can i know what broker that u used?
how about the spread?
Spread on GBPJPY is a big 8 pips so effectively need to make 18 pips for each 10. Mind you, it moves so fast most of the time that I can live with that.
Kind Regards
Steve
- #2,621
- Oct 17, 2007 12:10pm Oct 17, 2007 12:10pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Spread on GBPJPY is a big 8 pips so effectively need to make 18 pips for each 10. Mind you, it moves so fast most of the time that I can live with that.
Kind Regards
Steve
- #2,622
- Oct 17, 2007 12:27pm Oct 17, 2007 12:27pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi again Warren 
Answers, where appropriate in bold
Answers, where appropriate in bold
Hi Steve
Firstly congratulations on your results - they are awesome !!
Thanks lol
The style of trading you have outlined suits me down to the ground. I have been trying various strategies since I started trading 15 months ago with mixed success. I have recently been trading 4 hrly charts with better results but when I read your threads, bells rang for me as I have been looking for a daily trading style. I have a few questions if you would be so kind to answer them.
When you say 'daily trading style' you mean you are trading off daily charts? The bulk of my first year live I've been trading off the daily charts with various methods, however, the past month or so I've been trying my hand on the shorter timeframes.
Which pairs do you trade ?
Over the year I've traded most pairs my broker offers, looking for good set-ups on the daily charts. This last month I've just traded the yen pairs.
How many trades do you have open at any given time ?
Daily trades a maximum of 5, scalping I may have more open at any one time.
Do you simply stay out when the market is ranging ?
This has been my 'nemesis' over the year - essentially I'd prefer to stay out of the market on daily trades unless the range is large enough to benefit from. Shorter term trading is bliss when the market ranges however.
Do you only open an initial trade on a pair after the trend has changed or do you get in the middle of a trend ?
It's very difficult to pick tops & bottoms of a trend - if you can catch a good chunk I think you've done well.
What type of order do you use ?
This first year I've only used market orders.
Which pairs have provided you with the best results ?
GBPJPY by far but it's a monster - I just like a challenge lol.
Have you used trailing stops or do you always move your stops manually after the close of New York ?
I always move stops manually - on my initial method it was at NY close but now I'll move it as and when.
I am from Sydney, Australia and our daily candles start on the charts at 10.00am – I notice you are from the UK and so do you open a trade at the start of a new candle or otherwise when do you open a trade? (ie open of NY, open of UK, or any time ?)
Again, if I'm trading longer term, most positions are opened round about NY close. Scalping & shorter term trades are opened when I see a possible opportunity.
Do you use Japanese candles or heiken ashi ?
Japanese candles.
Is it possible to post a chart or two of your current trades showing open trades with stops ?
At present I have no long term positions open but if I decide to take a few daily trades I'll be happy to post.
Sorry for asking so many questions but I am really interested in trying this method of trading and if you would be kind enough to answer these questions I feel I will be well armed to give it a go.
Thanks in anticipation
No problem, you're welcome
Warren
Ozfxtrader
- #2,623
- Oct 17, 2007 1:01pm Oct 17, 2007 1:01pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, I'm getting quite a few private messages (which I don't mind), asking basically the same question - how have I managed to accumulate so many pips in the last month.
Well, I'd start by saying when I initially found forex and opened a demo account some 18 months ago, I was attracted to the short timeframes as most are. However, I sucked big time at trading this way and soon felt more comfortable on the daily charts. This also fitted in with my work schedule.
I devised a crude method that those of you who have followed me from the start of my live trading experience will know about. For those that haven't, start at page one
:
Over the year I've tinkered with various methods and with the help and input of other more experienced traders, I know a lot more now than I did then.
As most know, I don't use indicators to any great extent and I've also learnt a great deal from threads such as the James16 thread on price action.
What I'm trying to say I guess is that I've taken what I've learned, those hours upon hours of staring at charts, the books I've read, and this last month applied it to the 5 minute charts again.
So far it has been a great success but I know I'm nowhere near being the trader I want to be. This little experiment may blow up in my face and I'm not happy with certain aspects of the methods I use.
It's all about learning as you go and at the same time protecting your capital. I don't know if you learn much by blowing account after account.
In fact the phrase I hate most is 'only trade with what you can afford to lose'. It does make perfect sense when you first hear it but does it put into your mind that it's OK to lose it? In my opinion thinking like this puts you in the wrong frame of mind and could easily cause you to take unnecessary risks.
Money management, patience & discipline are the key, no matter what timeframe you decide to trade.
Good luck (we all need our share of that too) to all
Kind Regards
Steve
Well, I'd start by saying when I initially found forex and opened a demo account some 18 months ago, I was attracted to the short timeframes as most are. However, I sucked big time at trading this way and soon felt more comfortable on the daily charts. This also fitted in with my work schedule.
I devised a crude method that those of you who have followed me from the start of my live trading experience will know about. For those that haven't, start at page one
:Over the year I've tinkered with various methods and with the help and input of other more experienced traders, I know a lot more now than I did then.
As most know, I don't use indicators to any great extent and I've also learnt a great deal from threads such as the James16 thread on price action.
What I'm trying to say I guess is that I've taken what I've learned, those hours upon hours of staring at charts, the books I've read, and this last month applied it to the 5 minute charts again.
So far it has been a great success but I know I'm nowhere near being the trader I want to be. This little experiment may blow up in my face and I'm not happy with certain aspects of the methods I use.
It's all about learning as you go and at the same time protecting your capital. I don't know if you learn much by blowing account after account.
In fact the phrase I hate most is 'only trade with what you can afford to lose'. It does make perfect sense when you first hear it but does it put into your mind that it's OK to lose it? In my opinion thinking like this puts you in the wrong frame of mind and could easily cause you to take unnecessary risks.
Money management, patience & discipline are the key, no matter what timeframe you decide to trade.
Good luck (we all need our share of that too) to all
Kind Regards
Steve
- #2,624
- Oct 17, 2007 1:34pm Oct 17, 2007 1:34pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
GBPJPY short 236.99 closed 236.89 for 10 pips
Oct +2100 pips
Bal Increase Oct +19.20%
Oct +2100 pips
Bal Increase Oct +19.20%
- #2,625
- Oct 17, 2007 2:36pm Oct 17, 2007 2:36pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
GBPJPY short 237.51 closed at 237.31 for 20 pips
Oct +2120 pips
+19.39%
Oct +2120 pips
+19.39%
- #2,626
- Oct 17, 2007 2:49pm Oct 17, 2007 2:49pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
You know, I can understand the PMs and posts. The rate you post 10 and 20 pip scalps I'm starting to half wonder whether the whole world isn't doing something wrong trading higher timeframes...then I remember the 1000 pip stop at 10% risk and go "eeeeek" rather loudly and go back to looking at the 1h-1D timeframe
Not to say I'm not amazed, either, but I guess you're just trying to go the "low risk/reward, but really big win/loss ratio" way...well, let's hope the loss part never comes
TC
Not to say I'm not amazed, either, but I guess you're just trying to go the "low risk/reward, but really big win/loss ratio" way...well, let's hope the loss part never comes
TC
Trust price. Know yourself.
- #2,628
- Edited 6:01pm Oct 17, 2007 4:28pm | Edited 6:01pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
You know, I can understand the PMs and posts. The rate you post 10 and 20 pip scalps I'm starting to half wonder whether the whole world isn't doing something wrong trading higher timeframes...then I remember the 1000 pip stop at 10% risk and go "eeeeek" rather loudly and go back to looking at the 1h-1D timeframe
Not to say I'm not amazed, either, but I guess you're just trying to go the "low risk/reward, but really big win/loss ratio" way...well, let's hope the loss part never comes
TC
Thanks for popping your head around the door to say a quick 'hi'
Remember, as the account balance goes up (and it is
, that 1000 pip s/l means less % wise. At present it's down just below 7% on my lowest GJ position and also remember I'm likely to keep grabbing pips along the way by hedging. What I'm saying I guess is that by the time it is hit, it may well be under 5% which is more than acceptable. Just need to keep my wits about me, especially trading GBPJPY, with it's massive swings.98 winning trades this month so far at 100% but I'm absolutely convinced I couldn't have done this without first learning price action on the longer timeframes.
Oops, nearly forgot hehe
GBPJPY short 238.18, closed 238.08 (+10)
GBPJPY short 238.04, closed 237.94 (+10)
GBPJPY short 237.85 closed 237.75 (+10)
Oct +2150 pips
A/C +19.68%
Kind Regards
Steve
- #2,629
- Oct 17, 2007 4:31pm Oct 17, 2007 4:31pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
2120 pips already...wow
Nice trading. I could'nt handle a 1000 pip SL, but to each his own.
Hope the success continues for you.
Thanks very much
Kind Regards
Steve
- #2,631
- Oct 17, 2007 4:46pm Oct 17, 2007 4:46pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi again Stevie
Wow what success you are having with your new found scalping - keep up the great work. Whilst I am more interested in mastering 4hrly or daily trades, in one line what is your secret in the unbelievable success rate you are having scalping ?
Ozfxtrader
In a line it would have to be that I have spent the best part of a year on the daily's, learning about price action etc and then applying that knowledge & experience on the shorter term trades.
Oh bugger, that's more than one line but it is one sentence
Kind Regards
Steve
- #2,632
- Oct 17, 2007 5:11pm Oct 17, 2007 5:11pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, another 10 pips from 238.01 to 237.91
I may leave things for an hour or two as my broker may think I'm closing too many trades (especially if they realise this last trade was entered and exited whilst having a bath
)
Oct +2160 pips
A/C Increase Oct +19.79%
Kind Regards
Steve
I may leave things for an hour or two as my broker may think I'm closing too many trades (especially if they realise this last trade was entered and exited whilst having a bath
)Oct +2160 pips
A/C Increase Oct +19.79%
Kind Regards
Steve
- #2,634
- Oct 17, 2007 5:23pm Oct 17, 2007 5:23pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Nice to see you break the 20% tomorrow (no pressure now).
Are you compounding as you go, maybe 50% by the month end.
Great trading Steve.
Regards,
Chris.
Yup, 20% tomorrow Chris and yes, I'm compounding. 50% by month end is very doubtful but I'll just keep plugging away and whatever will be will be.
Cheers
Steve
- #2,636
- Oct 17, 2007 5:28pm Oct 17, 2007 5:28pm
- | Joined May 2006 | Status: Trade Towards the 5 ema | 2,881 Posts
HEY Quit stealing all the pips !!!
- #2,638
- Oct 17, 2007 5:32pm Oct 17, 2007 5:32pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
HEY Quit stealing all the pips !!!
Eek, sorry
- #2,639
- Oct 17, 2007 5:46pm Oct 17, 2007 5:46pm
Do you have a 'BUY' button?
Just stopped in to see your account balance, well done. You should be able to crack 4000 pips this month. Perhaps I just set your monthly target for you.
Just stopped in to see your account balance, well done. You should be able to crack 4000 pips this month. Perhaps I just set your monthly target for you.
{Some Profound Statement goes here}
- #2,640
- Oct 17, 2007 5:54pm Oct 17, 2007 5:54pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Do you have a 'BUY' button?
Just stopped in to see your account balance, well done. You should be able to crack 4000 pips this month. Perhaps I just set your monthly target for you.
I just love them shorts (especially on a shapely young lady
)