Well this is going to be my last attempt at a trading diary and trading generally.
I've a solid system/plan which works but I tend to deviate from this. It almost seems that I dont want to suceed in FOREX. Which led me to start thinking that this isn't for me. After thinking about this for a elongated period, I have decided to give it one last shot.
Issues I have recognized-
1) Lack of structure and discipline, these other problems snowballed from this.
2)Over Trading, at one stage I was trading 12 pairs.
3)Greed, initially I had a solid MM plan, but false assurance led me to throw this away.
4) No direction, Now I dont mean in trading but I didnt follow any sort of tendencies, I took any trade that came my way.
5) Greed, Yes I understand that I mentioned this but I believe this was the main reason why I tend to fail. I want it all and I want it yesterday!!!
6) Lack of paitence, I leap into transactions way to early. Some times it works sometimes it doesn't.
Steps that I have taken-
1) I'm only going to exchange 3 pairs
2) Going to go back to basic's with my MM.
3) Only take trades in the direction of the Daily.
4) Going to take at the maximum 3 transactions each week and discuss my life.
5) Hopefully this diary will help my follow my egy to the tee.
One of what I think to be a major aspect of trading I have overlooked was exactly what do I want from this After looking in the mirror for a bit I realized that there are many marketing geniouses in forex. At one stage I got into all of that jibba-jabba that was fed to me personally. Anyways I'm just ranting today, so this is what I expect of myself.
1) To be able to help some other trader out who is in precisely the exact same dilemma.
2) Extra income a month
3) Eventually maybe quit my 9-5 and exchange full-time.
Since the tittle suggests I exchange Part-Time. That I mean I normally exchange off 4H charts and sometimes off the 1H. All these TF work best for me since I work a full time job and am very busy after work. The 4H works becuase I dont need to be in front of the charts monitering daily. I exchange this TF but I am lucky enough to have the ability to track my charts when at work!
As for my system and charts-
I use MT4 for my charting (I presume its GMT 1) and put trades on another broker.
Indiors-
Slope Management Line (SDL) (Period 9, Method 3, Price 0)
Accelerator Oscillator (AC)
Stochastic Oscillator (%K 5,%D 3, Slowing 4, Low/High, Simple)
Average True Range (ATR) (Period 10)
The Stoch is overlayed on the AC
Entrance -
For Longs- When Stoch is crossing up and the SDL works from red to blue. AC ought to be shing from green to red.
-I shall wait for the SDL to shut in blue until I enter, because it sorta re-paints.
-After it shuts in blue enter on the open of another candle.
For Shorts- Stoch crossing , SDL turns from blue to red, AC changing green to red.
Filter-
Only trade in the direction of the daily. Same configurations apply to determine direction.
Stop Loss-
Either the worth of the ATR or the high of the set up candle.
-Set up candle is your candle that the SDL began to change, 95% of the time its either the former candles or candle.
~Notice ~
My discontinue losses aren't static. Quite simply I dont put them together with my broker, unless I know I will be around then I put it. Rather I have a plogical SL or I will use MT4 to set an audio alert when it reaches in about my SL area.
Take Profit-
Right now I am going to use a static TP. It'll differentiate for each pair.
EURUSD- 30 pip TP
GBPUSD- 40 pip TP
GBPJPY- 50 pip TP
This may change, but thats where they're staying at.
For the time being
-I shall only be in 1 trade at one time, unless I'm in a trade that's in profit then I shall consider taking another position.
-I shall also use the 1H to re-enter into the positions or to TP. These transactions you sorta want a feel for.
-I will not be trading on Sunday's
-Positions will be closed befor EOD Friday.
https://forexintuitive.com/attachmen...0996225865.mq4
https://forexintuitive.com/attachmen...1340980611.tpl