My Forex Journal

[Jason H. 56]

About 6 weeks ago I lost my job. It was unexpected but in hindsight, inevitable given the changes new management was making. I switched to full time job-hunter mode and didn't spend much time in the chat, practicing my trading, or doing much else related to trading beyond wishing I could. I'm lucky to be in a career that's in demand and have started a new position. While my new job has the benefit of higher pay and more stability, it lacks the schedule and technology flexibility of my previous job. I have to be in the office before the market opens. Well, before the stock market opens...

 

All that is the long way of saying I've decided to re-orient my trading education to learning currency trading. This allows a couple advantages:

 

1. Forex markets are open 24 hours a day, 5+ days a week: While they aren't always super active, there is enough activity during times I don't work to allow opportunities to practice and learn

 

2. No Pattern Day Trading Rules: I can live trade as soon as I feel ready, without the need to grow my account to 25k. I still intend to sim for a while and take a couple real trades a month, same as my stock trading, but I don't feel as constrained to "this is the only one I can get" mentality.

 

I love being part of this community and will continue to be active on the forum, but I may not be around the chat too much. I'm right at the start of my forex journey so I plan to use this thread to document my progress, answer questions (If I know the answers!), and, if I figure forex out, provide some value to our community.

[Robert H 455]

Jason, congratulations on the new gig! Good luck with forex and we look forward to hearing about your experiences.

[magik570 0]

Hi Jason,

 

I am almost in the same boat as you (not able to trade during my 9-5 schedule and just started studying Forex).

 

What are some of the setups are you playing with?

 

- Shahed

[chungy9015 0]

Hello,

Similar situation as Jason and Shahed, decided to focus on trading Forex, mostly swing trading (day would only be possible on the evening) with the New York Timezone.

With Zack's book, forum material, it really help truly understand the fundamental of Forex Market (institution that drives the direction).

I just started a practice account under Oanda (unless someone can recommend better broker in Canada when I'll go live later). Currently investing into Parallels + Window in order to install MetaTrader4.

Just to make sure I am heading the right direction, here is my 1st day of practice account (10,000 usd):

- Lost about 50 pips on 5 trades. I am currently practicing placing order Buy/Sell on proper Pair Currency. By default I always keep a 3:1 ratio (whether it is short or long timeframe, 30pip/10pip on short frame or 300pip/100pip on long frame). This way I don't think too much of closing too early or take profit too early.

- Currently practicing on the Supply/Demand Zone. Kinda hard to figure out, I guess I don't know which timeframe to look at exactly. 

- Currently Short on EURUSD TP 1.1039 / SL 1.1439 / Entry 1.1339. Reason, I saw the Pitchfork (Daily, July 30 and median on August 8) To be confirm if this is correct or false.

 What's interesting is I am just doing happy trigger and place order based on Intuition or guessing until I get tired or blow out the account and slowly incorporating the proper approach.

What about you guys? Any journey to share such as difficulty or what's technical to use?

Cheers,

Tony