Closing all my positions due to not being able to defeat the gremlin. It may take more soul now that I succumb to it or not, perhaps I start draining it now and technology can work. I finally after 16 more gig of RAM and countless re-installs I got MT4 to work with Oanda but not it's other platform. So I have to move over. Not too happy with them as far as leverage and funny gremlin stuff. I hope Tradersway treats me well so I can move bigger fundage over there. At least Oanda is reputable and regulated. I am learning MQL4 on Udemy right now anyway so it will be good to focus on that platform from now on. Also MT5 since it looks the same. Going to run some bot tests and post results.
Fresh trades, analysis, and perspective. I can't do that other strategy anymore unless I automate it or streamline it, the goal being to fine tune an ea but I'm not there yet. I'm just gong to trade like usual scaling in. Practicing the double entry strategy.
Woke up to some losses due to tight stops. This one should have 4 positions on it changed to 1. I felt sick and didn't want to trade so kinda pulled the plug but I did place several trades last night that stopped out some at breakeven. I set most at breakeven before I stopped trading.
This month I am going to focus on learning bot programming and basic customization with MT4 and 5. I have to write down all of what I need and then formulate the language for it coherently.
I will get my projector this week making scalping easier so I will post live scalps if they are grade A setups or mistakes learned from. I have a lot of unfamiliar pairs and also markets I am learning to trade it never ends. I may just start a journal blog elsewhere to talk about investing and money in general not just forex. Forex is fun like the casino but certainly not dynasty like. If I could only create the perfect bot to trade when I am not there is the ultimate financial goal. Money machines.
This week I am glad I steered clear of most trading. I lost money on short stops scalping. Looks like I will recover on the same pairs when I can get better entries though. Trying the 3000:1 leverage. It also has fixed spread so I can place stops easier, but they are a pip too high.
Re-arranging my accounts, the old account now has $330 in and is a practice account, the bulk of the money went to the Oanda MT4 account, but my strategy there is not the same because I cant use such small position sizes with such precision. I have yet to have a really good backtest with MT5 bots but am still shopping for good ones. Once I get this EA coded I will probably sell it but I am a new programmer so it may take a while. I like that you can demo and backtest for free. Transparency.
In general, it just seems like a good time to short on the weekly. Pattern recognition, the rubber band effect. Could be a rather large trend reversal or just a bounce off resistance.
Is this just a test or a break of the trendline? I'm going to keep short bias but try to move stops to breakeven asap just in case it springs up again.
I have my portable projector and huge screen setup, now I can have a wall of charts all the time. I can travel the world as I have been the past few years and set up a screen anywhere really and trade. Laptop and projector. Fits in the carryon.
I'm not like most people, I don't have to work. But I love trading. It does improve my lifestyle, money just makes life easier, its true.
Milestone: I doubled my MT5 demo account overnight on EUR/GBP. I made some real money with my other accounts on the same move but I really narrowed down the entry and loaded up with large positions. It was easy with 1000:1 leverage. I am jugging several accounts right not but so far Tradersway is the best, so I put a little more money in. I think it will work good for pyramiding because I can use the gains as margin to add more positions during the move, thereby risk way more than say Oanda with 50:1 leverage.
FXGlory has really odd rules about not being able to trade more than 1 lot on a mini account, so I can't pyramid with gains, even though it has 3000:1 leverage. The leverage is useless. Not so with Tradersway. Also I had issues getting my principal deposited on my card (my account is up so I figured I would take my original investment out). Bitcoin worked though.
Not as actively trading now, it was too much work without the help of an EA, but I am watching the market for big moves like that where I can get a precision entry with a huge position and then pyramid it with the profits.
What I learned from the milestone is huge position sizes and really high probability setups are worth waiting for.
Starting the week scalping these two. I am trying to find a top to both of these moves to fade the spike and possibly ride for a trend reversal. Just watching the charts as I do other things. If they start moving I get in with as tight of a stop as possible. Last night I was stopped out several times on EUR/USD but each loss wasn't more than $2. I want even smaller losses. I got stopped out and it went in my favor right afterwards several times too. It's tricky. If I master it though, this 1000:1 leverage can allow mega pyramiding as gains add to equity which = more margin to trade with. Likely I will just enter and exit but if it really starts moving it makes sense to keep runners and pyramid them.
Got in at the top and then at the test of the moving average. I could have added more positions, and also I got stopped out at breakeven. So it is not going perfect but is going in my favor so far.
Watching price action I should have seen the channel that EUR/USD was forming and put the stop above the trendline but put it at the high instead, it reversed just a little
higher holding the trendline. Not only is this against the spike's trend, but this appears to be against a larger trend reversal as well. I will reverse my position on a larger pullback.
I add positions at different signals, like the ma example. I back up timeframes and add positions when larger time frame candles show a pattern. Its the coil and spike strategy. It works when the momentum is good.
Experimenting with different stoploss placement, the goal to build the position as large as possible with little risk. Now I have the top stops at breakeven and the others at the ascending trendline.
The coil and spike strategy's pitfall is coiling too much. Should I add one here? It broke the ma. However with such a momentum stretch perhaps it is snapping down now?