Steve best of luck bro, keep in touch with your progress
My Live Trades on my Live Account 588 replies
go live or bust ... diary of an fx live-trader-wannabe 1,621 replies
DislikedOK, well January has not been easy but here are my results so far...
Jan 3rd banked -136 pips over 8 trades
Jan 4th banked +490 pips over 9 trades
Jan 7th banked +51 pips over 1 trade
Jan 8th banked +315 pips over 7 trades
Jan 9th banked +316 pips over 7 trades
Jan 10th banked +266 pips over 6 trades
Jan 11th banked +180 pips over 4 trades
Results using this method so far...
Nov +7585 pips (approx 15%)
Dec +1985 pips (approx 4%)
Jan so far +1482 pips (approx 3%)
Next week I start trading someone else's money for the first time and I'm very much looking forward to the challenge. However, it is going to take my full attention so I'm not sure how much I'll be around, at least for a while.
With that said it's been a great journey and I owe a great deal to all of those (they know who they are) who have helped in the last 15 months.
Just remember, there are plenty of ways to consistently make money from this market - the important thing is to find something that you are comfortable with.
Have a great weekend one & all
DislikedOK, may be my last results posting on my own live account - I'm still around but most of my attention is with trading an investor's account - more on that later.
January I've taken my first losing trades but still managed to stay profitable...
Jan 14th banked +50 pips over 1 trade
Jan 15th banked +109 pips over 2 trades
Jan 16th banked -589 pips over 8 trades
Jan 17th banked +225 pips over 5 trades
Jan 18th banked +252 pips over 5 trades
Jan 21st banked -1661 pips over 9 trades
Jan 22nd banked +492 pips over 10 trades
Jan 23rd banked +414 pips over 8 trades
Jan 24th banked +359 pips over 7 trades
Jan 25th banked +202 pips over 4 trades
Jan 28th banked +336 pips over 7 trades
Jan 29th banked +307 pips over 6 trades
Jan 30th banked +50 pips over 1 trade
Jan 31st banked +183 pips over 4 trades
Results over 3 months...
Nov +7585 pips (approx 15%)
Dec +1985 pips (aprox 4%)
Jan +2211 pips (aprox 4.5%)
Total of 11781 pips over 316 trades of which 311 have been winning trades and 5 losing trades.
OK, started trading an investors account (just over $100k), 12 days ago and have so far made 79 successful trades and no stops hit. The first week included the biggest daily fall in the FTSE since 9/11, next day was the biggest fed rate change in 25 years and the day after the FTSE rose by the biggest amount in 7 years. Talk about being thrown in at the deep end but I'm still just doing what I do and replicating my results so far.
Good to hear from my friends in PM
i read the summary post of your system you gave last year, and given your recent track record on your investor account (AWESOME!) i must say you've caught my attention again!!
i just have a couple more questions or comments - apologies in advance if the answers are obvious - so here goes:
1. i note that some of your trades seem to be closed at t/p whilet others look like they're closed after letting them run for a bit (see bold lines from your jan figures)
A little confusing this one as I'm using two brokers - one for my peanuts account & one for the slightly larger managed account.
a. My account I set 50 t/p & 1000 s/l. Each time a s/l is hit (that could look rude if u read it wrong hehe), it has stopped me out to the pip. However, the t/p gives me the best price at 50 or over for some reason (not complaining). So I may get a straight 50 but have had as much as 67 if the market gaps past my t/p on a strong move.
b. My managed account looks at it differently where it changes the entry price every night on rollover. I haven't tended to change the t/p so the older long positions have hit their t/p as much as 90 pips so far. If I believe we are close to a resistance or support I may close these manually at or around 50 pips profit if I'm around.
2, i can see why you've picked a beast like the gbp/jpy since retracements or whipsaws can quickly fill your t/p's, have you considered another monster - gbp/chf for this strategy? obviously the gbp side of the equation is the same and currently the other sides have lower interest rates than the pound and similar future expectations i think so the price action should be similar as well.
I'm so 'in the zone' just trading GBPJPY but you're right - GBPCHF along with EURAUD would be good candidates to try a similar thing. I guess you could adjust for slower moving pairs to have say s/l at 600 and t/p at 30. Bottom line, I'm happy just trading the one beast lol.
3. what's the biggest drawdown you've encountered so far, against any one trade? like i said the volatility on these monster pairs is usually enough to ensure your profits are hit, but a sustained trend could make some of these positions uncomfortable surely..? looks like in your case, for now, the market has always come back!! lol
OK, drawdowns - my amended rules state that I can only have a maximum of 5 positions in either direction and a maximum of 10 on at any time. At 2% per position, it has so far kept drawdowns to a minimum. On the managed account we are using around 4.5% per position & I wouldn't be comfortable with anything more than that.
On your second point, yes in theory you're correct on this one. However, I've managed to limit losses to 5 positions with the price at a high of 241 & low in the 204's, a range of nearly 4000 pips. Been a bit lucky at times but we all need a bit of that don't we? Essentially what I'm trying to do is identify the range on the daily and try and limit positions opened at the extreme of these until that range is broken. Once it is broken then it's a case of looking where it's likely to stall again and then working within the new range.
Today was a case in point with the 214 area being threatened again but so far it has been rejected again which means I can carry on picking up the pips.
What some don't realise is that the 1000 is not a big deal to me. On average I can make 200-300 pips a day, sometimes more so it can be clawed back pretty quick as long as I don't panic. So far, so good.
phew! sorry for the long questions!! feel free to answer or ignore...
I'd never ignore you Iso - you installed in me the discipline to be able to trade the way I do.
btw, elements of your system remind me of BWILC where Du Toit would cut his profits short and let his losses run and i think he did something similar to you on the euro and pound (others pls correct if im wrong!)
I've heard of the book but not the author - are you sure he/she isn't copying me?? hehe
take care my friend!
DislikedWell hi there Iso - good to see you again my friend.
I'll answer your questions if I may in a bold red as my wife reminds me its Valentines Day & lurve is in the airIgnored
Dislikedthanks for all your replies stevie, hope you got some good luuvin' yesterday
i've actually been practising a system similar to yours over the past few days and managed to eke out 500 pips!
i'm demoing on interbankfx mt4 platform - they let you go, er, "bothways" i think but i haven't got to that stage yet.LOL
i know it's early days but have a look at the statement. i'm using 0.2% per trade and have been batching them up in 3's on the 4h chart with the current one just a single trade.
there is definitely potential in what you've come up with but i have some more questions for ya if you don't mind too much...
(statement is a pdf file, why can't we upload html files??)Ignored
Dislikedit wont't be more than a couple of posts. i think you said the current daily range is from 204-214 which i also agree with. so this is the current "grid" to borrow from drforex on FF (aka BWILC Dirk Du Toit). the blue lines highlight the range.
btw if i make any wrong assumptions or statements about your method please step in and correct!Ignored