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  • #181
  • May 30, 2007 6:25am May 30, 2007 6:25am

  1. Buy @ 1.9774-- (-5 for spread) – 5lots

a. Stops: 1.9746 (risk -33pips)
b. Lot 1: Target—1.9808
c. Lot 2: Target—1.9828
d. Lot 3: Target—1.9848
e. Lot 4: Target—1.9879
f. Lot 5: Target—1.9879
i. Hit stop loss for -33pips on all 5 lots
Cumm Earnings: -45pips

Well, todays trade just didn't seem to be working as well with the levels as it usually is. Kind of discouraging going into the negatives for this month now also, i have made some mistakes that cost me a good amount of pips this month tho. Theres still about a week and a half left till the month is over so i'll keep my head up and will be ready to let the pips pour in

  • #182
  • May 30, 2007 6:31am May 30, 2007 6:31am
I am in need of some advice from any money management pro's out there

my question is, do you think it is a bad idea to risk up to 3% of the full acct size per trade rather than staying under 2%?

Another question im really concerned about is the idea of Average Win to Average Loss. Because i feel that although im staying under 3% risk, whenever i lose i lose bigger than i win most of the time, just because of the way i take profits on the first lot or 2 then the trade will usually come back to breakeven on the rest of the lots so most of the time im not reaching my target (which i always set greater than the initial stop loss i have that includes all the lots im currently in)
  • #183
  • May 30, 2007 7:03am May 30, 2007 7:03am
Quoting brxxt
I am in need of some advice from any money management pro's out there

my question is, do you think it is a bad idea to risk up to 3% of the full acct size per trade rather than staying under 2%?

Another question im really concerned about is the idea of Average Win to Average Loss. Because i feel that although im staying under 3% risk, whenever i lose i lose bigger than i win most of the time, just because of the way i take profits on the first lot or 2 then the trade will usually come back to breakeven on the rest of the lots so most of the time im not reaching my target (which i always set greater than the initial stop loss i have that includes all the lots im currently in)
What is your average Win vs Loss?
How many winners and how many losers...( in real time and if you have it, your backtesting)?
Mini or Standard acct?
Worst loss in all trades?

Give me some data and I'll punch up some #'s.

NP
  • #184
  • May 30, 2007 11:01am May 30, 2007 11:01am
I can get that data for you later, but i was trying to find out if people take into consideration the actually average pip loss of the losers and the pips won of the winners
  • #185
  • May 30, 2007 1:15pm May 30, 2007 1:15pm
Quoting brxxt
I can get that data for you later, but i was trying to find out if people take into consideration the actually average pip loss of the losers and the pips won of the winners
Sometimes the simplest answer is the best, are your stops too big. Have a look at your winning trades and see for example if a 25 pip stop would have lost you any winning trades from being stopped out early. Say you lost 1 in 10 winning trades but you save 25 pips on each loser if you are using a 50 pip stop generally.
  • #186
  • Jun 1, 2007 12:47am Jun 1, 2007 12:47am
The other thing is to consider what filters you are using to confirm a trade, is it turning at the level you are looking at?
  • #187
  • Jun 1, 2007 12:57am Jun 1, 2007 12:57am
Quoting Vantage
Sometimes the simplest answer is the best, are your stops too big. Have a look at your winning trades and see for example if a 25 pip stop would have lost you any winning trades from being stopped out early. Say you lost 1 in 10 winning trades but you save 25 pips on each loser if you are using a 50 pip stop generally.
If a 25 pip stop would have lost no winners from early stop outs then carry on doing this for 20, 15 pips etc. You may end up with 'cheap' losing trades and keeping the bigger wins. Hope this helps.

It is possible to get into gbp trades with a 15 pip stop.
  • #188
  • Jun 1, 2007 10:21am Jun 1, 2007 10:21am
sorry i havent posted in the past 2 days, been busy moving into my new appt., gotta go to get some fillings done at the dentist now and i finally turn 21 tomorrow!! so should have a heavy weekend of binge drinking lol.. ill try not to kill too many brain cells so i will be ready to trade monday
have a good weekend all
  • #189
  • Jun 1, 2007 11:25am Jun 1, 2007 11:25am
First of all I am not a pro at all. But want to share what I am doing and welcome others coaching/feedback too.

My system has a win ratio of 25%~30%. The initial stop I use is 2*ATR. So the position size = 0.5% x account balance/stop. I could use 1% or 2% of account balance in determine the position size. But the draw down is too big an impact to my psycology tolerance. So I choose 0.5%.

At 1%, the max draw down is about 20%, at 0.5%, the max draw down is about 10% for my system.
  • #190
  • Jun 1, 2007 12:02pm Jun 1, 2007 12:02pm
Quoting brxxt
sorry i havent posted in the past 2 days, been busy moving into my new appt., gotta go to get some fillings done at the dentist now and i finally turn 21 tomorrow!! so should have a heavy weekend of binge drinking lol.. ill try not to kill too many brain cells so i will be ready to trade monday
have a good weekend all
Have a really great day, take a day to recover and come back firing Monday. All the best, cheers.
  • #191
  • Jun 1, 2007 2:18pm Jun 1, 2007 2:18pm
first let me wish you a happy birthday
second if you're scaling out of winning positions you have to scale out of the losing positions in the same manner just to get a 1:1 risk reward ratio.you're right your r:r is bad
  • #192
  • Jun 4, 2007 2:41am Jun 4, 2007 2:41am
heres todays levels, i sold at 1.9739
Attached Image (click to enlarge)
Click to Enlarge Name: 6-4-07.gif Size: 11 KB
  • #193
  • Jun 4, 2007 5:31pm Jun 4, 2007 5:31pm
6/04/07
Offers:
1.9880-1.9900
1.9860-1.9870
1.9840-1.9850
Bids:
1.9815-1.9820
1.9770-1.9780
1.9740-1.9750
Open price (3am): 1.9833

  1. Sell @ 1.9839-- (-5 for spread) – 3lots

a. Stops: 1.9894 (risk -60pips)
b. Lot 1: Target—1.9782
c. Lot 2: Target—1.9748
d. Lot 3: Target—TBA
i. Hit stop loss for -60pips on all 3 lots
Cumm Earnings: -225pips

  • #194
  • Jun 4, 2007 5:36pm Jun 4, 2007 5:36pm
similar thing is happening with these levels as when i went live using trend manager.. it was great in the backtesting/demo acct. but as soon as i went live with it the win to loss ratio drops from like 75% to like 20%..
trying to keep my head up and stay confident, but its harder now that this my source of income for the next 3 months so i cant afford losses as much as before.
I will reduce my risk to <2% per trade instead of 3%, which will not be as fast in gaining back my losses, but it will keep me safer

After seeing Steviets go from +2000 or so pips to back to breakeven after 6 months, it really showed me how important MM is and how much the market can change.. he was doing the same thing he always was doing and just seeing worse results.
Some encouraging words would be great now lol
  • #195
  • Jun 4, 2007 6:03pm Jun 4, 2007 6:03pm
Quoting brxxt
similar thing is happening with these levels as when i went live using trend manager.. it was great in the backtesting/demo acct. but as soon as i went live with it the win to loss ratio drops from like 75% to like 20%..
trying to keep my head up and stay confident, but its harder now that this my source of income for the next 3 months so i cant afford losses as much as before.
I will reduce my risk to <2% per trade instead of 3%, which will not be as fast in gaining back my losses, but it will keep me safer

After seeing Steviets go from +2000 or so pips to back to breakeven after 6 months, it really showed me how important MM is and how much the market can change.. he was doing the same thing he always was doing and just seeing worse results.
Some encouraging words would be great now lol
Hey bro

Nearly midnight here & stumbled upon your last post so I thought I'd try and offer some encouragement. I see you've just turned 21 years old - congrats young man! Boy, how I wish I found this business at your age - I turn 40 later on this year

The important thing here is that you're learning & you're learning fast - yes I made 2000+ pips over my first few months of live trading and yes I lost them all but what's crucial is that I know more now than when I started. I've gained a valuable education essentially for free which is why MM is so important to me.

I'll make money consistently in forex & so will you with the right attitude & discipline. Millionaires are often quoted as saying that after losing their first million, doing it again is that much easier because they've done it before.

Keep your chin up my friend - I have every confidence that you will make it! Look at the big picture & try not to sweat the small stuff - easier said than done but it can be done

Kind Regards
Steve
  • #196
  • Jun 4, 2007 8:36pm Jun 4, 2007 8:36pm
Thanks Steve,
Yes it is nice to have the extra years on u old buggers but u blow me out the water when it comes to capital lol. Wish you all the best in your trading my man
  • #197
  • Jun 5, 2007 12:49am Jun 5, 2007 12:49am
Hi brxxt
I hope you had a great day. You've got 26 years on me imagine how good trading will be when you have that kind of experience. In the meantime perhaps you need to consider if this is the right system for you at the moment, or if you need to step back and tweak a little?
All the best going forward.
  • #198
  • Jun 5, 2007 6:05am Jun 5, 2007 6:05am
Quoting brxxt
Some encouraging words would be great now lol
My 2 cents ...
If you trade forex for a living I suggest to use tested and winning methods.
You can experiment only if your monthly income derives from other sources.
To define (and find!) a "winning" system is really subjective, but I think that there are really two little "gems" of trading systems, inspired by the KISS principle, that could work for you:
- the Bagovino trading system;
- the Fozzy system.
I'm now testing in a demo account their results, and they seem to be profitable and a source of constant income.
You could find them freely onto this site.
I admire you because of you choose the way to live with trading and for me you've the right mental organization and discipline to live with it (I evaluated this reading all this interesting thread). You only have to change your trading system. You could use your entry levels to backup the signals given by Bagovino method or Fozzy. And for me you've also to reduce your daily profit targets (for example 10-15 pips a day) like if you would be a futures trader.
To achieve daily income I suggest to use Bagovino method. The Fozzy system is more suited to long term investors and as a secondary source of income.
Regarding Fozzy system there is also beautiful and well written free e-book always on a thread on this site.
Sorry if I bothered you, but I'll be glad to help you in this difficult journey and ear from you that you've been successfull.
You start from a winning perspective because of you probably have the right and essential trader's habits and mental approach.
Good luck by a person that would be a full time trader, but hasn't yet been able to do that. I repeat myself, I admire you.
Bye Corrado.
  • #199
  • Jun 5, 2007 7:55am Jun 5, 2007 7:55am
very well said whitenights. I have just discover this thread and today I am gonna go thru all the pages see if I can find the strategy the author of this thread using.

tasse
  • #200
  • Jun 5, 2007 8:00am Jun 5, 2007 8:00am
Hi NP

wheres the journal of recommendation you mention on the last line(logo) of your message. Pls post a link for the thread.

Many Thanks
tasse

Quoting Northpro
What is your average Win vs Loss?
How many winners and how many losers...( in real time and if you have it, your backtesting)?
Mini or Standard acct?
Worst loss in all trades?

Give me some data and I'll punch up some #'s.

NP
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