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Nizdraw Feb 25, 2012 6:07pm | Post# 81

Yeah I wasn't fond of that idea when I first read it and I'm still not liking it. It just takes to big a jump all at once. I mean one day you're tooling along and the next day you double your risk.

I'd rather use something that gradually goes up with the increase in equity.
Hi nice thread been a lurker for a few weeks, yeah I like to scale my lot size up/down with my account size too, anyway do you calculate your position size on account balance or floating equity?? I build millipedes also just use different entry methods, I personally use floating equity.

Keep up the good work

Nizdraw

rgrace Feb 25, 2012 7:09pm | Post# 82

Not sure about your broker but if they offer micro lots here is an idea, move up to .11 per trade, then .12 etc. It is what I am doing anyway, may not be an option for you though. After a few successful trades I up it .01, then after a few more .02 etc. Painless lot size raises and you do not get that OMG I just lost more than I ever have on 1 trade feeling heh. Been there and done that as well.

dgodfrey Feb 25, 2012 8:40pm | Post# 83

Pair choices
 
Hey Spyderman, great thread! I just read through it and I'm going to give it a try starting next week. I've been looking for something that would fit my hours, since I don't do this for a living. Just a couple of questions:

1. Do you pay any attention to synthetic constructs of pairs? For instance, if I was long U/J at the same time I was long G/U, I would essentially be trading G/J with the dollar hedged out by my position.

2. How do you like your broker? I read over their info and I'm looking to open a micro account. Just curious about your experience with them.

Thanks! And good luck next week

spyderman Feb 25, 2012 8:55pm | Post# 84

Hey Spyderman, great thread! I just read through it and I'm going to give it a try starting next week. I've been looking for something that would fit my hours, since I don't do this for a living. Just a couple of questions:

1. Do you pay any attention to synthetic constructs of pairs? For instance, if I was long U/J at the same time I was long G/U, I would essentially be trading G/J with the dollar hedged out by my position.

2. How do you like your broker? I read over their info and I'm looking to open a micro account. Just curious about...
Welcome nGodfrey and Nizdraw.

I don't worry much about contructs or correlations. As much as they do hold true at times, there are others when they don't. If we're risking around the 1 to 1.5 %, I don't think we have the kind of exposure that's going to kill us.

I like my broker so far, but I haven't tried for withdrawals and the like. I went with them because they take US clients and had micro accounts starting at 100 units trading. Up to 500:1 margin as well.

Nizdraw Feb 26, 2012 4:18am | Post# 85

Not sure about your broker but if they offer micro lots here is an idea, move up to .11 per trade, then .12 etc. It is what I am doing anyway, may not be an option for you though. After a few successful trades I up it .01, then after a few more .02 etc. Painless lot size raises and you do not get that OMG I just lost more than I ever have on 1 trade feeling heh. Been there and done that as well.
Yeah i do the same I use the following calcculator for every trade

http://www.babypips.com/tools/forex-...sitionsize.php

and In the account balance field I enter what my floating equity is at the time I first sit down to trade, I won't change that number till the next morning, up or down doesn't matter.

I'm currently very conservative at 0.1% a position following 16 pairs, any pair my broker offers under 3pip a spread. This amount is definitely too conservative but I'm studying my margin v's Equity over the next few months so I can get a good idea how much I can trade a position when I go live without getting close to margin calls in bad trading period, I.E no trends...atm I'm thinking 0.5% a position but when you have positions on correlated pairs you effectively have 1-4 positions sometime exposed to the same currency strength changes....but anyway time will tell

spyderman Feb 26, 2012 1:05pm | Post# 86

As we move through this current series of U/J, I think it will be interesting to see how much we can gain vs. the inevitable losses. Once we get our first daily candle close below a previous up candle open (and therefore close about 1/2 the positions) I'll post the total pips lost vs gained to that point.

U/J is looking good so far but that just happened to be the one I started posting here. Once that is done we can move to another pair.

Should be an interesting journey.

maaj Feb 26, 2012 3:01pm | Post# 87

As we move through this current series of U/J, I think it will be interesting to see how much we can gain vs. the inevitable losses. Once we get our first daily candle close below a previous up candle open (and therefore close about 1/2 the positions) I'll post the total pips lost vs gained to that point.

U/J is looking good so far but that just happened to be the one I started posting here. Once that is done we can move to another pair.

Should be an interesting journey.

Following you eagerly...

spyderman Feb 26, 2012 6:51pm | Post# 88

Well, U/J has broke out to the upside at the start of the week. Guess we won't be able to close any positions yet...

spyderman Feb 26, 2012 9:28pm | Post# 89

U/J stop
 
1 Attachment(s)
I've placed a new U/J buy stop order at the 50% fib on the H4. 81.36 with a stop at 80.97
Click to Enlarge

Name: uj initial.gif
Size: 18 KB

rgrace Feb 27, 2012 6:08am | Post# 90

There is one thing I am unsure of about the way you trade, currently we have a few 4hr down candles on U/J. When do you decide to start buying again at the .50 fib? Would you take a loss on all the down candles? Or would you take a loss or two and wait for the next up candle to close above a down candle?

spyderman Feb 27, 2012 7:19am | Post# 91

There is one thing I am unsure of about the way you trade, currently we have a few 4hr down candles on U/J. When do you decide to start buying again at the .50 fib? Would you take a loss on all the down candles? Or would you take a loss or two and wait for the next up candle to close above a down candle?
That's an excellent question. I don't have a mechanical, set in stone, indicator for that. I look at price action. When it appears to be trading in the right direction I look for my typical H4 entries. Price will retrace so you definitely want to take advantage as PA resumes in your favor (assuming it does ).

spyderman Feb 27, 2012 7:22am | Post# 92

Well as I get up this morning I see that we took a pretty good hit (at least in terms of floating equity) last night. Will be interesting to see if we recover some of that today or are we going to see some reversals start to shape up.

Because of Friday's long climb, price for the U/J will have to fall pretty significantly before we get a "close position" signal. But we'll just have to wait and see.

I'm removing my H4 buy stop from last night.

spyderman Feb 27, 2012 7:30am | Post# 93

New order on U/J
 
1 Attachment(s)
Looking closer (now that I rubbed the sleep from my eyes ) I see we have actually come down to the 61.8 fib on the daily U/J and have now moved back up. I'm going to enter here and hopefully catch the trend resumption going up. Stop is below Friday's low at 79.89
Click to Enlarge

Name: uj initial.gif
Size: 24 KB

ajentha Feb 27, 2012 10:00pm | Post# 94

Good morning Spyderman
 
1 Attachment(s)
I think this is FB, So I enter Sell!, How can define FB, please



bye
ajentha
Click to Enlarge

Name: spyderman millipede.JPG
Size: 100 KB

spyderman Feb 27, 2012 10:17pm | Post# 95

I think this is FB, So I enter Sell!, How can define FB, please



bye
ajentha
Ajentha,

Yes that is a FB up there. But we don't have the MA cross to confirm. Notice all the FB's on the current uptrend on U/J. If we traded them all we wouldn't get anywhere. We have to wait for the confirmation.

Cheers.

ajentha Feb 27, 2012 11:31pm | Post# 96

Hi Spyderman
 
ok, so my entry is not correct

very good explanation, thanks

bye
ajentha

rgrace Feb 28, 2012 7:33am | Post# 97

If you see an FB and MA cross, then enter. If that entry stops out would you retry an entry? Or if the first entry stops out do you consider it invalid?

spyderman Feb 28, 2012 8:35am | Post# 98

If you see an FB and MA cross, then enter. If that entry stops out would you retry an entry? Or if the first entry stops out do you consider it invalid?
Another good question with a vague answer . It depends on what price is doing. Normally I'll look for another entry on the next daily or perhaps the H4.

If you look through the PDF you'll notice that "Joe" looks to enter again, while Graeme indicates that he usually abandons.

So again, it comes down to how you feel about the pair and how its moving.

spyderman Feb 29, 2012 9:24am | Post# 99

Zzzzzzzzzz

Everything's flat right now, especially on U/J.

Missed an entry on G/U H4. Can't be in front of the screen always.

rgrace Feb 29, 2012 10:57am | Post# 100

Zzzzzzzzzz

Everything's flat right now, especially on U/J.

Missed an entry on G/U H4. Can't be in front of the screen always.
Seems to be picking up on U/J.


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