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Baba Gs Pro Trader Log.

  • #1
  • First Post: Feb 4, 2009 11:57am Feb 4, 2009 11:57am
As the title reflects i am now entring the 4th year in the study of charts and taking trades based on that charting.1 year live and with clients money who as i said in the title is happy needless to say so am i.
I play Daily bars, mostly on trend and i look for confluance on higher time frames.I use a custom indicator to help define support/resistance and pivot points.Max risk is 2.5% with a max of 9% in the order book.The system enjoys an 80% win rate and i make 75% more profit than loss which makes a great yeild curve.I manage the trades on the 4 hr mainly but i monitor the 1 and 15 mins as needed.I define targets for profit and divide my order in 3 so i can A.Take profit B.Go even C.Let run.All in any combo.The foundation of all the above is "PRICE ACTION" and WAITING till im really happy with the set up. I stay out on any NFP or rate change day.Sometimes i miss them or go break even to soon or take profit to soon or get stopped out for the spread and she goes to greater profit on that portion of the order thats just apart of the biz im afraid but all my choices are based on price action.I like to be able to look back on all my trades and see all the reasons in price action why i did what i did thats my anchor in these wild seas and why my client has great faith in me.Consistant in, consistant management,consistant out as my mentor said "fx is a marathon not a sprint".% returns i hear some of you say well if i can get approx 75% of any movement based on daily price action im happy the % return takes care of itself.Thats all i guess feel free to post me anything as i attempt to give a little back to this forum which has given me so much over the years.
  • #2
  • Feb 4, 2009 11:58am Feb 4, 2009 11:58am
For the longest time at around 7pm london i take a look around to anticipate todays bar close and see what info if any i can gain from that close in relation to the enviroment of price bars supp/res ect.Today i had a short gbp/swiss under that I.B it didnt engage but that level remains valid and my ticket will remain pending.7 times out of 10 price comes back and sometimes with more price action which i always love.Any way ive done well selling that pair from about august last i think and december on that cross was a dream aahahhh former glories!!!
Tonight however my attention is on Nzd/usd or kiwi,i last sold this on thursday/Fri last which was a pending from the previous weds.I like it cause shes broken the weekly lows and is the engagment of a monthly IB and its on trend.All in all i think its got alot going for it so if it closes like this i will prob have a ticket on that.
  • #3
  • Feb 4, 2009 4:01pm Feb 4, 2009 4:01pm
What alot of dojis across the yens and the Cad,Swissy has an IB the size of a small nation which it is, cable and fiber nothing.To me this means global doji/Ib or no one has a clue whats next which in light of NFP makes sense.So i know that we dont know and being as i have no great set ups it makes sense.Even my last hope of an ib on kiwi is 0.5 pips or half a pip inside the previous bar....great the idea of an inside bar is the smaller the better so what do you think im gonna do...Nothing. Price action can be so much better than this really.
  • #4
  • Feb 5, 2009 8:57am Feb 5, 2009 8:57am
As Leonardo Da Vinci said:
There are some that see,
there are some that see when shown,
there are some that dont see.
How amazingly amplified this is the forex world.
Consistancy plays second fiddle to greed which blinds the newbie to the careful work that needs to take place.Nothing more than reckless gamblers with a twist of a system bridgeing islands of knowledge in a vast sea of ignorance.I suppose it helps the liquidity issue out there!
Whats this got to do with pro trading? nothing thats the point
  • #5
  • Mar 1, 2009 2:25am Mar 1, 2009 2:25am
Dull month on the bars front for me.Had a little short love on gbp/swiss(god ive loved selling that pair).
There where a handful of good demo wins as i expand the system to more applications.Swami S provided superb 4hr price action potentials short yen in light of no daily per sei but weekly engagements.On the back office side had some fresh investor enquiries and maybe a lead in the charitable trust project.Looking forward to the think tank with strat and his thread sounds good.

Still waiting for trend continuation bars really apart from the yens .Gbpswiss short is pending under the ib on the weekly and thats it.Time will tell.

p.s. I hope the back office part does not stand me in breach of any rules on the forum.Its a vital part of my journey and as important to my growth as a trader as picking the winner.If it is please contact me and we can address the subject.G
  • #6
  • Mar 2, 2009 12:39am Mar 2, 2009 12:39am
Strat posted a great story on his stress free thread and he used to manualy do his charting i thank my lucky stars.....
  • #7
  • Mar 2, 2009 8:57am Mar 2, 2009 8:57am
all as planned on gbp/swiss B/E on all parts of the ticket with 180 pips to play before i die nice lets see....we continue
  • #8
  • Mar 2, 2009 2:58pm Mar 2, 2009 2:58pm
i love it when a plan comes together still in and with a dhlc/beob on the daily in my favor.Cant be sure its gonna make it but my stops inside the channel and its a free trade come on what more do you want?hopefully all the weak shorts are gone and the stop hunts over fingers crossed.
  • #9
  • Mar 3, 2009 1:34am Mar 3, 2009 1:34am
someone didnt cross there fingers out for a big phat 0..oh well we continue...
  • #10
  • Mar 3, 2009 5:33pm Mar 3, 2009 5:33pm
I had my fingers crossed for GBPCHF, sorry it didn't go better.
I like your trading journal though, I hope you keep posting.
Nicola
  • #11
  • Mar 4, 2009 3:24am Mar 4, 2009 3:24am
Thankyou so much for that Nicola thats so sweet of you.Its funny but often being true to your plan is sweeter than winning and it builds a confidence, a kind of market mastership which is pricless.Let me explain what i did.
I divided my ticket into 4 bits and at targets i took profit or go breakeven on the portions by the time price had gone to my last target i had eaten on 3 bits so had quite a bit of markets money which is worth alot more than the funds and had reduced my risk by 3 quarters.At that piont i saw i could throw my profit back in to buy a larger stop which just happened to be inside the bloody channel of weeks and indeed a month to the end that it could have been a free trade down to my next pending zone and start the building of a position.I was wrong so no palm dor but feels good.Needless to say i intend to continue my gbpswiss selling vibe and i have added a cable sell too both of these set ups have weekly and monthly bar confluance of engagement so unfortunatly for me thats a system trigger and its on trend.



Whats your interest in charting? Are u demo,live or looking?
Id love to know G
  • #12
  • Mar 4, 2009 8:54am Mar 4, 2009 8:54am
Dear M. Baba G!
How do You mean "I make 75% more profit than loss"? You have 1,75 unit reward / 1 unit risk in pips, or 1,75 unit reward / 1 unit risk in USD? Thank You in advance,
M. Poirot
  • #13
  • Mar 4, 2009 8:57am Mar 4, 2009 8:57am
Quote:
Originally Posted by Baba G http://www.forexfactory.com/images/buttons/viewpost.gif
now I get it.
An epiphany, so to speak, in the trading world.

The first is consistant entry and win.Second was consistant managment.Third consistant exit and last consistant % risk.

...Exits are part of my managemant. Or You handle SL moving as managemant, and exits as exits? Would You be so kind to elaborate on this?
Thanks again,
M. Poirot
  • #14
  • Mar 5, 2009 12:05am Mar 5, 2009 12:05am
Bonjour!!

I win 3 times more than i lose.If i lose 5 i win 15 or 3 steps forward one step back.And thats in % not money.Remember there is no money,just fools gold.

Management is when you keep your ticket or some of it open while altering its perameters.

Exit is taking profit or cutting your losses..

Sorry im not very mathimatical i hope this answers your question.All that being said my last loss was on november 17 th last year since then i must of had about 14 trades,10 wins 4 break evens.Infact in the last quarter of 08 i only had that 1 loss.Oct i did 4.7% nov -2.2% dec 4 % jan 2% feb 0.2% but it has been sideways shizzer out there.So its a massive 1.7% return over the last 5 months.That is soooooooo rrruuubbbiiissshhh.Bloody crisis man in the trending markets try 5% a week.Im all dressed up with now where to go.But as you can see no losses anyway im going on now laters


Thanks for stopping by G
  • #15
  • Mar 5, 2009 3:34am Mar 5, 2009 3:34am
Quoting Baba G
So its a massive 1.7% return over the last 5 months.That is soooooooo rrruuubbbiiissshhh.Bloody crisis man in the trending markets try 5% a week.Im all dressed up with now where to go.But as you can see no losses anyway im going on now laters
Thank You, for Your reply!
Does it mean You are not satisfied with the last 5 months results?
If I remember well, You use a fixed percent risk/trade. Can I ask what is that number? 1-2-3-5%?OK, 2,5% I found it.
Also, I am very interested in MM. I make and examine a lot of equity curves.(Real and theoretical, too.) Now, You stated Your W/L ratio is 3:1. This number based on how many months, and how many trades?
And what is the ratio between the size of Your Ws and Ls? I mean in %.
For example my avarage W is +2% (the took profits together, compared to the capital before the trade), and my avarage L is 2,1%.
Hope my Q is clear, but if not I will try to ask again.
Ps: If You think better to answer me via PM,not to pollute Your thread, You can, just I can t send any, yet.
THX, M. Poirot
  • #16
  • Mar 5, 2009 4:00am Mar 5, 2009 4:00am
Quoting Baba G
As the title reflects i am now entring the 4th year in the study of charts and taking trades based on that charting.1 year live and with clients money who as i said in the title is happy needless to say so am i.
I play Daily bars, mostly on trend and i look for confluance on higher time frames.I use a custom indicator to help define support/resistance and pivot points.
Hi Baba G,

Thanks for your posts.

Would you be so kind which indicators you recommend, particularly for S/R ?

Thanks

WG
  • #17
  • Mar 5, 2009 4:35am Mar 5, 2009 4:35am
Hi there well i dont use indicators just price action and the s/r levels just take time to learn to see.I like a clean chart to work on.Not very interesting really just good ol fashioned price action and levels from previous action which creates the s/r levels.I like confluance with weekly and monthly bars for my daily entry orders and i look to the s/r levels as my target zones.

Cause there dailys you have lots of time to run your plan. You have the 4 hr info and the 1hr info even the 15 min info but its all about understanding price action for me.Sorry i cant be of more help its mostly about practice and consistant entry criteria....G

The custom indi i use for s/r just picks out highs n lows on the daily but is just a way for me to have my levels more easy to remember and up to date.
  • #18
  • Mar 5, 2009 5:02am Mar 5, 2009 5:02am
[quote=M. Poirot;2581486]Thank You, for Your reply!
Does it mean You are not satisfied with the last 5 months results?
If I remember well, You use a fixed percent risk/trade. Can I ask what is that number? 1-2-3-5%?OK, 2,5% I found it.

I dont mind opening up about this i love it!

Well as i see from your question you know its all about MM.
a. 2.5% is my standard swing
b.2 years and 100s of trades to get my w/l ratio.1 year demo 1 year live.
c.7 out of 10 was my win rate but i have changed my managment stratergy since jan and i have replaced my losses with break evens.One of the benefits of managing a larger amount more power per pip.

I am in no way happy with the last 5 months.August i had a 10% month.Look on the daily chart for august i longed dollar on a few pairs.Nice direction nice weekly monthly bars good daily levels september was good too mostly on aussie and kiwi shorts.Even december gbp/swiss and gbp/jpy short come on thats F.X this is rubbish on the dailys.Im ranting again hope this helps G
  • #19
  • Mar 5, 2009 5:02am Mar 5, 2009 5:02am
Quoting Baba G
Hi there well i dont use indicators just price action and the s/r levels just take time to learn to see.I like a clean chart to work on.Not very interesting really just good ol fashioned price action and levels from previous action which creates the s/r levels.I like confluance with weekly and monthly bars for my daily entry orders and i look to the s/r levels as my target zones.

Cause there dailys you have lots of time to run your plan. You have the 4 hr info and the 1hr info even the 15 min info but its all about understanding price action for...
Ok - I see.

Which pairs do you look at on a daily basis?
  • #20
  • Mar 5, 2009 5:15am Mar 5, 2009 5:15am
one thing which is interesting is that since oct last year the fund has grown from capital injection which is a nightmare for the % return ratio calculations.Why? well because every time the capital goes up from injection its like your starting again in the capture of markets money which i like to use on other plays like counter trend dailys or 4 hr plays in context of dailys and weeklies.That happened in oct,nov,dec and as of 1 feb i was at my new level but had no trades well apart from the breakeven on gbp/swiss but still come on i wanna win as happy as i may be with the system.
See this has nothing to do with picking a winner but has everything to do with trading...crazy life, water water everywhere but not a drop to drink...sorry im ranting again G
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