forex journal

Professional traders focus on limiting risk and protecting capital. Amateur traders focus on how much money they can make on each trade. Professionals always take money away from amateurs. The trader who controls his or her risk takes money from the trader whose head is in the clouds. Good Luck to all.


A day trader is a trader who buys and sells financial instruments within the same trading day such that all positions will usually be closed before the market close of the trading day.  This trading style is called day trading.  Depending on one’s trading strategy, it may range from several to even a hundred orders a day.

Seems simple enough doesn’t it?

Market Thoughts-
  I will  be paying close attention to the EUR/USD support and resistance levels and 
  plan to by on the dips.

Good luck to all. 

Market Thoughts-
  US data released tomorrow- leading indicators, jobless claims and the Philly Fed report.

Analysts say- The fundamental focus of the day will be the Philly Fed report.
The dollar is oversold but will it matter.

Can the EUR/USD go any higher?

  Short EurUsd 1.3572 /closed 1.3560

My plan for today was to buy on dips. However I missed the EurUsd rise to 1.3595, so I decided to take advantage of the retracement that followed. I managed to pick up 12 pips.

Market Thoughts-
There is no significant data on the EurUsd calendar for Wednesday. My trading strategy will depend upon how high the Euro is tomorrow when I log on to my computer. The goal is still 10 to 15 pips a trade. As I gain more experience so will my expectations of how much of a profit I can make from the market.

Good luck to all.

I didn’t trade today.

Market Thoughts –
  The EurUsd reached a 2 year high today.  The US Retail Sales Report released this
  morning favored the dollar but fundamentals appear to be taking a back seat.

  There is plenty of data due on the deck for the EurUsd on Tuesday. 
  I will be buying on dips.

Good luck to you all.

Trade –
  Short EurUsd 1.3491 / closed 1.3477

Market Thoughts- 
  US data to be released tomorrow – Trade Balance, Producer Prices
  & Consumer Sentiment

Analysts are expecting  the reports to be dollar negative.

Good luck to all.

  Long EurUsd 1.3432 /closed 1.3420
  Short EurUsd 1.3430 / closed 1.3411

I decided to hedge my trades today and enter the market 10 minutes before the FOMC minutes were released.  Overall I did make a profit.  However I was expecting the Euro to drop much more after the hawkish comments from the FOMC transcipt.

Market Thoughts –
  ECB President Trichet speaks at a press conference on Thursday. 
  I will be paying close attention to his post meeting comments.

Good luck to you all.

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