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28 Levels to 10k...

  • #1
  • First Post: Sep 22, 2006 8:36am Sep 22, 2006 8:36am
Efex's thread has inspired me to give the 28 level plan a go. I plan on swing trading, so it will be interesting to see how this style of trading will work with this plan. I also think a little friendly competition will help us both. I'm going to start at level 8 with $70, so it won't be head to head, but it will be fun. I plan on posting once each day at the end of the trading day, which for me is 17:00 EST.

So, without further ado...
  • #2
  • Sep 22, 2006 8:40am Sep 22, 2006 8:40am
28 Levels to 10k
Day 1

Sold 2 lots GBP/USD @ 1.9034
Balance: $70
Current level: 8
Pips to next level: 100
  • #3
  • Sep 22, 2006 9:28am Sep 22, 2006 9:28am
I follow Efex's Journal too, So it'll be interesting to see how you get on with the swing trading. Best of luck!
  • #4
  • Sep 22, 2006 9:58am Sep 22, 2006 9:58am
Efex's journal is certainly inspirational....interested to see where swing trading lands you.
  • #5
  • Sep 22, 2006 10:46am Sep 22, 2006 10:46am
I am honored to see my thread has inspired other people.
I am also happy to see your journal applying the plan.
I will follow it with interest and let's see how the plan behaves with our different trading techniques.
I hope we both complete the plan so at the end we will
Wish you best of luck!
  • #6
  • Edited 12:41pm Sep 22, 2006 12:14pm | Edited 12:41pm
28 Levels to 10k
Day 1

Sold 2 lots GBP/USD @ 1.9034
Equity: $76.86
Current level: 8
Pips to next level: 66

I would usually wait until 17:00 EST to make this post, but it's Friday and I couldn't get the break of 1.90. So as of 15:00 EST this is where my equity lies, as well as the number of pips gained so far, as I expect price isn't going to move much more at this point. So, I'm gonna hold the position over the weekend, and hopefully there will be a break of 1.90 next week.
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  • #7
  • Sep 22, 2006 12:23pm Sep 22, 2006 12:23pm
Your gonna lose pips from premiums holding the position....do you factor those in in your steps?
  • #8
  • Sep 22, 2006 12:44pm Sep 22, 2006 12:44pm
Quoting Rincewind
Your gonna lose pips from premiums holding the position....do you factor those in in your steps?
No, I am not going to factor in premiums for the sake of simplicity. However in this case I should gain a small amount of money for holding a short position with this pair.
  • #9
  • Sep 22, 2006 3:43pm Sep 22, 2006 3:43pm
Quoting SisterCurare
28 Levels to 10k
Day 1

Sold 2 lots GBP/USD @ 1.9034
Equity: $76.86
Current level: 8
Pips to next level: 66

I would usually wait until 17:00 EST to make this post, but it's Friday and I couldn't get the break of 1.90. So as of 15:00 EST this is where my equity lies, as well as the number of pips gained so far, as I expect price isn't going to move much more at this point. So, I'm gonna hold the position over the weekend, and hopefully there will be a break of 1.90 next week.
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Looking at the daily charts looks as the most probable move.
I think you will have a winning there. Maybe a big winner for +200 pips at least if you hold it a couple of days.
Maybe when I have more equity I could enter small lots on swing trades but right now I just can't afford it
  • #10
  • Sep 23, 2006 2:58am Sep 23, 2006 2:58am
Quoting SisterCurare
28 Levels to 10k
Day 1

Sold 2 lots GBP/USD @ 1.9034
Equity: $76.86
Current level: 8
Pips to next level: 66

I would usually wait until 17:00 EST to make this post, but it's Friday and I couldn't get the break of 1.90. So as of 15:00 EST this is where my equity lies, as well as the number of pips gained so far, as I expect price isn't going to move much more at this point. So, I'm gonna hold the position over the weekend, and hopefully there will be a break of 1.90 next week.
<!-- / message -->
Keep it up! I'll watch this experiment closely!
  • #11
  • Edited 11:05am Sep 25, 2006 10:53am | Edited 11:05am
LEVEL DOWN!!!

I decided to post early because I won't get a chance to later.

I actually lost money today. Didn't stick with the script and paid the price. I only need one pip to return to level 8, hopefully I'll get that by the end of today. I have no idea what's going to happen next with cable. Technically it should be going down, fundamentally it should be going up.
I guess I'll just have to wait and see.

28 Levels to 10k
Day 3

Currently short 2 lots GBP/USD @ 1.9025
Equity: $68.90
Current level: 7
Pips to next level: 1
  • #12
  • Sep 25, 2006 1:57pm Sep 25, 2006 1:57pm
Hey Sister

What happened today?
Don't understand why you took a loss.
On friday you said you sold at 1.9034 and since then the highest price was at 1.9072, meaning it will only have been a drawdown of 38 pips, wich I see it normally for a swing strategy, and right now you would be winning almost 37 pips.
Anyways, I don't know what are your trading conditions. But I hope it wasn't for emotional trading you lost
Respect your conditions and your trading techniques!!!!

I did well today, go to my journal for the details.

Seems I am catching you. Be aware! I'm going after you!! lol lol
  • #13
  • Sep 26, 2006 1:50pm Sep 26, 2006 1:50pm
LEVEL UP!!!

28 Levels to 10k
Day 4

Currently short 2 lots GBP/USD @ 1.9025
Equity: $83.53
Current level: 8
Pips to next level: 32

Hopefully nothing too outrageous will happen and take a chunk out of my equity. I'm so close to the next level I can taste it.
  • #14
  • Sep 26, 2006 2:49pm Sep 26, 2006 2:49pm
Congratullations!!!

You are taking some advantage at the start of the week
  • #15
  • Edited 10:47am Sep 27, 2006 10:27am | Edited 10:47am
LEVEL UP!!!
28 Levels to 10k
Day 5

Currently short 2 lots GBP/USD @ 1.9025
Equity: $96.17
Current level: 9
Pips to next level: ~39

Alright, I'm making this post because I probably won't be around at 17:00. Seems dollar strength is the flavor of the week, but I'm not sure how long it's gonna last. Equity peaked around $100 but price bounced after hitting a brick wall called support at 1.8850. It's tough watching your equity take a hit on the retrace but I try to tell myself "Patience, discipline, and focus" are the keys to success. It would be nice to get 200+ pips from this trade, but I'll take whatever I can get.
  • #16
  • Sep 27, 2006 2:52pm Sep 27, 2006 2:52pm
Very very good my friend!

Looks like you are going ahead, but don't even blink because I will cath you

Keep your good performance
  • #17
  • Sep 28, 2006 11:36am Sep 28, 2006 11:36am
LEVEL UP!!!
28 Levels to 10k
Day 6

Currently short 3 lots GBP/USD @ 1.8749
Equity: $119.17
Current level: 10
Pips to next level: 34

Closed earlier shorts so I could re-open on a pullback.
  • #18
  • Sep 29, 2006 10:37am Sep 29, 2006 10:37am
LEVEL UP!!!
28 Levels to 10k
Day 7

Currently no open positions.
Equity: $151.92
Current level: 11
Pips to next level: 25

Quite a bounce off 1.8650. I wonder if dollar strength will carry over to next week.
  • #19
  • Edited 4:52am Oct 2, 2006 2:28am | Edited 4:52am
28 Levels to 10k
Day 7

I went long 4 lots GBP/USD @ 1.8758, stopped out for a 35 pip loss.
Currently no open positions.
Equity: $137.92
Current level: 11
Pips to next level: 60
  • #20
  • Edited 6:33am Oct 3, 2006 5:28am | Edited 6:33am
LEVEL UP!!!
28 Levels to 10k
Day 9

Currently long 4 lots GBP/USD @ 1.8730
Equity: $195.82
Current level: 12
Pips to next level: 13

Didn't get a chance to post yesterday, but here are my equity and levels as of 8:00 EST.

Next up:
Level 13
Equity $202.13, trading 5 lots @ .10/pip. Need 121 pips to reach level 14.
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