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Thread: <Mike M Diary

  1. #1
    Senior Member Mike M's Avatar

    I've been working up enough courage to start my diary for a while now so, here we go.

    Its' confronting because I'm a newbie and it's clear there are many within the community who are experienced and quite honestly, after reading some of the posts and articles, I've often wondered if I'm way out of my league here. This diary also holds me accountable to the community and, probably more importantly, to myself.

    These fears aside, I would like to thank the leaders, and my fellow peers in this community for the support and assistance I have received so far on this journey. I am truly grateful.

    Short History

    I took a course in 2007 on chart analysis ( cost me an arm and a leg ). The broker we were recommended went under and we lost our money. This spooked my wife and I away. To be clear, I blame no one but myself for all my losses and mistakes.

    I came across the world of binary options in January this year which peaked my interest. I found a group here in Australia whose website offered some tutorials on trading along with recommendations for brokers and signals services.

    My greed and ego led me to a Bot program and even though I knew deep down this was a bad idea, I dove in and got burnt. I'm kind of glad this happened because I woke up before I got totally cleaned out, and my quest for knowledge and redemption led me to this community.


  2. #2
    Senior Member Mike M's Avatar
    I have worked through the Bots/School and recently started placing a few trades on the Demo.

    From early march to early April I was foolish enough to think I could do well with 60 second and 5 min expiry time frames. After losing AUD $400 in a few short weeks I realised something radical had to happen. That's when I found Communitraders, finished Bots school, and here I am today.

    I have since been practicing the " Simple Balanced System" strategy. Based on the guidance from Okane and Michael Hodges, I've been trying to improve my understanding of support and resistance, and trend line's.

    I'm using TradingView's online Charting program as I haven't been able to work out metatrader just yet
    I've been analysing the M5, M15, H1, daily and monthly charts for a 30min / 1 hour expiry.

    The two currency pairs I'm working on are EUR/USD, and AUD/USD because I'm in Australia ( I'm actually an indigenous New Zealander )

  3. #3
    Senior Member Mike M's Avatar
    I've started practicing with the " Simple Balanced System " because my rookie mind finds it easier to follow although I recently received some timely advice from Okane about understanding the charts, trends, support/resistance, patterns of the asset,volatility,fundamentals, candlesticks, indicators and not taking the systematic, mechanical approach.

    I've only placed 6 trades on the demo using this strategy so far. My wife is the big money earner in our family and so I'm fortunate enough to have the responsibility of caring for our three sons. I work in schools myself through the day and so I don't get the chance to study the markets while the Asian/Australian session is open.
    This means that between cleaning, cooking, coaching sports teams, and ensuring homework is completed, I finally get to sit in front of my computer at about 9.00pm AEST.

    The European markets are open and if I stay up till midnight, I can catch the opening of the US markets. It means I'm a bit tired and prone to some careless mistakes but, we all have our challenges to deal with.

  4. #4
    Master Member Okane's Avatar
    Glad to know that we could help!
    The school is great, keep reading and keep drawing lines.

    I was not confident either when I created my diary. That was back then
    when there wasn't too many diaries here. You can actually see my
    first post in my diary and notice that for a while I didn't quite know what I was doing haha!

    If you haven't already, please see this video on
    why and how to make a diary so you learn how to upload decent
    printscreens (too many have issues with that) and what to include.

    I will check on you from time to time see how you are doing
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  5. #5
    Senior Member Mike M's Avatar
    Had a death in the family recently so I've been a inactive for a while. Just before my family tragedy I watched Okanes skype session from the 12th May about fundamentals and how to use or avoid trading based on fundamental analysis. This was the first time I had even paid any attention to fundamental analysis and I found the information provided on ForexCalender relatively easy to follow. I have since made ForexCalender one of the first pages I open up after my chart.

    The following is a trade I took on the 19th May. I am only testing " Simple Balanced System " for now and while I am predominantly using the EURUSD, because I'm in Australia I have been trading the AUDUSD and the AUDJPY.Click image for larger version. 

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    I took this trade because the price seemed to be following my downtrend line.

  6. #6
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by View Post
    Had a death in the family recently so I've been a inactive for a while. Just before my family tragedy I watched Okanes skype session from the 12th May about fundamentals and how to use or avoid trading based on fundamental analysis. This was the first time I had even paid any attention to fundamental analysis and I found the information provided on ForexCalender relatively easy to follow. I have since made ForexCalender one of the first pages I open up after my chart.

    The following is a trade I took on the 19th May. I am only testing " Simple Balanced System " for now and while I am predominantly using the EURUSD, because I'm in Australia I have been trading the AUDUSD and the AUDJPY.Click image for larger version. 

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    I took this trade because the price seemed to be following my downtrend line.
    This one looks to me like the downtrend was broken, a small rally occurred,and then prices retreat back to test a support line .. a break below the support line would be bearish, a confirming signal of support would be bullish...

  7. #7
    Legendry Member Michael Hodges's Avatar
    It looks like you traded the break below the moving average, a decent trade but one with short term outlook due to support levels.

  8. #8
    Veteran Member Ronnel's Avatar
    Hi Mike!
    I love the your chart's color! I hope you wouldn't mind if I borrow your color setup for a while. It's so bling and my wife will surely love seeing it on my chart.
    Duct Tape can't fix OTM

  9. #9
    Senior Member Mike M's Avatar
    Thank you Mr Hodges. I do value your feedback and on further investigation, I was perhaps very lucky this trade came good. I felt relatively confident as I thought price was heading back to my downtrend, and resistance line. Lucky this time around.

    Ronnel I'm glad you like my chart colours. As a long time Prince fan, this was my ode to him after his passing. They belong to the Universe with access for us all so enjoy.
    Last edited by Mike M; 05-25-2016 at 09:02 AM.

  10. #10
    Senior Member Mike M's Avatar
    I took this trade tonight probably more so out of frustration. I can admit it was a risky trade which is why I took a shorter
    expiry. I thought price had moved too far away from my uptrend line and that it might come back to test it.
    I got lucky again with this one so I better stay away from similar set up's.Click image for larger version. 

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