Journal

New Forex traders journey 6th-9th sep 2016

Tough week for me. Monday was labor day so i was not expecting the greenback to move so i took off for that day. Watching trading related Youtube clips were better option for me.

wp-1473486739935.jpg
weekly journal

6th Sep Tuesday 2016
Started trading from Tuesday. I did learn a valuable lesson on Tuesday. The follow throw on 6th sep was huge due to ISM Non-Manufacturing PMI.
I was really tired due to lack of sleep, kinda skeptical whether to trade or not but forced myself to trade. Result : ended the session with -15 pips which is not bad i agree. However, due to ISM news, the move during NY session was massive and my other trade mates made huge pips. All of them made 150+ whereas i ended the day minus. It was really heart breaking. I later analyzed and found out that i actually should not have traded. Sleep deprived. I was not thinking properly. I whizzed away from my trading plan and did not executed my plans for certain scenario. Had i placed proper pending orders, i could have come out winner.

Take aways : Never trade when tired. There is always tomorrow.

7th Sep Wednesday 2016
I took my first trade fairly early today. There was no scheduled news pre NY so i was free to take trades. Boy was there moves ? I took gpbjpy at least 1 hour before NY open and at one time i was +50 pips. But greed pounced on me and i kept the trade open even till NY open. I knew during NY open the direction of the trade may change and it did change. I later had to punch out with just +10 pips on that trade. so once again valuable lesson learned : If you have banked fair amount of pips pre NY, just take it. Don’t wait for NY open. You can always get into market again.
However, unexpected thing happened today. I made some pips on CAD news trade BOC Rate Statement. Which helped me to get out of the hole i dug and ended the day with -17 pips. I was not very upset about it because the market was not really offering any pips. But if could have nabbed that 50 pips , my day would have been different. 
When i see on twitter, other traders with similar strategy also loses, means i did not do anything wrong.

I firmly believe, even if i lose but i did the right thing like executed my plans properly, i would still declare myself winner.

8th Sep Thursday 2016
Nothing much to report today actually. Price was little bouncy pre NY. I took fair amount of trade PRE NY but was not very successful. I ended the day -8 pips which is quite controlled loss. I took total of 12 trades during NY session today. So in that regards, i would say i’m lucky not have dug deeper hole.

9th sep Friday 2016
Good trading day today. I’m glad i traded today. Usually i don’t trade on Friday but since i took off Monday so i thought i should give myself a chance. I was upset as i was minus this week. End of the day i finished with +77.5 pips and mitigated all the loses i had this week. I guess i’m up mere 38 pips for the week but hey, still positive isn’t it ?

There were massive follow throw today. Actually the move started early NY. I did wait for a while to trade but had i traded earlier, i could have banked a fortune. There are no such rules when to start day-trading if you are targeting NY session, it is just the feelings. I do look into volatility when i start trading pre NY. One of the trader, banked 196+ pips today. He has 3+ years experience in his sleeve so it make sense. For me still 9 months with my current strategy.

Nevertheless, eventful trading week. I ended up positive so feeling really good. Thanks for reading.

Cheers,

Leave a Reply

Your email address will not be published. Required fields are marked *