My Trading Log - Come critique my trades

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Hi all,

Some info about me -

I'm a recent college graduate working full time developing software in C# and ASP.NET.

I first heard about forex trading through a college friend, and over the last 3 months I have been reading the basics and building my knowledge up to a point where I can take my training wheels off.

I spent about a month reading through www.babypips.com (which was an EXCELLENT starting point).

Now, after roughly two months of reading the basics and doing my homework, I'm ready to jump into my demo account!

So, the goal of this post is to track my trades and to get input from smart people like you that have been doing this for much much longer than I've even known about forex trading :).

I'll post my trading strategy, and then post when I make trades, along with:

1) When I traded

2) Why I traded (what indicators I used, what news broke that I am relying on, etc)

3) What my exit strategy is

4) What my profit/loss was

Trading Strategy (Please critique so I can make it better!)

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Trading Style:

Chart: EUR/USD

Period: 15m

Type: Swing / Day trade

Indicators:

SMA: period 21, shift 0

EMA: period 14, shift 0

RSI, period 14

Open Buy When:

EMA crosses above SMA

RSI >= 55

Open Sell When:

EMA crosses below SMA

RSI <= 45

Close When:

EMA crosses SMA -or-

RSI crosses 50 -or-

SL of 2% of my free margin hit

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That's all for my (very basic) strategy. I plan on growing this and changing it as I learn my own style. I hope to learn a lot from myself in the coming months from keeping this journal, and also hope to learn a lot from all of you!

Happy trading,

-Brad

 

Trade 1:

1) Traded on 3/19/09 @ 21:01

2) Traded due to indicators on W1 chart (I know, I know.... I already broke my own rule!)

EMA Crossed SMA, RSI was ~50 and increasing, 1 day chart showing strong bull trend

3) Exit Strategy: Made a fibo retracement from peak in july to low in october (on W1 chart), will close trade if market meets resistance when approaching the upcoming resistance level, or keep open if it passes it, in which case a new exit strategy will be formed. Also, will close if any close indicators come true from my trading strategy (on the D1 graph)

4) P/L: TBD :)

 

It's very nice to have trading journals... printing a chart for each trades will be nice for a start...(but you'll get plenty of papers) once in a week reviewing it will be nicer...


i hope metatrader can have feature to make trading journal that automaticly saved as html :)

then everyone that use this feature able to send it to his/her blog... seems nicer too


as far i know there is no other charting software capable doin that... (creates trading journal)

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