maybe this will help you
http://www.tradingheroes.com/how-to-get-around-fifo-and-hedge-forex-trades-with-a-us-broker/
http://www.tradingheroes.com/how-to-get-around-fifo-and-hedge-forex-trades-with-a-us-broker/
1 trade per pair per year 6 replies
multiple systems per pair/multiple pairs per system? 3 replies
Extracted Post (per poster's request) 0 replies
Trading 24 hours per day, 5 days per week 14 replies
DislikedHi Fez awesome thread I spend the latter of my working life in the gaming industry on several continents and this is exactly why hedging is not allowed in the USA but it is in Europe. American roulette has two zero's instead of French roulette only one. Why?..to double the chance of the house. In the USA card counting in Black Jack if suspected (purely by the brain) will lead to a ban from the venue. In Europe most of the courts ruled if no other means than the brain is used it is allowed hence the sudden need to keep at least 7 decks...Ignored
DislikedHi Fez, really appreciate you sharing your strategy, I often thought about trading this way it but get distracted with to much tinsel. I know the entries are irrelevant, and I truly understand this, I like that you are not concerned about the trend in higher time frame but geez there is no way I could enter a trade with a 5 pip stop loss, even with a break out, pull back and continuation. anyway entry and break even is my concern, that I can achieve and will use MM accordingly. I Have been eyeballing the 1h and 4hr charts and stop outs are a lot,...Ignored
Disliked{quote} Truly one of the more difficult parts is getting a break even and then forgetting it's existence. It's in a trader's nature to keep checking it to see how it's doing. If you do decide to trade with this, I kindly request you start out as small as you possible can. A lot size with which you could lose 100 consecutive trades and still remain rational. That way the many breakevens/losses will not even affect you, but the large wins will still add some very nice percentage gains to your account. FezIgnored
DislikedI'm not sure how trading with a U.S. account will play out. I believe I'm also limited by the FIFO (first in first out) rule. My broker appears to put all positions in a single pair with one stoploss- I believe because of the FIFO rule. Aside from opening an offshore account, anybody know a workaround for this?Ignored
Disliked{quote} Yes, for U.S. traders, the FIFO rule is a bigger problem than the "no hedging" rule. The "no hedging" can be handled with 2 accounts. The FIFO rule will never allow a trader to add another position if you have one already in profit. If you try another trade with 5 pip SL the FIFO rule is going to make you close out the winning trade if the 5 pip SL gets hit on the new trade. So essentially you'd have to move your SL from the winning position to the new trade & if stopped out, then put a SL where the previous SL was. WHAT A PAIN IN THE .........!...Ignored
DislikedHi Fez, Thank you for sharing your techniques and insight with us. This is exactly the kind of strategy that I have been trying to develop my self as I also am not able to take the pressure of high win rates. I have been trying to do a lot of reading to find something that suits my appetite but until now I don't think I had this aha moment. I am however going to drill down into a few question which may seem seem like naive but (I think) will eventually go a long way in helping me (and possibly some others) in picking up this method. I understand...Ignored
Disliked{quote} Hi Fez & thank you for your helps, A few questions I try to make them short; 1- You said you watch some pairs & when you find your setup you enter. Imagine in your old days risking %3, if you enter in 3 pairs you would have risk %9 unless you enter with lower volume in each. How did you do that? Actually I find it hard to do this method in more than 1 pair at the same time but if we stick in only one pair, that pair may start to move after 6 months while others moved our 1000 or so pips faster. 2- In which pairs do you trade more. and which...Ignored
Disliked{quote} Back when I was trading this with that kind of risk I was indeed only focusing on one pair. Because I believed that spreading the trades over several pairs skewed the probabilities that one trade in x will go atleast xxx pips, so until I had a position established I would only keep adding trades to one pair at a time. Now that my account is much larger and I trade with lowered risks I allocate parts of my capital to one pair. For example I'll dedicate 20k to establishing a position on the GBPUSD, and so on. Edit: Also to answer your second...Ignored
Disliked{quote} Back when I was trading this with that kind of risk I was indeed only focusing on one pair. Because I believed that spreading the trades over several pairs skewed the probabilities that one trade in x will go atleast xxx pips, so until I had a position established I would only keep adding trades to one pair at a time. Now that my account is much larger and I trade with lowered risks I allocate parts of my capital to one pair. For example I'll dedicate 20k to establishing a position on the GBPUSD, and so on. Edit: Also to answer your second...Ignored
DislikedAll this theory is nice, but I would still be curious to see a verified MyFxBook link or MyFxBook profit graph (without actual $ values, of course)... Are you up for this challange, Fez...?Ignored
DislikedAll this theory is nice, but I would still be curious to see a verified MyFxBook link or MyFxBook profit graph (without actual $ values, of course)... Are you up for this challange, Fez...?Ignored