Great Trade!! Pipping up quite nicely!!!!
Matt D
Matt D
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DislikedThanks turbo & Mikhail for your input
Thanks Matt - yes, currently seeing green pips overall on my three remaining trades so maybe I can lock in some pips tomorrow on one of these.
Kind Regards
SteveIgnored
DislikedThanks turbo & Mikhail for your input
Thanks Matt - yes, currently seeing green pips overall on my three remaining trades so maybe I can lock in some pips tomorrow on one of these.
Kind Regards
SteveIgnored
DislikedOK,
It's been dead at work today due to the weather so been doing some calculations which I would like some comments on please.
We hear a pro trader would be very happy with returns of 30% each year - that equates to just over 2.2% a month average compounded.
What I would like to know is whether we are expecting too much - lets give you some examples.....
Lets start with $1000 & compound each month for 4 years & see what results we get. I am also assuming that we risk the same % of account balance each trade and if balance goes down we trade with lower pip size & up higher pip size - are we being over ambitious or can we actually do it??
5% average per month over 4 years would be $10497
6% $16322
7% $25625
8% $39691
9% $62348
10% $98456
15% $819247
I still believe I can average between 5% and 10% a month and both my backtesting and forward testing so far indicates as much.
Would love to hear your comments - if all we are talking about is sticking to rules, patience & discipline I can do that.
Comments please
Kind Regards
SteveIgnored
DislikedMost professional money managers take far smaller risks since they usually are managing much larger capital, and large losses would simply be bad publicity (and fleeing clients). I think most risk no more than 2% at any time and some much less than that.Ignored
Dislikedtime to chime in with some more thoughts...(remember steve you told me to butt in!)
1. calendar fixations: i don't think you have a problem with this but be careful not to read too much of the fundies into your trades. also watch out for psyching out of trades if there is a big report on tomorrow. (i used to do that with the NFP and rate decisions when i should of just followed my plan).
if you're a purely technical trader and never looked at a calendar when back-testing then just give it a miss. i always do (as good as FF's is, btw ) i always find it a distraction, and hence "noise".
2. 500 pips a month. don't set these targets in stone and pressurize yourself to meet them. it just won't happen. i think you collect these stats from your back-testing but remember never make these passive numbers active while trading. they are nothing more than indicators. sure they have their uses to serve as an expectancy but should be nothing more when trading live.
some months will be less, more, zero or negative and comparing it to the 500 you need to meet your averages might get tough.
as always with my advice, take it or leave it FWIW (probably not much in my case.)
that's enough chiming for now! (i can hear the phews from here!) :Ignored
DislikedOn the Daily Chart.. GBP/USD
I am watching the Daily to see if we bounce on the Trend Line here as you show, for the upwards move, or if the price will breach the downward trend line shown on my chart.
I have two triangles in yellow on the right side of the chart, the one upwards above the upwards trend line, and the other on the downward.
I would expect the breakout going into the upper triangle versus a downward breach and price breaking below the downward trend line.
KenIgnored
DislikedOK, three remaining trades have had stop losses tightened - will we see a profit from EU this time tomorrow? It's anyone's guess lol.....
USDJPY long from 120.69 (s/l 120.48 guarantees minus 21 pips)
EURUSD long from 1.2984 (s/l 1.2966 guarantees minus 18 pips)
USDCAD long from 1.1847 (s/l 1.1811 guarantees minus 36 pips)
New trades.....
USDCHF short from 1.2457 (s/l 1.2522 guarantees minus 65 pips)
GBPUSD long from 1.9591 (s/l 1.9532 guarantees minus 59 pips)
Let me explain my reasoning behind the GU long with the attached chart. It was difficult for me to call as I would normally go short on the basis of today's candlestick. However, we have this rising trendline from Oct '06 that the pair constantly bounces off. If it breaks on a daily close it'll drop like a stone but until it does, the trendline wins the day.
Let's see what happens tomorrow lol.
Kind Regards
SteveIgnored
Dislikedhi steviet, nice going so far. but i have to ask you that, how in the world could you go long from yesterday´s candlestick formation. i see no reversal sign at all.
sorry mate, just curiousIgnored
DislikedWhat a surprise...........not
Stopped out of GBPUSD for minus 59 pips making it 19 straight losses - could someone please check if this is a new world record? It was a difficult call and may yet bounce later today to close above that trend line but I'm out of GU until Monday now as per rules.
Currently UJ is plus 75 & EU plus 35 but I'm not taking anyting for granted with the way this has gone recently.
Balance is now the same as it was at the end of December but still staying positive - my time will come.
Net Pip Gain Feb 07: Minus 586 Pips
Cumulative Since Nov 06: Plus 1382 pips
Running A/C Bal Increase: Nov +7.08%, Dec +12.00%, Jan +10.54%, Feb -9.50%
Later peeps
Kind Regards
SteveIgnored