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My way to highway

  • #761
  • Edited 9:34am May 10, 2018 7:20am | Edited 9:34am
Quoting profitfarmer
time to celebrate? i think not just yet! TE is slightly above BE, myfxbook is little bellow BE...and both in agreement to be bellow HWM. but admittingly this month is looking strong so far! for a special someone i had promised that may take a trip to HK if a certain profit number gets hit this month...and i maybe did it hastily, as frankly i have been to HK more than i care to count. but a promise is a promise, and should things continue smooth, i may have to get my passport ready. {image} {image} happy trading! PS. the numbers between the...
Congratulations on a great trading day, 2% sweet, PF!
  • #762
  • May 10, 2018 8:02am May 10, 2018 8:02am
Quoting profitfarmer
time to celebrate? i think not just yet! TE is slightly above BE, myfxbook is little bellow BE...and both in agreement to be bellow HWM. but admittingly this month is looking strong so far! for a special someone i had promised that may take a trip to HK if a certain profit number gets hit this month...and i maybe did it hastily, as frankly i have been to HK more than i care to count. but a promise is a promise, and should things continue smooth, i may have to get my passport ready. {image} {image} happy trading! PS. the numbers between the...
Congrats PF, may HWM be every week.

HK will be great to visit.

I am attending TradeTechFX Barcelona in September this year. Last year was great.
  • #763
  • May 10, 2018 8:10am May 10, 2018 8:10am
Quoting dwe213
{quote} Congratulations on a great trading day, PF!
still way behind you Dude, especially in $$$ terms....but the outlook is great this month. about 4.5% more to new high ( on this TE), then it will get interested.

on another note:
it looks like Psy/Axi changing prop status to "pro".
still have to find out what it means exactly, as this is the first time (3 of us in the moment) traders get to this level.
but it only can mean good potentially. ( i am at equity high there, i think)

Quoting alphadude
{quote} Congrats PF, may HWM be every week. HK will be great to visit. I am attending TradeTechFX Barcelona in September this year. Last year was great.
thanks, still some good days to go!

I like HK, but with the cruiseline i had been there numerous times, and also 3 past private trips too ( including my honeymoon back in 2002).
i may prefer a different destination, but not really sure what.
maybe the Maldives, but that runs too pricey for me in the moment, Myanmar however was always interesting, and i only been to Yangon to date.
there is always, always another trade!!
  • #764
  • May 10, 2018 8:49am May 10, 2018 8:49am
Quoting profitfarmer
{quote} hi J-f, thanks for the comment. i would like to reply to the highlighted part some. of course the full approach may not suit everyone, and if you recall, just in the last post i mentioned that the past few occasions i was focusing highlighting only the trades where problems arise. i think it would be more boring ( or misunderstood for bragging) if i post every single trades when i have 15/15 winners intraday with all single entries and without scaling in. trust me, i have such days. and i know the TE showing the trades it couldnt be said...
Congrats on the back to positive year already!!!! :0))

100% agreed with you profitfarmer, you can use the same approach of scalling in but with adapting leverage to your risk appetite.
Higher returns come with higher risks (but still in control with the equity stop loss), and everyone mind is different with risk acceptance.
My mind still needs a lot of work obviously.

As you prove day after day in your thread and TE, it is working very well for you.

Keep it going, and enjoy your "coming soon" holidays, being in HK, the Maldives, Myanmar or elsewhere!!

Cheers,
J-F
  • #765
  • Edited 1:43pm May 10, 2018 9:54am | Edited 1:43pm
J-f,
that is the essence of it!!
finding the balance that work for your "appetite".
as long as the daily return correspond in a positive way with the DD/SL frequency, trading will have a positive expectancy.

today started out rough on me, as my trade copier's site was down, and i think that played on the authentication to start it up.
missed some good entries on 2 of my accounts, including this one.
then it turned around, and i started to find my pace and lower risked lower drawdown setups.
and then here is a day that probably one of my best in a while, with about +1.33%.
i was lucky to complete 2 of the tasks i planned out for this month:
Attached Image (click to enlarge)
Click to Enlarge Name: myfx tasks.png Size: 74 KB


with a small GJ entry still on, since i let my greedy side win over, and decided that if the market is in 'giving mode' i should take what is given....but i think this is the final one, for real, for today.
a total 5 hours by the computer, scalping, is longer than usual, and yesterday was also a bit long.
but time is well compensated today, really well.

tomorrow Friday, and i am looking to take things lighter, probably. then there is the 2nd part of the month to work on task#2.

happy trading!

PS.
due the strong run up of the first part of the month ( especially on my private account) a good portion of the profit was withdrawn to the side.
in case of the TE account that is about 2.7% of the equity, nothing major, but enough to keep the risk on track. (-10% removed from my private acct).
there is always, always another trade!!
  • #766
  • May 10, 2018 2:20pm May 10, 2018 2:20pm
Glad to see you are ahead of your schedule, back to green for this year.
  • #767
  • May 10, 2018 3:20pm May 10, 2018 3:20pm
Quoting kk100
Glad to see you are ahead of your schedule, back to green for this year.
Thx!
Overall, was never in the red this year.
But it is good to have this TE also in order!
there is always, always another trade!!
  • #768
  • May 10, 2018 3:33pm May 10, 2018 3:33pm
[quote=profitfarmer;11047366]J-f, that is the essence of it!! finding the balance that work for your "appetite". as long as the daily return correspond in a positive way with the DD/SL frequency, trading will have a positive expectancy. today started out rough on me, as my trade copier's site was down,
Greetings PF, been following with some like ( ) here and there. Great that you are sharing your experience. May I ask what trade copier you are using is FX Blue on a vps any good? Regards.
Self discipline It is a practice
  • #769
  • May 10, 2018 4:25pm May 10, 2018 4:25pm
Hi PF,

I am glad to see full time trading working for you!

As a general fact, what I can see is that being a full time trader is not easy at all! Supposing that this TE was the only account of the trader, looking at this year, now we are in May and the profit starts to arrive now, many bills already did ...

Good luck on your journey, your time in keeping this journal, and not only that, is highly appreciated!
  • #770
  • May 10, 2018 6:54pm May 10, 2018 6:54pm
[quote=okshop;11048355]
Quoting profitfarmer
J-f, that is the essence of it!! finding the balance that work for your "appetite". as long as the daily return correspond in a positive way with the DD/SL frequency, trading will have a positive expectancy. today started out rough on me, as my trade copier's site was down, Greetings PF, been following with some like ( ) here and there. Great that you are sharing your experience. May I ask what trade copier you are using is FX Blue on a vps any good? Regards.
Hi Okshop,
Back when I was searching, I tried fxblue's copier, along with others, and on my personal comparison it came out as the slowest.
I settled in the end with "autofxpro", both for copy speed and ease of use functions for my need...risk multiplier setting, auto equity stopout on slaves, and slippage control. I mostly use the local copier within my PC ( somewhere I wrote about mishaps with ICM's VPS).
The copier cost me 150$ ( actually half was paid by a friend whom I copied trades).
All in all, after 9 months I am generally happy, even if it isn't a free I feel I got the value for my money.
there is always, always another trade!!
  • #771
  • May 10, 2018 7:39pm May 10, 2018 7:39pm
Quoting aa4fx
Hi PF, I am glad to see full time trading working for you! As a general fact, what I can see is that being a full time trader is not easy at all! Supposing that this TE was the only account of the trader, looking at this year, now we are in May and the profit starts to arrive now, many bills already did ... Good luck on your journey, your time in keeping this journal, and not only that, is highly appreciated!
Hi aa4fx,

True what you say, but then there is few facts to consider too.

This TE only carries 20% of my total equity currently. With more equity available more flexibility could be used...a crude example: a simple martingale has a lot better survival chance of same lot sizes on 50k than 10k....even 2x larger lot sizes. Simple more room to handle the losses. Of course I am not trading simple martingale!

"to make hay while the sun shines".....
If trade full time, make sure when you are doing strong performance you provision for the leaner/loser months.
This TE acct. has made +137% last year (myfxbook). Actually what it doesn't show that an equal amount of 90% of total deposits already withdrawn from it.
My personal acct. function on similar principles. Once the target trading equity side is reached ( I wrote about this in couple posts across the journal what I consider as a necessary equity side to have the likely profits pay for my bills and life), it gets even easier with the balancing of acct., between some sort of compounding and the withdrawals as personal " salary".
Just recently mentioned that I withdraw some of the profits on my personal acct to a sub acct, that alone able to cover 2 months living costs.

Prop as additional income.
While I cut back a lot on prop trading from March, between a Sept2017-March2018 prop earnings alone could pay for my living costs.
That in turn helped me a lot, allowed to compound my personal profits without withdrawing.
That led to the point where personal equity got to a level I can comfortable rely even as sole course.

Stand on more than 1 leg.
While trading is the full time and main income ( personal and/or prop), I have some small side income from stocks dividend, and other interest income. While this year under performs some, the dividend is a cashflow if needed.
Also once in a while I have other odd incomes, which alone not amount much, but add to the bottom line a little here and there. It is true that every little count.

Don't expand on lifestyle and expenses when there is no secure means to do so. I delayed a trip back to Hungary, not in need right now to upgrade the car, have enough to not starve if a black swan comes around. At least for a while. One can only be prepared so much. But without taking this leap of faith to the unknown of full-time trading, I would never know what it is like.
Considering everything, income, work hours, flexibility, the quality of my life...I not yet have regrets making this leap.

If possible, don't burn up all bridges.
After a year of full-time trading my old job still would be open for me on a relative short notice. I left it in good terms, and I was good enough and experienced enough in it that they would be happy to take me back. Even though I now see my future without it, it is a comforting thought that if the roof falls in on me, I may have an alternative.
But it is an alternative that instead holding me back from trading, is rather motivating to succeed at.
I worked at sea, long hours, 300 hours months. Far from family, and far from life as most knows it at land. A good 15 years was enough to voluntarily enslave myself.
It is a possible option, yes, but an option I very much don't like to rely on!


A final note:
I decided on full-time trading because -at least on middle time horizon- I could envision making equal or better income than my last job, with likely lot less hours input.
So far this came true, and on average I have better income, and less than half the work hours.
However full-time trading is a living, but I didn't became a millionaire, and maybe never will. But nor would be from my last job!!
I have no idea what the future will bring, but content with the present, and optimistic on the possibilities.

Happy trading!
there is always, always another trade!!
  • #772
  • May 12, 2018 3:23pm May 12, 2018 3:23pm
Always a pleasure to read your updates :-)

Keep trading, don't change anything - you are doing great, well done, an inspiration to many of us
  • #773
  • May 12, 2018 7:35pm May 12, 2018 7:35pm
Quoting profitfarmer
{quote} Hi aa4fx, True what you say, but then there is few facts to consider too. This TE only carries 20% of my total equity currently. With more equity available more flexibility could be used...a crude example: a simple martingale has a lot better survival chance of same lot sizes on 50k than 10k....even 2x larger lot sizes. Simple more room to handle the losses. Of course I am not trading simple martingale! "to make hay while the sun shines"..... If trade full time, make sure when you are doing strong performance you provision for the leaner/loser...
Good stuff here!
  • #774
  • May 12, 2018 10:39pm May 12, 2018 10:39pm
Quoting profitfarmer
{quote} However full-time trading is a living, but I didn't became a millionaire, and maybe never will. But nor would be from my last job!!
An excellent comment.

IMO you should continue to post from time to time. There are not many who present themselves so openly, in particular when it comes to the downside i.e. losses, momentary loss of discipline etc. I believe it is important for others to see no trader is infallible - in fact I feel it keeps others more grounded, more aware, and that is necessary.

Everyone needs to see two things: i) it IS possible to make money consistently in FX (be it part-time or full time) and ii) there will be ups and downs while doing so.

You have taken the step to trade full time, which is a goal for many, and I hope you will continue to update us on your journey every now and then.
Return on Equity: 2017, 32.4%; 2018; 8.0%, 2019 (30Apr), 4.5%
  • #775
  • May 12, 2018 11:03pm May 12, 2018 11:03pm
Congrats mate ,

very well done
  • #776
  • May 15, 2018 9:53am May 15, 2018 9:53am
"NU look interesting, but the trend is down and just made a new low...i think it is a cautious buy this point" " USD strength is back today" Sent on:12:51 pm

i wrote this earlier to a trading buddy, who suggested to go long on NU.
my choice for the day was EurUsd however.
but in light of the above quotes, i failed to get the best out of it.
the first 3 entries were all good, quick in and out, with decent pips for scalping.
the rest, where i was a bit eager in, and was couple of time close to scale out, but not close enough...BE wouldnt do.
Of course, the partial closes cushioned the running working drawdown, but that didnt change the fact that i was feeling little stressed in my head about the entries, and if i misjudged the risk. part boils down that yesterday the market was dead enough to warrant zero entries, so, this, today was in effect the start of the week.
and in my mind every week i start out flat.

anyway, the chart:
Attached Image (click to enlarge)
Click to Enlarge Name: EU 15.05.2018..png Size: 37 KB


if a lesson to take home:
weak hands get shaken out. at the bottom running approx -2.5% DD i was hesitant to add to the position, missing out the best entries.
at closing i was too quick to close not wanting to risk that the price falls back, although in my mind i had no doubt the overall once the previous low gets tested ( or worst case the BRN) the price is ripe for a rebound.
( in fact on my private acct i had some supplementary scalps, even though i was also quick to close those).
anyway, account is up for today, +0.3%, and money is money, the week has started, and lessons are there to reinforce that there is better way to execute a good trade setup. there is always room to improve a little!
(the chart may not be clear on, but there was total +21 pips for today, even though it looks like more pips lost than made, not the case.)

happy trading!
there is always, always another trade!!
  • #777
  • May 15, 2018 6:08pm May 15, 2018 6:08pm
Quoting profitfarmer
"NU look interesting, but the trend is down and just made a new low...i think it is a cautious buy this point" " USD strength is back today" Sent on:12:51 pm i wrote this earlier to a trading buddy, who suggested to go long on NU.
Why you are not combining scalping with swing trading? which could be seen as a trend reversal scalping in a higher TF too. You mentioned about the danger of the style drift but is it a real one?
Thanks for mentioning this pair, I just took long on NU/NC as it fits some of my trades look-up!
  • #778
  • May 15, 2018 11:15pm May 15, 2018 11:15pm
Quoting aa4fx
{quote} Why you are not combining scalping with swing trading? which could be seen as a trend reversal scalping in a higher TF too. You mentioned about the danger of the style drift but is it a real one? Thanks for mentioning this pair, I just took long on NU/NC as it fits some of my trades look-up!
Hi aa4fx,

Good question!
This very account started out with a swing/scalp mix back in March2017, me still working full time at sea then.
The approach works very well on swing trading as well.

The style drift came as of later, and it related to prop trading.
It is to keep the trading style clean. Also was in line with my own need to keep trading better on track. Apples or oranges...easier to compare apples to apples.
I could pick either swing or scalp, by trading full time, scalping suits me better, always have.
I tend to be a little inpatient with trades to let develop, and can't/don't like to wait often days to a setup to develop or a trade to hit profit. I am not good with set and forget, but when I was at sea, part due the daily 10 hours work, part due the high internet cost (6.60$/hour) I was limited to usually 2 times a day to check and manage trades, and to occasional scalping if my time permitted in ports.

Also, sometimes I think the temptation is high that a trade start out as a scalp "gets reclassified" to swing if not working out....I suspect many traders has experienced similar....keeping an account solely for one style, and not letting that drift into multiple direction is a way to protect your trading from yourself.
For better or worse, I don't have trades open while sleeping, and don't carry open interests into the uncertainty of the weekend.

On my private account sometimes use a toy size entry ( win or lose only represent probably max 0.02% of equity) for some intraday swing to catch a few extra pips, and just to not pass a good swing setup completely, but it is for myself only, and usually still gets closed during the day.
But it is infrequent nowadays. Although it crossed my mind that maybe I earmark a swing acct and see how that perform, once things all fully back on track.
Even posted here a few times some swing ideas, but too much controversial conversations around, I don't frequently do. After all, it is not a trading system discussion, and when I post a swing setup I feel very strong that it will work out.
As a hint to where may future direction go: thinking to involve exotics for H4 swing with only the positive swap direction trades, vs. swings in general.
But part of my natural laziness, imam often slow to make these project happen.

The sun is shining strong this morning, and I can hear the kids playing in the pool. Draghi speaks in 6 hours time, I think after lunch I will be heading to the pool, sauna and later gym, in this order.
The beauty of scalping. Enough to think about a trade when there is a trade, else my mind is free, and can think of lunch, and swimming, lol. Trading is just a part of life, but isn't life itself!

Happy trading!
there is always, always another trade!!
  • #779
  • May 16, 2018 3:06am May 16, 2018 3:06am
Thank you for the details post!
Indeed, there is nothing nicer than enjoying life while the trades are closed. Is like with the other jobs, for a good health, once out the office door everything that is work related should be minimized if not excluded. Harder to do with swing trading, or I am not doing it properly as I feel the need to watch the trade evolution quite often, more exhausting while seeing the money being available and not.
  • #780
  • May 16, 2018 4:22am May 16, 2018 4:22am
Quoting aa4fx
Thank you for the details post! Indeed, there is nothing nicer than enjoying life while the trades are closed. Is like with the other jobs, for a good health, once out the office door everything that is work related should be minimized if not excluded. Harder to do with swing trading, or I am not doing it properly as I feel the need to watch the trade evolution quite often, more exhausting while seeing the money being available and not.
exactly why i settled on scalping.
with no time and internet cost restrains on me, i was feeling the urge to keep checking back on the trade, and that ultimately resulted to override my otherwise perfectly good TP levels often.
if a scalping trade lost longer than 15 minutes i start to feel bored, after an hour start to get annoyed, and after 3 hours it really borderline unbearable....lol, am i sure talking about scalping, cos it describes well my feelings about flying too?!

with my nature also put into the equation, scalping is the better fit, clearly, as well it it provides me with better freedom with my trading times vs free time, an important aspect.

happy trading!
there is always, always another trade!!
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