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Low Risk, High Reward Trading Experiment 3,318 replies

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  • #21
  • Nov 4, 2009 9:09am Nov 4, 2009 9:09am
Quoting endroute
Kevin,

Think of the mas as a trendline and take trades right off of those at the candle close, I would stay away from bigger candles. So for your last trade the signal would have been a short because price ran up and then got beat down below the mas.
endroute,

You are very generous to stop by to give me feedback on my trading, man. Really appreciate how constructive and helpful it is. What you say makes total sense.

Just one minute to read your last post and I scored 2 decent trades after getting one more dumb trade out of my system, basically using your method. Hope you continue to stop by

Thanks,

Kevin
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  • #22
  • Nov 4, 2009 9:56am Nov 4, 2009 9:56am
Those are some of the best trades like that when you are in a strong trend and price is above/below all the mas that is some powerful stuff and pretty low risk high reward trades. Keep it up man your gonna kill it, remember just keep the patience.
  • #23
  • Nov 4, 2009 10:04am Nov 4, 2009 10:04am
Quoting endroute
Those are some of the best trades like that when you are in a strong trend and price is above/below all the mas that is some powerful stuff and pretty low risk high reward trades. Keep it up man your gonna kill it, remember just keep the patience.
Thanks again, bro! Seeking your opinion about my Trailing Stop: is 10 pips too low? It hasn't necessarily hurt me yet, but on trendy moments like now, it would be better not to have it.
  • #24
  • Edited 12:01pm Nov 4, 2009 11:06am | Edited 12:01pm
Whew, was getting my butt kicked for a little while. Account was down to $99.35. Then this morning I switched over to endroute's logic, and then the pips came. Currently $101.79

Done trading for today, feel like I was over-trading.

New rules:

 

  1. Take 5-minute trend into account, big time
  2. Enter very near to MA's for better price, risk, and reward
  3. Delete rule on first post about locking in 1 pip; just starting with 10 pip trailing stop.
  4. Added EMA 120

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  • #25
  • Nov 4, 2009 11:29am Nov 4, 2009 11:29am
Quoting kharvell
Thanks again, bro! Seeking your opinion about my Trailing Stop: is 10 pips too low? It hasn't necessarily hurt me yet, but on trendy moments like now, it would be better not to have it.
I actually started to think about trailing stops after reading your posts in this journal, I just have not yet figured out how to incorporate them into my trading, as i think they could be really useful. I handle my trades a couple of different ways depending on what seems to be happening at the moment (ranging, trending, strong trend or weak trend). If the trend is strong I will move by stop to be pretty quick and just let it go, yes you sometimes get stopped out but you also get some pretty decent runs of a few hundred pips. If the trend/pa is kind of iffy I will usually set an emergency sl of 15 pips and stay ontop of the trade pretty hard, trying to ride it for all its worth. Glad things are going well. Josh
  • #26
  • Nov 4, 2009 11:58am Nov 4, 2009 11:58am
Kevin, I was looking at the chart you posted in the last post and realized you threw on the 120 ema, if you look back at the chart where price hit the 120, the closed on it with a doj I would have been looking for a nice close above the 120 and the very next candle gave that to you. This is a great low risk long setup.
  • #27
  • Nov 4, 2009 12:08pm Nov 4, 2009 12:08pm
Quoting endroute
I actually started to think about trailing stops after reading your posts in this journal, I just have not yet figured out how to...
Quoting endroute
Kevin, I was looking at the chart you posted in the last post and realized you threw on the 120 ema, if you look back at the chart where price hit the 120, the closed on it with a doj I would have been looking for a nice close above the 120 and the very next candle gave that to you. This is a great low risk long setup.
Hey Josh,

Cool, glad that I am giving you one or two ideas in return. I think I will stick to my 10 pip trailing stop for all my 5-minute trades, too. We will see here how it turns out. In your case, I might consider starting with your 15 pips S/L and then moving in tighter to 10 pip trailing stop once the trade is positive in your favor, +11 pips? Then again, you are more experienced than me on this, so do what you think best. Do you primarily trade E/U as well, or are you involved with other pairs?

Yes, threw on the 120, forgot to mention it; edited last post. Thanks for the heads up on 120 bounces, will keep my eyes out Take care dude.

Kevin
  • #28
  • Nov 4, 2009 12:18pm Nov 4, 2009 12:18pm
I actually avoid eu, it does have a low spread but most days its like watching paint dry. I focus on gbp/usd, eur/jpy, aud/usd, usd/cad and sometimes gbpjpy.
  • #29
  • Nov 5, 2009 9:23pm Nov 5, 2009 9:23pm
Primarily traded London open, and made some incredibly bone-head trades at USA open.

New Rule

 

  1. Don't trade 1 minute after I wake up

London Open

1st trade - good trade +7 pips
2nd trade - ugly trade, what am I thinking here? why is my stop above 10? -12 pips
3rd and 4th trades - decent trades, just did not produce winners, +1 each

USA Open

3 seriously UGLY trades to start it off. Not sure what I'm thinking, that's right I wasn't because I woke up and traded within 1 minute's time. oh well, it's funny, but it won't happen again. -16 pips

1 good trade made based on Josh's recommendation of entering on a failed penetration of MA's. +7 pips


Still obviously need to work on patience and discipline, but just a few tweaks here and there should put me on the right track. Account was dangerously close to start, and in my opinion still is. Low today of $98.90 and currently $99.61. This lower time frame stuff definitely moves at a different pace than I'm used to, but I remain pretty confident. With improved timing, and a couple of lucky catches, I think I'll make this account grow.

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  • #30
  • Nov 6, 2009 7:56am Nov 6, 2009 7:56am
I have to say, trading around news is scary (NFP this morning), but I did a good job of being patient and sticking to my guns. The result: +34 pips in 5-10 minutes. Account sitting at $103.12, and I think that's a good point to end the week.
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  • #31
  • Nov 6, 2009 9:34pm Nov 6, 2009 9:34pm
Had to make it official, nothing really happened since last post other than I updated my rules on my first post to match how I am currently trading. Posting account for my record.

First week in this journal was informative. It had its ups and many downs, but if I started with $98.30 and ended with $103.12, then I did something right 5% a week wouldn't be bad. Considering how poorly I traded this week I could expect to do better than 5% a week. We'll see how week 2 goes.
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  • #32
  • Nov 8, 2009 9:55am Nov 8, 2009 9:55am
Hi everyone,

Starting this week, I have created a myfxbook account, it can be found here. Link also found in my signature. The problem was myfxbook delved into my history on my test account back from 2 years ago to now, so I had to create a whole new sub-account with a completely clean slate.

In my new sub-account, I put in $100, and we will start the experiment over from $100. At least this way we will get detailed results, and I do not have to worry about posting my results here; they are at myfxbook for all to see at any moment.
  • #33
  • Nov 8, 2009 10:03am Nov 8, 2009 10:03am
Good luck mate, looking forward to following your progress on this one. My big worry on it would be the trailing stop. 10 pips is awful close.

max
Gravity goes both ways in forex...
  • #34
  • Nov 8, 2009 9:27pm Nov 8, 2009 9:27pm
Quoting max pips
Good luck mate, looking forward to following your progress on this one. My big worry on it would be the trailing stop. 10 pips is awful close.

max
Hi max,

Thanks for stopping by. The time period in which I'm trying to trade is so short that to have a S/L higher than 10 pips on EUR/USD seems bad because if price moves against me by 10 or more pips, we can assume I am wrong about either the timing of the trade or the direction of the trade. Either way, we'll see how it goes. Everything I have mentioned could change.

Take care,

Kevin
  • #35
  • Nov 8, 2009 9:52pm Nov 8, 2009 9:52pm
Good luck Kevin, I know you will work through this challenge.

My thoughts on eu- It is a two edged sword. The plus is it doesn't usually make wild swings, the bad part is that when it does, it can catch you. I like to limit my exposure in the smaller timeframe trades. I like to be in and out with my pips. Other pairs have just enough movement to allow you to do this and keeping your head down. I've been caught looking both ways on the euro before.

I will keep checking in to see how you are doing.

Mike
  • #36
  • Nov 8, 2009 11:02pm Nov 8, 2009 11:02pm
Quoting calderone
Good luck Kevin, I know you will work through this challenge.

My thoughts on eu- It is a two edged sword. The plus is it doesn't usually make wild swings, the bad part is that when it does, it can catch you. I like to limit my exposure in the smaller timeframe trades. I like to be in and out with my pips. Other pairs have just enough movement to allow you to do this and keeping your head down. I've been caught looking both ways on the euro before.

I will keep checking in to see how you are doing.

Mike
Hi Mike,

Thanks for stopping by, man. Definitely agree with you on E/U. This has primarily been my most familiar pair, or at least most traded. I like that the spread is low, and that it is generally pretty tame. With only a 50 pip swing if every 10 pips is worth 1% of my account, that's not all that bad on a single trade with 1% risk. We both know E/U is capable of more than this, but I'm not sure my 10 pip trailing stop can catch more than 50 or so. All these things my experiment will hopefully find out

Take care,

Kevin
  • #37
  • Nov 8, 2009 11:10pm Nov 8, 2009 11:10pm
First trade I take on a Sunday at 22:30 CST. One of my rules is only trade 00:30-14:00. When will I learn discipline? Because of this I exited this trade shown below on 5 minutes. Still do not think it was a horrible trade due the nice trend shown, but I know that it is not usually very volatile right now, yet I was tempted. Looking now, it may be that I have exited too early, but I took my 1 pip and will try to stick to my rules now.
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  • #38
  • Nov 9, 2009 3:48am Nov 9, 2009 3:48am
Took this trade because it looked good on my 15-minute chart (Price beginning to bounce off MA's). 5 Minute chart indicates a bundle of MA's that act as support while I am in the trade, giving me confidence while I am in. Currently +6 locked in, and letting it ride for as long as forex will let me.
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  • #39
  • Nov 9, 2009 4:49am Nov 9, 2009 4:49am
Quoting kharvell
Hi max,

Thanks for stopping by. The time period in which I'm trying to trade is so short that to have a S/L higher than 10 pips on EUR/USD seems bad because if price moves against me by 10 or more pips, we can assume I am wrong about either the timing of the trade or the direction of the trade. Either way, we'll see how it goes. Everything I have mentioned could change.

Take care,

Kevin
Yeh, fair enough, I'm a GU man so the spread is a little higher but so is the volatility. Also, I still am not successful at the 5 min trades but I feel that that is where the money is if you can get it right. I have longer term systems which are making money but I have an expensive wife so need to make more

Now if I lived in Thailand and was single, I'd be loaded

max
Gravity goes both ways in forex...
  • #40
  • Nov 9, 2009 5:03am Nov 9, 2009 5:03am
Quoting max pips
Yeh, fair enough, I'm a GU man so the spread is a little higher but so is the volatility. Also, I still am not successful at the 5 min trades but I feel that that is where the money is if you can get it right. I have longer term systems which are making money but I have an expensive wife so need to make more

Now if I lived in Thailand and was single, I'd be loaded

max
haha Tell me about it man.. I got this girlfriend I've been dating for one year now (previous record 7 months) and I'm freaking out, it's getting a little heavy. On the one hand I can see my forex account go up and on the other the bank account goes down. oh well, women for ya right, no offense ladies

Hopefully we can help you and me both out dude.

Cheers,

Kevin
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