My weekly summary. Most of the currencies started off the week nicely staying intact with their major trends. Midweek we saw a bounce off support with the EUR and the GBP starting to rally. When we won, we won big and when we lost, we lost very small.
For the week ending 1-16-09: 15 trades 9 winners 5 losers
1 breakeven +727 pips for the week +1204 pips cumulatively from start
Beginning of the week balance:
$3622.10
End of week Balance: $4365.22
+20.5% increase in the account for the week +45.5% increase from the start
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Joined Sep 2008
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Status: Pips do not always equal profits
|370 Posts
Enough demo testing, take it live. Trade dimes or pennies if you're worried... let's see this method in action because based on the results above, it looks very interesting.
Lets see if I can answers these to the best of my ability:
1. Yes, I trade those pairs
2. Well, I focus mainly on the 1 hour TF with the Demark Indicators for entry but it is always good to check out the higher TFs for overall trend direction
3. I open a new position whenever Demark shows me the trendlines have been broken & use proper discretion (of course there are always exceptions such as the trendlines being on too much of an angle - which you should come to pickup after using them a while)
Re-entry are always tough but usually when a top or bottom is forming Demark will again draw resistance or support & once again you can play the break of it.
4. Those were just discrentionary at the time. Right now I'm fine using 100 point stop loss on most trades. My motto kind of is "If you get stopped out by more than 100 points on a single trade you are doing something seriously wrong" And you just kind of live with the results. So far for the year I've been stopped out for -100 one time.
5. Trailing stops have to be quite honestly my favorite thing of all time. I always set a trailing stop. Usually at 100 & occasionally at 50 for Eur. How many trades can you remember that were in profit at one point & got stopped out for a loss later on? But like I said, trading I believe, is very intuitive to a degree & if you've been watching most of the time this week I've closed out trades several times at breakeven/small loss/small profit after a couple of hours. (I will say I noticed Demark also draws support and resistance lines but I am not a big fan of them and close trades at my own discretion - I do not use TP points. Or at times out of sheer exhaustion b/c I don't have the time to sit there all day & watch the screen)
6. It all depends on the trade. Like I said look at all TFs & figure out overall trend direction. That is the one most important thing. You don't want to be playing chop-chop with the market all the time b/c if you lose patience you will cut yourself short and begin to scalp trades. Which is a no-no. You have to let profits run and you have to protect your profits.
7. No. I do not use TP points. This goes along with my theory of letting profits run. If you leave a trade open overnight (which sleep is very important BTW, I love to sleep and you should too) move the stop to BE or +1. The only reason you should use a TP point is if you know EXACTLY where the market is going to be stopping. And last I heard no one has sucessfully been able to do that, ever.
My suggestion to you is if you already have the indicators set up on your charts log into my account on Monday and try to see what I'm doing in real time so you can figure out entries and exits & become competant in making your own trades. No system is "the best" or "the worst" in its own way and all systems have flaws and will eventually fail over time. You just want to make the failures so small they don't hurt your account or ego and the winners just big enough that they don't affect your normal everyday living or way of life. Most people cannot accept that they are capable of great success in life, that is why after gaining large sums of money people often lose it all or more quickly after gaining it. I've experienced it, I'm sure you've experienced it or have known others who have as well. Trading is almost more about staying in check with yourself & your own ego as a trader than it is about trading sometimes. Thank you for the questions viatoris. Hope this helped. Any other questions you have in mind please feel free to ask them.
