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4H Box Breakout

  • #2,981
  • Aug 31, 2009 11:42am Aug 31, 2009 11:42am
Quoting yen44x
Yikes shiko . . . it hurts to even think about it.

Yeah. I can proudly state that since January 1, 2009 I have not had DD higher than 3.5% on my real account and even here DD is lower than 3.5% so far.
I am only 1 year old in Forex so to speak
  • #2,982
  • Aug 31, 2009 11:43am Aug 31, 2009 11:43am
Quoting yen44x
Yikes shiko . . . it hurts to even think about it.

he he, we are thinking of different tools, aren't we?
  • #2,983
  • Aug 31, 2009 11:45am Aug 31, 2009 11:45am
Quoting yen44x
Yikes shiko . . . it hurts to even think about it.

Well, with a tool you have in mind even 1% loss is critical
  • #2,984
  • Aug 31, 2009 11:47am Aug 31, 2009 11:47am
Quoting shiko
Well, with a tool you have in mind even 1% loss is critical
Greetings from Guanajuato, Mexico
  • #2,985
  • Aug 31, 2009 11:47am Aug 31, 2009 11:47am
Quoting shiko
This is a really bad idea of money management. No system will bring profits with such risk. If you want to be profitable in the long run and consistently, first thing is protecting your capital which is a tool that lets you make money. If you damage your tool it is hard to come back. If you lost 50% of your account, to come back you need to trade on 100%.
By the way, how long have you been trading Demo / Live?
lol i know, i opened a 100 bucks micro account thinking, "hey, this is a piece of cake!.. gonna make me rich in 10 weeks!"

Well, i blew that account rather fast, lol.
Been having 33 bucks left since then and started demo trading and LEARNING the right way to trade.
I don't really care about the 33 bucks that is left, so i figured with a 160 pip 4h candle, i can actually almost do the full Long/Short Ace system week with 33 bucks and micro lots.
So i did it. I guess i actually risked 100% of my account, lol.
16 bucks (160 pips) Long and 16 bucks (160 pips) short.

Don't worry, i've been demo trading with 2% risks and are up about 40% in my demo account, so i'm not completely trown under a rock regarding money management.
..but thanks for pointing it out, there was no way for you to know that..and next time you will catch someone who really has no clue to money management, so keep up the good work mate!

Best wishes
Jesper
  • #2,986
  • Aug 31, 2009 11:59am Aug 31, 2009 11:59am
Quoting Jesper
lol i know, i opened a 100 bucks micro account thinking, "hey, this is a piece of cake!.. gonna make me rich in 10 weeks!"

Well, i blew that account rather fast, lol.
Been having 33 bucks left since then and started demo trading and LEARNING the right way to trade.
I don't really care about the 33 bucks that is left, so i figured with a 160 pip 4h candle, i can actually almost do the full Long/Short Ace system week with 33 bucks and micro lots.
So i did it. I guess i actually risked 100% of my account, lol.
16 bucks (160 pips) Long and 16 bucks...

Forget about Demo , man.
Live and Demo are completely different and trading big sum of OPM is also different. Start trading live with good risk control...
I stopped trading Demo last summer after doubling 2 accounts in 4 weeks
Live is different.

Good luck!
  • #2,987
  • Aug 31, 2009 12:05pm Aug 31, 2009 12:05pm
Quoting shiko
Forget about Demo , man.
Live and Demo are completely different and trading big sum of OPM is also different. Start trading live with good risk control...
I stopped trading Demo last summer after doubling 2 accounts in 4 weeks
Live is different.

Good luck!

Thanks

hehe yeah i suppose it's a lot different, but still, if you can't make a profit while demoing, you probably shouldnt open a live account just yet.
I need to get more comfortable first before i go live again.
  • #2,988
  • Aug 31, 2009 12:11pm Aug 31, 2009 12:11pm
Quoting Jesper
Thanks

hehe yeah i suppose it's a lot different, but still, if you can't make a profit while demoing, you probably shouldnt open a live account just yet.
I need to get more comfortable first before i go live again.
May be, but the most important part of trading is psychology and it cannot be developed with Demo. Only real money can do it. Just my 2 cents
It hurt me like hell losing even 50% of $200 account last November. I made 55% in 5 weeks and then lost 60% in 1 day. Was in depression and could not trade the whole December, was thinking of risk control and money management and gradually I resolved it. You know, once, I was entering trade and I had no idea how much I will lose and where I will exit if trade goes against me. No, only real funds will do the thing
  • #2,989
  • Aug 31, 2009 12:30pm Aug 31, 2009 12:30pm
Quoting shiko
May be, but the most important part of trading is psychology and it cannot be developed with Demo. Only real money can do it. Just my 2 cents
It hurt me like hell losing even 50% of $200 account last November. I made 55% in 5 weeks and then lost 60% in 1 day. Was in depression and could not trade the whole December, was thinking of risk control and money management and gradually I resolved it. You know, once, I was entering trade and I had no idea how much I will lose and where I will exit if trade goes against me. No, only real funds will...
Demo account is the only way to build up self confidence and belief in a system. If you jump into a live account with a system, and that system makes a few loosing trades right off the bat, the loss from the system, and the loss of money will surely make you question yourself and the system you are using.

Play on a demo account to see how the system reacts to markets, THEN go live.


Maybe your the kind of person that need to experience something to learn from it, I on the other hand do not, your mistake is my lesson.
  • #2,990
  • Aug 31, 2009 12:37pm Aug 31, 2009 12:37pm
Quoting Pharoah
Demo account is the only way to build up self confidence and belief in a system. If you jump into a live account with a system, and that system makes a few loosing trades right off the bat, the loss from the system, and the loss of money will surely make you question yourself and the system you are using.

Play on a demo account to see how the system reacts to markets, THEN go live.


Maybe your the kind of person that need to experience something to learn from it, I on the other hand do not, your mistake is my lesson.

I am no longer demo trading. Everything is live. It can be small money but it is still live. I just treat it as big money from the start and risk control is always the highest priority.
  • #2,991
  • Aug 31, 2009 12:40pm Aug 31, 2009 12:40pm
Quoting Pharoah
Demo account is the only way to build up self confidence and belief in a system. If you jump into a live account with a system, and that system makes a few loosing trades right off the bat, the loss from the system, and the loss of money will surely make you question yourself and the system you are using.

Play on a demo account to see how the system reacts to markets, THEN go live.

Maybe your the kind of person that need to experience something to learn from it, I on the other hand do not, your mistake is my lesson.
I agree with the part regarding demo accounts. I've talked to a number of experienced traders who trade live and yet continue to maintain a demo account to experiment and "tweak".

I was confused, though, about how you learn from shiko's mistakes. That's only true if he chooses to share his mistakes, and many traders tend to highlight the positive trades and minimize mistakes, so I'm not following how there's much to be learned from that.
Greetings from Guanajuato, Mexico
  • #2,992
  • Aug 31, 2009 12:48pm Aug 31, 2009 12:48pm
I demo so that I get used to the system I want to use and when I'm comfortable with my own rules, then I go live.

I agree psychology is different with live than demo. I actually use a 3 step process.

1. I have a 10k demo account I do not share results with. I play with things until I am comfortable and have made profits to move to the next level.
2. I have a 10k demo account with the same setup as my live account and I move the system/strategy to this account next. This is the account where I try to prove the returns I can make if I had a 10k account lol. Stupid, but it works for me. I share results from this account so I try my best to treat it just like a live account.
3. When I have had enough success on step 2, I bring to my live account. By this point I'm comfortable with the system and should know what I'm doing and have my entry and exit rules defined.

This is my first week on step 1 with this 4hr box system. I will keep watching it and learn from it. Hopefully I can move to step 2 next week.
  • #2,993
  • Aug 31, 2009 12:48pm Aug 31, 2009 12:48pm
Gbp/Jpy.

the current Uptrend is climbing.

we are in for a rough ride.
trade safe
  • #2,994
  • Aug 31, 2009 12:52pm Aug 31, 2009 12:52pm
Quoting zz_zhang
Gbp/Jpy.

the current Uptrend is climbing.

we are in for a rough ride.

May be it is uptrend but may be it is just a retracement. Check the bigger picture
  • #2,995
  • Aug 31, 2009 12:52pm Aug 31, 2009 12:52pm
Quoting zulemara
I demo so that I get used to the system I want to use and when I'm comfortable with my own rules, then I go live.

I agree psychology is different with live than demo....
I personally recommend your first stage with this system be a full month at least. 1 week will definitely not show you the things you need to know about this system.
  • #2,996
  • Aug 31, 2009 12:56pm Aug 31, 2009 12:56pm
Quoting yen44x
I agree with the part regarding demo accounts. I've talked to a number of experienced traders who trade live and yet continue to maintain a demo account to experiment and "tweak".

I was confused, though, about how you learn from shiko's mistakes. That's only true if he chooses to share his mistakes, and many traders tend to highlight the positive trades and minimize mistakes, so I'm not following how there's much to be learned from that.
well, I am posting my results both positive and negative, but I see no mistakes, since I generally follow the rules.
With Oanda we always can trade live but small. it is still better than trading demo.
Well, I do not need to trade demo anymore. It makes no sense to me and I tend to be too relaxed with fake money in bad sense and tend to do what i would have never done with live funds. It is just me. Others might trade with Demo, but I am beyond fake money trading.
  • #2,997
  • Aug 31, 2009 12:57pm Aug 31, 2009 12:57pm
Quoting shiko
But I am beyond fake money trading.
Good luck with that.

Quoting yen44x
I was confused, though, about how you learn from shiko's mistakes. That's only true if he chooses to share his mistakes, and many traders tend to highlight the positive trades and minimize mistakes, so I'm not following how there's much to be learned from that.
What I meant by that was I learn from other people's experiences, very rarely have I had to learn something from my own experiences (while I have learned a lot from my own). It's like this, here's a scenario.

Guy 1 touches something that is hot, say "Ouch hot"
Guy 2 "Really?" and touches it.

I am not guy 2.
  • #2,998
  • Aug 31, 2009 1:03pm Aug 31, 2009 1:03pm
When a major player - britain, US - has a bank holliday I wonder if it makes any sense to start the weekly trade one day later. The market today seems to lack conviction.

Sandy
  • #2,999
  • Aug 31, 2009 1:04pm Aug 31, 2009 1:04pm
Quoting shiko
May be it is uptrend but may be it is just a retracement. Check the bigger picture
no doubt is right, but i just feel that g/j has gone down quite alot , about 1300 pips since it last HIGH Form.

let the picture do the talking.

wad did ya see?
Attached Image (click to enlarge)
Click to Enlarge Name: gj.jpg Size: 229 KB
trade safe
  • #3,000
  • Aug 31, 2009 1:07pm Aug 31, 2009 1:07pm
Quoting Pharoah
Good luck with that.



What I meant by that was I learn from other people's experiences, very rarely have I had to learn something from my own experiences (while I have learned a lot from my own). It's like this, here's a scenario.

Guy 1 touches something that is hot, say "Ouch hot"
Guy 2 "Really?" and touches it.

I am not guy 2.

well, I am not guy number 1 and especially i am not number 2
It means you have nothing to learn from me
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