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Facebook Trade Journal

 
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richarddavidemmett

Facebook Trade Journal

Hello, I hope that everyone's trading is going well!

I made Silver I and today was my first day of trading my fresh new $10,000 account - completely untouched by the trials, tribulations and mistakes of my now abandoned account from the Copper and Bronze levels.

With the ink still drying on my Trading Plan, I thought that I needed some more discipline in recording and monitoring results. I came up with the idea of keeping a live Trade Journal on Facebook. It is my intention to record every trade I make, and to reflect on losing (and winning) trades to continually improve my strategies and my trading.

Here is the link to my Trade Book:

https://www.facebook.com/Trade-Book-1652604228382541/

For most of the Intermediate Trades I am posting trade entries within a couple of minutes of trade entry, so there is the possibility that if you like the trade set-ups, these could be used as signals for you to save time monitoring the market. With scalp trades, these can't always be posted in time to be of any use as a signal. However, they can be analysed after the event to examine the effectiveness of the strategies used.

I use 5 distinct trading strategies:

1. Overnight (Asian Session) GBP/JPY Trades - (I'm in the UK so these are overnight for me).
2. European/UK Banker's Close
3. A 15 / 30 Swing Trade Strategy (24 hour trade)
4. Breakout Tripwire Strategy
5. Todd Granthem's MACD / HMA(200) Strategy

Today's trading results were:

Account size at start of day: $10,000
Balance: $10,160.35
Equity: $10,131.57

Todd Granthem's Strategy has had a very high win:lose ratio today!

Feel free to take a look at the results for any of the strategies and if you want any more information about the strategies or how I'm applying them just ask and I'm more than happy to share the details. Similarly, please comment on any of the trades made or strategies - all constructive suggestions more than welcome!

Happy trading!

Mon, 04/17/2017 - 3:49pm
 
c517

hi Richard. excellent idea on keeping a tradejournal. I do the same but I just write my trades down in a notebook. perhaps I should post my results online too. might give me even more impetus to do well. I really appreciate u sharing your strategies as well. good luck to u and I wish u the best on your forex journey!

 
bev.higgins46_1

Hi Richard I shall have a look at your fb entries, I, like c517 have a manual journal which helps to keep me in line. I am still having a problem though, I don't seem to like buys, I do my best trading on sells and I am finding I have trouble when I have to have trades for a longer period of time, any suggestions?

Good luck, I am nearly finished Sliver 2 but I need to do the 50 pips and I like taking 10 pips at a time rather than waiting, but it will happen.

 
danjsilve

Hi Richard. Yeah, good idea to get more people connecting through Facebook. I too am UK based with view to moving to Asia when I start earning an income with Apiary. Currently, I have one more requirement to make to promote me to Silver 2. I will message you on FB. :-)

Dan

 
richarddavidemmett

Hi Bev,

Thanks very much for connecting. On my MT4 account, I quite like holding longer term trades. However, with the Apiary Fund I tend to avoid long term trades because it ties up the capital for so long. This is making me learn a lot about holding trades for shorter periods.

I entered into a longer term bear trade on the NZDJPY yesterday in order to meet some of the Silver 1 requirements for a trade over 24 hours.

First, I start by looking at the daily chart, and I am looking for clear trends and patterns. I have attached the NZDJPY D1 chart that shows a very obvious "stair-step" pattern, suggesting another lower leg may be at hand.

On the hourly chart, I expected either price to fall, or rise before falling. It looks like the second of these options is the case. Price has now rejected twice at the 76.60 resistance level, and so looks set for a bearish move (I hope!!!)

Due to the length of the trade and because the stop loss must be placed high enough to give the trade room to breathe - I gave this an 85 pip stop loss - I have kept the trade size very low.

Generally, for longer term trades I am not relying on indicators (which I do use in short and intermediate trades) - instead I am relying on chart patterns and visible areas of support and resistance on the D1 and H1 charts.

As to preferring sells to buys, I am unsure what the answer is. I have always had equal success with buys and sells when the set-ups appear. Maybe have a day of taking buys only to build your confidence with them??

I hope that this helps!

2017-04-18_0828_NZDJPY_D1.png 2017-04-18_0830_NZDJPY_H1.png
 
richarddavidemmett

Hi Dan,

Thanks for your post and also the message on FB, which I have replied to separately.

Good luck with your plans to move to Asia. My brother has lived in Thailand for over 20 years now and loves it. One of the great things about trading is that you can take it anywhere with a good internet connection!

Let's keep in touch and share ideas and provide support.

Happy trading!

Richard

 
richarddavidemmett

Thanks for your comments c517. I think you hit the nail on the head when you said that publishing the trades may give you an impetus to do well. Even though there's not many people connected to my Trade Journal yet, because I'm publishing it makes me think that I must have a good reason to justify entry and exit if anyone ever asked! It's a way of keeping me on track.

Also, hopefully in time some of the signals will help new traders to see what I'm doing. It's Day 2 and I'm already on +0.92% risk with a full day of trading and my beloved Bankers Close trading ahead of me!!

May you ever be blessed with more pips.

Cheers,

Richard

 
terpstra.simon

Hi Richard,

we just got funded yesterday and keeping a trade journal is really one of the most important trading acts you have to do.
It helped us to be more consistent traders.

Great idea to publish your journal on facebook, we will surely take a look ;-)

Wishing you many green pips.

Lia and Simon

 
richarddavidemmett

Hey Lia & Simon,

First of all Congratulations on getting funded! Awesome achievement!!

May your trading go from strength to strength.

It's great to hear from experienced Bees that I'm on the right track with the trade journal. Certainly, I can already tell it's making me think about my trades more carefully and also examine the trades after they're closed to see what lessons can be learned.

It will be great to see your accounts and positive results grow over time.

Kind regards,

Richard

 
matt lydon

I'm reluctant to admit that I've never been able to discipline myself to keep a trade journal, but curiosity compels me to monitor the rationale for those that do so.
So naturally, I have some questions..
1)What data BESIDES that which is retained in the Alveo Beta history file would/does one enter into such journals?
2) What other measurements BESIDES those which Apiary uses on their Statistics page are included?
Frankly, I use those as a "log/trade journal" for the following reasons
1) They ( the Apiary provide files as mentioned above) are ACCOUNT SPECIFIC, so REGARDLESS of which account you may be trading, your cumulative performance is fully documented. ( or so I feel)
2) my biggest trading flaw, truth be told, is NOT controlling my emotions and is why I've been stuck in Gold II for quite some time.
so What does one document to detail such aspects of trading?
Don't get me completely wrong here, today was a very good trading day for me, I netted, after losses, 505 pips
https://www.screencast.com/t/wc7onHz88
My answer to these above questions is to constantly review my trades, the results & how I can improve the results.
More often than not, for me, the answers is NOT to have made a particular trade.
Generally speaking, my issue is a compulsion to trade almost anything that I feel is a " good trade"
Refining my trade set up "selection criteria" AND filtering it with some harsh reality based on fundamentally sound trading methodology is what I did today. the "trick" here will be the discipline to perform this way every time I trade.
OR, am I still missing something?

 
Cynthia

I hear you on the trade journal journey! Maybe Apiary can provide a little more insight as to how to stick to the rules. That is where I have difficulty. Discipline is probably the number one issue that needs to be mastered! ;)

 
caldas

I really need to get myself a trading journal...

 
richarddavidemmett

Hi Matt,

Thank you for your post. The history and stats pages are of course extremely useful tools. I think that some of the elements that can be included in a Trading Journal that are not present in the history and stats pages include:

1. The reason for trade entry. Why was the trade entered, which strategy was applied and what was the trigger?
2. How was the trade managed. Were there particular features of the set up that led to the trade being managed in a particular way.
3. Were any mistakes made with the trade. Was the decision to enter into the trade good or bad, and were there psychological factors that could be addressed?

Generally, the history and stats record what you did in terms of trading, but cannot record why you did it. The "why" is the missing piece of information that I think can be very valuable. Providing this missing piece of the jigsaw, I believe trading can be improved. For example, if my trade journal records a particular reason or strategy has been used to enter multiple trades, and later analysis finds that these trades have had poor results over time, then that particular reason or strategy can be modified or removed all together from future trading.

Ultimately, I guess it's down to choice. If the history and stats work for you without a trade journal that's great. For me, I think the trade journal adds something extra to my trading.

Kind regards,

Richard

 
richarddavidemmett

Hi Cynthia,

Yes, discipline can be tough! I have a great example of how this can go wrong from yesterday. I had a good day of trading yesterday and was riding a wave of positivity.

On one of the currency pairs I was monitoring I saw a very sudden price increase. It looked a little like a breakout, but the pair had not broken any obvious resistance level. I also thought that maybe it was news, but I was not aware of any news events that may be causing it. Frankly, I had no idea what was causing the sudden surge.

BUT . . .

In my mood of positivity and invincibility I felt I could ride the sudden and fast-moving increase upwards and catch a part of the surge. I felt a sudden compulsion to surf it upwards. Completely outside of any of my trading strategy I quickly hit "BUY".

AND OF COURSE . . .

The whipsaw kicked and lost me half of my day's carefully accrued profits.

My trading journal and indeed my Trading Plan have been updated to clearly remind me "NEVER ENTER A TRADE ON IMPULSE NO MATTER HOW APPEALING IT MAY LOOK, IF IT IS OUTSIDE THE TRADING STRATEGY."

For me, I think that the act of writing this in the trading journal and Trading Plan will help me to avoid gambling on the next exciting looking move that grabs my attention.

I agree that any additional resources provided by Apiary to support good discipline and avoid "impulse pitfalls" would be welcome.

Good luck with sticking to the plan and I hope your profits soar!

Kind regards,

Richard

 
Donlic

Great.

 
Wyn

Great post, however I cannot see myself ever creating a personal journal, by the time I write down the reason for the trade the trade is over or it is to late to enter. Good on you guys that can managed it.

 
Ronconomics

Richard/ Dan - Another UK bod on his journey. On my second month and on bronze 3 and finding it tough but fascinating. I'm in Bedford and would love to share progress and approaches with locals and maybe have a sounding board.

It's great you moving ahead so strongly.

I feel it's essential to document around the trade if only to make those NEVER DO THAT AGAIN RULES. Worth putting the list of these on the wall perhaps. Not in too small a font on people will think you've gone nuts! Did you see that movie "23"? I can read these when i'm getting fidgety waiting for a set up or a bar to close.

In other activities it's a well known that accountability is important for discipline and focus. That's why people pay to have a coach call them weekly, and encourage them to verbalise goals and intended actions. People like to please and feel they'd be letting the person down. Also it could be handy rather than bore a partner to have another outlet to share enthusiasm - albeit an imaginary audience.

Personally i don't go near Facebook as I'm a bit more private and already feel like Google's bitch. The downside for me would be that people have a funny idea of trading as gambling and I woudn't want to be misunderstood.