Simulated Forex Daytrading

D

dejatrader

For the record, I know next to nothing about forex or daytrading. So we'll see if my simulated account survives while I learn!

I actually placed my first order yesterday but didn't really know what I was doing and ended up losing 19 points. But ignorance is no defense so I'm going to include that trade in the running total.

6/27/07
1 Trade (1L)
-19 points


6/28/07
2 Trades (2W)

Trade 1
Short EUR/USD
Entry: 1.3451 @13:35 EST
Exit: 1.3442 @14:19 EST
+9 points

Trade 2
Short EUR/USD
Entry: 1.3435 @15:07 EST
Exit: 1.3429 @15:17 EST
+6 points

P/L since trading began: -5 points

I didn't know about the FOMC announcement (like I said I don't know much!) so I got lucky on trade #1. Could have just as easily gone the other way and hit my stop.
 
Good luck with this endeavor dejatrader. Take it one day at a time and focus only on what the market is telling you, not what you could have in your checkbook.

FWI - My biggest misfortune was having the "luck" to make money right away.
 
Thanks datamerc! As soon as I'm a little more comfortable with my system and placing the trades I'll start doing what you do in your journal, commenting on how I felt about each trade. Did I follow my rules? Did I break them? Why? etc.
 
Quote from datamerc:

FWI - My biggest misfortune was having the "luck" to make money right away. [/B]
More...

All too true.. all too true.

Forex is a dog-eat-dog world, but if you keep at it there's little reasonyou shouldn't be profitable over the long run. Good luck.
 
6/29/07
1 Trade (1W)

Long EUR/USD
Entry: 1.3521 @11:50 EST
Exit: 1.3524 @12:03 EST
+3 points

Total P/L: -2 points

Today was a lesson in patience. I waited for 2 hours and 51 minutes of my 3 hour trading window before this trade finally presented itself.

I felt a lot more comfortable with my trading/monitoring so I started following USD/JPY today as well, although no trades presented themselves there, a few were close.
 
7/2/07
2 Trades (1W, 1L)

Trade 1
Short USD/JPY
Entry: 122.39 @10:25 EST
Exit: 122.30 @10:53 EST
+9 points

Trade 2
Long USD/JPY
Entry: 122.33 @11:15 EST
Exit: 122.27 @11:32 EST
-6 points

Total P/L: +1 point

New rule added: When there's a strong trend take trades only in the direction of the trend.

Today I had a feeling I should quit after the first trade but I ignored it.
 
7/3/07
2 Trades (2L)

Trade 1
Long EUR/USD
Entry: 1.3619 @9:40 EST
Exit: 1.3609 @10:04 EST
-10 points

Trade 2
Long EUR/USD
Entry: 1.3615 @11:35 EST
Exit: 1.3610 @14:12 EST
-6 points

Total P/L: -15 points
 
7/5/07
2 Trades (2W)

Trade 1
Long USD/JPY
Entry: 122.750 @9:53 EST
Exit: 122.795 @10:01 EST
+4.5 points

Trade 2
Long USD/JPY
Entry: 122.750 @10:10 EST
Exit: 122.950 @10:34 EST
+20 points

Total P/L: +9.5 points

Decided to stop early today.
 
7/6/07
1 Trade (1L)

Short USD/JPY
Entry: 123.190 @11:03 EST
Exit: 123.230 @11:46 EST
-4 points

Total P/L: +5.5 points

Wow the market just went DEAD immediately after I entered this trade! I guess the Friday following the 4th of July isn't the greatest time to be trading the New York session.
 
Well, that's it I've had enough! 3 losing trades today to bring my 2 week trading spree to around -10 points. Spending 3 hours a day to just breakeven over time isn't my idea of a business. No more daytrading for me.
 
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