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Live Account Trades!!!!

  • #1
  • First Post: Oct 2, 2006 12:09pm Oct 2, 2006 12:09pm
I have been posting some results from my demo account on my other thread, "Taking a trade everyday". I have tested my method for a couple of months now, also i have manually backtested it for 3 years and it has been profitable every month so far. I am now confident to go to a live account. That just took place on Oct 1st which was my goal in the beggining. I have $3,000 and we will see what becomes of it.

Oct. 1st USD/JPY Buy @ 118.21 Open
  • #2
  • Oct 2, 2006 5:40pm Oct 2, 2006 5:40pm
Ouch, you still in that trade?
Always wait for the opportune moment… just be careful not to miss it.
  • #3
  • Oct 2, 2006 6:17pm Oct 2, 2006 6:17pm
First of all congrats on going live, it seems you've done your research. Secondly, have you thought about opening your hedge based on solid lines (118.50, 119.00, 119.50) instead of daily highs/lows? If so, what in your opinion are the (dis)advantages of each?
  • #4
  • Oct 2, 2006 6:21pm Oct 2, 2006 6:21pm
Good luck..
LIVE TRADE is a totally different thing, because the physiology thing, now is real money..

Best regards<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
  • #5
  • Oct 2, 2006 6:43pm Oct 2, 2006 6:43pm
Quoting GRACO
Good luck..
LIVE TRADE is a totally different thing, because the physiology thing, now is real money..

Best regards<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
One does not have to worry about psychology and physiology if one is trading a 100% mechanical system. All you have to do is trust your system, which for the people that backtested years of data, it shouldn't be difficult.
  • #6
  • Oct 2, 2006 6:54pm Oct 2, 2006 6:54pm
Quoting twinchell
One does not have to worry about psychology and physiology if one is trading a 100% mechanical system. All you have to do is trust your system, which for the people that backtested years of data, it shouldn't be difficult.
Congrats...

you'll see about the psyc thing too. Like nothing else.
But you get used to it.
one day
(I hope):

Dave
  • #7
  • Oct 2, 2006 8:27pm Oct 2, 2006 8:27pm
Quoting twinchell
One does not have to worry about psychology and physiology if one is trading a 100% mechanical system. All you have to do is trust your system, which for the people that backtested years of data, it shouldn't be difficult.
Its a little easier trading with someone elses money. Makes that large drawdown days a little more bearable.
  • #8
  • Oct 2, 2006 8:32pm Oct 2, 2006 8:32pm
Quoting twinchell
First of all congrats on going live, it seems you've done your research. Secondly, have you thought about opening your hedge based on solid lines (118.50, 119.00, 119.50) instead of daily highs/lows? If so, what in your opinion are the (dis)advantages of each?
twinchell, thanks for you interest. I use price patterns only based off of daily high and lows. I'm not really interested in other aspects, of course i have not tried them or others to be frank. The thing is i don't want to get bogged down with optimizers and other things that cloud the simplicity of what i'm doing. I have seen many a good strategy dive into oblivion when everyone and their blind dog start trying to squeeze every last pip out of everything only to see their account starve to death.
  • #9
  • Oct 2, 2006 8:36pm Oct 2, 2006 8:36pm
Quoting fxvision
Ouch, you still in that trade?
fxvision, I can understand your anxiety, If that was a stand alone trade i would be freaking out right now, or should i say i would be trying to "get even" with the system. Actually having trades carry into the red is part of what i'm doing. I prefer to have a few weeks of ranging then a nice trend for a week. That is heaven for me. Thanks for your concern though.
  • #10
  • Oct 2, 2006 9:00pm Oct 2, 2006 9:00pm
Quoting Typruss
fxvision, I can understand your anxiety, If that was a stand alone trade i would be freaking out right now, or should i say i would be trying to "get even" with the system. Actually having trades carry into the red is part of what i'm doing. I prefer to have a few weeks of ranging then a nice trend for a week. That is heaven for me. Thanks for your concern though.
Hi Typruss,

so you didn't set a stop loss??
  • #11
  • Oct 2, 2006 9:08pm Oct 2, 2006 9:08pm
Quoting bobztoise
Hi Typruss,

so you didn't set a stop loss??
bobztoise, You are correct, NO STOPLOSS, to some that seems irresponsible but there are alot of strategies out there that do no incorporate stoplosses. I have another thread going somehwere, which i abondoned because i now am going live, that explains some of my strategy. The key is that i have a hedge in place in case the trade goes against me.
  • #12
  • Oct 2, 2006 9:50pm Oct 2, 2006 9:50pm
Dollar is weak yesterday , so if your trade (Buy USD/JPY at 11820 )still open , you are : - 75 pips at this moment !

any stoplost here ??????????
  • #13
  • Oct 2, 2006 10:09pm Oct 2, 2006 10:09pm
amazing.. wished i could do that though

but that will require super deep pockets to withstand
  • #14
  • Oct 2, 2006 10:15pm Oct 2, 2006 10:15pm
Quoting Typruss
twinchell, thanks for you interest. I use price patterns only based off of daily high and lows. I'm not really interested in other aspects, of course i have not tried them or others to be frank. The thing is i don't want to get bogged down with optimizers and other things that cloud the simplicity of what i'm doing. I have seen many a good strategy dive into oblivion when everyone and their blind dog start trying to squeeze every last pip out of everything only to see their account starve to death.
I totally agree, keep up the good work.
  • #15
  • Oct 3, 2006 12:19am Oct 3, 2006 12:19am
Quoting adam3000
Dollar is weak yesterday , so if your trade (Buy USD/JPY at 11820 )still open , you are : - 75 pips at this moment !

any stoplost here ??????????
no stoploss, just to let everyone know i'm only trading micro lots so 75 pips in the negative is not that big around $6.25 or so. How to make money doing this you ask? Well i'm not starting out with alot of money so when i can run like the pros i will trade like the pros. Thanks for your posts though.
  • #16
  • Oct 3, 2006 1:36am Oct 3, 2006 1:36am
i agree. no stops is sometime better than using stops. if u trade small, a big move against u shouldnt hurt as long as ur analysis is set for that.

so if u think eurusd is going up in the medium to long term and ur long eurusd is down 100 pips and ur analysis still says euro = up then u should let it run. just like they say trade ur plan. if theres one thing i learned in this game is to be disciplined and trade ur plan as much as u can.

i use to trade gbpusd long and short. i would do my short medium and long term analysis and trade according to that. when the uptrend happened and it moved from 1.75 to 1.90 i switched from playing both ways to going long and adding with the trend. i had shorts at 1.7800 and 1.8000. but i never cared ive already made enough to cover those and made plenty of profit. i never used stops and i added to the losers unless i saw a trend and in that case i switched to just riding the trend.
with stops my system would have lost alot of money because alot of it was made on retracements especially after gbpusd hit 1.9000 area and retraced back down a few hundred pips. i was able to close my shorts at better prices and came out ahead. had to stop. too time consuming and needed constant analysis which wasnt hard just took alot of time.

point is trading without stops isnt as bad as u think or as people tell u. it comes with experience and ur comfort level. just because its the conventional doesnt mean thats how u should trade.
  • #17
  • Oct 3, 2006 1:41am Oct 3, 2006 1:41am
Quoting Typruss
..Well i'm not starting out with alot of money...
if you typed that you do have a lot of money. it only takes $50 US to save someone's eyesight for life in certain countries. euphoric thoughts even!


just thought I'd help motivate you by sharing some personal inspiration...


cheers
(1:1)TM
  • #18
  • Oct 3, 2006 9:37am Oct 3, 2006 9:37am
Quoting Centrillion
if you typed that you do have a lot of money. it only takes $50 US to save someone's eyesight for life in certain countries. euphoric thoughts even!


just thought I'd help motivate you by sharing some personal inspiration...


cheers
Thanks for the input. I typed that i do not have much money, thus the micro lots. But i have made a promise to help those less fourtunate when my trading has overtaken my day job, which consists of mainly this forum, and a few reports for my boss.
  • #19
  • Oct 3, 2006 9:39am Oct 3, 2006 9:39am
Quoting Typruss
I have been posting some results from my demo account on my other thread, "Taking a trade everyday". I have tested my method for a couple of months now, also i have manually backtested it for 3 years and it has been profitable every month so far. I am now confident to go to a live account. That just took place on Oct 1st which was my goal in the beggining. I have $3,000 and we will see what becomes of it.

Oct. 1st USD/JPY Buy @ 118.21 Open
Oct. 1st USD/JPY Buy @ 118.21 Open
Oct 3rd USD/JPY Sell @ 117.52 Open.

Both these trades will remain open. I will reevaluate at 5 pm est and set my next trades. I do not think that i will be closing out today as essentially my trades are hedged.
  • #20
  • Oct 3, 2006 10:35am Oct 3, 2006 10:35am
well this is really wierd..

i would have thought it makes more sense to open both long and short on the reverse levels

from what you have done, it seems you will have 69 pips unaccounted for in between

unless of course you can close one entry with gain and leave the other with a loss of (your gain + 69 pips) then wait for a retracement before closing..
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