My trading journal : From 5 to 1000

[RahmanSL]

usd3.50 per round trip trade???
No, that's incorrect as most brokers charge usd5-7 and even up to usd10 per round trip....some broker would lower the commission for over usd50k account.
I think you mistaken that for half trip as most brokers would advertise *usd2.50-3.50...and then a small print at the bottom state that's the commission charged for half trip.

Well, you did good on your trading...keep that up and surely slow, but steady, your account will grow.

Exness???...Nah! As I have mentioned before, I don't trust Russian and other Eastern block brokers as majority of scammers come from there.
Also I am trying not to use any brokers who are only registered in Mauritius, Cyprus, Bahamas, and other offshore haven for such operations.
It is hard enough trying to make money from trading the forex without having to find out at the end of the day that all my hard work comes to nothing when I want to take out my money.
When I first started out, that "regulated broker" part don't bother me too much, but now I am quite particular about brokers being properly regulated. Maybe, back then and even now, it's because I was just playing the market with small money (a couple thousands here and there), but I am getting to the part where I am ready to commit real serious money into one single forex account with a reasonably well regulated broker.
But I really have to control my bad habit of opening too many trading positions at the same time and leaving my account to the mercy of sudden volatile market movements.

Alright "along", you take care now and all the best in your trading!


P/S: By the way, I don't think taking or leaving any long term "long" positions on the EUR/USD is a good idea at this time as I believe the Euro is going to get into bigger problems.

 

[along]

nope, it's true, check this broker, tradersway, ecn they charge 35usd per 100k, roboforex charge 30usd per 100k ecn account. ecn alpha i think they charge 40usd per 100k, you can save half from that amount of commission. about my account, I think I will doing fine as long as I don't increase the lot size. as for now I will maintain 0.01.

just quick update on my account, increased my balance from 22.40usd to 32usd. still have eurusd buy at 1.3386 and sell at 1.3347 hedging. not worry about this. also bought gold at 1706. look positive since gold had been dropping for almost 50pts to 1705 level. will try to leave it open today if strong support for this precious metal.

 

[RahmanSL]

along ... 100,000 (100k) = 1.0 lot .... 10,000 (10k) = 0.1 lot .... 1,000 (1k) = 0.01 lot

....and I think you are also mistaken that these brokers (Tradesway, RoboForex, Alpari) charge usd30 -40 per 1 lot (100,000) coz that would be way3 too expensive and difficult for traders to become profitable on their trades

Commission wise, if I go through a trusted IB, I get back around 13-24% of total paid commission charged by ECN brokers. So for every usd1k commission that I had paid in my tradings, I get back usd130-240....in actual fact, I did a quick calculation and it is highly possible, on high volume tradings, to get back my own account capital in a very short time through the rebates...But, of course, it would be much better still if I can be in profits in my tradings as well

Yup, for your account size, trading 0.01 lot size is the safest and very healthy for your account balance. Keep it up.

Alright, catch you later!

 

[along]

opsss, sorry my mistake, I mean that one is for million traded. so for 1 lot should be around 3-4usd.

Just sold my gold, increased my balance from 32usd to 36.30usd. still have open by and sell on eurusd. will close it tomorrow

c u

 

[RahmanSL]

usd3-4 would still be for half trip.

For the time being, I am staying away from metals as I, along with lots of "experts", really don't know the direction they will take by end of this year.

I have tried trading other currencies pairs but, quite frankly, I really don't know them as well as I know the EUR/USD. So, I think it's best I stick with the devil I know and leave the rest.

Cheers!

 

[along]

ok, good luck with the devil

Just want to quick update on my account. Increased my balance from 36.30usd to 41.30usd. market almost flatted in morning, not much moved on eurusd only after London open then started to active again. I increased my order size from 0.01 to 0.02, see if I can cope with this size.

 

[RahmanSL]

You took 2 large hits (-6.21 & -2.18) in your trades...trading 0.02 lots at this point would not be advisable until you have increased your balance to at least usd100 because any more large losses will threaten your account.

I am doing alright with the devil today as I traded "sensibly" and "patiently" too with maximum 0.02 lots (but still managed, as of now, 41.22%). But, I have to sit on my hands a lot and be content just to watch market movements and listening to news commentary from that site (Talking Forex.com) which you pointed out to me. Thanks for that site bro!

Keep safe and all the best!

 

[along]

Ohh.. that one I just cleared my open positions, already hedged with positive trades, overall still good. just want to quick update with my account. increased my balance from 41.30usd to 52.50usd. doing fine with 0.02 lot size, will try to maintain it.

 

[along]

Just want to quick update with my account, increased my balance from 52.50usd to 64usd. I will try to increase the size from 0.02 to 0.03, see if I can handle this...

 

[RahmanSL]

Hey, you did well there bro.... ...keep it up, but go slow and steady;yah!

Today I did ok on my account too....was going to stop trading just now (half hour ago when I was up around 29%) when the devil started reversal and I closed all but 4 Buy positions at 1.34208 to 1.34219 areas. But it would not go further up for me to close these 4 positions in profits but kept bouncing up & down just under that area.
So, realizing that it's way up there in the 1.3400 area, and with very little good news to make it move to the 1.3500 area, I started opening up Sell positions when it went up, and opened up Buy positions when it started to move down a bit....Yesss!I had it trapped... and it couldn't move down as I had quite a few short positions. When it moved further up, I opened up some more short trades until it went past my 4 positions for me to close them in profits.
Then I waited for the reversal which came and I waited to close all positions in profits.

With that, I now have no more opened positions and I am up by 68.48% for today and overall by 118.49%.
It really is a good feeling not to have to worry about any unclosed positions and I can now go to sleep peacefully

Good night bro....tomorrow is another trading day and I have the luxury of deciding whether to trade or not.

All the best!