My way to highway

Hi there,

just wanted to thank you for this thread. It strikes me as an honest account with real results. I really appreciate what you're doing here. It is very inspiring.
Incidentally, recently i've decided to come back to forex after many years of being away. I was always a BE trader, trading with too big of an account. Proper analysis and being 70% right means nothing if your MM sucks. I used to do everything "properly", especially making sure i got higher reward than risk ratio and using stop losses. But results were not there. It was too disappointing so I quit.

Today, I can handle risking money much better I think as I am financially secure and mentally more mature.
My results are clear. If I use mental stop loss and if i scale my position according to a given scenario(as opposed to a general rule for all trades like always risk 1%, or 30 pips or sth) I make money. Oanda is great for that as it allows me to set up lot size to wathever i decide to risk, without considering pip range, on any cross. Pip range is totally irrelevant. Only amount of $ i am willing to risk counts. Ive got a small $1000 live account. My goal is to prove to myself that i can do this by building a track record of 3 profitable months. After that i can start thinking about increasing my capital.

I like your thread a lot as it shows me that what I suspected but never tested. Namely, my natural style of trading can be profitable. SL is not needed as long as you have a mental one or an"emergency one" like 10% so to speak. Position sizing can be very discretionary, not stiff. Contrarian approach works. Simple, common sense strategy of reading the market with some basic tools work. RR ratio can suck, and its ok if you winn/ loss ratio is high. Small and consistent profits in a long term work, even if most of the trades taken alone seem to violate basic "rules" of trading!

If you care to comment at all, I would appreciate it. Especially if there is something you wouldn't necessary agree.

Question, what is the main reason you use RSI? Would you say that divergence on MACD serves the same role as RSI, meaning to measure overbought/ oversold conditions?

Thanks for your time. Have a good one

hi pavulon2017,

and welcome to my journal.
"It strikes me as an honest account with real results"... sincerely think bcos it is one!

i have expressed my opinion a few times on topic of 'academic knowledge', use fix risk, every entry need a SL, R:R ratio, dont add to losers, etc.
i am sure it works for some, and respect that, but i am always clear on that isnt what suits me.
i do seem "to violate basic rules of trading", A LOT, yet when i try to find confirmations that those rules they work as they claimed, usually what i can is only theory and 'papers', and spreadsheets of fiction....and very very rarely some de facto proof.

where i grew up we had a saying, roughly about:
'the road to the hell is paved with goodwill.'

i am sure those repeating repeating the basic rules of trading as a mantra dont want harm, but many of those dont pass a good reality check when tried to put into use, for one reason or another; maybe ppl keep violating them for their own terms, or maybe dont work for everyone as advertised. really doesnt matter in the end.

the matter is, that if an unconventional way does suit one better and works for one better, than that is what should be used! real simple!
with consistency in results comes confidence.
hitting 3 profitable months in a row can be a good 'proof of concept' for start to build on.
i did something similar.
this TE acct started in March...then added money on the 3rd profitable month, in June, then added more after the 4th profitable month in July....then added no more to this account anymore, and started to withdraw from it here and there, where now over 90% of the total deposits are out from this account.
some went to start up another account on the side, some for living, some to the sideline as backup. not that it matters.
what the point is, i did the same thing, gradually deposited to the account as it kept showing similar - and importantly! - profitable results month after month.

i dont like MACD, for me that really lags, for my scalping purposes at least. divergences can be useful, but never know when you are into multiple ones. so, mostly discard them on their own, and if anything, pay some attention when i see multiple ones happened...cos 3 in a row happens less often than one, so to speak even more likely to be correct ( sooner or later, of course, but least 2 previous entries better starting point!)

the RSI.
interesting...
not sure how to sum it up best, but perhaps the best clue to give would be that it helps to visually and quickly compare the price action of related pairs taking somewhat out the ADR aspect from the comparison.
is that make sense?
( RSI, apart from the candles, is the only one thing i use since the beginning of my forex trading, approx 10 yrs. maybe some sentimental value is there too, idk, but nothing else sticked, so it may have some use too )

thanks for your comments!

happy trading!

Congratulations you made it to page 42 that was the answer on hitch hikers guide to the galaxy, it took a massive computer "deep thought" 1000 years to come up with it as an answer. Interesting thread wishing you all the best.

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not much to learn here!


thanks!

PS. joke aside, you are one of my longest time subscriber, and i would bet you havent think that my live TE and the thread will make to this long!!

Yeah! The way how winning people trade is always boring

Picking USDCAD at the bottom, profitfarmer style. Started from 87 and added positions all the way to 64.
Love this trading. So intuitive.

[quote=profitfarmer;11138612 the RSI. interesting... not sure how to sum it up best, but perhaps the best clue to give would be that it helps to visually and quickly compare the price action of related pairs taking somewhat out the ADR aspect from the comparison. is that make sense? ( RSI, apart from the candles, is the only one thing i use since the beginning of my forex trading, approx 10 yrs. maybe some sentimental value is there too, idk, but nothing else sticked, so it may have some use too ) thanks for your comments! happy trading! [/quote]

yes, i think i get it. perhaps i look at macd in a similar fashion. it helps me to see quickly how much the market is stretched out. but its only used as one of several tools. not as much as to trade the divergence per se. I like using different TFs and to confirm with other pairs that correlate strongly.
thanks for your answer

end of week!
feels good to write it done!

this week was far from ideal to my type of trading, and lucky or smart, i had realized that and stayed mostly on the sideline, being pickier than usual with the entries.
saved me on drawdown and headaches, and that is always welcome.
in the end, 2 days were enough to carry the rest of the week, i think it was tuesday and friday?, and helped to finish the week at +1.89%.
a good start of June, really, that i will try to carry to the end of the month!

one unfortunate thing, that the week was heavy on GbpCad trades, and Axi has lately a not too favorable spread on Gbp pairs.
that resulted that my main acct made 150 pips, vs Axi only 103 pips this month.
of course, the copy can result some slippage - +/- -and that is expected. what isnt expected and liked is 1/3rd profit on a missing!
the next week or two i will keep a close eye on this and will chat a bit some Axi higher ups on this matter as it really an issue that can have implications going forward.
i sure dont want to waste profits unnecessarily!

a chart from today...the day started earlier a bit, and with EurJpy....(and ended with GbpCad trades in the second half, obviously missing the last real good chance as typing this!, but anyway, Friday trading safer to end sooner than later, from my past experiences).



happy weekend!

a small milestone, 150k views. just shy of 1 full year running.
one hand not much. another hand a lot more than i ever thought will this journal will see.
thanks for all who took their time, or taking their time to check it out and extra thanks for those who also added their comments to make it more than a monologue.

happy trading!

Hi profitfarmer,

first of all compliments for this great result!

I have to thank you one more time because it was reading your journal that I took inspiration for one of my ways to trade. This way is at the same time similar and different to yours. Similar because I borrowed from you the counter-trend concept to enter the market after ADR almost exhausted or exceeded, RSI OB/OS levels and big candles and daily currencies strength too... but different because I enter only one trade (do not scale) scalping for a 5 pips. At the moment, after a couple of months live, despite far from your long term results the account is in green and going.

But in the end what you gave to me with your journal, more than the method in itself, was the key idea of be happy with "small" gains every day to build the account compounding interest.

I always like to read your posts.

Best regards,
Bubincka

I think we all appriciate a very well running tread by a successfull trader.

thanks!
yes, things here running pretty peacefully, a good thing, and the way i like it

Damn bro, did you get hit by the ECB? Take a step back and cut the losses.

yes.
nothing else to say, but i went to aggressive and did got myself in a huge mess i should not.
a very very expensive lesson i had.

not completely over, but will be sooner or later.

today, not so happy trading!

hi PF, hope you are doing well after the EURUSD ECB news.

Just treat it as another day in trading. never give up!

we are here with you mate. All successful traders has gone through obstacles; and persevere; and recover from it.

Will tell the story once my head cleared.

Take your time bro. The market is always here. So are we here to support you.

Hi PF, I think that a lot of us have been beaten last couple of days, so you're not alone.

It's hard, costly and often demoralizing but take it as an opportunity to grow.

We can only support and wish you success but only you can find and ask yourself the right questions, it's a sometimes tough process but always beneficial.

I hope you will come out of this with new motivation, inspired and with a new improved system.

Hi PF, you have my support too!

Hi PF, love your style!
From these pages, I gain more confident with forex trade, and hope you will doing great