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Developing a system - LIVE experiment ;)

  • #1
  • First Post: Oct 22, 2006 9:01pm Oct 22, 2006 9:01pm
My earlier post was moved to the classified section because i mentioned the word "ebook"...so I will not talk about any of that here. Furthermore, I created an EA and backtestsed the system and it was not pretty...another scam.

I have previously traded without any system in place: I have not been using any technical indicators, nor have I followed the economic events in the past. I have been making my trades when I felt like the pair is going to move in a certain direction, primarily based on it's average price over the past month or so..

I will now start to develop an actual system and this is where I will track my progress. I appreciate and welcome any feedback and suggestions.

I would not suggest following my trades though, because this in an experiment

Background:
======================
I am 21 and have been trading for about 8 months. Nothing too technical, mostly just random trades here and there . I openned my account with $250 and went to $920 in 4 weeks...then learned a lesson on using stop losses (lost $600). Turned that $320 back into $900 pretty quick and then learned my next lesson with a margin call - don't trade so many lots! (lost that $500 back). Once again, turned that $400 into my current balance - $959.

My FX info:
======================
Broker: Forex.com
Beginning Balance: $959.00
Margin: 1:200
Lot size: 10,000
Currencies: I will probably stick to GBP/USD, USD/JPY, EUR/USD

I don't spend much time in front of the computer, so I bought a pocket PC and use MetaTrader 4 Mobile (da bomb!) for charting; and ForexTrader.wireless for trading.

I do not have any positions open right now and will start on Mon!

Here we go!!!
Admin - plz don't move/delete this thread; I am not going to endorse or advertise anything here
  • #2
  • Oct 22, 2006 9:14pm Oct 22, 2006 9:14pm
Your third lesson might be that you shouldn't trade mini lots on such a small account. Despite that, I wish you the best.
  • #3
  • Oct 22, 2006 9:25pm Oct 22, 2006 9:25pm
To be honest, I'm confused. Are you developing a system or trading a system? Or are you just winging it and doing both at the same time?
  • #4
  • Oct 22, 2006 9:54pm Oct 22, 2006 9:54pm
Quoting twinchell
To be honest, I'm confused. Are you developing a system or trading a system? Or are you just winging it and doing both at the same time?
I have been winging it, but I will develop a system starting with my next trade
  • #5
  • Oct 22, 2006 9:58pm Oct 22, 2006 9:58pm
hey which brand and model pocket pc did you get, i'm looking to get one and would like to get one that I know is good for trading.


thanks and good luck with your system
  • #6
  • Oct 22, 2006 10:31pm Oct 22, 2006 10:31pm
I work PT at Sprint, so I have the PPC-6700. great phone and MetaTrader works flawlessly
  • #7
  • Oct 22, 2006 10:35pm Oct 22, 2006 10:35pm
Quoting RvrsTrader
I have been winging it, but I will develop a system starting with my next trade
Make sure to keep us up to date with your progress with that chief.
  • #8
  • Oct 22, 2006 11:27pm Oct 22, 2006 11:27pm
I want to turn away, but I can't.
The breaking of a wave cannot explain the whole sea.
  • #9
  • Oct 23, 2006 12:13am Oct 23, 2006 12:13am
I want to jump on the GBP/USD, but it's been kind of sideways since open today....only 14 pips. I will wait until tomorrow, but I think it will go up, short-term at least
  • #10
  • Oct 23, 2006 12:29am Oct 23, 2006 12:29am
Quoting philmcgrew
Your third lesson might be that you shouldn't trade mini lots on such a small account. Despite that, I wish you the best.
Gotta take risks to get rewads...thanks though!
  • #11
  • Oct 23, 2006 2:36am Oct 23, 2006 2:36am
I am pretty much a beginner myself. New to the forum also.
One simple trading strategy, that has worked for me so far is to place entry orders if I see a horizontal channel or a triangle formation. I normally place an entry order at 5 to 10 pips above the channel to go long. Same for a short/sell, entry order is placed below the channel. My stop loss is usually 30 to 40 pips.
My trading hours are during late Asian session. which is late night here. So I leave my entry orders to be executed for later.
Today I saw eur/usd pair forming a triangle in 1 hour chart at about 23:00 (U.S eastern time), eur/usd was at 126.15. So I placed a buy/long entry order for 1.2645 and a sell/short entry order for 1.2595. Both with 40 pip stops. At this moment (03:24 est) the pair is at 1.2586 and I am up 10 pips so far. I would not take profit yet. Lets wait and see. I would trail my stop loss though.

I am also long USD/JPY since 01:30 est. I enetred at 118.75 (based upon daily chart trendline.

Goodluck.
  • #12
  • Edited 10:37am Oct 23, 2006 9:07am | Edited 10:37am
--- TRADE 01 ---
Sure glad I didn't go long on GBP/USD last night at 1.8815! Whew!

Well, the pair dropped 140 pips since open and Sun to a support level at 1.8687. There has been no news that would cause it to break further down, so I just placed an order:

Currencty Pair: GBP/USD
Order type: Instant Execution
Buy/Sell: Buy
Lots: 2 (tempted to go with 3, but I will restrain myself
Order rate: 1.8703
Limit: 1.8825
Stop Loss: 1.8655 (as per philmcgrew's suggestion)

Potential Profit: 122 pips
Potential Loss: 48 pips
I expect this one to hit my limit by Wed

So what did you guys trade this morning?
  • #13
  • Oct 23, 2006 9:47am Oct 23, 2006 9:47am
Quoting RvrsTrader
I openned my account with $250 and went to $920 in 4 weeks...then learned a lesson on using stop losses (lost $600).

Stop Loss: None (even if the pair goes back down, it will reverse eventually anyway, so no stop this time)

Usually when someone says they learned a lesson they don't turn around and do the same thing over again.
  • #14
  • Oct 23, 2006 9:50am Oct 23, 2006 9:50am
Quoting philmcgrew
Usually when someone says they learned a lesson they don't turn around and do the same thing over again.
Fine...I set a stop at 1.8655, but we all know it will go back to 1.8800 eventually...
  • #15
  • Oct 23, 2006 9:53am Oct 23, 2006 9:53am
Quoting RvrsTrader
Fine...I set a stop at 1.8655, but we all know it will go back to 1.8800 eventually...
You're welcome
  • #16
  • Oct 23, 2006 10:04am Oct 23, 2006 10:04am
Update on Trado 01:
Unrealized P/L: +$26
  • #17
  • Oct 23, 2006 10:41am Oct 23, 2006 10:41am
I usually just trade one pair at a time, but in this case, I am going to add USD/JPY to the mix - if GBP/USD goes up, then this one goes down too:

Currencty Pair: USD/JPY
Order type: Instant Execution
Buy/Sell: Sell
Lots: 1(just the icing on the GBP/USD cake)
Order rate: 119.27
Limit: 118.75
Stop Loss: 119.65 (just in case the N.Koreans test another nuke

Potential Profit: 52 pips
Potential Loss: 38 pips
I expect this one to hit my limit by Wed
  • #18
  • Oct 23, 2006 10:46am Oct 23, 2006 10:46am
Quoting RvrsTrader
I usually just trade one pair at a time, but in this case, I am going to add USD/JPY to the mix - if GBP/USD goes up, then this one goes down too:
Really? What is the current correlation between these pairs? And, if you did think they were highly correlated, wouldn't you be doubling your exposure to the USD?
  • #19
  • Oct 23, 2006 10:52am Oct 23, 2006 10:52am
Quoting philmcgrew
Really? What is the current correlation between these pairs? And, if you did think they were highly correlated, wouldn't you be doubling your exposure to the USD?
They are correlated for obvious reasons. I am doubling my exposure, but also increasing my potential profits
  • #20
  • Oct 23, 2006 11:08am Oct 23, 2006 11:08am
Quoting RvrsTrader
They are correlated for obvious reasons. I am doubling my exposure, but also increasing my potential profits
This will be an interesting quote to review when you blow up for the third time.

It is also clear that you didn't actually look up the current correlations.
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