PipHunters' Trading Journal: 10k to 1 Million

I started with $10k on 8th Dec 2009. My aim is to make $1 Million like everyone else here. I been trading for a few years now. I have been profitable since, but it wasn't independently recorded. So I am now using this 3rd party service that allows me to execute my trades from a flash website to an EA on my meta trader.

I've got this attached to my live account with 10k.


http://img257.imageshack.us/img257/2...hunters005.jpg


Strategy: Price action, Resistance & Support levels, & Momentum. My Strategy is very simple, yet effective, stop loss are set above resistance levels or below a support level, and take profit are set just before it reaches the next support/resistance level. Stop loss are sometime set to entry prices once the trade makes a 30-50 pips profit on currency pairs that are very volatile. ALL trades will have a stop loss.

Stop Loss set to 200-500 pips (2-5% per trade)
Take Profit set to15-100+ pips.


Current results:
Deposited: $10,000
P/L: $11,528
Avg monthly returns: 16.29%
Max draw down: 8.55%

If you would like to follow my success, PM me for more details.


i can not update this thread as they made me a commercial member, i can only post in the commercial forums.

Date: look at post time stamp

Current results:
Deposited: $10,000
P/L: $12,800 (rounded up)
Avg monthly returns: 22.53%
Max draw down: 17.47%

If you would like to follow me PM me for more details.

Trends currently trading on:
entering on significant dips:
gbpusd long
eurusd long
audusd long
usdcad long

http://img710.imageshack.us/img710/6186/piphunters2.jpg

Gday Pip,

Just wanted to learn how are you coming up with your trading methods and what indicators or patterns you are using? Can you care to elaborate?

Cheers

this guy sums up quite well what strategy i use in terms of price action. Price action allows you to determine resistance and support levels too. i close loss if there is a breakout that will not recover anytime within the next 1-2 weeks. i try not to hold on to trades any longer than that. a good trader knows when to take loss. in terms of take profit i dont usually set it to 3 times the pin-drop reversal, i trade more conservatively with 10-50pips. rarely do i make more than 50pips per trade.

I also use two other momentum indicators. levelstop reverse and the normal momentum indicator that comes with mt4.

I'm still learning the trade Piphunter...
In terms of exiting, once you reach say a 10-50 pip return, do you move your stop loss or do you try to close/exit out your positions? One of the things I've learned is to let profits run, that said I could never pick the tops...but its helped me gain more from my losses. And consistently too.
How do you manage your risk?

Here is some of my risk / money management strategy:

-1% risk per trade. ie. 0.1 vol with a 10k account on a normal size account
- No more than 3-4 individual trades open per pair (this will help with keeping your drawn downs lower)
- No more than a total of 10 open trades ideally
- Even though my stop loss at at 200-500, I often and usually close smaller only if the pair will no longer technically move in our favor in the next 2-3 weeks.
- I try not to have trades open for longer than 1 month, especially trades accumulating negative swaps. But for pairs that have postive swaps like long on aud/usd is very appealing and a long term trade is more desirable.
- By using this conservative risk management, I am still able to currently achieve a 23% return per month atm.

Nials videos are very clear and informative. The approach is simple and very effective and traded on high timeframes so the information within the PA is quite solid. It is good to see your results are coming along with basic fundamental trading.

I wish you all the best

Razor

Piphunter, where are your updates??? Or did you make the Million and left for the sun!

yeah i wonder how it has been going...
i hate finding these journals getting left for dead, i really want to see it happen for someone, maybe even if its just to confirm my own hopes...
There was a guy on babypips i was following for around 9 months and he was trading his edge of gartley patterns along with a 30 pip target and 10% risk per trade MM and had turned 4,000 into 180,000 in a short space of time, -even posted his accounts including all the trades in a .pdf