My trading journal : From 5 to 1000

[along]

same old story, did the same mistake again and again, placed 4 buy order on eurusd, and this happened when I started to increase the size to 0.03.

bought 0.03 eurusd at 1.34102
bought 0.03 eurusd at 1.33938
bought 0.03 eurusd at 1.33839
bought 0.03 eurusd at 1.33686

all got hit when the eurusd down to 1.3330. I don't know why I changed my strategy from hedging by continued buying when the price keep dropping. eurusd already touched bottom at 1.3311 and currently doing at 1.3320 now. I should cut the 1st trade or hedge it with sell order. I will try to continue again this thread with new deposit hopefully by next week.

c u later

 

[along]

Hi Rahman, good to hear that your survived the devil, mine got trapped and received punishment for too greedy to increase my balance. just forget about yesterday's trade. I deposited small amount of money today 1.70usd, thinking of do it for fun. managed to get profit of 13.09usd and that bring my account balance to 15.62usd. Yeah... not bad for small deposit.

I go long with gold, bought 0.01 at 1713.73 and 1716.01. will leave it open until Monday. normally the will push this metal at closing.

have a good weekend

 

[RahmanSL]

Hi "along"....good to know you are back into trading AGAIN and in profits too.

Correction, the "devil" chewed me up and spat me out last Friday...and my account is left with,believe it or not... -USD3.27...and I am not sure how I got that negative balance showing in my trading account (but much2 better then the negative balance of over -USD1million in a USD5k Demo account with Tadawul last year).

To cut long story short, I was finished with my trading last Friday after achieving 108.60% for the day (accumulated 229.03% for account balance) and, to pass the time, decided to "play" with the "Devil".....at first, it was very2 easy scalping 0.01 0.02 for small money both on the short & long and then, I still don't know what happened, I decided to scalp with 0.1 - 0.5 lot sizes and that's when the trouble started.
Before I realized it, I had quite a numbers of opened losing positions and then after hedging after hedging, my account was over extended and...phooof... negative -USD3.27 left in my account.

I think I am not cut out to be a consistent forex trader 'cause I am never, and will find it difficult to be satisfied with the profits.

I started subscribing to "Mustapha Azeez" (FXInstructor.com Rep, and who posted weekly Company's Article here at the FPA) and a lot of his articles described almost EXACTLY what I (and you too) am going through in trading the forex.
I will pay more attention to his article and his advices as I believe he has gone through them all (as you & I are going through right now) before arriving at being a forex Instructor.
His articles and subscription are FREE but he does run a sort of forex instruction school or something like that.
Bottom line is that this Mustapha Azeez do give a lot of sensible advices and I think I should read his articles more carefully if I ever want to trade the forex successfully.

Ok, be sensible out there next week and learn to practice good money management!.. and as if I am a master at that!!!!!!

 

[along]

hai yahh, same fate ka, what happened to the guy who suppose to screaming and get ready to do some hot kicking in the butt? .....

 

[along]

I try to search the website FXInstructor.com can't find the name Mustapha Azeez, can u give me the add or forum link

thanks

 

[RahmanSL]

Go top of this page "Education & Forums"....click "Commerce Zone Forums"....click "Company Articles"....and you will see a whole bunch of articles by Mustapha Azeez.

I am pointing this out because here we have invaluable information & education (based on actual live trading experiences) for absolutely free, and we (especially Newbies) are not capitalizing on them.

Ok, updates: I have refunded & newly funded 2 live accounts, with an option for a 3rd one, and we shall see how my trades turn out next week.
As a matter of interest, the newly funded live account is with your "recommended" broker EXNESS...I have a change of heart on this broker as I see some pretty genuine reviews on them, especially on their MT4 trading platform speed of execution which I absolutely require for my style of scalp trading.

All the best!

====================

Another site, Myfxbook http://www.myfxbook.com/forex-economic-calendar, e-mail me the entire Economic Calendar every Sat/Sun and I use that list to plan out my trading days of the week and is informed of probably market volatility.

 

[along]

thanks Rahman, will check it out. About exness, is very hard to scalp during news hour and fast moving price, you will get a re quote. just don't worry about the withdrawal as exness is the fastest so far, you just need to verify your mobile to get the withdrawal code. OK just be careful with your account this time, you lost a lot last week and don't seek for a revenge. past is already past and forget about it. I'm losing too, but not much as yours, because I always control my money and budget and always know my limit. So I can always trade with forex whenever I want to and try to steal back whatever I had lost.

ok c u later

 

[along]

Hi Rahman,

He is using very small size 0.01 for a 1000usd and risk about 2% with his 200pips stop loss. Are you sure you want to follow him?, even when I told you, if you invest 5k in eurextrade that bring you profit 50usd daily, it's too small and you can make 30 to 50% even more in one day. 1% daily if it goes to a year can become 241% profits base on business days. according to his early article (Mustapha Azeez) 30% 20% or even 5% profit in a year is still good and you're doing well. yes indeed he is right, 5% in a year is still good, even banks are giving 4-5% rate for fixed deposit in a year.

If we can trade like him, of cause we can make money and survive the market. but I don't think we are patience enough. to be honest it is too small, even eurextrade can give me 200% profit in a year without compounding. All we need is a good strategy, with good timing and a proper stop loss setting, and stick to it whatever happen. the problem with our trade, we don't cut loss and keep on waiting and supporting it until it is too late for correction. can see it on last week trade, I can simply cut the lost and save the account, instead of doing that, I just keep on averaging down the lost until it is too late. same with your problem, instead of having 1 open trade, you keep on opening more trades and hedging it in a row until you lost your balance and the devil started to screw up everything.

My suggestion is try to limit the open trade to 1 or 2 trades, with proper stop loss setting, and I will extremely looking for this in future.
please share with me if you have any good suggestion or idea.

c u later

 

[RahmanSL]

Hi along,

Nooooh, I don't mean for you to emulate his style of trading which is extremely conservative and most definitely not suitable for you and I....BUT, his system does make slow and steady income.

I am talking about his articles based on his trading experiences which I can completely relate to.

==========================

Yes, today I discover Exness do have limitation on trade speed execution on scalping...I put in just over usd300 and got blown away during the Asian session by Silver & Gold. Damn! I still cannot figure out why these two metals drop like that and, even now as I write, Silver is still at the 31 level while Gold is at 16700.

Don't tell me the Big Boys are indeed forcing the market to go down to their levels so that they can unload their positions before taking on new ones and then to drive these metals to new highs?????
As it is, I am stuck on some positions each on Silver (around 32.16 levels) & Gold (around 1710 levels) and cannot trade my accounts. Will have to pump in some more money tomorrow for additional equity and free margin....but...hmmmm...I better watch market movements a bit more, and do some more researches, before committing any more positions on them.


Hope you have a fantastic trading week!
==================================================================

Updates: Yah, all my live accounts have been wiped out by the large downward movements of Silver & Gold ...oh well, I think I will take a break and "go back to school" on trading the forex with the right attitude and mind set before committing more money into any of my accounts.

I was browsing through all my "bookmarks" folder in my computer and came back to a site called "Forexoma at www.forexoma.com". I had completely forgot they have a lot of very educational and down to earth articles for novice/newbie traders which I used to read at the start of my forex journey. They even have a live trading room offered free to their "students". I will go there later to check it out.

So, for now, I am going to be one of their vivid students and go through each articles to be re-educated and to reload my knowledge about trading the forex properly and profitably. One of their articles, "A Forex Trading Plan: Limit Your Greed and Make $53,000 Per Month After Two Years, absolutely reinforced my own forex calculations which was developed independently from theirs, but which mirrors exactly their tabulations. Coincidence???? Nah, I believe I was on the right track but just never really took myself seriously enough. I have to have more faith and confidence in myself.


Alright....I hope you are doing better with your trading, and all the best!

 

[along]

mmm.. my account also get wiped out with this stupid gold. I'm still holding positions at 1750 on my other account. s***... don't know how long have to wait for this. I also don't know why gold is acting like a father to this eurusd. my 5usd account already gone, my vgmc account stuck with higher price. luckily my account with audchf is doing very very well right now, expecting more income is coming from this account. since that I'm doing swap arbitrage, I have to skip with audusd, will concentrate more on audchf and euraud for better result. I still trade with gold with small amount, I don't trade with silver as it is too dangerous. I think gold will maintain at current level. looking for uptrend hopefully by next week. will continue with my 5usd thread later as I'm too lazy right now. have to pay more attention to my aussie account.

Rahman....just be careful k