Well, that was fun!
Last night I traded eu/us, eu/jy, eus/jy, for real money, @ $1/pip. I ended up losing around -60 pips, but I learned quite a bit. What I learned was that the 30 pip SL was too deep for my style, and that a 50 pip TP is a bit too ambitious. Again, for my style. That's not to say it won't work for others, but while watching my trades unfold today, I saw some clear profits turn back because I sensed my TP points were too high.
So, tonight, I've decided to tweak things a bit, to make my expectations a bit more modest and - hopefully - keep my losses lower. Here's my plan:
Same entry, same time frame, H+5, L-5.
SL = 15
TP: 10, 15, 20
It's possible I'll get stopped out everywhere, but I've cut my potential losses in half, so we'll have to see how it all plays out.
I might miss a big move with a 50 pip gain, but normally I am at the computer, so I would be able to move my TP in that case (unfortunately, I will be out most of the day tomorrow, so I'll have no idea what's happening until I return).
It's just an experiment, a tweak of what looks like a terrific system from Mikelath. I may go back to the original, but will report on my results later tomorrow. Mike said earlier that this was not just an offering of a system, but an attempt to tweak it. So, I'll do my part, with 1$ lots. Another poster said it: I just find it impossible to demo-trade seriously, and am much more involved when I have some real money at stake.
I definitely think entry is key here. If we have it right, good money management will let us win.
Another thing I learned is that, having been scalping mostly, I really like to see all those double-digit pips on the board. It's definitely more fun to play with bigger numbers.
Any comments or suggestions?
Last night I traded eu/us, eu/jy, eus/jy, for real money, @ $1/pip. I ended up losing around -60 pips, but I learned quite a bit. What I learned was that the 30 pip SL was too deep for my style, and that a 50 pip TP is a bit too ambitious. Again, for my style. That's not to say it won't work for others, but while watching my trades unfold today, I saw some clear profits turn back because I sensed my TP points were too high.
So, tonight, I've decided to tweak things a bit, to make my expectations a bit more modest and - hopefully - keep my losses lower. Here's my plan:
Same entry, same time frame, H+5, L-5.
SL = 15
TP: 10, 15, 20
It's possible I'll get stopped out everywhere, but I've cut my potential losses in half, so we'll have to see how it all plays out.
I might miss a big move with a 50 pip gain, but normally I am at the computer, so I would be able to move my TP in that case (unfortunately, I will be out most of the day tomorrow, so I'll have no idea what's happening until I return).
It's just an experiment, a tweak of what looks like a terrific system from Mikelath. I may go back to the original, but will report on my results later tomorrow. Mike said earlier that this was not just an offering of a system, but an attempt to tweak it. So, I'll do my part, with 1$ lots. Another poster said it: I just find it impossible to demo-trade seriously, and am much more involved when I have some real money at stake.
I definitely think entry is key here. If we have it right, good money management will let us win.
Another thing I learned is that, having been scalping mostly, I really like to see all those double-digit pips on the board. It's definitely more fun to play with bigger numbers.
Any comments or suggestions?
Jeff Singer, K2KV
The USDJPY short trade reached the 1st PT before retracing to stop out the remaining 2 lots. It then proceeded to trigger the long orders, reaching the 1st PT and I then manually closed out the remainder to make way for the new days orders, thus resulting in a breakeven scenario. The EURUSD short trade reached the 2nd PT and I manually closed out the remainder.
