I have also decided to post my weekly progress on this forum simply because I would love to learn better by the best and I open my heart to criticism…
People love forex for different reason, But mine is simply because its like the art of swordsmanship and forex gurus remind me of all the great SAMURAIS that once existed (The great feeling before a trade is executed and the aftermath be it good or bad). Nevertheless , I also love the spoils (money) from becoming a guru.
I use FXCM and this is a demo account I am using, and the beauty of this platform is that the pips gained and lost in any transaction is written automatically on the screen which you see on the charts.
What I will do is what Sir Vahid instructed, I will show you snaps of a trade before and after I execution. As much as possible I will try and analyse my reason for each trade.
ENJOY…..

Sunday/Monday: 6-7/12/2009.

Capital: $5000.00
3% of bank risked: $150.00

Observation: Due to pending positions taken by traders on Friday, I noticed that most of them in order to maximize profit, they sell or buy their positions. That leads to the retracement observed in the early hours of Mondays. Afterwards the trend which was followed on Friday night continues pending when the reversal occurs.(Check shot 9:32am)

1st position (Long) = Limit 66.3 pips
Stop -67.9 pips
Pips Gained/Loosed = -67.9 pips
Unluckily for me, the market went short to hit my stop loss after initially going long towards my direction for about 16-18 pips. Valuable lesson(When the market is opening on Sunday’s, take as little pips as possible because the market could go against you most especially if it’s a strong long or short direction)

2nd position = Limit 100.6 pips
Stop 70 pips
Pips Gained/Loosed = +100.6
Net pips gained/loss = +32.7 pips
I took this position when the sellers were already losing steam as you can see from the charts. MACD was already long over dew and at the same time strongly convergent with the candlesticks. The market was oversold and the psychology of the candlesticks showed the trend had lost steam.


it is a shame that my screen shots are not getting attached because this notificationed popped up: The image must be at least 0 pixels wide, 0 pixels high and at most 800 pixels wide and 800 pixels high. The submitted image is 1226 pixels wide and 680 pixels high.

Any ideas on how to make this work?, would really luv to share my work.

Hello Lordpipi,

Sorry, but you don't even mention what currency pair you were trading, so I cannot even refer to my own charts.
When you save the image in MT4, save active chart, then you will be able to upload it. Otherwise you will have to resize the image. You can download an image resizer from Microsoft - Search for "microsoft powertoys" The microsoft link for XP users

http://www.microsoft.com/windowsxp/down ... rtoys.mspx

ohhhh....thanks a million keithy...by the way i traded on EUR/USD...and they are on a 4 hour chart. let me check out the image re-sizer stuff

[/attachment]

I am really sorry the whole thing looks so messy, I will try and improve on my posts... Please follow the time in order not to get confused...from 1:30am to 1:48am,9:32am,10.06am,6:45pm...

This would not have being be possible without the help of Keithy....A BIG THANKS to you....

Have lots of work to do.... I would have to work on my other snap shots...will get back to you guys later

Capital: $5032.70
3% of bank risked: $151.00
I really goofed today, I let my emotions take over me:
1st trade(GBP/USD): Stop -35.7
Limit 43.2. I stopped the trade before it hit its limit since the market was oversold forgetting the fact that the candle sticks did not show what I was thinking.
Pip gained: +26.6 (short)

2nd trade (GBP/USD): I took this trade out of the feeling that the market will become bullish (was thinking not following what I was seeing)…Pips loosed:-6.3(Long)
3rd trade (GBP/USD): I was dead furious and not in control, so I went for a revenge on the market (which should not have been)…… Pips gained: + 7.0(Short)
4th trade (GBP/USD): I took short position in order to continue making profits and the market moved against me as I did so.(what an emotional wreck I am)…. Pips lost: -17.2(Short)
Total pips for the day = 27.3 – 17.2 = 10.1 pips.
However I took the last trade for the day with:
5th Trade(GBP/USD)Short
Limit: 71.1
Stop: -68.3
Still pending though, lets hope that my candle stick analysis is worth a while…… (I messed up)

Analysis: Today was a terrible day for me because I let my emotions take over. If you notice, other than the first trade, I scalped on the other two (which am trying to outgrow). I already drew a trend which has been on since Monday, and it was obvious that the market would be bearish but I never harnessed it.

Wednesday: 09/12/2009
Capital: $5014.20
3% of bank risked: $150.426
All transactions are (GBP/USD)
My pending transaction on EUR/USD hit the stop loss at -68.3 pips, however I took another position (Short)
1st Trade (Short): Limit: 38.7
Stop: -28.6
It hit my limit +38.7 pips, which gave the total $5014.20. That’s where am starting from today.

2nd Trade (Long): Limit: +42.3 pips
Stop: -44.3pips
It hit my Limit +42.3 pips

3rd Trade (Long): Limit: +27.7 pips
Stop: -34.2 pips
It hit my Limit +27.7 pips
Total pips made: +108.7

Analysis:
1st trade: Today I majorly used the trend line I drew since on Monday. After I lost -68.3 pips during the early hours of the morning, I noticed there was a strong downtrend so I took position.
2nd trade: After the candlesticks hit its support, I waited to get confirmation that the market was going to be bullish (I further did that by studying the 5min and 15 min graph).
3rd trade: after the candlesticks approached close to the resistance, my trade hit its limit and I waited patiently for it to show signs of becoming bearish or probably bursting its resistance.
Minutes later it came out of the resistance and that was when I took a bullish position.
NOTE: In all of these positions that I executed I ensured that I used the 5 & 15 min charts since on the these chart the RSI, MACD and Bollinger band showed me when to enter and exit the market….(Regards… It was a beautiful day for me…108.7 pips!!!???), lets see how it goes till on Friday…

Thursday: 10/12/09
Capital: $5084.20
3% of bank risked: $152.53
All transactions are (GBP/USD)

1st Trade (Long): Limit +32 pips
Stop -25.9 pips
Pips gained = +15.2 pips

2nd Trade (Short): Limit 22.1
Stop -32.3
Pips gained = +10.4 pips

3rd Trade (Long): Limit 20.9
Stop -22.9
Pips gained = +9 pips
Total pips gained = 34.6 pips

Analysis: In all of my transactions today, I capitalized on 2 tools.
1st tool: After surpassing the trend I drew a side triangle (oops…. Don’t know the name for that trend), I observed that the candle sticks kept on bouncing inside the triangle I drew, so I utilized it
2nd tool: I later observed that when drawing the Fibonacci points on the previous peak, all the bullish trends could not break the 50% level, so I kept on buying and selling through this two tools

However another strong tool or experience I used was that I used the 5 and 15 minutes chart alongside my one hour chart in order to be more effective when trends are starting and ending (Thanks to Vahid)… I am really impressed today for having 3 other successful transactions. I owe God the glory

Friday: 11/12/2009
Capital: $5118.80
3% of bank risked: $153.56
All transactions are (GBP/USD)

1st position (Long): Limit: +61.5
Stop: -56.2
Pips loosed = -56.2 (The candle sticks hit my stop loss)

2nd position (Long): Limit: +36.1
Stop: -58.5
Note: On this second trade my network experienced problems, so when I took the first trade, it did not respond and it was not obvious on my screen, only for me to take the second trade and later noticing that I already had a previous one pending… This is more like 2 in 1 positions

Pips loosed = -58.5 (The candle sticks hit my stop loss again)
-60.5
Total on the second trade, as I placed it twice simply because of my network = -119 pips
Total pips loosed = -177.5

Pips lost for the week = -56.50

Analysis: Well! Well!! Well!!! What can I say? I did not follow the market today but my mind. Reasons for this is that since yesterday when I drew my Fib points on the last highest peak, I observed that as much as the market was becoming bullish, the market was never able to break the 50% point… It was so strong that in the early hours of today it persisted.
I just had a feeling it would break it today (Like I said had a feeling!!! Not following the market’s psychology). Although each of the inverted peaks showed to me that the market was most likely to be bullish. I also ignored my 15 min charts that showed me a clear triple tops or Head and shoulders… I got my fingers burnt and lost -117.5 pips

To crown it all, I suffered a major network problem, I actually took one long position on my second trade, not knowing the first one I took was counting which was not visible on my screen, I took the second one and I lost heavily (am happy though a lot has been learnt)

Hello guys, last week was another eventful week for me, I learnt a lot and kinda changed my trading system towards the tail end of the week... A promising system but the truth is that can I stick to it when my eyes are feasting on my charts?

will be continuing from where I stopped last week.... ENJOY!!!



Sunday/Monday: 13-14/12/2009
Capital: $4943.50
3% of bank risked: $148.31

1st Trade (Gbp/Usd) Short: Limit +52
Short -12.7
Pips gained: +20.8 pips

2nd Trade (Gbp/Usd) Short: Limit +40.7
Short –21.2
Pips gained: +5.6 pips

3rd Trade (Gbp/Usd) Short: Limit +37.2
Short –24.3
Pips gained: +17.9 pips

Total pips gained = 44.3 pips

Analysis: Today all my trades were short, one of the tools I used was the Fib. Since in the early hours of the morning till almost mid day today, the candlesticks did not cross the 50% line which has being there since last week Thursday.
I capitalized on that and took a sell position anytime the candle sticks hit the 50% position, although with a lot of caution. Grateful to God and Sir Vahid… It was fun slashing some pips

Hovever, I took a pending position on GBP/USD
Limit: 41.3 pips
Stop: -31.6 pips