GBPUSD-Sell-Position.PNG Views: 227 Size: 105.4 KB

    Yesterday, I opened a sell position in the GBPUSD currency pair. I opened the sell position with one standard lot. I managed to gain only $3 profit from the sell position. The order details are as follows:

    Order no. 670411247
    Open Time: 2021.12.24 06:25:55
    Type: Sell
    Size: 1 Lot
    Symbol: GBPUSD
    Open Price: 1.3404
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.24 18:28:04
    Current Status: Manually closed at 1.3401
    Profit Made: $3.00 + (Swap $0) = $3.00

    The GBPUSD currency pair failed to show any upside momentum. After reaching an overbought level, the price started to fall. In the 4 hours chart, I observed some downside momentum. I decided to open a short trading position there. However, after opening the trading position, it was almost flat. At one point, it went up against my existing sell position. Fortunately, the currency pair fell below the open price level. I closed the sell position to book minimal profit. I opened the sell position at 1.3404 and closed it at 1.3401. But I didn't set any stop loss or profit target. Due to weekend time and to preserve the account balance, I decided to close it manually for profit.

    NZDUSD

    Name: NZDUSD-Sell-Position.PNG Views: 229 Size: 104.0 KB

    Yesterday, I opened another sell position in the NZDUSD currency pair. I opened the sell position at 0.6808 with one standard lot. Later, I closed it manually to cut losses. The order details are as follows:

    Order no. 670411238
    Open Time: 2021.12.24 06:25:22
    Type: Sell
    Size: 1 Lot
    Symbol: NZDUSD
    Open Price: 0.6808
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.24 18:28:02
    Current Status: Manually closed at 0.6814
    Total Loss: -$6.00 + (Swap $0) = -$6.00

    Yesterday I made some wrong decisions and opened several trading positions. I opened the NZDUSD currency pair only by looking at the price action. Due to low liquidity, the currency pair was almost flat for almost 10 hours. I decided to exit from the sell position to avoid any unnecessary losses. I closed the sell position at 0.6814 to cut losses. However, I lost only -$6 from the sell position. I opened the sell position without any stop loss or profit target. I planned to close it manually to book profit.

    USDJPY

    Yesterday, I opened a sell position in the USDJPY currency pair. The trading volume was around one standard lot. I opened the sell position at a 114.33 price level. I closed it manually at 114.42 to cut losses. The losing amount was around -$7.87 from the sell position. The order details are as follows:

    Order no. 670411243
    Open Time: 2021.12.24 06:25:43
    Type: Sell
    Size: 1 Lot
    Symbol: USDJPY
    Open Price: 114.33
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.24 18:28:02
    Current Status: Manually closed at 114.42
    Total Loss: -$7.87 + (Swap $0) = -$7.87

    Yesterday, the USDJPY was almost flat for several hours. Due to low participants and holiday mood, there was a lack of proper momentum. I waited for more than 10 hours to get any positive moves. However, I decided to close it manually to cut losses. I lost around -$7.87 from the sell position. I didn't set up any stop loss or profit target into the sell position. Now, I can say it was a mistake to open the sell position in the currency pair. The currency pair had already breached the near-term resistance area. In such conditions, we shouldn't try to open any positions. There are many reasons for low volatility in the currency pair. In my view, due to the weekend and holidays, we shouldn't expect good movement in the forex market. Anyway, it is a good lesson for me, and I'll try to avoid trading in such market conditions.

    Approved

  3. #2852 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Good morning everyone. Yesterday, we received the forum posting bonus for week 52. I received around $56.28 as a posting bonus. I'm happy to receive the amount, and it'll help me continue my trades. You can see that I didn't update my trading journal in the last two trading sessions. On Monday, I was doing well in my trading account. But I lost the trading account later. As mentioned in my previous post, last week, I lost 50% of the equity. On Monday, before losing the whole amount, I earned $54, and my equity reached $104. But after that, I continued to trade and lost all the money.

    Yesterday, I made a few bucks after receiving the posting bonus amount. Now my equity is around $77. I'll try to trade with a proper trading plan. The market is still moving within a limited range. So I should be careful not to execute trades without a trading setup. Currently, I opened a few trading positions in the EURUSDweek future currency pair. It is to fulfil the profit withdrawal condition. However, I do not have any plan to withdraw the profit. I'll try to increase the equity at first. After that, I'll try to make some withdrawals. I should try to keep the account balance more than $100. It is to ensure that I won't get any problems during trading. Now we'll discuss everything in detail.

    Bonus update

    Yesterday, I received the 52nd week's forum posting bonus. I received around $56.28, and I consider it a good amount. I hope in the future the amount will increase. Please have a look at the following payment proof along with trading history.

    Name: Bonus for posting 28-12-2021.PNG Views: 198 Size: 19.6 KB

    Closed positions

    AUDUSD

    Name: AUDUSD-Sell-Position.PNG Views: 201 Size: 101.4 KB

    Yesterday, I opened a sell position in the AUDUSD currency pair. I opened the sell position with one standard lot. Later, I closed the sell position manually to book profit. The order details are as follows:

    Order no. 670598036
    Open Time: 2021.12.28 16:32:46
    Type: Sell
    Size: 1 Lot
    Symbol: AUDUSD
    Open Price: 0.7249
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.28 16:56:45
    Current Status: Manually closed at 0.7242
    Profit Made: $7.00 + (Swap $0) = $7.00

    Yesterday, I decided to resume my trades after getting a posting bonus. I saw that the AUDUSD currency pair was hovering at the overbought level. Also, I saw a small wick at the upper side of the last candle in the 4 hours chart. It indicated a selling opportunity. I opened a short trading position at the 0.7249 price level. However, I didn't place any stop loss or profit target. However, I planned to close it manually to book profit. Later, when the price dropped, I decided to close it at the 0.7242 price level. I booked around $7 profit from the sell trading position.

    EURGBP

    Name: EURGBP-Sell-Position.PNG Views: 198 Size: 102.7 KB

    Yesterday, the EURGBP currency pair was showing downward movement. Still, the currency pair is trending down. I opened a short trading position with one standard lot. However, I failed to make any profit from the short trading position. I closed the position at break-even, i.e., at zero pip profit. The order details are as follows:

    Order no. 670597918
    Open Time: 2021.12.28 16:32:07
    Type: Sell
    Size: 1 Lot
    Symbol: EURGBP
    Open Price: 0.8410
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.28 16:56:45
    Current Status: Manually closed at 0.8410
    Profit Made: $0.00 + (Swap $0) = $0.00

    The real reason behind opening the sell position was the price action. I saw a downward slope in the currency pair across all time frames. The price action formed lower high and lower low levels in the 4 hours chart. In such conditions, we can expect more selling pressure. So I decided to open a sell position at the 0.8410 price level. During trading, I didn't put any stop loss or profit target. However, I was ready to close it manually at a decent profit. While I saw a $20 profit, I squared off all the trading positions. However, I managed to gain only $18.96 profit from all the trading positions. I closed this particular trading position at zero pip profit.

    EURJPY

    Name: EURJPY-Sell-Position.PNG Views: 200 Size: 104.5 KB

    Yesterday I opened another sell position in the bonus trading account. I opened a sell position in the EURJPY currency pair. The open price level was 129.84, and I closed it at 129.76. I made only $6.96 from the short trading position. The order details are as follows:

    Order no. 670597878
    Open Time: 2021.12.28 16:31:47
    Type: Sell
    Size: 1 Lot
    Symbol: EURJPY
    Open Price: 129.84
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.28 16:56:47
    Current Status: Manually closed at 129.76
    Profit Made: $6.96 + (Swap $0) = $6.96

    The EURJPY got rejected at the overbought level. I focused on the price action and observed the 4 hours chart. When I saw downward movement in the 4 hours chart, I decided to open a sell position. Although, it was a good decision to open a short position at the overbought level. I opened the sell position at 129.84 without any stop loss or profit target. Later, I closed it at 129.76 to book profit. I'm satisfied with whatever I got from the short trading position.

    EURUSD

    Name: EURUSD-Sell-Position.PNG Views: 201 Size: 105.1 KB

    Yesterday, I opened a sell position in the EURUSD currency pair. I opened the sell position at the 1.1311 price level with one standard lot. The order details are as follows:

    Order no. 670597897
    Open Time: 2021.12.28 16:31:57
    Type: Sell
    Size: 1 Lot
    Symbol: EURUSD
    Open Price: 1.1311
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2021.12.28 16:57:39
    Current Status: Manually closed at 1.1306
    Profit Made: $5.00 + (Swap $0) = $5.00

    Yesterday I decided to short EURUSD by looking at the trend. In the 4 hours chart, I saw downward movement. The price action formed two bearish candles. It confirmed that the currency pair is ready to fall. However, there was a near-term support level. I was confident that the currency pair would breach the near-term support level. The open price level was 1.1311, and I closed it at 1.1306. I made around $5 from the short trading position. I could wait for more hours to book even more profit.

    Active positions

    EURUSDweek

    Today, I opened a sell position in the EURUSDweek future currency pair. It is to fulfil the profit withdrawal condition. I received around a $56.28 forum posting bonus. So the required lot size to trade is around 0.14. I executed the trading position with 0.14 lot size volume. However, the system automatically split the trading order into 14 different sell positions, i.e., 0.01 lot for each sell position. The open price level is 0.3873. The order details are as follows:

    Order nos. 670637771, 670637772, 670637773, 670637775, 670637776, 670637777, 670637778, 670637779, 670637780, 670637781, 670637782, 670637783, 670637784, and 670637785.
    Open Time: 2021.12.29 04:41:18 and 2021.12.29 04:41:19
    Type: Sell
    Total Lot Size: 0.14 Lot (0.01 x 14 orders)
    Symbol: EURUSDweek
    Open Price: 0.3873 (all positions)
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    There is a simple logic behind opening sell positions in the EURUSDweek future currency pair. I always compare this particular future currency pair with the EURUSD currency pair. I observed that both instruments are more inclined towards down. In the 4 hours chart, I saw a series of bear candles. It confirmed that the future currency pair would fall further below. However, I didn't place any stop loss or profit target into the sell positions. I'll try to close all the sell positions manually once it goes in the right direction.

    Approved

  4. #2853 You can automatically minimize the read posts in your account in the 'Forum Settings'
    I just can't quit pips!
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    bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut's Avatar
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    Good evening everyone. After a long gap, I am here to update my trading journal. I will try to resume my trading activities again with proper dedication. Last month, I lost everything in my bonus trading account. However, it was only $56, but I should try to avoid losing any amount. Before getting the margin call, the equity was around $100. This month, due to low activity, I got only $11. Despite getting such an amount as a forum posting bonus, I decided to continue my trades. I gained around $38 profit within a day. My equity reached up to $50. Unfortunately, I lost it again due to over-trading. Also, the market was not showing good momentum at that time. At present, I have only $0.28 left in the bonus trading account. I will try to be active again in our forum. I am confident that I will maintain good consistency once I resume my trades in the bonus account. Currently, I am trading in the demo account. At present, I have five trading positions in the demo account. Let us discuss everything in detail.

    Currently active positions

    USDJPY

    Name: USDJPY.PNG Views: 211 Size: 97.6 KB

    Today, I opened two buy positions in the USDJPY currency pair. I opened the first buy position at the 114.90 price level. The volume was around 0.10 lot. Later, I added another buy position at 114.80 with a similar volume, i.e., 0.10 lot. Currently, both buy positions are in a floating loss. The order details are as follows:

    Order no. 446447717
    Open Time: 2022.01.18 07:20:09
    Type: Buy
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.90
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    Order no. 446447997
    Open Time: 2022.01.18 07:35:09
    Type: Buy
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.80
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    The only logic behind opening the trading positions in the currency pair was the price action. I saw some upside momentum in the 4 hours chart. Also, the currency pair had broken the near-term resistance. It prompted me to open a buy position in the currency pair. In the short term, it may go into a correction phase. I hope during the New York market session, the price will rise. I will try to hold both buy positions until it goes in the right direction. However, I have not set any profit target yet. Neither did I put any stop loss into the buy positions. I will close both buy positions manually to book profit.

    USDCHF

    Name: USDCHF.PNG Views: 113 Size: 101.9 KB

    Today, I opened another buy position in the USD based currency pair. I opened a buy position in the USDCHF with a 0.10 lot size volume. Currently, the buy position is in a floating loss. The order details are as follows:

    Order no. 446447722
    Open Time: 2022.01.18 07:20:24
    Type: Buy
    Size: 0.10 Lot
    Symbol: USDCHF
    Open Price: 0.9157
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    The USDCHF has failed to break the near-term resistance. However, at the time of executing the buy position, it was a bullish trend. I am still optimistic about its bull rally. I opened a buy position in the currency pair by observing the 4 hours chart. The candlestick chart showed a bullish trend during that time. Currently, the currency pair is hovering within a limited range. I did not set a stop loss or profit target into the buy position. I plan to hold the buy position until it goes into a more profitable side. Also, I am ready to close the buy position once it gives a decent profit.

    NZDUSD

    Name: NZDUSD.PNG Views: 114 Size: 101.6 KB

    Today, I opened a sell position in the NZDUSD currency pair. I opened the sell position with 0.10 lot size volume. The order details are as follows:

    Order no. 446447720
    Open Time: 2022.01.18 07:20:13
    Type: Sell
    Size: 0.10 Lot
    Symbol: NZDUSD
    Open Price: 0.6771
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In zero profit.

    It seems that the U.S. Dollar is strong across the board. I opened a sell position in the NZDUSD currency pair at the 0.6771 price level. The currency pair has been falling from an overbought level. When the currency pair struggled to breach below the near-term support level, I decided to ride in the rally. However, the momentum is still very slow and currently moving towards down. I didn't put any stop loss or profit target.

    EURUSD

    Name: EURUSD.PNG Views: 113 Size: 99.7 KB

    Today, I added another sell position in the EURUSD currency pair. I opened the sell position with 0.10 lot size volume. The open price level was 1.1396 without any stop loss or take profit. The order details are as follows:

    Order no. 446447721
    Open Time: 2022.01.18 07:20:18
    Type: Sell
    Size: 0.10 Lot
    Symbol: EURUSD
    Open Price: 1.1396
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In profit.

    I decided to open a sell position in the currency pair with proper analysis. I observed the price action in different time frames. In the 4 hours chart, there was a bearish slope. In the daily chart, there is a series of bearish candles. The currency pair has been trending down for the third straight session. I didn't put any stop loss or profit target. But I'll close it manually once it goes into a more bearish zone.

    AUDUSD

    Name: AUDUSD.PNG Views: 107 Size: 97.5 KB

    The momentum of AUDUSD is very similar to correlated pairs. In the 4 hours chart, we can find a bearish trend. I decided to open a sell position at 0.7191 with 0.10 lot size volume. The order details are as follows:

    Order no. 446447725
    Open Time: 2022.01.18 07:20:28
    Type: Sell
    Size: 0.10 Lot
    Symbol: AUDUSD
    Open Price: 0.7191
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    After much consolidation, the currency pair resumed its downward movement. I decided to open a sell position without any stop loss or take profit. I'm confident that the currency pair will fall further below, i.e., from the current price level. At present, the currency pair is hovering within a limited range. Still, the currency pair is hovering near the open price level. So it'll be better for me to hold the sell position patiently until it drops further below. I'm expecting to see some decent profit from the sell position in the currency pair.

    Approved

  5. #2854 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Good afternoon everyone. Welcome to my trading journal. Since yesterday, I resumed my trading activities. Although, I'm trading in the demo account only. I already elaborated on it in my previous post. Yesterday, I closed a few trading positions in profit. Today I closed two trading positions in losses. Also, I added a few new trading positions. Currently, a few trading positions are still in a floating loss. I'll try to hold all the existing trading positions until these enter into a more profitable zone. Let's discuss everything one by one.

    Closed positions

    I closed a few trading positions in profit and also in losses. I closed NZDUSD, EURUSD, USDCHF and EURJPY in profit. However, I manually closed two buy positions of the USDJPY currency pair in losses. The trend changed its direction in the USDJPY currency pair. That is one of the reasons behind closing both buy positions.

    Name: Closed-trading-positions.PNG Views: 95 Size: 22.5 KB

    USDJPY

    Yesterday, I opened two buy positions in the USDJPY currency pair. The average lot size was around 0.10. Today I closed both buy trading positions to cut losses. The currency pair failed to continue its upside momentum. Therefore, I cut losses in both buy positions. The closed price level was 114.37. I lost around -$8 from the USDJPY buy trading positions. The order details are as follows:

    Order no. 446447717
    Open Time: 2022.01.18 07:20:09
    Type: Buy
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.90
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2022.01.19 07:02:26
    Current Status: Manually closed at 114.37
    Total Loss: -$4.63 + (Swap -$0.07) = -$4.70

    Order no. 446447997
    Open Time: 2022.01.18 07:35:09
    Type: Buy
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.80
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2022.01.19 07:02:28
    Current Status: Manually closed at 114.37
    Total Loss: -$3.76 + (Swap -$0.07) = -$3.83

    NZDUSD

    Yesterday, I closed the sell position of NZDUSD to book profit. The open price level was 0.6771, and I closed it at 0.6763. However, I made only $0.80 profit from the sell position. The currency pair was hovering within a limited range, so I decided to close it at a minimal profit. The order details are as follows:

    Order no. 446447720
    Open Time: 2022.01.18 07:20:13
    Type: Sell
    Size: 0.10 Lot
    Symbol: NZDUSD
    Open Price: 0.6771
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2022.01.18 18:48:00
    Current Status: Manually closed at 0.6763
    Profit Made: $0.80 + (Swap $0) = $0.80

    EURUSD

    Yesterday I closed another short trading position. It was in the EURUSD currency pair. I closed the sell position to book profit. I made around $4.10 from the EURUSD sell position. The open price level was 1.1396, and I closed it at 1.1355. It means I got around 41 positive pips from the sell position. The order details are as follows:

    Order no. 446447721
    Open Time: 2022.01.18 07:20:18
    Type: Sell
    Size: 0.10 Lot
    Symbol: EURUSD
    Open Price: 1.1396
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2022.01.18 17:43:17
    Current Status: Manually closed at 1.1355
    Profit Made: $4.10 + (Swap $0) = $4.10

    USDCHF

    Yesterday, I closed another trading position to book profit. However, I got only $0.55 from the trading position. It was in the USDCHF currency pair. I closed the buy position because I observed no good movement at that time. The order details are as follows:

    Order no. 446447722
    Open Time: 2022.01.18 07:20:24
    Type: Buy
    Size: 0.10 Lot
    Symbol: USDCHF
    Open Price: 0.9157
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2022.01.18 17:44:14
    Current Status: Manually closed at 0.9162
    Profit Made: $0.55 + (Swap $0) = $0.55

    EURJPY

    Yesterday, I opened another short trading position in the EURJPY currency pair. I opened the sell position at the 130.01 price level. The volume was around 0.10 lot. I already closed the sell position to book profit. I made around $0.87 profit from the sell position. The order details are as follows:

    Order no. 446477611
    Open Time: 2022.01.18 17:44:43
    Type: Sell
    Size: 0.10 Lot
    Symbol: EURJPY
    Open Price: 130.01
    S/L: Not Set.
    T/P: Not Set.
    Close Time: 2022.01.18 18:47:57
    Current Status: Manually closed at 129.91
    Profit Made: $0.87 + (Swap $0) = $0.87

    Active positions

    AUDUSD

    Yesterday I updated you about this particular trading position. Currently, the sell position is in a floating loss. I'll try to hold the sell position until it goes into a more profitable zone. However, I'm also ready to close it manually to cut losses if it doesn't move as expected. The order details are as follows:

    Order no. 446447725
    Open Time: 2022.01.18 07:20:28
    Type: Sell
    Size: 0.10 Lot
    Symbol: AUDUSD
    Open Price: 0.7191
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    GBPJPY

    Name: GBPJPY.PNG Views: 86 Size: 93.9 KB

    Yesterday, I opened a sell position in the GBPJPY currency pair. I opened the sell position at 155.65 price level. The order volume was around 0.10 lot. The order details are as follows:

    Order no. 446477567
    Open Time: 2022.01.18 17:43:33
    Type: Sell
    Size: 0.10 Lot
    Symbol: GBPJPY
    Open Price: 155.65
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In profit.

    I decided to open a sell position in the currency pair by observing the price action in the 4 hours chart. There was a descending channel in the 4 hours chart. I opened the sell position at 155.65 price level. However, I didn't place any stop loss or profit target. Currently, the currency pair is trending down. I was expecting that the price would go down. However, I'm still optimistic that the price will go further below the current level. So, I'll try to hold the sell position until it goes into a more profitable zone.

    GBPUSD

    Name: GBPUSD.PNG Views: 85 Size: 96.8 KB

    Yesterday, I added a sell position in the GBPUSD currency pair. The open price level was around 1.3584, and the volume was around 0.10 lot size. The order details are as follows:

    Order no. 446477573
    Open Time: 2022.01.18 17:43:57
    Type: Sell
    Size: 0.10 Lot
    Symbol: GBPUSD
    Open Price: 1.3584
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    Currently, the GBPUSD currency pair is showing some upside momentum. It could be a part of the consolidation phase. So I'll try to hold it patiently until it moves down. In the 4 hours chart, we'll find a bearish slope. However, we can find a series of small bull candles in the current time. I'm expecting that the price will fall after some time or during the New York session. Once it goes in the right direction, I'll close it manually to book profit. At present, there is no stop-loss or profit target in this particular sell position.

    USDJPY

    Name: USDJPY.PNG Views: 83 Size: 98.4 KB

    Today, I added a sell position in the USDJPY currency pair. The volume is 0.10 lots, and the open price level is 114.37. The order details are as follows:

    Order no. 446494710
    Open Time: 2022.01.19 07:02:47
    Type: Sell
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.37
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    Yesterday, I opened two buy positions. But the trend changed its direction. So I closed the buy positions and opened a sell position. I tried to follow the trend today. Currently, the currency pair is trending towards down. However, the existing sell position is still in few pips loss. I didn't place any stop loss or profit target into the sell position. I'm ready to close it manually at a decent profit.

    EURJPY

    Name: EURJPY.PNG Views: 85 Size: 96.8 KB

    Today, I opened another short position in the EURJPY currency pair. I opened the sell position at 129.55 with 0.10 lot size volume. The order details are as follows:

    Order no. 446494713
    Open Time: 2022.01.19 07:02:51
    Type: Sell
    Size: 0.10 Lot
    Symbol: EURJPY
    Open Price: 129.55
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    It seems that the Japanese Yen is strong across all currency pairs. I saw good momentum in this particular currency pair. The trend was bearish at the time of opening the sell position. However, the existing sell position is hovering within a limited range. I didn't put any stop loss or profit target. I'll try to hold the sell position until it moves down.

    Approved

  6. #2855 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Good morning everyone. Welcome to my trading journal. Yesterday I updated about a few trades in my demo account. I was away for almost three weeks from forum posting. So for the last three weeks, I didn't get any forum posting bonuses. In addition to this, I lost my previous balance. Therefore, I'm now trying to engage myself in demo trading. I always try to avoid trading during the last week of December and the first week of January. That's why I was away from forum posting. Now I'll try to focus more on my trades. Once I get the bonus amount, I'll resume my trading activities in the bonus trading account. Yesterday, I added a few positions to the demo account. Let's discuss everything in detail.

    Active positions

    AUDUSD

    Name: AUDUSD.PNG Views: 56 Size: 105.7 KB

    Yesterday, I added another sell position in the AUDUSD currency pair. I opened the sell position at the 0.7212 price level. The volume is 0.10 lot for this particular trading position. I'm trading without any stop loss or profit target. I'm taking a low risk with only 0.10 lot size volume. So I'm expecting that I'll be able to hold the sell position for a long time. The order details are as follows:

    Order no. 446505532
    Open Time: 2022.01.19 12:47:53
    Type: Sell
    Size: 0.10 Lot
    Symbol: AUDUSD
    Open Price: 0.7212
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    I already have a sell position in the AUDUSD currency pair. The currency pair didn't move as expected. The price continued to move upward. So I decided to add one more short trading position. Now the total volume is around 0.20 lots. If we calculate the average price level, then it is around 0.7202. Currently, the currency pair is trading around 0.7237. It is almost 35 pips up from the breakeven price level. The order details for the old trading position are as follows:

    Order no. 446447725
    Open Time: 2022.01.18 07:20:28
    Type: Sell
    Size: 0.10 Lot
    Symbol: AUDUSD
    Open Price: 0.7191
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    GBPJPY

    Name: GBPJPY.PNG Views: 52 Size: 101.6 KB

    Yesterday when I saw my existing sell position in a floating loss. I decided to add a new sell position in the GBPJPY currency pair. It is to reduce the average cost of the trading position. Sometimes, I prefer to add more trading positions in such conditions. It is only possible to apply such methods if we execute trades with low volume. However, I am trading with only 0.10 lot size volume. I'm trying to use this method in my trading activities. The newly added position details are as follows:

    Order no. 446505535
    Open Time: 2022.01.19 12:47:59
    Type: Sell
    Size: 0.10 Lot
    Symbol: GBPJPY
    Open Price: 155.99
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In profit.

    My previous position is still in a floating loss situation. The day before yesterday, I added another short trading position. You can find all the details in my last two posts. Also, I'm adding the order details here for your convenience. Please have a look at the following order details.

    Order no. 446477567
    Open Time: 2022.01.18 17:43:33
    Type: Sell
    Size: 0.10 Lot
    Symbol: GBPJPY
    Open Price: 155.65
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    GBPUSD

    Name: GBPUSD.PNG Views: 50 Size: 99.9 KB

    Yesterday, I added another sell position in the GBPUSD. The open price level was 1.3632. The order volume is around 0.10 lots. I didn't place any stop loss or profit target into the sell position. I decided to add the sell position by looking at the price level. After moving towards up, the currency pair started to show some downward movement. I saw some selling pressure in the 4 hours chart at near-term resistance. However, the price didn't move as expected and continued to move in one direction, i.e., up. I already have one sell position that is still in a floating loss. The order details are as follows:

    Order no. 446518561
    Open Time: 2022.01.19 17:44:53
    Type: Sell
    Size: 0.10 Lot
    Symbol: GBPUSD
    Open Price: 1.3632
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In profit.

    You can find the order details of my previous sell position in my last post. The sell position is still in a floating loss. However, I'll try to hold it until it goes in the right direction. The momentum is slow, and it may take some time to get the expected result from both the sell positions. Please have a look at the following order details.

    Order no. 446477573
    Open Time: 2022.01.18 17:43:57
    Type: Sell
    Size: 0.10 Lot
    Symbol: GBPUSD
    Open Price: 1.3584
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    USDJPY

    Name: USDJPY.PNG Views: 53 Size: 103.2 KB

    Yesterday, I decided to add one more sell position in the USDJPY currency pair. I entered into the second sell position at the 114.51 price level. The volume is around 0.10 lot size. However, I didn't put any stop loss or profit target. The reason behind opening the sell position is to reduce the average cost of both sell positions. Previously, I made a sell order at the 114.37 price level. After adding another sell position at 114.51, the breakeven level is 114.44. Please have a look at the following order details.

    Order no. 446505540
    Open Time: 2022.01.19 12:48:13
    Type: Sell
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.51
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In profit.

    My previous sell position is still in a floating loss condition. In the short term, we may see some mixed momentum. In the 4 hours chart, we'll find some bearish slopes. Taking this into consideration, I can wait for the price to fall. Once it happens, I'll close it manually to book profit. My previous position's order details are as follows:

    Order no. 446494710
    Open Time: 2022.01.19 07:02:47
    Type: Sell
    Size: 0.10 Lot
    Symbol: USDJPY
    Open Price: 114.37
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    EURJPY

    Name: EURJPY.PNG Views: 52 Size: 101.5 KB

    Yesterday, I added one more sell position in the EURJPY currency pair. Currently, both sell trading positions are in floating loss. At present, the price level is at the near-term resistance area. Today, the currency pair is trying to recover from earlier losses. However, the overall trend is still on the bearish side. In the daily chart, we'll find a strong rally towards down. I'll try to hold the sell positions until it goes in the right direction. I opened the new sell position at 129.90 without any stop loss or profit target. Although, I'm ready to close it manually to book profit. The order details are as follows:

    Order no. 446505538
    Open Time: 2022.01.19 12:48:06
    Type: Sell
    Size: 0.10 Lot
    Symbol: EURJPY
    Open Price: 129.90
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    The EURJPY currency pair is still in corrective mode. However, I'm trying to hold both sell positions to see positive pips. In the short term, we can find some mixed momentum. However, in the long term scenario, the currency pair still has some bearish pressure. The order details of the old sell position are as follows:

    Order no. 446494713
    Open Time: 2022.01.19 07:02:51
    Type: Sell
    Size: 0.10 Lot
    Symbol: EURJPY
    Open Price: 129.55
    S/L: Not Set.
    T/P: Not Set.
    Current Status: In a floating loss.

    Approved

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