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My way to highway

  • #341
  • Nov 14, 2017 5:55pm Nov 14, 2017 5:55pm
Congrats on another winning day. It tastes particularly good when you had to fight for it

One question: Do you really use the RSI? I don't see much connection between the RSI and your trading.
  • #342
  • Edited 10:24pm Nov 14, 2017 10:13pm | Edited 10:24pm
Quoting Sandude
Congrats on another winning day. It tastes particularly good when you had to fight for it One question: Do you really use the RSI? I don't see much connection between the RSI and your trading.
Yep, really use the RSI
You may look again, even on last chart, being M1, I think it is not that difficult to relate the entries.
I also mentioned in earlier posts, that additional I look at CSM, and highs lows/support resistance, some reversal patterns, BRN, maybe even a little on correlation to major pair. ( is. EC chart vs EU)
I also mentioned that it isn't exactly as trading is taught in the textbooks, and that is true for RSI as well.
Without going too deep into it, just for a hint: I don't care if RSI crossing the 30/70 lines from bellow or above.
While I am not looking to write out every little details what I do, and of course some also is based on experience and feel, I think between the posted charts there should be enough for understanding the idea.

PS. The chart is my working chart as presented.
Only 1 chart I have CSM attached, where I refer back to it, + profit tracker quick daily performance, + the exposure to get an average price on the open positions. These I don't need on every chart of course.
For trading I have 9 charts open.
4 standard, I don't change: EU, GU, GJ, GC....2 I change, as per the most promising/interesting pairs based on my entry criteria to watch ( these charts change over and over every during the day sometimes), + I have gold, dow30 or dax, and a separate chart that has the copier running on.
So the attached chart isn't have any indies out for illustration sake, or hiding thins...it is what I see exactly when trading ( unless flip for the chart that has the CSM)
there is always, always another trade!!
  • #343
  • Nov 16, 2017 5:47pm Nov 16, 2017 5:47pm
today trading was slow.
i had time for thinking. ( and also done some backtesting on some ideas, too, rather rare for me, looking to implement a second system).

one of the subject i was thinking is about what i really want out of forex trading.
along the thoughts i remembered that a long time ago i had a post about something, target account equity size.

here: https://www.forexfactory.com/showthr...5#post10022005

it is hard to believe that it had been nearly 5 months ago that i wrote it.
and it is about as relevant to me now as it was then.
of course, in the past 5 months i kept trading, making profit, and compounding it.
also, for some prop opportunities ( Fixi, and lately Axi) i had decided to add some more forex money to the one i had in 5 months ago, though both is at a lower risk than my main account trade at. (or the 2x risk one, most certainly, lol).
what i havent much realized however that quietly, - between profits and the added new deposits - i have hit my target trading equity zone.

this opens up a new door, yet to decide what should be behind it....what is for next?
i believe in targets. or maybe more precisely something to aim for, to reach.
not like XX% a week, every week, nothing like that, cant and shouldnt try to force gains out of the market.

so what should it be?
right now, my main focus is a consistency. and a little bit further expanding. and increasingly more risk aversion.
somewhere among those, or a combination of those should have the answer for what next.
there is always, always another trade!!
  • #344
  • Nov 17, 2017 3:56am Nov 17, 2017 3:56am
Looking at your eurnzd trades, I am pleased to see your consistency in taking the same cake, where, considering the eurnzd run it wouldn't have been too risky to stay a bit more in for some more.

Second system! My guess is that now you look to get some trends? ... same manual trading?
Good luck with it and looking forward to read more news!
  • #345
  • Nov 17, 2017 4:19am Nov 17, 2017 4:19am
Quoting aa4fx
Looking at your eurnzd trades, I am pleased to see your consistency in taking the same cake, where, considering the eurnzd run it wouldn't have been too risky to stay a bit more in for some more. Second system! My guess is that now you look to get some trends? ... same manual trading? Good luck with it and looking forward to read more news!
but i DID stay longer in EN shorts...between the 2 individual trades a 21 pips...that is lot more than the 3-5 pips i am often willing to take.
however lot sizes the past 2-3 days are little smaller, not even sure why.
Consistency is still there, and that what really matters.

for second system, in the moment i think it will be a semi-automatic one. i dont think i have the needed real cash to start to live forward test the idea, cos i dont have any cent account ( my broker doesnt offer, and i dont need the hassle to open one with another), so, probably from next week it will go on a demo acct, and onto my VPS for the time being. if performs well, after the new year it is likely that i will put a normal sized account behind it.
i have willing happy investors to upfront a master account for it...but i am not wanting to give up ultimate control over my system not having only access for its master account.
there is always, always another trade!!
  • #346
  • Nov 17, 2017 4:39am Nov 17, 2017 4:39am
Quoting profitfarmer
{quote} but i DID stay longer in EN shorts...between the 2 individual trades a 21 pips...that is lot more than the 3-5 pips i am often willing to take. however lot sizes the past 2-3 days are little smaller, not even sure why. Consistency is still there, and that what really matters. for second system, in the moment i think it will be a semi-automatic one. i dont think i have the needed real cash to start to live forward test the idea, cos i dont have any cent account ( my broker doesnt offer, and i dont need the hassle to open one with another),...
you're forward testing a new method on a demo only for 2months before putting real cash on the line ? and normal account ?
...
  • #347
  • Nov 17, 2017 4:47am Nov 17, 2017 4:47am
Quoting Piquant
{quote} you're forward testing a new method on a demo only for 2months before putting real cash on the line ? and normal account ?
even less.
demo is ideal conditions, and backtest is nothing but maybe a proof of concept. live forward is the real deal.
cant learn to drive a car from a textbook, right?
i mean it is nice to learn about the signs in the classroom, and get familiar with the positions of the gearshift in the parking lot...but

actually i know what i like to do, i know it works, because basicly it is based on what i am doing now, but in a semi-automatic ways that will allow me to probably trade more pairs at once, and to free up from me the monitoring time that managing scaling actively have.
i am looking for a H4-H1 based semi-auto implementation of what i trade ( lately not too frequently) for my intraday-swing position trading.
similar principles, larger timeframe, and also probably a bellow 10% max DD rule
there is always, always another trade!!
  • #348
  • Nov 17, 2017 5:23am Nov 17, 2017 5:23am
You put it perfectly PF and I hope more people understand this.

 

  1. Backtesting for profit / DD etc in MT is pointless and deceiving. It should only ever be used to test logic / proof of concept
  2. Demo is the next step but only slightly better. You should know within a week or 2 if you're on the right track (even less for a scalping strategy)
  3. Live forward testing is the only way you will know if a strategy will work and more importantly, if you have the stomach for the inevitable DD's that WILL happen


Cheers

  • #349
  • Nov 17, 2017 6:32am Nov 17, 2017 6:32am
Due to the high spread from the cent account, I wouldn't go for a strategy where scalping or a collection of trades are needed to score the profit.
  • #350
  • Nov 17, 2017 7:36am Nov 17, 2017 7:36am
Quoting aa4fx
Due to the high spread from the cent account, I wouldn't go for a strategy where scalping or a collection of trades are needed to score the profit.
you miss important points regarding the mention of cent account:

1. i dont plan to open one, cos my broker doesnt offer one, and dont want to start with another.
2. system#2 intended to be based on higher TF, H4, H1...wont need to scalp.
3. to test out a concept live, i can refrain from exotics, and on few selected major pairs, the system has enough chance to prove itself enough to warrant or not any further steps.
4. mentioned low dd, possible somewhere in line with my current -10% equity stop. a risk of losing some i can take for a test, but right now the tricky part to where to take from the capital away to do a test run.
there is always, always another trade!!
  • #351
  • Nov 17, 2017 2:34pm Nov 17, 2017 2:34pm
just a quick round up of the week.
things still on track toward a good month.
this week had ended +2.57%.

the weekly curve still on track too.
nothing exciting. no big swings. boring. yet very satisfying, all the same.

happy weekend!
Attached Image (click to enlarge)
Click to Enlarge Name: weekly 17.11..png Size: 69 KB
there is always, always another trade!!
  • #352
  • Nov 17, 2017 6:01pm Nov 17, 2017 6:01pm
Quoting profitfarmer
just a quick round up of the week. things still on track toward a good month. this week had ended +2.57%. the weekly curve still on track too. nothing exciting. no big swings. boring. yet very satisfying, all the same. happy weekend! {image}
ditch this forex thing ..open up futures account. that way your clients get fair fills regardless of brokers. you can still trade currencies if you want

you can set it up copy through mt5 signal and not worry about regulation on "managing other's money"..except of course it's just a monthly fee instead of pamm based

with forex there's too many variances in spread, i mean judging by your trades, 1 pip diffference is huge!
  • #353
  • Nov 18, 2017 3:12am Nov 18, 2017 3:12am
Quoting hilmy83
{quote} ditch this forex thing ..open up futures account. that way your clients get fair fills regardless of brokers. you can still trade currencies if you want you can set it up copy through mt5 signal and not worry about regulation on "managing other's money"..except of course it's just a monthly fee instead of pamm based with forex there's too many variances in spread, i mean judging by your trades, 1 pip diffference is huge!
interesting proposition.
something i havent looked into yet.
last week closed about net +200 pips, with 99 entries...so, difference is important. of course cos not all trades are equal size, i tend to close the positive pips on larger lots than the negative pips, and that helps with the big picture.
because i like to scale in and out, i am not sure futures would give me similar flexibility in position sizing.
for OPM, things are private arrangements. nothing advertised, some word of mouth, some via a US based IB, and some prop money.
and i dont take everything! this month a 100k acct was dropped cos some brainless changes they proposed, like having multiple traders on same account, changes on risk, bargains of fees...i dont need those headaches...of course, they never paid the profit share that was due...

i really prefer to concentrate to my trading mainly, not into sales and marketing, and thus the IB middleman arrangement. but it is impractical some ways.
it is only about 1 month left before the holidays, that i am not trading actively during.
during that time i will have chance to re-think the setup a little, and maybe move things toward a broker's MAM or PAMM setup, vs. the fully private arrangements.
in a way, since i am little less interested in these things ( non trading side) i am also little slow to make a move and act upon some.
between my and OPM's fees i make good money, in my measures. i think it doesnt beat your 9-5 income, but it beats my previous 300 hours/month work income hands down, both dollar and hours, so, for me a win-win.
there is always, always another trade!!
  • #354
  • Nov 18, 2017 11:50am Nov 18, 2017 11:50am
Profitfarmer

This is my first post on the forum to say congratulations on your success. I have read the whole thread from start to finish and I really appreciate your realistic goals, high level of discipline and most of all, patience.

Too many forex traders on this forum seem to want to get rich quick (and end up going broke) rather than grind out regular profits and let compound interest do the rest. I am just starting out on my forex journey and I hope to have the same long-term approach and discipline that you have shown throughout your journal.

Please keep updating this thread. It's very inspirational.
  • #355
  • Nov 18, 2017 1:33pm Nov 18, 2017 1:33pm
Quoting MrBumpFx
Profitfarmer This is my first post on the forum to say congratulations on your success. I have read the whole thread from start to finish and I really appreciate your realistic goals, high level of discipline and most of all, patience. Too many forex traders on this forum seem to want to get rich quick (and end up going broke) rather than grind out regular profits and let compound interest do the rest. I am just starting out on my forex journey and I hope to have the same long-term approach and discipline that you have shown throughout your journal....
MrBumpFx,

thank you for the kind words, and not the least for choosing my journal thread to place your first post on the forum.
i wish you good luck with your trading
there is always, always another trade!!
  • #356
  • Nov 18, 2017 4:08pm Nov 18, 2017 4:08pm
Quoting profitfarmer
just a quick round up of the week. things still on track toward a good month. this week had ended +2.57%. the weekly curve still on track too. nothing exciting. no big swings. boring. yet very satisfying, all the same. happy weekend! {image}
You're such a great trader. You and other great traders have weakened the doubts/pessimism about consistent profitability. Thanks for sharing your trades/equity curve.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.2%
  • #357
  • Nov 18, 2017 5:08pm Nov 18, 2017 5:08pm
Quoting 9jatrader
{quote} You're such a great trader. You and other great traders have weakened the doubts/pessimism about consistent profitability. Thanks for sharing your trades/equity curve.
Thank you!
i am not that great, it is an ongoing work to make things consistently profitable, but i think seeing it is possible can help a lot.
one of my hope to inspire some traders who struggling in their consistency, and i believe in trying to point out that often one of the main thing standing between running circles or success is getting the targets and expectations right.
i had written a handful of posts on this in the journal already, and chances are, i will write a few more.
thank you for checking out my journal! (btw, your account https://www.forexfactory.com/9jatrader#acct.92 seem to be on a similar track)
there is always, always another trade!!
  • #358
  • Nov 18, 2017 10:57pm Nov 18, 2017 10:57pm
Quoting profitfarmer
{quote} Thank you! i am not that great, it is an ongoing work to make things consistently profitable, but i think seeing it is possible can help a lot. one of my hope to inspire some traders who struggling in their consistency, and i believe in trying to point out that often one of the main thing standing between running circles or success is getting the targets and expectations right. i had written a handful of posts on this in the journal already, and chances are, i will write a few more. thank you for checking out my journal! (btw, your account...
Keep up with you great job. I just found the thread yesterday
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.2%
  • #359
  • Nov 19, 2017 9:34pm Nov 19, 2017 9:34pm
Very good job, keep up!
  • #360
  • Edited Nov 21, 2017 5:44am Nov 20, 2017 8:55pm | Edited Nov 21, 2017 5:44am
i like this video.
if you guys have an hour, it well worth the time.
lots of the things seem to be the same i try to tell on this journal here...
Inserted Video


PS: disregard the last 20 min or so, where he promoting his training course.
there is always, always another trade!!
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