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Thread: Trading Diary

  1. #1
    Rookie Member

    Trading Diary !!!

    Hello Everyone,

    I start this diary so I can track my progress and hopefully get some insights and advice from the members of the Community.

    I am new to trading and currently try to read as much as possible. I have initially read through the following:

    Technical Analysis Using Multiple Timeframes by Shannon Brian
    Trading Binary Options by Abe Cofnas
    Market Wizards by Jack Schwager

    and currently I am reading Technical Analysis Explained by Martin Pring and Trade Your Way to Financial Freedom by Van Tharp

    I have also read through the Trading School section of the Binary Options That Suck Website.

    Obviously I want to compliment the education with practical experience so I am committed to take this Diary seriosuly and update it on a regular basis.

    My initial objective for the next 3 months is not to fall into the 90/90/90 group again (I already managed to blow my first funds - fortunately I am starting very light using IQ Option)

    I think the main reason why I lost money was overtrading so I have established a set of rules to follow from now on:

    1. Mental Attitude: funding the account with a view to not lose money first and foremost
    2. Checking the markets to see if there are any opportunities too good to miss. Avoid forcing trades
    3. Risk Management: Play with 3-5%, never exceed two trades a day, after a trade have at least an hour break and more if it is a loser
    4. Entry:
    • Price Action - price pattern completed/ support or resistance broken
    • Momentum Oscillator (currently using MACD) confirmation
    • *Entry timed with CCI* - DELETED
    • Ideally try to seek fundamental driver for entry

    5. Exit: identify a stop (either technical or percentage) before entry, never use hope as a strategy
    6. Begin with the attitude that the balance for the day is irrelevant if the rules were followed
    7. Evaluate the rules every weekend

    I would document each trading day as a new post and edit this one to update the principles.

    Thank you for reading and your comments are most welcome. I am just starting so I am bound to have plenty of things wrong. I strongly believe in having a growth mindset so that I never fail if I learn something in the process.

    UPDATE 21/07/2017:
    CCI entry criterium deleted. I no longer think it benefits the strategy as I try to focus more on price action and identifying S and R levels
    Last edited by MaciejD; 07-21-2017 at 10:07 PM.

  2. #2
    Senior Member DaVychi's Avatar
    Welcome to the BOTS Maciej...

  3. #3
    Legendry Member Okane's Avatar
    Hey welcome!

    Good that you did some reading - smart move!

    So what price patterns will you mainly be looking for - or are you good at finding?
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  4. #4
    Legendry Member milos's Avatar
    Welcome to Communitraders!

    You can post and share your trading history.

    Happy trading!

    Milos

  5. #5
    Moderator Kolyo's Avatar
    Welcome to Communitraders!

    This is a great plan to start with! Keeping risk under control and evaluate each and every trade on your diary here are wise decision.

    Wishing you lot of success with your future tradings
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  6. #6
    Rookie Member
    Quote Originally Posted by Okane View Post
    Hey welcome!

    Good that you did some reading - smart move!

    So what price patterns will you mainly be looking for - or are you good at finding?
    Until now I have mostly looked for trendline violations or breakouts from a range. When written down it is much less convincing than when I thought about it while trading. I will look into defining more specific rules!

  7. #7
    Rookie Member
    Only one trade today:

    USD/JPY 15 min

    Entry:
    https://prntscr.com/fpo2n1
    Not overly happy with the entry - it was a bit forced and the CCI was not in line. I based it on a support break on decent momentum

    Result:
    https://prntscr.com/fpo2od
    It retested the support but then went down and expired ITM.

    Overall I think I was quite lucky that a relatively weak support was so well behaved.

    At least the first trade of the Diary is green so I am going to call it a day.
    Attached Thumbnails Attached Thumbnails 20170629 1727.jpg   20170629 1745.jpg  

  8. #8
    Rookie Member
    Trades from Friday the 30th.

    Started out with two loosers straight after entering the market - one after another. So essentially violated all my rules. Note for the future: watch the market closely before trading and stalk the asset for some time before rushing in with an idea. These trades were so snappy that I have not even made a screenshot. This is really foolish since the rest of the day was not too bad:

    1. 30min put on EUR/NZD. I missed the initial trendline violation and then jumped in when it was approaching the support - which was rather stupid since it could have bounced right up. What made me get in with a put was the donwtrending 200MA and the sudden spike in volatility - but all things considered it would have been safer to wait a little longer. What do you think?
    https://prntscr.com/fqssia

    2. 45min put on EUR/GBP - a rather dramatic one. Broken trendline but as soon as I entered it bounced back into a parabole move. I gave it a chance under a pretext of looking for head and shoulders (does not look anything like it when I analyse it now). It went in my favor for a while but instead of closing at profit I got greedy and I wanted to prove that I was right (which I was clearly not having failed to predict the initial brakdown). At that point I decided that I wal basically gambling now so I closed at 50% loss. Had I let it run it would have closed ITM but from an educational standpoint maybe I made the right decision.
    Lesson: If the initial idea was wrong and the price goes green - take profit and do not get greedy - it is not about proving the point but about protecting capital.
    https://prntscr.com/fqszhf

    3.15min call on EUR/NZD. Dumb trade, spur of the moment. 'Monkey see green - monkey press call' - not the way I want to trade. Retrospectively I could rationalize it by a build-up of momentum within a tight range potentially preceding a stronger move - makes sense? (a reverse pattern occurred straight before on this chart - downward ranging momentum and trhen sharp drop.
    https://prntscr.com/fqt3sa

    BTW: Okane I am watching your Price Action playlist on YT daily - it is really helpful, thank you. I also started reading Naked Forexby Alex Nekritin and Walter Peters - I think studying price action is what I want to focus my attention on at the moment.

  9. #9
    Senior Member Annovdbos's Avatar
    Hey MaciejD. First of all I wanted to say you're already keeping a great diary here. It seems organized and you seem to have a good and clear plan for what you want to achieve in trading!

    Now, I reviewed your trade on EURGBP and the first thing I want to say is: DON'T use the broker charts. Get MT4 or cTrader or tradingview or some other charting software, but don't use IQoptions. There's a reason most traders here use charting software instead of the brokers charts. Broker charts are inconvenient because you can't really switch between timeframes clearly and as you can see in my review of the trade they seem to reflect some incorrect information from time to time. So my first advise is: get MT4 or something like that. It's free and much better than the brokers charts.

    With that having said, let's move on to your trade. Basically what you did there was taking a put while you should have taken a call. In the following chart I have looked up the situation of your trade on my MT4. It's the same situation, but as you can see it reflects something totally different than your IQoption chart, which would've saved you from taking this put. Because as you can see there never was a breakout. The candle you entered on was perfectly getting support on that trendline. Also there was a pretty significant S/R level right at the place you entered, which you can see in the Hourly chart I posted as well.

    M1 chart
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    Hourly chart
    Click image for larger version. 

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    I would also advise you not to take profit during a position, but learn to pick the right entry and expiry by looking at previous patterns and counting candlesticks. The whole point of binary options is that you don't have to choose when you're gonna take profit and or set your stop losses. You just set an expiry time and then click the button and then leave it.

    Studying price action is indeed the right thing to do! It would've prevented you from taking the trade on EURGBP, because you would have seen it was a false breakout. Anyway, I hope this helps you a bit. If you have any questions, please feel free to ask!
    Last edited by Annovdbos; 07-02-2017 at 11:20 PM.
    "You think I ain't worth a dollar, but I feel like a millionaire!" - Queens of the stone Age

  10. #10
    Legendry Member willyw's Avatar
    MT4 platform are very user friendly and have many tools and indi
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