I have been trading on and off for about 3 years using various methods and instruments, and i finally found a way (my own way but my biggest influence is Al Brooks) of trading that i am confortable with. After realizing i wasnt ready for the futures market i decided to give forex a shot and so far there has been no looking back.
Since SIM trading has never been very beneficial to me other than to learn how to use the platform, i decided to start trading ridiculously small but with real money. I literally started trading $1k and I keep increasing my stake on every winning day.
I am not much of a writer so i decided to create my journal in the form of videos which i record at the end of each trading session.
I trade the 5Min EUR/USD Chart but keep an eye on the 15min and 1H as well. For indicators i have volume and the 20EMA + 200EMA.
I do not have very strict entry rules but i use experience and price action principles to locate support and resistance. i only use limit or mkt order to buy at suypport and sell at resistance. I dont use stop orders, ever. If i think i am wrong i just get out on a mkt order.
When i enter a trade i always plan to add another position if the trade goes against me for 10 pips and again if it reaches the next level and i think my premise is still valid.
If i get filled on my second entry my target on the whole trade becomes the level of my 1st entry so that i have 0 pip on my first entry and 10 pips on my 2nd entry.
My target is always set at 10 pips but sometimes i take less if the price action is telling me to or if i see support or resistance getting in the way as the trade develops.
I never place a hard stop in the market because i have been burnt by these too many times. My position is small enough that i can stay objective and let the market do its thing and react accordingly.
That's basically how i trade so on the next post i will start adding the youtube videos for the last few days.
I am open to any comment and thanks for your interest if you are reading this thread.