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  • #361
  • Sep 1, 2009 7:41am Sep 1, 2009 7:41am
That's true, I very rarely limit orders. Actually I should use them more often because I often know where I want to enter (around supports in an uptrend) and often I'm annoyed afterwards if I see that I missed a good opportunity. So this might change in the future. I guess at the moment I'm just to lazy to enter limit orders. Sounds crazy but for me it's faster to just jump in even though it would be more effective to enter the market with limit orders sometimes...
  • #362
  • Sep 1, 2009 7:45am Sep 1, 2009 7:45am
Quoting Xaron
That's true, I very rarely limit orders. Actually I should use them more often because I often know where I want to enter (around supports in an uptrend) and often I'm annoyed afterwards if I see that I missed a good opportunity. So this might change in the future. I guess at the moment I'm just to lazy to enter limit orders. Sounds crazy but for me it's faster to just jump in even though it would be more effective to enter the market with limit orders sometimes...
This is so timely, I'm going to try for one week to use just limit orders. Here is a post by Merlin that made me think. You can enter the market at the bid / ask with limit order and control slippage.

http://www.forexfactory.com/showpost...37&postcount=3
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #363
  • Sep 1, 2009 8:59am Sep 1, 2009 8:59am
Quoting LasVahGoose
This is so timely, I'm going to try for one week to use just limit orders. Here is a post by Merlin that made me think. You can enter the market at the bid / ask with limit order and control slippage.

http://www.forexfactory.com/showpost...37&postcount=3
Thanks for the link--very interesting!
  • #364
  • Sep 1, 2009 10:34am Sep 1, 2009 10:34am
Quoting Xaron
Right. No chart at this time but I added some long positions again:

EUR/USD: long @1.43610 with 7,500 units
AUD/USD: long @0.84092 with 7,500 units
XAU/USD: long @955.115 with 8 units

Reason: The fundamentals for the Euro and Aussie are somewhat rocksolid lately. I did not look at the charts currently just wanted to stick in some very small (leverage 0.5:1) positions to keep in contact with the intact up trend. If it goes down I would add to that longs.

My comfort zones are:
AUD/USD: 0.78-0.85; bias: up
EUR/USD: 1.38-1.45; bias: up

Those grids...

  • #365
  • Sep 2, 2009 12:38am Sep 2, 2009 12:38am
Quoting 4newbie
??? What do you want to say? That I should be scared because of a 150 pips move against my position?

Added some more yesterday and right now:

Yesterday:
AUD/USD: Long @0.83000 with 15,000 units
EUR/USD: Long @1.42284 with 15,000 units

And this morning:
USD/CAD: Short @1.10151 with 15,000 units
EUR/USD: Long @1.42160 with 50,000 units, SL @1.4180
USD/NOK: Short @6.08156 with 7,000 units
  • #366
  • Sep 2, 2009 2:16am Sep 2, 2009 2:16am
Added two positions:

AUD/USD: Long @0.83165 with 50k units, SL @0.8280
EUR/USD: Long @1.42278 with 50k units, SL @1.4216
  • #367
  • Sep 2, 2009 5:20am Sep 2, 2009 5:20am
Xaron,
Then you are taking the last two months comfortable zone...........Interesting strategy really.....The more it will fall you will add more and in the way you will bank 1% if one trade gives in his way...........I am adding here the image of day and 1H chart of the last two months............
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uptrend.gif Size: 27 KB
Click to Enlarge Name: eu.gif Size: 26 KB
  • #368
  • Sep 3, 2009 2:01am Sep 3, 2009 2:01am
Right, I've added some more positions yesterday and changed some SL values and luckily had a nice wake up this morning:

http://www.xaron.net/dl/fx/2009/ib/account_030909.png
  • #369
  • Sep 3, 2009 3:01am Sep 3, 2009 3:01am
Quoting Xaron
Right, I've added some more positions yesterday and changed some SL values and luckily had a nice wake up this morning:
Xaron,
I know that you personalized some of the features of BWILC ..........If we follow the BWILC rules totally then there is no chance of using SL in that system.......

I am updating a chart of EURUSD in my post.........It is the daily chart of EURUSD and we can see from this chart that there was a huge fall of EURUSD 1.60417 to 1.23256 level in a time range of about six months.........And if a man is trading long in EURUSD as EUR is fundamentally more strong that USD then in this downtrend when he is getting little time to bank his 1% pips in different stages he is losing about 3700 pips and if a person makes the lowest gearing for his margin say 3 times then he is losing his entire asset in one trade.............

What will be then the steps to make the trade more safe in this strategy????????There were no major change in the interest rate of EUR at that time and which fundamental will say to quit from that time from longing EURUSD from that time??

Two things actually make the bigger trend in fundamentals so far I get from the study of fundamentals aspects of one is GDP and the other is interest rate...........And the other factors are functions of this two major fundamentals aspects..............And XARON I am getting this is a drawback of this system.............

And what do you mean by that SL in your post???????

I am just checking the system in broader range ........A system which is classic should work in all time range.........

I think you also has some plan when the market is totally trending another direction against your positions.............

With regards
kawser
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 24 KB
  • #370
  • Sep 3, 2009 3:30am Sep 3, 2009 3:30am
Quoting kawser
Xaron,
I know that you personalized some of the features of BWILC ..........If we follow the BWILC rules totally then there is no chance of using SL in that system.......
No. SL are part of the system sometimes. They are necessary if you gear up (higher leverage). I know, in the book there aren't hard stops, but sometimes they are very useful (even Dirk mentions that in his mentoring).

Quote
I am updating a chart of EURUSD in my post.........It is the daily chart of EURUSD and we can see from this chart that there was a huge fall of EURUSD 1.60417 to 1.23256 level in a time range of about six months.........And if a man is trading long in EURUSD as EUR is fundamentally more strong that USD then in this downtrend when he is getting little time to bank his 1% pips in different stages he is losing about 3700 pips and if a person makes the lowest gearing for his margin say 3 times then he is losing his entire asset in one trade.............

True. At that time I margin called my account and after that I took the mentoring. After all after the clear down break of 1.53 and then 1.50 there was nothing left. Wouldn't do that again.

Quote
What will be then the steps to make the trade more safe in this strategy????????There were no major change in the interest rate of EUR at that time and which fundamental will say to quit from that time from longing EURUSD from that time??

Yes, that's the most tricky part of this approach. As long as you're right and still within the median grid, everything is fine. The most difficult part is WHEN to close a loser WITHOUT giving all wins back which have been made before. Actually that's a bit an experience thing and very personalized. I make it that way that I maintain my drawdown to not exceed 20% and close down positions then. If you close positions never close them all at once but close the ones which are far out of the money.
Another important thing is to have different positions. At the one hand there are the 30-60 pips trades (which are used in the book). But with those alone you can't beat the (usually bigger) losing trades. You always need 1-2 longer run positions from the lower parts of the grid (which can have higher leverage) and let them run for 150-300 pips.

Quote
Two things actually make the bigger trend in fundamentals so far I get from the study of fundamentals aspects of one is GDP and the other is interest rate...........And the other factors are functions of this two major fundamentals aspects..............And XARON I am getting this is a drawback of this system.............

Don't overrate fundamentals. They just give you the big picture. I still use simple support and resistance areas (for entries as well as for exits and to see where a big drop for instance could halt)

Quote
And what do you mean by that SL in your post???????

I've set stops for my bigger trades (those 50k blocks in the Aussie and Euro). You see in as a red line in the screenshot.

Quote
I am just checking the system in broader range ........A system which is classic should work in all time range.........

That's the nice thing about this approach. It works BOTH in ranging and trending markets as long as the directional bias is correct.

Quote
I think you also has some plan when the market is totally trending another direction against your positions.............

Yes. Just close out positions and book losses.
  • #371
  • Sep 3, 2009 4:37am Sep 3, 2009 4:37am
Xaron,
Thank you very much...........I get the bigger picture of the methodology and I think I can now use it in combination with my previous system to make that more accurate and there is no indicator there....Only some moving averages like yours........

Thanx again mate............

With regards
kawser
  • #372
  • Sep 3, 2009 5:55am Sep 3, 2009 5:55am
You're welcome.

I've just added an equity graph to the first posting in this thread...
  • #373
  • Sep 3, 2009 6:20am Sep 3, 2009 6:20am
The graph looks great and wish you all the best....................
  • #374
  • Sep 3, 2009 6:21am Sep 3, 2009 6:21am
Thanks. Yes, now it looks great, in the beginning... well...
  • #375
  • Sep 3, 2009 9:04am Sep 3, 2009 9:04am
Xaron,

I appreciate you taking the time to explain how you have customized the system, especially your view on SL.

Thanks!

PS--Don't you love it when you wake up to trades tripping into profit? Better than coffee....
  • #376
  • Sep 3, 2009 9:17am Sep 3, 2009 9:17am
Quoting babyleaps
Xaron,

I appreciate you taking the time to explain how you have customized the system, especially your view on SL.

Thanks!

PS--Don't you love it when you wake up to trades tripping into profit? Better than coffee....
Hehe, yes indeed. At least it compensates for all those days where I saw the other side...
  • #377
  • Sep 5, 2009 1:59am Sep 5, 2009 1:59am
I had a run, after crossing 50% last week I reached 70% this week. Wow...

http://www.xaron.net/dl/fx/2009/ib/account_050909.png

http://www.xaron.net/dl/fx/2009/ib/o...ons_050909.png

http://www.xaron.net/dl/fx/2009/ib/t...s_040909_1.png

http://www.xaron.net/dl/fx/2009/ib/t...s_040909_2.png
  • #378
  • Sep 5, 2009 2:17am Sep 5, 2009 2:17am
Xaron,
just excellent............
wish you every year 100%....And just do it for the next twenty years.........Then you will be Billionaire..........Very very good wishes in your journey............And I think the stop loss made some more loss but if you could hold them your money should be up above 80%........After all that is the part of system and it is a great thing that you are making money from here with consistency..................
  • #379
  • Sep 5, 2009 2:37am Sep 5, 2009 2:37am
Quoting kawser
Xaron,
just excellent............
wish you every year 100%....And just do it for the next twenty years.........Then you will be Billionaire..........
Thanks! But no, hehe, that won't happen. I wouldn't trade that leverage with serious money.
  • #380
  • Sep 5, 2009 4:55am Sep 5, 2009 4:55am
really interesting journal, never traded BWILC - though did once watch a seminar from the 'bird' himself...at the time it was double dutch.

Your journey has been highly educating - your trade concept is sound. A decent plan, then stick to the plan.

I don't know if I would have the courage to adhere to it in drawdown times, yet they are inevitable. Personally its about risk threshold for me, Losses are part of trading, yet finding the balance between when you are genuinly wrong re market bias, and not just a bit early/late on entry continues to mystify. I usually exit prior to a loss becoming to large to recoup relatively easily...not sound practice, and so annoying when hours/days later it's back up/down. Often it feels like I'm a trade or ten from being back to square one! I'm trying to work on 'letting winners run' yet so far everytime I've either had to take a loss, or been stopped out at breakeven. under/overConfidence and inexperience.

I have a miniscule account tho, but its growing, and I'm not adding to it till (if) I achieve months of consistency, currently trying to maintain that. Yet know I need to move up a level beyond smash and grab, which I believe is along the lines of multiple entires if directional bias is basically correct. Still to test it though!

Good luck, I every every confidence in your success.
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