Admin Trading Journal FxChoice

This is on a new FxChoice account just opened today. It is denominated in Bitcoin. Their accounts are based in "Bit" which is microbitcoins. I am bullish on Bitcoin and other cryptocurrencies long-term. So it's possible that not only will my account grow from trading, but the balance will also increase in value as time goes on.

My starting balance at the time of this post is 250,000 Bit.

Strategy: I will be trading with some indicators available on this forum such as the FEN indicator and MQL Harmonic Indicator and maybe some others. I will also consider trend lines and S/R levels.

Entries: I will use a mix of pending orders and market orders depending on when I see a good trade set up and my availability. I will also use an averaging in method. So if price goes against my trade(s), I will open another trade in the same direction to get a better overall combined price.

Exits: I usually will set a set TP, but not a SL. This is just my personal style. That may be too risky for many traders, but that's fine. To each their own. FxChoice allows for closing of individual orders without the need for FIFO and they also allow hedging. So if price is going against my trades, I may close a profitable trade early to lock in profits if I think price will continue going against my trades later. Or I might hedge too.

Broker: I will be using FxChoice MT4 which allows hedging and the FIFO rule is not enforced.


Linkback: https://www.forex.zone/trading-journal/31/admin-trading-journal-fxchoice/648/

I made a sell trade on GBPUSD and got in right at the top before price reversed down. Price had been at a very important resistance level from 2 different trend lines on 2 different times frames. My TP was easily hit.

Total profit made was +1247.72 Bit

I placed some sell trades on Gold. There is a Butterfly pattern on the H1 and also an ABCD pattern on the H4 recognized by the MQL Harmonic indicator. I closed the trades early.

Total profit made was +1362.97 Bit

I placed buy trades on EURCHF because of a trend line on the Daily TF that had a strong breakout. I got in and out of these trades fast by hitting small TP levels. These were hedges for some sell trades which I still have open. I was not expecting price to shoot up as it did, so I took some profit along the way by hedging.

Total profit was +1773.19 Bit

I sold Gold today. I am bearish on Gold long-term as I have posted elsewhere on this forum. There was also a FEN signal. So I expected for a top to form and then for Gold to reverse down. This is exactly what happened and my TP was hit.

Total profit was +1378.80 Bit

I sold Gold again. I am still bearish on Gold. This was a near perfect trade. I sold near the very top and price started falling right away.

Total profit made was +3196.03 Bit

Here are some more sell trades for GBPUSD which I said I would be making more of.

Total profit made was +6779.19 Bit

are  you  trading  to  put  food  on  the  table?

No, it's just supplemental income and a sort of hobby too.

What  about  entries  i  mean  you  said  write  your  way  to  trade  but  you  did  not  mentioned  about  how  you  enter  like  the  core  reason 

I either post screenshots along with my posts or I say that I am bullish/bearish based on posts in the technical section of the forum. Just take time to go through my posts and you will see what I'm talking about.

how  you  manage  the  news

I don't care about news at all. Sometimes, there are news events that should cause price to move in a certain direction and the opposite happens. And sometimes there are major news events that cause no move at all. At other times, there is volatility that happens with no news events at all. So news isn't important to me.

i  just be  a  fan  of your  forum.  i  been  exploring  this place  like  a couple  of  days  and  decided  to  be  a  part  here. Awesome place 

Thank you.