My way to highway

weekend, finally!

today the trading (scalping) started with the CAD news, and ended just within an hour.
I was in an out both EurCad and GbpCad trying to average my not greatest entries, but nothing too wild.
eventually things worked out and able to end the "day" for a decent 0.44%.

the week is green, not as strong as the last, but a very nice +1.68%. can take that any and every week, happily.
this month is flying, now at +6.96%, still not at former high, but not too much bellow neither.
looks like my hot streak is back, too bad for the drawdown, or because of it, cant say for sure.
things are going strong, and more importantly consistently, if counted correctly today was the 43rd winning day in a row...not yet at my previous record ( 50?) but not far. the last loss was on 2nd March....2.5 calendar months away!

apart from hitting new equity high, this is one area i like to challenge myself, make consistent profit day/week and possible month too.
of course every good run ends somewhere, never a moment i think it wont.
however, i think it is important to note, that trading is for money.
a winning day = made money.
it is very different from a W% measure.
a high W% can lose money. for any period.
of course so can winning days end op in a losing month.
it is important to know what you are doing right, where your edge lies, and try to build around it something that suits you and compatible with your system and your personal preferences.
i sincerely hope that in the future will avoid better the back-to-back losses, but even if that happens it can be dealt with.
even without revenge trading, taking larger risk in hope of a speedier recovery.

happy weekend!

yesterday was a no trade day split between the immigration office and related paperwork chasing, and a not so pleasant 800km in the car with the aircon not working. ( it is on the to do list, but easier said than done to find a repair shop that is both reliable and doesnt lock up my car for 2 days or more).

today's EurNzd chart is a good example of a day when money can be made both short and long, and when a lot of money is left on the table.
i really did try to be a bit more patient with the trade, but it seems i still need to sit longer on my hand.
anyway, some money is better than no money, and EN did contribute to the day 0.15% (half the profit of 0.30% today till now).
unfortunate, that my personal larger account was prone for some worse fills and failed to contribute the same %age, but overall is not a bad day so far, especially considering that there isnt many news ( of any impact) today.



since i find myself with time part of the day and the weekend, i am thinking to dust down mentoring, and if and when the former HWM reached, do offer it for one guy who thinks would benefit from some 1-on-1 time spent going thru on some mental aspects of trading and discuss a little into more details my trading too.
mind, that i am still currently approx 1.9% bellow that HWM on this TE acct, but there is a good probability to get there about the end of the month, with some luck and a few good trading sessions.
if there is more than one interested may, like in the past, consider two guys, but it isnt a promise. also, a disclaimer, it isnt a first come first serve, but if interested drop me a PM. as usual, it is totally free, no catch, no hidden sale, no signing up for anything. all i ask is commitment, and some basic discretion.

just a note,
for those adventurous and like swing trading, UsdTry chart may present a good short opportunity ( with the right scaling in, and keep it light!) with a bonus of a nice positive swap to scoop up too. for scalping right now it may be a little risky still, and most certainly a no touch for anyone with small equity!
i dont post chart for this, but all start to line up the way i like to see on the higher time frames.
**just an edit: the time of posting the UsdTry price was about 4.65 (the same time of writing my scalps, now closed were from 4.6524 and 4.6635)**
(just for the disclaimer, i do scalp it on my private account)

today the news, and thus the action is a bit earlier, it is only mid-afternoon my time, and way before the NY open where the majority of my scalping happen.

EurUds and GbpJpy.
2 completely different pair by nature, by range, and today by the outcome too.
was expected to have less problem with EU but it have shaken me out little too early.
but then, there is the GJ chart, that is a prime example that there can be pips picked up time to time on temporary pullbacks, but one can easily overstay his welcome staying too long in a trade in hope this will be THE turn.
that said due the range of GJ of i certainly could pick up a few more pips than the net 22 on it...
on the other hand EU on the end only yielded net 8 pips. part due to a large slippage on an entry that caused me to be unable to exit some entries where and when i otherwise could. anyway, things can and do happen, and have to re-assess and adjust accordingly.
in the end it is good profit, +0.65% so far, but some nasty difference on my sub accounts, that can wipe a smile.
the EurUsd chart:

the GbpJpy chart:


happy trading!

PS. still 1.1% bellow the last HWM of this account...a target isnt far from reach, finally.

Could you tell me about your MM?

the easiest would be probably to read the journal?
(de mivel magyar vagy, milyen honfitars lenne aki nem valaszolna a kerdesedre??)

but here it is:
i am a big advocate of a sensible equity stop loss...in my case it is -10%.
within that i can scale in and out of any setups, each entry by itself being unimportant enough to leave me room for some mistakes in timing, and allow me to by a high percentage end the days in profit.
while the daily profit is relative minuscule vs eq SL, it tend to work out just fine ( as i dont need to hit the full -10% to take a loss).
i completely disregard R:R ratio, i trade for profit, and consistency; to pay the bills.

[quote=profitfarmer;11089142]today the news, and thus the action is a bit earlier, it is only mid-afternoon my time, and way before the NY open where the majority of my scalping happen.

Greetings again PF, great to see all is well. May I ask your trading hours?
Example do you get ready for new York open, London open, Tokyo open, or do you set an alarm for the pairs to reach certain ADR before you confront your charts. Some insights on the time you punch / clock in will be nice & interesting. TQ

( Köszi szépen ezt nem gondoltam volna, mármint a honfitársat de nagyon örülök Esetleg privát beszélgetésben benne lennél? )

Thank you very much, keep it up!

[quote=okshop;11090992] hi Okshop,

i scalp, and 99% of the time it is counter to the move, so, i need the price to move first...thus usually that is later into the day.
if i am up, i may take a look at the Asian session or London, but i am not looking for the opening times.
if anything, i am timing things around the high impact news, as they tend to bring directional moves i can fade.
and yes, indeed, i prefer to have a certain %age of ADR reached that can enhance the chance for a pullback.
also, i think was some posts about the CSM, that i like extremes for similar reasons, to pick spots for some stalling or turn.
in a similar fashion i use RSI too, as an indication of a possible trade. ( but if charts looked up it is clearly not about crossing X level up or down!).

for trading times, here is a current full stat from myfxbook:


it is pretty clear when the majority takes place.
interestingly, the W% is lower these times, but one needs to consider 2 very important points i mentioned prior:
1. i trade for profit/money.
2. i dont care per se the W%, R:R ration, or even the pip count for that matter.

the best illustration for point#1 perhaps:


hope this helps to understand it better.
happy trading

FINALLY!!
took nearly 3 long months, but came out of the nasty back-to-back equity SLs and the drawdown it caused on this TE account!
to be exact, it took 45 consecutive winning days...a long time, to be consistent.
9 full trading weeks, and time to time i miss a day or two for various reasons; sometimes simple there is non of my type of trading opportunity, sometimes family reasons, etc.
now that end of January high has been reached ( and passed by 0.04%, lol), it hopefully doesnt mean to end things here!
not at all my intention!
to be on the safe side, another 10-12% gains would be needed ( enough room for a possible full equity SL) to keep the curve upward.

i mentioned before, consistency is inspiration for me.
a character i particularly felt touched me in his philosophy about making money consistently, day to day, week to week...
Alex, the Daytrader, from Wall Street Warriors reality series


in a way i hope showing a live TE and that profits can be made in a consistent way, with maximum account drawdown still kept relative low (-18% at worst, the current recovery), will inspire some of you the same way; that it can be done, and it is possible to make enough of a living from trading ( even if perhaps not get rich by it, as per mega millionaire).

happy trading!

good job there PF!

Just wanted to remind you that history will repeat itself. Don't get too excited now. Not to curse you but always prepare for the second drawdown to happen again.

At least you will be more prepared this time and know that you can get them back like this time.

I think there's a saying like this:- You will never know who wins until the coffin has been sealed/shut. keep it up!

Congratulations PF!

thx

in fact, it is well documented here ( as it is one of my favorite to beat on) that there was a few previous drawdown occasions, and subsequent recoveries.
this one differed in 2 things:
1. it was 2 consecutive trading day that suffered a loss, something that i havent had in the past, but never fully excluded the chance; thus a lower -10% eq SL.
2. in past drawdown was across the board, this time, even with the 2 consecutive, my private acct that traded slightly differently saved the day and was never in overall equity loss. although February grand total ended flat, very flat, with +99$ profit for the month!! not something that a full time trader can call "making a living". March was slightly better, maybe 1.5k, nearly ok, but not quite,...then came back to the level where my bills are covered just fine. ( i was 14 days on vacation, but still!).

i know i show one account only, but there is a little more to this than this single account, and i am really into the end of the month grand total across all.

this is a journey, hits some highs, hits some lows, but all i can tell you i am still enjoying it, it is still exciting, and it is still holding many opportunities i may or may not foresee as a future.
i still have some milestones i hope to hit, going forward.
to name few, surpass my previous consecutive winning days number, pass the 10% this month, or get a bit more serious again on prop trading.
these has good potentials all, will see!

happy trading!

another week ends...

a real strong one this time, +3.05% on TE account.
that, without any trade on Monday!
May is certainly looking to close as the best month for me this year, and still have a potential to be the best month within the last 1 year period too.

today was all Euro and Jpy, with pairs being EU, EJ and GJ in play. some "missed" opportunity, maybe due the weekend knocking, and feeling more hungry for a pizza than pips...idk. nevertheless, i am satisfied with the +0.65% for today.
really not too much excitement on charts, i dont think it worth to post one.

this week AxiTrader gave me some problems, some disconnection issues that resulted copy ending in loss vs profit as at ICM, or today one missed entry that at the start resulted a loss on other part...overall, despite the lower commission i have there, they seem to underperform ICM lately more than before.
i already tried to raise some of the issues with support, of course the 'live chat' as always, is useless...and that isnt even broker specific, but a blanket that unfortunate enough but covers the whole forex experience across all brokers i ever tried; they should invest/pay ppl whom actually have some basic idea about trading and not only copy/paste some canned answer what a robot assistance could do too (but just as annoying when you have an issue you want to solve).
prop:
apart from the AxiTrader issues that in turn also affect me there, the Axi prop gig is going OK, still waiting for them to finalize the "pro" agreement, and see what really the final step looks like.
of course that account trades at a lower risk, and did also suffer from the drawdown/recovery the TE account had; and now also at HWM ending the week.
it isnt the 50k to be excited about there though, but if and when the full "pro" step takes place, that potential.
cant decide if worth the trouble, but look at it as a lottery ticket. a maybe.
Fixi had given lots of money, but a non workable relationship.
Axi in the past months not a lots of money but good relationship.
in the end, maybe end up with going only my own funds, as thanks to the profits the past year they grew nicely.
life is like a box of chocolate...but really when bite into find out what you have picked.

happy weekend!

Forget to mention yesterday,
A few days ago to "celebrate" the new high water mark/ equity high of the trading account I was planning to resume to the free mentoring sessions that I had end of last year.
I thought it was going well, and the feedbacks were good; it is always interesting to get to know some like minded ppl a little more, and share some thoughts.

Anyway, for whatever reasons, this time there was ZERO interest. And it can't be the cost as the offer was FREE, as always.
Maybe ppl has no 8-10 hours time to spare.
Maybe there is no more traders that struggle and would need help.
Maybe ppl think if something is free it is worthless.
Maybe ppl just subscribe to a thread but never really read what is posted. ( deliberately not posting it as flashing headline!)

For one, I naively would think if I were to offer to talk to a proven profitable trader, who is (perhaps) playing a league or two above my current level, and for no cost, I would be happy to grab the opportunity. After all I am showing a consistent profit, trade full time, trade(d) with multiple prop deals...

Yes, i am a little bit disappointed, was hoping to spend some of my empty hours trying to help a trader who feels he could benefit from something that isn't the 'yes you can grow your 40$ to a million in 6 weeks' cheerleaders squad, or debating why trading is impossible to profit from ( so, I am living from what illusion then in the past year?!)

So, just a small rant, because it is weekend, and because I can! That is great in a journal!
The offer is off due lack of interest, likely permanently.

Happy weekend!

Hi pf,

I can understand your rant, it surprises me too!

Traders are a special breed i guess and like to do things on their own, at least i am.
This is the only proffession where i can make a living and not have to deal with bosses, colleagues, customers etc.. and for me that's an advantage.
I do not see myself as someone who is in need for immediate help, but respect to you for making the offer in the first place!

hi Chake,

the offer was never aimed to someone who already able and making a good living from trading. i am ( like many) countless times being told here and everywhere else that 90-95-99% of them fail.
on the other hand i am ( like many) aware that online forex education often sells for 1000s of $, and personal, 1 on 1 time is expensive anyhow...in a world where often a McD entry level job pays 2-12$ country dependent, and any skilled job usually a lot more...i mean a lot! more...then 8-10 hours 1 on 1 time can be a lots of value offered free.
anyway, it is as it is, and nothing really wrong about it, only came as surprising, and that coupled with free time over the weekend lead to the rant. my bad.

happy weekend!

I just flew over a view lines here... puh, not sure how i was able to miss this.
I really need to take the time to read your thread soon!

Keep up your great work!
Thank you
Shaga

Hey ProfitFarmer, i wanted to say to you that i do enjoy your journal a lot, also with your long and meaningfull posts i learned a lot allready and you show all the scepticall people that it is possible to make a living out of trading. You are a inspiration for me, and keep up the great job you doing out there.

thank you!

just started reading your thread, great info thank you for sharing.
I see you use RSI, what do you think about using a 3 period RSI.?