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Trading for a Living - Cliff Notes

  • #401
  • Aug 4, 2009 8:09pm Aug 4, 2009 8:09pm
Quoting azzurrintu
Hi Acumen,

Is it OK to disclose your average monthly return in % this year 2009?

And since you dont use SL, what is the maximum leverage before you accept to cut your losses?
I'm combining 2 accounts... I'm averaging 10%/month this year... should be higher but I've had 2 major fuk ups that cost me around 9% in the last two months.

Second part of the question... do you mean drawdown?

m
  • #402
  • Aug 4, 2009 8:16pm Aug 4, 2009 8:16pm
Yes. U mentioned u would cut your losses when u had abt 5 open positions and 50 pip mark. What is the leverage you used then? 1:10 (~ 5% drawdown)?
  • #403
  • Aug 4, 2009 8:28pm Aug 4, 2009 8:28pm
Quoting azzurrintu
Yes. U mentioned u would cut your losses when u had abt 5 open positions and 50 pip mark. What is the leverage you used then? 1:10 (~ 5% drawdown)?
Those are death numbers.

Those 5 lots are worth about 1/2 % of my total account.

That's really the key to scalping... if those lots move against me... I'm back in business several trades later.

m
  • #404
  • Aug 4, 2009 9:07pm Aug 4, 2009 9:07pm
Quoting acumen
I'm combining 2 accounts... I'm averaging 10%/month this year... should be higher but I've had 2 major fuk ups that cost me around 9% in the last two months.

Second part of the question... do you mean drawdown?

m

Mike,

Great to hear you're doing well with your funds! I look forward to hearing from you soon sir

Clashman
  • #405
  • Aug 5, 2009 2:06am Aug 5, 2009 2:06am
Alright, I want to hear about them 9% fuk-ups - what did you do wrong? This would be very instructive....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #406
  • Aug 5, 2009 6:50am Aug 5, 2009 6:50am
The most difficult to handle in scalping is overtrading. If you trade 1H chart it's difficult to control your emotions, in scalping things are going 60 times faster. So, you should have iron discipline to handle it.
Per aspera ad astra
  • #407
  • Aug 5, 2009 3:56pm Aug 5, 2009 3:56pm
Quoting The Fool
Alright, I want to hear about them 9% fuk-ups - what did you do wrong? This would be very instructive....
Didn't take the loss and 1% and it went higher than a 1% loss.

The day the market went way beyond the R3... difficult day... got caught with my pants down.

m
  • #408
  • Aug 5, 2009 4:01pm Aug 5, 2009 4:01pm
Quoting acumen
Didn't take the loss and 1% and it went higher than a 1% loss.

The day the market went way beyond the R3... difficult day... got caught with my pants down.

m
Hey that makes me feel better. I have gotten pretty good at walkin around with my pants down. Not a pretty sight, though...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #409
  • Aug 6, 2009 2:56am Aug 6, 2009 2:56am
Still training at that strategy...
Acu... noticed you have a nice advisor to tell if market is in a retrace and it can determine whether the price action is bouncing back from the big lines usually with 1 bar advantage...

now i am trying to use an indicator from another strategy in order to do that, it's the colored macd, it's pretty easy to get used with it and the pattern it develops, helps me telling just that, if market is going in a direction after bouncing... i'll post an image soon...

right now... i have 2 issues... i tend to open 1% risk positions out of the system, just overtrading, and close them as soon as they reach small losses, because it's just the time when i realize i got into a wrong trade.

i'll try to better analyze the market BEFORE entering. and keep me out of bad trades.
  • #410
  • Aug 6, 2009 4:37am Aug 6, 2009 4:37am
Hi acumen,

Great thread - appreciated by many.

I'm wondering if its within the scope of the thread for you to add tips or lessons about planning to trade for a living, ie, before one embarks on trading for a living, and exiting the rat race, what pearls of wisdom could you teach them in order to make the transition a less risky one ?

Thx for listening
  • #411
  • Aug 6, 2009 4:59am Aug 6, 2009 4:59am
Quoting gbppip
Hi ho Silver:

Sorry.....

1000$ start, 2% risk, 50 pip stop loss means 0.4 mini lot position size. How.....
If I may...something doesn't quite pan out here...at least for me (more like 20% risk with those numbers...hohum)...and I apologize if it has already been addressed but I couldn't find it....


Great thread Acumen...looking forward to the other lessons....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #412
  • Aug 6, 2009 6:58am Aug 6, 2009 6:58am
Hi acumen,

I really appreciate your generosity in sharing your methods. I checked your old thread and also your website for the pivot indicator you use but with no luck. Would you or someone else mind posting it?

The file on your website is an html file, not sure whats happening there.

Many thanks
  • #413
  • Aug 6, 2009 7:38am Aug 6, 2009 7:38am
Quoting jennajameson
Still training at that strategy...
Acu... noticed you have a nice advisor to tell if market is in a retrace and it can determine whether the price action is bouncing back from the big lines usually with 1 bar advantage...

now i am trying to use an indicator from another strategy in order to do that, it's the...
It's actually a good system.

I post it later.

It's a retrace system.

You are doing the right thing... learning how to trade on a DEMO account and treating it as if it real capital.

JJ... are you scalping or system trading?

m
  • #414
  • Aug 6, 2009 7:40am Aug 6, 2009 7:40am
Quoting waltini1
Hi acumen,

I really appreciate your generosity in sharing your methods. I checked your old thread and also your website for the pivot indicator you use but with no luck. Would you or someone else mind posting it?

The file on your website is an html file, not sure whats happening there.

Many thanks
On my site... right click... save link as.

It's also attached.

Mike
Attached File(s)
File Type: ex4 FXI Pivots.ex4   25 KB | 454 downloads
  • #415
  • Aug 6, 2009 3:41pm Aug 6, 2009 3:41pm
Quoting acumen
It's actually a good system.

I post it later.

It's a retrace system.

You are doing the right thing... learning how to trade on a DEMO account and treating it as if it real capital.

JJ... are you scalping or system trading?

m
I was just testing it out, but i think i got it right for the first time today...
started out just system trading, but sometimes got it wrong because of the ranging price in the last two days of eur being overbought...

Tried scalping, went good, did enough profit to make a big lot trade without losing if it went wrong. didn't have the time to do it though... morning till night is a bit long session don't you think?

I use the MACD just to help me find hi probability BIG trades, and to find in the long term the price direction to avoid breakouts during scalping.

everyday is a finetuning, but i can say the main spark was ignited by you

is this the right way mike?
  • #416
  • Aug 6, 2009 11:58pm Aug 6, 2009 11:58pm
Thank you acumen for the thread, a very interesting reading. But I have a question as to pivots. I have used pivots before, but after noticing that everyone has his/her own pivot lines, depending on the broker's time, I thought how these lines can be relaible, if all have them different? Any ideas on this matter?
  • #417
  • Aug 7, 2009 12:14am Aug 7, 2009 12:14am
Quoting ira
Thank you acumen for the thread, a very interesting reading. But I have a question as to pivots. I have used pivots before, but after noticing that everyone has his/her own pivot lines, depending on the broker's time, I thought how these lines can be relaible, if all have them different? Any ideas on this matter?
Use the one on my site and watch how price reacts.

m
  • #418
  • Aug 7, 2009 12:16am Aug 7, 2009 12:16am
I have my pivot at .4371 and price has bounced off it already this evening 3 times.

m
  • #419
  • Aug 7, 2009 12:18am Aug 7, 2009 12:18am
Quoting jennajameson
I was just testing it out, but i think i got it right for the first time today...
started out just system trading, but sometimes got it wrong because of the ranging price in the last two days of eur being overbought...

Tried scalping, went good, did enough profit to make a big lot trade without losing if it went wrong. didn't have the time to do it though... morning till night is a bit long session don't you think?

I use the MACD just to help me find hi probability BIG trades, and to find in the long term the price direction to avoid breakouts...
Find out what works for you and ignore everyone else... including me.

m
  • #420
  • Aug 7, 2009 12:59am Aug 7, 2009 12:59am
Quoting acumen
I have one screen that has what I post - 15 min chart with pivots.

I have my trading account with the pair I'm watching... 90% e/u... on a 1 minute chart.

m
LOL now I realise why you came into the M1 only thread - my variation is 15m, 5m and 1m, 90% cable....with EU and Swissy for additional input
Trading Levels with WRBs
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