Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,759 members, 7,817,095 topics. Date: Saturday, 04 May 2024 at 05:19 AM

The Day Trader Diary (TDTD) - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / The Day Trader Diary (TDTD) (550 Views)

Trader Faints Over Planned Demolition Of Lagos Market / Make Money From The FOREX MARKET- Either You Are A Trader Or Not. / Elijah Oyefeso Now A Stock Trader, Earns £30,000 On A Bad Month (pics) (2) (3) (4)

(1) (Reply)

The Day Trader Diary (TDTD) by Nobody: 9:32pm On Jun 10, 2015
Hello house,

First, I will kick start this page by appreciating this educative forum for the opportunity to let me air my views and ideals out. And most importantly, to God, the immutable ALL.

The purpose for setting up this thread is to first educate my person, by letting the world know how I traded for the day. This is to help me stay disciplined and objective in this path I have chosen . Secondly, to share my little knowledge.

A little about me.. (as regard trading)
I got introduced into the forex world sometime between 2006 and 2007 by a good friend while I was in the university. Sorry I don't know for certain which particular year. My first encounter with this new world is comparative to one finding peace after war. After reading recommended books like baby pips and the likes, I took the bold step to test the waters by demo trading. After demo trading for a while, I funded an account with a little sum of money in 2008 so as to experience live trading. Well, as you would expect the result wasn't that encouraging. Due to school activities since I was close to rounding up my study, I took a long break.

Since I still have love for the world of trading, I kept my self updated by reading and visiting trading forums/blogs.

I will not want to spend too much detailing things but here is the summary .

I prefer trading either E-mini for futures or EUR/USD for the forex market - 2012
I prefer trades on 5 minutes chart since it suit my personality - 2014
I Got a strategy that works for me, and that is price action(naked chart) while trading futures - 2012
Quit futures at about break-even since my funds are quiet low for futures - 2013
My technical arsenals for trading are quiet good from past results - 2014
Still having issues with my discipline and psychology - 2015 (That's why this diary is created)

I will be pasting my daily chart here, and would indicate where trades where taking and why. I will not divulge my account balance but I will state the daily percentage increase or decrease for the day.

My account is not fat but I am very conservative when managing my risk (<2%).

The little setback with day trading the 5 minutes chart is the commissions paid due to multiple trades. Yesterday, I paid close to 40% on commissions from my profit due mainly to my account size. The bigger the account size the more insignificant your charged commissions and fees. Another setback is the nerve it takes, trust me when I say there's NERVE involved.

I trade only EURUSD since I'm very comfortable with it.

The purpose for the thread is to keep me disciplined.

Below is a screenshot of my today's chart, It was not a green day though, but I learnt smiley.

Hope the objective of this thread is fulfilled by God's grace.

Re: The Day Trader Diary (TDTD) by Nobody: 8:20am On Jun 11, 2015
Good morning..

Yesterday I forgot to state that my trades last for about 1 to 2 hours per day. I finished today's trade in about 50 minutes.

Now I see the importance of keeping the diary. I can't seem to pinpoint any of my entry point since I did not wait to enter after the signal bar and ofcourse it did cost me. I had about 5 trades today and the only one I followed the signal fetched me about +4 pips though it went about 24pips my way but I was greedy embarassed (giving huge percentage as commission and fees to my broker).

And secondly, I had a bias mindset for the bullish side and that also cost me.

Please know my results may not be stellar since is close to a year I traded last. I just started trading live about 1.5 months ago. And also I am not risking huge capital in getting back to my feet on trading.

Summary of the day : 4.8% drawdown. (don't worry that's why scalpers are know to be over-zealous risk takers. But when you got it, you are the envy of everyone.)

My timeline to start getting it right is estimated as 1 year. so I'm in no haste.

Have a great morning.

Make I go watch 9ja match, hope they win.. grin

God bless.

(1) (Reply)

This Is The Hardest Part Of Getting Rich, According To A Billionaire / Delayed Cabinet: Stock Market Investors Lose N238bn / Oando Sells Downstream Business For $276m

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 21
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.