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New Trader

  • #1
  • First Post: Mar 12, 2007 7:03am Mar 12, 2007 7:03am
Howdy,
I've been trading since 8 Ded 2006 and I think I'm starting to get a handle on my system. The last three weeks have seen me consistantly make over 100 pips on my mini account (I started my live account with AUD$4,000).
My question is this; has the market changed in the last couple of weeks that is bringing other people more cash? I'm trying to make sure that I'm not getting over confident. ie, is it me understanding more, or has the market changed some what (I'm gussing it is a mixture of both).

I do a mixture of end of day and 5 minute trading that seems a whole lot less complicated that a lot of peoples but it seems to be working for me.
  • #2
  • Mar 12, 2007 7:21am Mar 12, 2007 7:21am
Quoting Marrethiel
Howdy,
I've been trading since 8 Ded 2006 and I think I'm starting to get a handle on my system. The last three weeks have seen me consistantly make over 100 pips on my mini account (I started my live account with AUD$4,000).
My question is this; has the market changed in the last couple of weeks that is bringing other people more cash? I'm trying to make sure that I'm not getting over confident. ie, is it me understanding more, or has the market changed some what (I'm gussing it is a mixture of both).

I do a mixture of end of day and 5 minute trading that seems a whole lot less complicated that a lot of peoples but it seems to be working for me.
G'day
If you have a system that works for you now stick with it but learn all you can about Money Management. The danger in having a good run is the temptation to increase your trade size, and, at this stage of your trading career, therein lies the path to ruin.
You'll need some more time to learn to deal with the vagaries of FX (I don't know how long you demoed before going live) but expect some bad weeks as well as the good ones.
Money Management is the difference between surviving or not over the long-term.
Good trading
  • #3
  • Mar 12, 2007 9:46am Mar 12, 2007 9:46am
Hello,

Welcome to the endless journey then. prepare your pips.!!
  • #4
  • Mar 13, 2007 12:00am Mar 13, 2007 12:00am
Quoting Marrethiel
Howdy,
My question is this; has the market changed in the last couple of weeks that is bringing other people more cash? I'm trying to make sure that I'm not getting over confident. ie, is it me understanding more, or has the market changed some what (I'm gussing it is a mixture of both).
Certainly the past 3 weeks have been an exceptionally strong trending market. The week the Asian markets as well as the world markets took that 2-3 day plunge was a sight to see with the yen based currencies. If you have a trend following system then you probably did pretty well. I normally like to trade with the trend and had triple digit pip trades those days with GBP/JPY. Now if your system does well in a range bound market, then you're on to something good. Protect those profits in the meantime and jump on that next trend.
  • #5
  • Mar 13, 2007 2:38am Mar 13, 2007 2:38am
Quoting Seaducer67
Certainly the past 3 weeks have been an exceptionally strong trending market. The week the Asian markets as well as the world markets took that 2-3 day plunge was a sight to see with the yen based currencies. If you have a trend following system then you probably did pretty well. I normally like to trade with the trend and had triple digit pip trades those days with GBP/JPY. Now if your system does well in a range bound market, then you're on to something good. Protect those profits in the meantime and jump on that next trend.
On the 5 minute charts I'm risking about 1.5% per trade, typically two mini contracts each with 15 pips risk. One of these has a limit set at 30 pips and the other trails any trends. So the theory goes, that the first contract pays for the losses and the second makes most of the money when the market trends.
I did make a packet when the DOW plunged and was happy to pick the trend in the first five minute bar. I'm happy to admit though, that there was an element of luck on that one

Thanks for the feedback every one.
  • #6
  • May 28, 2007 11:11am May 28, 2007 11:11am
A system is a trading strategy you are sure of.

Will your system still work if the market changes?

That's the key. Finding a system that works......no matter what!
  • #7
  • Last Post: May 28, 2007 12:51pm May 28, 2007 12:51pm
Aye the market changes consistently, at times certain strategies will reap very well from what the market has to offer. Other times it will fall short of those expectations. It does balance it self out in the long term. A part of becoming a great trader is understanding our strategy and it's weaknesses, when it will preform well and when it will not and adjusting our trading to suit market conditions.
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