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Thread: Romaarn's diary

  1. #1
    Rookie Member Romaarn's Avatar

    Romaarn's diary !!!

    After some hesitation for a couple of days, I've finally decided to start a diary. I'm a beginner, inexperienced and not that good at trading but I don't plan things to stay that way.
    For now, this diary might not provide any valuable and helpful insight for many of you (especially pros). But we all have to start somewhere and I'm giving you my word, I will become a better trader than I am today. Until then, training begins...

    Firstly, my broker of choice is IQ Option. In my opinion, they offer the best service especially for me, as a beginner (1$ trades). I have no complaints whatsoever. Their customer service has helped me on several occasions. It is a big company, regulated and that Aston Martin partnership is too seductive to say no to them. In my opinion, they are as legit as it gets. But I heard some complaints from other traders on this forum and on their social media and I got slightly suspicious of their credibility. But nothing serious for now. Anyway, I don't plan having them as my only broker. I want to share my deposit between IQ and 24 Option when I decide to deposit more (I think, it'll happen in 6 months). Until then, I'm staying with IQ.
    I've made a small deposit (100$), accepted the bonus (27$) and decided to increase my balance slowly and gradually. My goal is to make 1% profit daily and I risk only 1% of my deposit per trade. For achieving that goal, I have to make and win 2 trades a day. If I lose, then trading for that day isn't over until I reach the daily goal. So far, I've been doing fine and my main goal is to keep it this way. Now I earn very little money, but as my balance increases and as I deposit more, that 1% will become a solid figure. The goal is to turn my current balance (140$ as of today), into 513$ for the end of February, 2017. If I'm able to do that in the manner, that I've planned, my goal will be accomplished and I'll be ready to start the main phase of my trading career.

    Aside from live trading, I trade on demo platform as well but I make a lot more trades there and I will not post them in my diary.

    My strategy is price action based (thanks to Okane. He showed me the true way and I like it more than any other, completely indicator based strategy). To be honest, I skipped every other method of trading all together as they couldn't captivate me with their methodology. I think naked chart trading (including EMAs and maybe Stochastic too), combined with fundamental analysis is and will be my main focus for the months and maybe even years to come. I try to learn more in those fields by reading books, watching videos on Youtube, reading on BOTS forum, etc. Oh, and I forgot to mention, I use MT4 for my technical analysis and I trade mostly on 10-30 minute expiries.

    So here are the trades I made this morning on AUD/JPY:
    Firstly, I checked if any impactfull news was anticipated for Aussie and Yen on Forexfactory and I saw that the road was clear to trade. Here they are:

    I said put on both of those occasions and they expired ITM (both of them were 10-12 minute expiry)

    I started analyzing on 30M candles.

    I noticed the downtrend and made the trendline as you can see on the photo. Then I adjusted it on the lower timeframes.
    As I knew that the prices were going down, I was waiting for lower highs to make a trade and the best time to enter was when the price touched my line. Stochastic wasn't overbought on the first trade but I trusted the line, so I made the trade anyway.

    on the second trade, stochastic was overbought and the price was touching the line again. So I traded put and it ended successfully in the money as well. But, I have admit, for the majority of time until the expiry I was out of the money. In the final 90 seconds price started to go down and at the expiry it was so deep, Mariana Trench was a bit envious...

    (those trades do not load properly on IQ platform for now. I don't know why but I'll try later to upload better screen shots)

    My trading for today is over and it's time for my other endeavors, such as reading books on price action.

  2. #2
    Master Member SeasaltMcFish's Avatar
    Nice blog. You did better than me (losing 4 trades in a row ), but that's trading, I guess...

  3. #3
    Rookie Member Romaarn's Avatar

    It's the trade I made on AUD/JPY again today and almost lost it. I think I gave it too long of an expiry. It ended ITM, but I got lucky.

    here is the 15min timeframe:

    the top line was acting as a resistance for some time but when I checked on the higher timeframes, it has been a strong support. So I thought it was important and when the price touched it, I made the trade. it went deep ITM but started crawling back much faster than I was expecting. I had thought it would touch the middle or the bottom lines (the ones, I thought would act as support 1 and support 2).

    here is the same trade on 5min timeframe:

    I liked the way I chose to analyze to some degree, rather than making decision hastily (which I do very often unfortunately).

  4. #4
    Legendry Member Okane's Avatar
    Looks like you are doing well.
    Step by step you will learn many things. There are two things
    that are very hard to master but in time you will - I will mention them
    here but you might already know:

    1. Handling losses - handling wins is easier but losses
    don't just mean keeping money management but keeping the head cool and
    sticking to that M management and not letting the losses control the emotions.

    2. Patience - it's great to have a week full of perfect setups to trade one after another
    resulting in many wins but markets change. Having the patience to wait for the right time to
    get back in the "game" needs a great deal of patience.

    Anyway, you still checking out some other diaries here?
    You can learn a few tricks from some of the others students here like
    Gary, Boss B, Gabriel and see what techniques you can copy from them
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  5. #5
    Legendry Member milos's Avatar
    I've never been trading crosses pairs.AUD/JPY is completely new refreshment in the forum.Its good for binary options trading itself.I mean in general.Its nice.

    As I noticed you can use bottom and peaks for trading. In some cases I saw double/triple bottoms/peaks. Keep trading and update your trading dairy. Be brave and trade safe. Traders must be encouraged in further trading.

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