Forex Trading Journal – Post 14

Another day another….well I don’t actually trade real money at the moment as I am still using a demo account. You can ask anyone, and they will tell you that I am very dedicated to this process.

To become a forex trader you need to take every moment as seriously as you can. Yes! Easier said than done I know but, in the end, don’t you want to be able to manage your own money?

For me, trading has become a business, and one day I will own my own trading firm, but for now, we still have a long way to go. Today is no different than the day I will indeed become a boss like Bobby Axelrod. If you have not seen the TV program “Billions” then you don’t love this business 🤣

Well, you are here to see how I am managing my trades. Good because I am just as excited as you 👨🏾‍💻

EUR/USD

EURUSD - 11-02

We have hit our take profit with EUR/USD and have now moved our stop loss just above the break-even entry price. If you do not understand what I have done to get to this point, I will break it down.

  1. Open two of the same positions (split my trade in half)
  2. Trade 1 has a take profit corresponding to the ATR for that day
  3. Trade 2 (other half of the trade) is an open trade with no TP
  4. both trades have a stop loss at ATR x 1.5

I like to do this to lock in some pips (profit). Let us see how long this trade can run for with the trailing stop loss set to the ATR. It is a simple strategy and I am currently testing a new exit indicator which I am hoping will warn me of a change in market direction 🤞🏾

Looking for a good exit indicator has actually been really difficult. Lately, I have been managing my trades using the ATR. To be honest, this actually works fine, but if your trades do not hit your TP target, then you will just end up triggering your stop loss. What I want to do is avoid hitting my stop loss. My stop loss is like the great wall of China, if something serious happens in the market then it is there to protect me while I am not in front of the charts during the day.  😎

AUD/CAD

AUDCAD - 11-02

🤷🏾‍♂️ This trade is interesting, and I decided to take the trade because the market seems to be moving sideways. This means that I have technically not jumped in late (FOMO), but as a trend trader this is not really what I want to see. There could be some resistance around the 52MA, but we will need to watch how this trade moves across the week. All my indicators lined up correctly, so I am happy that I traded with no emotions

That’s all my fellow traders 👨🏾‍💻

Remember you can follow me @

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&

Twitter

Go check out the Pineapple Chicken blog to understand why you should get away from the charts and experience the wonders of the world. Personally, I take the charts with me, and my girlfriend over still loves me for it 🤣

DISCLAIMER: I am not a professional trader and have a long way to go before I call myself a pro. This is not financial advice, and you should do your own research before trading or look at my positions. All trades are currently made in a demo account.

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