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Taking a trade everyday

  • #21
  • Sep 24, 2006 3:24pm Sep 24, 2006 3:24pm
Quoting jumper
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.
The answer to some of your questions: 1 I do not steer clear of ranging markets, infact i prefer to have it range over trend. (Please don't ask, i know that sounds odd) 2. I have a broker that does allow hedging, thus the no stoploss scenario you mentioned would counter any sudden move in the market. 3. I do not have TP level. I open and close traders only at 5:00 pm EST. Whether iam in profit of loss at that time, it would be the only time to close. If i'm in profit that is. I know that alot of people can't wrap their head around my style, but there is alot of things i do not disclose in this thread that i do follow. You'll understand if i don't let the cat out of the bag i'm sure. This is just my journal to track the trades out in the open. If they become successful then so be it. I'm not trying to stir up peolple to buy anything from me in the future. If this works i won't need to sell anything. But i appreciate all the input. See you when i close again for profit.
  • #22
  • Sep 25, 2006 2:51am Sep 25, 2006 2:51am
I am still keen on having your take on my example above (re-posted below). Your broker may allow hedging - thus your long would not be closed out, but still, it would be an unrealised net loss of 30 pips, no?

In such a hypothetical case, do you then hold both positions till the next day at 5, and then decide how to proceed? Thanks.

--

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?
I am JuMPeR.
  • #23
  • Sep 25, 2006 4:22pm Sep 25, 2006 4:22pm
Quoting jumper
I am still keen on having your take on my example above (re-posted below). Your broker may allow hedging - thus your long would not be closed out, but still, it would be an unrealised net loss of 30 pips, no?

In such a hypothetical case, do you then hold both positions till the next day at 5, and then decide how to proceed? Thanks.

--

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?
Ok i see what your asking here. It is true that if both my buystop and sellstop were hit i would close out for a net loss for that trade. I make money because it does not always hit both sides of my trades. Only 1 in 10 days or so. Any way, like i said in an earlier post, there are aspects to my trading that are not disclosed in this thread for obvious reasons. Simply put, one cannot understand fully what i am doing unless i spell out exactly how my style operates. But i can understand your perplexion when trying to understand how to profit this way. Trust me if what i am attempting to do works like it has in the 3 years of backtesting then i will look you up and let you know how i an doing. Thanks for the input though, it helps me to keep refined and understand the rules i have setup better.
  • #24
  • Sep 26, 2006 2:43am Sep 26, 2006 2:43am
Sure. ;-)
I am JuMPeR.
  • #25
  • Sep 26, 2006 9:58am Sep 26, 2006 9:58am
Trades for Friday through Tuesday.


Friday USD/JPY Sell @ 116.22
Monday USD/JPY Buy @ 116.61
Tuesday USD/JPY Buy @ 116.74

Currently the price is at 117.05 which is in profit, but true to my strategy i will hold until 5 Pm est. Until then i hope this price goes up and at a minimum stays where it is.
  • #26
  • Sep 27, 2006 9:48am Sep 27, 2006 9:48am
Quoting Typruss
Trades for Friday through Tuesday.


Friday USD/JPY Sell @ 116.22
Monday USD/JPY Buy @ 116.61
Tuesday USD/JPY Buy @ 116.74

Currently the price is at 117.05 which is in profit, but true to my strategy i will hold until 5 Pm est. Until then i hope this price goes up and at a minimum stays where it is.
Well i closed out my trades yesterday after work for a profit of $35.28
after looking back at the last month of trading including these posts i have made about $722.00 and my hypothetical starting capital is $4,500.00 so in total i have made about 15% return on my intial investment.

This morning another trade opened up USD/JPY Buy @ 117.23 currently the price as of writing this is at 117.44 so i'm in positive territory.
  • #27
  • Sep 28, 2006 9:34am Sep 28, 2006 9:34am
Quoting Typruss
Well i closed out my trades yesterday after work for a profit of $35.28
after looking back at the last month of trading including these posts i have made about $722.00 and my hypothetical starting capital is $4,500.00 so in total i have made about 15% return on my intial investment.

This morning another trade opened up USD/JPY Buy @ 117.23 currently the price as of writing this is at 117.44 so i'm in positive territory.

I closed this trade for profit Buy @ 117.23 close 117.45 so made a profit today of a measley $7.92.

Another trade opened this morning USD/JPY Buy @ 117.64. Current market price is 117.87 so if that holds, another small profit. I really hate trending. I much prefer a ranging market for a while and then a nice trend for a week. Thats when i really score.
  • #28
  • Sep 29, 2007 5:39pm Sep 29, 2007 5:39pm
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.
do you have a certain system working on?
Trading for a living!
  • #29
  • Last Post: Sep 29, 2007 5:44pm Sep 29, 2007 5:44pm
Typruss.. It sounds like unlike any strategy I have seen before... How long have you been trading it live.. how are the results ?
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