Hey everyone. Starting up a journal as a kind of self critiquing tool for myself and to show other newbies(like myself) how not to trade. I've been trading since early January where I made some easy gains shorting the euro but have seen substantial losses since. In short, I've been learning a lot = D
I go to school part time and I have a part-time serving job. I am out of school until April and my job isn't producing any hours right now. I have savings but am trying, due to my circumstances, to make it as a trader. I can keep this up for only so long but I am upbeat that I am limiting losses and finding consistency.
My strategy mostly involves using 1 hour and 5 minute charts and taking positions with the hour trend while perfecting entries with the 5 minute. This can happen different ways. Sometimes I find myself just taking a fade at a major s/r level (betting against the breakout) and other times I find myself fading 5 min s/r lines that are against the 5 min trend but with the 1 hour trend.
My weaknesses:
1. Doubt/Hesitation - Not taking a setup at the best price because I start to doubt it.
2. Stubborn/discipline - Holding onto a losing trade and taking losses betting on it coming back, canceling stop losses etc.
Will make my first post below.
I go to school part time and I have a part-time serving job. I am out of school until April and my job isn't producing any hours right now. I have savings but am trying, due to my circumstances, to make it as a trader. I can keep this up for only so long but I am upbeat that I am limiting losses and finding consistency.
My strategy mostly involves using 1 hour and 5 minute charts and taking positions with the hour trend while perfecting entries with the 5 minute. This can happen different ways. Sometimes I find myself just taking a fade at a major s/r level (betting against the breakout) and other times I find myself fading 5 min s/r lines that are against the 5 min trend but with the 1 hour trend.
My weaknesses:
1. Doubt/Hesitation - Not taking a setup at the best price because I start to doubt it.
2. Stubborn/discipline - Holding onto a losing trade and taking losses betting on it coming back, canceling stop losses etc.
Will make my first post below.