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Haven't posted in a while. Been demo trading some new strategies and not doing much live trading the past few weeks. I did take one live trade last week in which I I've on 1.5%. This week I've taken 3 trades so far. Charts for those will be up soon.
Wednesday, 22 May 2013
Monday, 22 April 2013
"YOU DO NOT HAVE TO GO THRU HELL TRYING TO FIGURE THIS BUSINESS OUT"
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The title is a quote from "James16", the creator of the james 16 chart thread on forexfactory.com. I won't talk too much about that thread because I've already mentioned it in this post . Words won't even do justice to how valuable the info in that thread is so I won't even try, but I'll just say if you're a new trader or even a trader that's been trading for a while but struggling, read it. Read the first post at least, and then see how you feel.
Back to the quote, it's from a post James made, when he talks about the nightmare he experienced in his trading career. Took him 8 years and a lot of blown accounts to be successful but what he's saying is it doesn't have to be that way. You can be like most people and spend crazy money on systems, robots, seminars and keep losing. James talks about how he cried himself to sleep on his desk because of huge losses. You don't have to go through hell like he did. Read the thread and your journey will be a lot easier. A lot of people that visit the thread ask for a quick summary. There is no shortcut. 8327 pages long (and counting). It's free. It's golden information, but it's a job to go through it all. I'm on page 130. I spent a few hours on it today but I intend to complete it. If that's what it takes to be succesful, that's what I'll do.
Here's the thread.
http://www.forexfactory.com/showthread.php?t=2331
The title is a quote from "James16", the creator of the james 16 chart thread on forexfactory.com. I won't talk too much about that thread because I've already mentioned it in this post . Words won't even do justice to how valuable the info in that thread is so I won't even try, but I'll just say if you're a new trader or even a trader that's been trading for a while but struggling, read it. Read the first post at least, and then see how you feel.
Back to the quote, it's from a post James made, when he talks about the nightmare he experienced in his trading career. Took him 8 years and a lot of blown accounts to be successful but what he's saying is it doesn't have to be that way. You can be like most people and spend crazy money on systems, robots, seminars and keep losing. James talks about how he cried himself to sleep on his desk because of huge losses. You don't have to go through hell like he did. Read the thread and your journey will be a lot easier. A lot of people that visit the thread ask for a quick summary. There is no shortcut. 8327 pages long (and counting). It's free. It's golden information, but it's a job to go through it all. I'm on page 130. I spent a few hours on it today but I intend to complete it. If that's what it takes to be succesful, that's what I'll do.
Here's the thread.
http://www.forexfactory.com/showthread.php?t=2331
Sunday, 21 April 2013
19/04/2013 AUD/JPY long (Break even)
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Here is my entry chart for this trade which explains everything (click to enlarge). Risk was 0.5% of my account.
and here's the exit chart. I just got out at break even since that's where price was hovering towards the close and since it was a friday I didn't wanna hold the trade over the weekend.
Here is my entry chart for this trade which explains everything (click to enlarge). Risk was 0.5% of my account.
and here's the exit chart. I just got out at break even since that's where price was hovering towards the close and since it was a friday I didn't wanna hold the trade over the weekend.
19/04/2013 GBP/CAD long (win)
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This trade pissed me off. Here's my entry chart (click to enlarge). Risk on this was 1% of my account.
and here's the exit chart.
This trade pissed me off. Here's my entry chart (click to enlarge). Risk on this was 1% of my account.
and here's the exit chart.
So what did I learn from this trade? If you see a signal that the trade may not work out, take action! Don't just hope for this best like I did. People don't like to take a loss and because I didn't want to take a smaller loss I held on and in the end took a full loss. 1% of my account.
Tuesday, 16 April 2013
15/04/2013 AUD/NZD Short (Break even)
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This is another trade based on the 3 time frame strategy (explained here). Here is my entry chart (click to enlarge). Risk was 0.5% off account, aiming for 3:1 RR (1.5% gain).
Now the plan on these type of trades is to move stop to break even once you hit 1:1 RR. In this case price didn't quite hit 1:1 but was close to reaching it so I decided to move my stop to break even anyway. Now the spread on this pair has been acting like an asshole. One second it's 4.5pips, the next it's 10 pips. Price went up and I was taken out. Spreads must've widened because looking at the chart I should still be in.
In any case it's not a surprise because most trades based on this strategy end up break even. According to my back testing the win rate is around 35-40%.
This is another trade based on the 3 time frame strategy (explained here). Here is my entry chart (click to enlarge). Risk was 0.5% off account, aiming for 3:1 RR (1.5% gain).
Now the plan on these type of trades is to move stop to break even once you hit 1:1 RR. In this case price didn't quite hit 1:1 but was close to reaching it so I decided to move my stop to break even anyway. Now the spread on this pair has been acting like an asshole. One second it's 4.5pips, the next it's 10 pips. Price went up and I was taken out. Spreads must've widened because looking at the chart I should still be in.
In any case it's not a surprise because most trades based on this strategy end up break even. According to my back testing the win rate is around 35-40%.
09/04/2013 GBP/USD long (loss)
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This was a long trade off the weely chart. I actually opened 3 different positions on this, which the chart doesn't show you. Anyway, my entry prices were 1.5260, 1.5368 and 1.5371. Here is the entry chart (click to enlarge). Each position was 0.25% of my account so total risk was 0.75%. Note: I forgot to mark my stop losses on the chart so the chart won't show them.
and here is my exit chart. The first position I closed at 1.5348 for a small profit, and the other two I closed at 1.5288 for small losses. Overall, I made a loss of 0.15%.
Note: My stop losses were NOT hit. I closed the trades manually because I was hoping for a fast push upwards off the BUOB and we didn't get it. We also had a close below the RN of 1.5300 at the close of the NY session on 15/04/2013. Maybe I should have held on, but the thing is I'm very inexperienced at playing weekly time frames. I'll get better at these with experience. It was a bit of a joke trade in the end but not much harm done to account at least.
This was a long trade off the weely chart. I actually opened 3 different positions on this, which the chart doesn't show you. Anyway, my entry prices were 1.5260, 1.5368 and 1.5371. Here is the entry chart (click to enlarge). Each position was 0.25% of my account so total risk was 0.75%. Note: I forgot to mark my stop losses on the chart so the chart won't show them.
and here is my exit chart. The first position I closed at 1.5348 for a small profit, and the other two I closed at 1.5288 for small losses. Overall, I made a loss of 0.15%.
Note: My stop losses were NOT hit. I closed the trades manually because I was hoping for a fast push upwards off the BUOB and we didn't get it. We also had a close below the RN of 1.5300 at the close of the NY session on 15/04/2013. Maybe I should have held on, but the thing is I'm very inexperienced at playing weekly time frames. I'll get better at these with experience. It was a bit of a joke trade in the end but not much harm done to account at least.
Wednesday, 10 April 2013
09/04/2013 NZD/CHF long (win)
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Here's a trade I entered yesterday and closed today for a profit. Here is my entry chart explaining reasons for trade (click chart to enlarge). Risk was 0.5%, no fixed profit target.
Here is the exit chart. I made 0.31% or 65 pips on this trade. Entry was 0.7931 and exit was 0.7996.
Here's a trade I entered yesterday and closed today for a profit. Here is my entry chart explaining reasons for trade (click chart to enlarge). Risk was 0.5%, no fixed profit target.
Here is the exit chart. I made 0.31% or 65 pips on this trade. Entry was 0.7931 and exit was 0.7996.
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