My trading journal : From 5 to 1000

[RahmanSL]

Good to know you have restarted the micro account…and it looks like you are trading with very high risk, but with very high profits too. But, then…hehehe…I do that too.

Why did you take a loss for that EUR/USD trade at Buy: 1.43619??? : ) You could have easily close that position in profit at around 1.4500 and above.

I have not been trading these past couple weeks due to start of one of my project works which demand my full attention.
However, you can be sure that I’ll be checking your progress with interest from time to time.

All the best in your trade, and do not be greedy in your profits; yah!

 

[along]

Day2 : 26072011

HI Rahman,

I'm hedging the eurusd, already closed positive trade just want to get rid of this negative position, decided to close it but to early. It's OK and I still Make money.

Today not good at all. made mistake with Eurusd selling at a lower price. almost get screw up just 5 pips left, and I still hold on to it praying.. hehe

Strong buying on this pair and I don't think I can make it. have to let it go

finished !!! have to start all over again. this time I really have to apply good money management. Still got balance 169 and I will continue with it until the end

selling again with small lot, now big seller start coming....too late !!!

 

[along]

DAY2 : AC Summary

managed to increase my balance from 160 to 280 yesterday. now I really have to be carefull with the size of my order. it's a long way to go


A/C Summary:
Previous Ledger Balance: 1 630.60 Floating P/L: 11.50
Closed Trade P/L: -344.10 Total Credit Facility: 0.00
Deposit/Withdrawal: 625.00 Equity: 292.40
Balance: 280.90 Margin Requirement: 232.21
Available Margin: 60.19

 

[RahmanSL]

From 160 to 280...that's 75% increase in one day. Which means you are over extending your trades and is trending on extremely thin ice.

Scale back your aggressive trades and your impatience to increase your account size in a hurry or else you will most definitely suffer another account blow up.
As I mentioned before, our trading style is very similar, but now I tend to be more relax and in not too much of a hurry to increase my account.
....but still, I did increase my new standard account (started with usd345.23 + usd25 bonus) by slightly over 68% from yesterday, which is not healthy trading. I got a fairly decent profits on one silver position, but which could very well have wiped out my account if the market went against me.

So, for today, I think i will leave that account with 6 opened positions (all on 0.1 size "Sell" for AUD/USD) alone and wait for the TP to be triggered.

Alright, I will check back on you later....all the best!

 

[along]

Day3 : 27072011

Thanks Rahman,

yes Rahman u r right, I managed to increase my account from 160 to 900, but was trap with eurusd, so today I got another 1 margin call on
10:13 this morning and almost go to zero balance. hehe only 70cents left.

so with 70cents, I start trade slowly with small size until now managed to increase back to 800, hehe not bad, but was trap again, same old story with eurusd. I'm waiting for my 3rd margin call when I write this, hope I'm lucky this time..

I try to be aggressive with this only, but I'm very slow with my standard account. Audusd look very heavy, you will make money.
I'm targeting Gbpusd, look heavy on D and W TF. hoping for 300 to 400 pips retracements...

and I think this time, I will survive.... I will survive, yeah yeah..

hehe...out of service, well will make another one later...

 

[along]

News

The Australian Dollar stayed close to the record highs reached against the Dollar this week. Investors had turned to the Aussie as a safer alternative currency to the U.S. Dollar during these times of crisis due to debt issues both in the U.S. and Europe. The recent rise in gold prices also have support the currency since the AUD is a commodity-linked currency. Higher than expected inflation data yesterday raised speculation of rate hike, which further propelled the Australian Dollar (TP)

Aussie is the hero today....yesss, hope they realy do with the interest rate

 

[RahmanSL]

Yes my friend, you & I are playing dice with our forex account : ) ...and on a very fast track risking a major crash at any time.

That Standard account I was telling you about is now up by 153.36% since it was started from yesterday....and that is not healthy 'cause it's too fast over a very short period of time.

AGAIN, I have to scale back on my aggressive trade and go on a lower gear....but at this moment, my account is reasonably safe and is not over extended with too many opened positions.

I have been trading almost exclusively on EUR/USD & AUD/USD and have been catching the ups & downs.

 

[kays]

Hi along and Ramahsl,

I am enjoying the challenge u guys have given yourself and so far i am enjoying every bit of your thread.I a newbie and have be doing some few readings on fx trading.I hope soon i will be able to trade with confidence just like U.I have never come across the word Hedging.Can u guys take the time to explain that to me, what instances its used and the best moments to use it?I will appreciate that a lot.

thanks in advance.

 

[RahmanSL]

along, due to the long silence, I have a strong suspicion that your account has been wiped out.

If it's any consolation, mine is down to usd3.27 and is now scalping like "mad" (in fact there is another much better word but which is totally banned here at the FPA, plus also, due to our Muslim fasting month, I am not allowed to use) to build the account to...well,...whatever size without being totally KO.
======================================================

kays, welcome to the world of forex, and glad to know you enjoyed this thread. We are just having some fun here with our small accounts, and so in no pressure over the losses. Still, it would be fantastic if we can build a very small account into usd1k.

The forex term "hedging" should have been explained here at the FPA under "Glossary" at the top of this page, but it's not there.
In a nutshell, "hedging" means placing a "Sell" and "Buy" position on the same currencies pair and you can make money in either market directions. But, it takes time to master this technique; yah!

Go over to 100Forex broker site and look for "Forex brokers for hedging" at left side of page. It's very well explained there plus a host of other forex information which i am very sure you will find most useful as I did when I first started out some 19 months ago.
But, of course, you will find a whole lot of very useful information and advises here at the FPA too.

All the best and hope you will have a happy and pleasant forex journey;yah!

 

[along]

New strategy

yes Rahman absolutely right, my third account also gone. now I have total lost usd 15. After trying to make money fast, and failed each time I decided to change my trading strategy. now I using very slow approach, change my broker to swap account. Since that I'm playing slow this time, I increase my deposit to usd 20, this is appropriate consider I still need space for back up just in case the trend go against me few hundred pips I still can survive it at beginning.

This time I'm not going to scalp or hedge. I play for swap long term investment, and I chose AUDCHF because this is the lowest risk compare to others AUD pairs. The price is doing well at the moment after losing about 600pips since a week ago. I believe this pair have strong support level at 0.8150. I will Update this from time to time.

kays: your are welcome. Rahman already explain it to you and thanks. hedging is good but u need to be passion to let it run for few hundred pips before you take action. I don't have this kind of passion hehe

c u guys