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Taking a trade everyday

  • #1
  • First Post: Sep 14, 2006 2:29pm Sep 14, 2006 2:29pm
I want to start a journal here posting my results of placing 2 pending orders each day and seeing which one gets triggered and hopefully make a profit.
  • #2
  • Sep 14, 2006 2:55pm Sep 14, 2006 2:55pm
Essentially i'm taking a guess as to which way the market will go. I know 2 things. 1. The market may go up. 2. The market may go down. With that in mind i will capitalize on the fact that it will do one or the other and sometimes both. I will not use a stoploss contrary to most forex traders. I will be placing both a sell and buy in the market, so if it decides that today is a both day i will not suffer a huge loss, only the difference between my buy point and my sell point.

I must admit that i am using a broker with really high leverage and micro lots. So if i were to suffer a huge loss, i can still feed my daughter.

As the trades progress i respect anyones opinion, but please do not ask what method i use for the sheer fact that i want to see if the method that i developed will work under the conditions that i set up for it.

I will consider anyones thoughts if they have any. I will try to post the open trades and how much in $ i made for the day or days.
  • #3
  • Edited 6:11pm Sep 14, 2006 3:14pm | Edited 6:11pm
Today i have a pending order in usd/jpy, sell at 117.30 buy at 117.78

we'll see what happens tommorrow.
  • #4
  • Sep 14, 2006 3:19pm Sep 14, 2006 3:19pm
Quoting Typruss
Today i have a pending order in usd/jpy, sell at 117.30 buy at 117.76
we'll see what happens tommorrow.
Welcome and hope all works out for you, we'll follow your fortunes (up & down) and look forward to post #1000
Peter
  • #5
  • Sep 14, 2006 4:14pm Sep 14, 2006 4:14pm
Quoting PeterFM
Welcome and hope all works out for you, we'll follow your fortunes (up & down) and look forward to post #1000
Peter
I'l second that!
  • #6
  • Sep 14, 2006 6:01pm Sep 14, 2006 6:01pm
how about exit point? and how about the other side, if it is triggered but have not given profit yet, will you close the position?
  • #7
  • Sep 14, 2006 6:08pm Sep 14, 2006 6:08pm
Quoting turin0107
how about exit point? and how about the other side, if it is triggered but have not given profit yet, will you close the position?
Exit will only happen if i'm in profit at the specified closing time. Ie 5:00 est
  • #8
  • Sep 14, 2006 8:30pm Sep 14, 2006 8:30pm
Quoting Typruss
Today i have a pending order in usd/jpy, sell at 117.30 buy at 117.78

we'll see what happens tommorrow.
I forgot to add the 2 open trades i have since starting this.

USD/JPY Sell @ 117.37
USD/JPY Sell @ 117.34 Both are currently in -pips Hope for the best.
  • #9
  • Sep 15, 2006 10:48am Sep 15, 2006 10:48am
Quoting Typruss
I forgot to add the 2 open trades i have since starting this.

USD/JPY Sell @ 117.37
USD/JPY Sell @ 117.34 Both are currently in -pips Hope for the best.
My Buystop opened up at 117.78 so now i have 3 open trades.

USD/JPY Sell @ 117.37 and 117.34
USD/JPY Buy @ 117.78
  • #10
  • Sep 15, 2006 2:07pm Sep 15, 2006 2:07pm
Quoting Typruss
My Buystop opened up at 117.78 so now i have 3 open trades.

USD/JPY Sell @ 117.37 and 117.34
USD/JPY Buy @ 117.78
My Sellstop today also opened up at 117.28 so i closing the two today.

I still have USD/JPY Sell @ 117.37 and 117.34
  • #11
  • Sep 18, 2006 2:18pm Sep 18, 2006 2:18pm
Another trade opened up today Buy USD/JPY @118.10


I still have the other trades open as well

USD/JPY Sell @ 117.34
USD/JPY Sell @ 117.37
USD/JPY Buy @ 118.10

I'm still negative so i will still stay open.
  • #12
  • Sep 21, 2006 10:20am Sep 21, 2006 10:20am
Quoting Typruss
Another trade opened up today Buy USD/JPY @118.10


I still have the other trades open as well

USD/JPY Sell @ 117.34
USD/JPY Sell @ 117.37
USD/JPY Buy @ 118.10

I'm still negative so i will still stay open.
I have missed a couple of days of posts. But anyway here to update.

Open trades as of now. Red lines closed out due to net loss of hedge.

9-12-06 USD/JPY Sell @ 117.34
9-13-06 USD/JPY Sell @ 117.37
9-14-06 USD/JPY Buy @ 117.76 and Sell @ 117.31 Net loss of (-$48.60)
9-17-06 USD/JPY Buy @ 118.10
9-18-06 USD/JPY Sell @ 117.75
9-19-06 USD/JPY Sell @ 117.01
9-20-06 USD/JPY Sell @ 116.98 Current Price 116.53
Current P/L until 5:00 EST when i will close is Net profit of $221.40

At 5 est We will see if this hold up.
  • #13
  • Sep 22, 2006 7:39am Sep 22, 2006 7:39am
Ok i Closed all the trades out yesterday when i got home from work and the close had dropped to 116.33

so total i gained around $422.64 on micro account. I feel that this is working pretty good. I am starting a live account around Oct. 1st so the trades i will post from then on will be live trades.
  • #14
  • Sep 22, 2006 10:02am Sep 22, 2006 10:02am
My sell stop got triggered today USD/JPY Sell @ 116.22 currently in -pips
  • #15
  • Sep 22, 2006 10:12am Sep 22, 2006 10:12am
I don't mean to barge in but... but... but you mean you are going STOPLESS?!! :surprised

If I may present an example... you went short on GBP/JPY @ 213.87 at around 17 Jul... you walked around stopless, waiting for your trade to finally become positive again... suddenly one month later, you realise you are -1,000 pips.
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I am JuMPeR.
  • #16
  • Sep 22, 2006 10:37am Sep 22, 2006 10:37am
Quoting jumper
I don't mean to barge in but... but... but you mean you are going STOPLESS?!! :surprised

If I may present an example... you went short on GBP/JPY @ 213.87 at around 17 Jul... you walked around stopless, waiting for your trade to finally become positive again... suddenly one month later, you realise you are -1,000 pips.
Not really stopless. In the first couple of posts i mentioned i take trades everyday. I have a buystop and a sellstop.
So in your example. If open july 17 I would have a buystop at the high and Sellstop of the low of the previous days close (july 16th) Buystop @ 213.86 and Sell stop @ 212.76. You will see that the next day . the 17th. Both the buystop and sellstop got triggered. High 214.74 and low 212.59 so that would only create a loss of 110 pips excluding spread.
So i have a hedge in case something like that occurs. In the last two and half years of manual backtesting i have never seen a time when i couldn't have pulled out of any negative loss. Remind you i am using micro lots as this requires a good sum of money to withstand drawdown. Some are not comfortable with large drawdowns, but this is where i really make the good sums of money. When the market ranges and piles up alot of open trades. Then when the market decides which direction it wants to go, i reap the benefits.
  • #17
  • Sep 22, 2006 1:22pm Sep 22, 2006 1:22pm
116.22

Well friday has come and gone. I have one open trade USD/JPY Sell @ 116.22
And 2 pending trades. USD/JPY buy @ 116.61 and sell @ 116.08


See ya next week.
  • #18
  • Sep 22, 2006 1:35pm Sep 22, 2006 1:35pm
While jumper is "technically" correct, after looking at technicals, I can't imagine why anyone would go Short on that date, without a stop. If I knew I wasn't playing with stops, as I occasionally do, I NEVER would have taken that particular trade.

We can all prove points in the past. No stop, dangerous? Sure. But playing no stops on that trade? Retarded.
  • #19
  • Sep 22, 2006 2:43pm Sep 22, 2006 2:43pm
Quoting JasonGuillen
While jumper is "technically" correct, after looking at technicals, I can't imagine why anyone would go Short on that date, without a stop. If I knew I wasn't playing with stops, as I occasionally do, I NEVER would have taken that particular trade.

We can all prove points in the past. No stop, dangerous? Sure. But playing no stops on that trade? Retarded.
JasonGuillen,

I appreciate your thoughts, but that trade was hypothetical. Used only as an example. I don't trade the GBP/JPY anyway. All my trades are backed up by a hedge if the market goes against me too drastically. My point is regardless of technicalsis I will post 2 pending trades each day. My system is purely mechanical based off of daily highs and lows. That simple. No stoploss doesn't neccesarily mean i don't have a mechanism in place to control out of control losses. But as i know how the system works, i have the benefit of knowing that i will never have such a loss, but i appreciate your concern. Thanks for reading the thread.
  • #20
  • Sep 23, 2006 1:02am Sep 23, 2006 1:02am
I assume you are steering clear of whipsaw/consolidation markets? And that your broker allows hedging?

You don't have a stop, but do you have a take profit point? -- I can't seem to find it stated in your post, I might have missed it. But for now, I am assuming you do not have any TP point and you close all trades manually.

I am not getting this; please help me out --

Example: You have a buy stop @ 1.2780 and a sell stop @ 1.2730. Price was 1.2750 when you entered your limit orders. Market opened and price went up to 1.2800 then subsequently down to 1.2700 -- and this is when you got back from work and checked your account.

Your buy stop was hit and is now -80 pips (ignoring spread).
Your sell stop was hit too and is now + 50 pips (ignoring spread).
Net: -30 pips... how does one make money in such a situation?

If you are gunning for just 1 out of 2 trades to be hit only, then you seem to be trading breakouts. Nothing wrong, perfectly legitimate style of trading... but how do you guarantee it is a true breakout? If you can't, you might possibly get hit badly, especially if you do not have a stop loss. What goes up does come down ultimately, but it doesn't necessarily retrace 100%.

But if you say you can guarantee it would be a true breakout, goodness.... there is no need for this thread. Sell off everything you own, borrow as much as you can, then pour all the money in your trades. You will top the Forbes list in no time.

PS.: Just my thoughts, please don't take them the wrong way.
I am JuMPeR.
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