North Georgia, its been above freezing one day in the last week. Right now its 25 F, or bout -5 C.
- #882
- Jan 13, 2010 10:22am Jan 13, 2010 10:22am
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #883
- Jan 13, 2010 10:25am Jan 13, 2010 10:25am
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #884
- Jan 13, 2010 11:07am Jan 13, 2010 11:07am
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #886
- Jan 13, 2010 11:15am Jan 13, 2010 11:15am
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
Hello guys,
Greetings from Romania... I've traded demo for 2 years now and i think i'm ready for my first live account. I chose IBFX as a broker and i made this spreadsheet for all my money management. The inputs are: account balance (USD), risk (%), pair, price and stop loss. The end result is given as number of minilots (10.000 units at 1:100 leverage) to enter the trade with. It also includes (using conditional formatting) an error button which alerts me if something does not add up and it gives me the take profit as 2/3 of the stop loss. What do you think? It is something fundementally wrong with it? Do you use something similar?
Thanks a lot!
Greetings from Romania... I've traded demo for 2 years now and i think i'm ready for my first live account. I chose IBFX as a broker and i made this spreadsheet for all my money management. The inputs are: account balance (USD), risk (%), pair, price and stop loss. The end result is given as number of minilots (10.000 units at 1:100 leverage) to enter the trade with. It also includes (using conditional formatting) an error button which alerts me if something does not add up and it gives me the take profit as 2/3 of the stop loss. What do you think? It is something fundementally wrong with it? Do you use something similar?
Thanks a lot!
- #889
- Jan 13, 2010 3:41pm Jan 13, 2010 3:41pm
- | Membership Revoked | Joined Aug 2006 | 11,977 Posts
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
- #891
- Jan 13, 2010 4:09pm Jan 13, 2010 4:09pm
- | Membership Revoked | Joined Aug 2006 | 11,977 Posts
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
- #892
- Edited 4:44pm Jan 13, 2010 4:18pm | Edited 4:44pm
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
Thanks a lot for the feedback. Sorry I couldn't answer more quickly but I’ve been busy making 2$/h working at a local bank 
.
"The conventional wisdom around here is to have r:r (risk:reward) at 1:2 or even 1:3....." - Yes I hear this all the time but according to the standard distribution model, with random entry/exit points if SL=TP (so RR 1:1) you will end up in the long term with the SL and the TP being hit the same number of times. With a R:R of 1,5:1, technically the SL will be hit less frequently (50% less number of times than the TP) but there would be 50% more winning trades. So from a statistical point of view, the R:R ratio is meaningless. I'm choosing 1.5:1 because I thing it will help me if I win more often than I loose.
"Without knowing what your mm is, eg , how much of your trading capital you are willing to risk per trade, it is not possible to comment." - That is the idea behind that tool - to calculate how many minilots to enter a trade, given the SL, by risking X% of the account balance. My X is 3 right now.
"I think your focusing too much on MM at this stage, you should be focusing on your entries and exits because if there not profitable then none of the above matters." - As for my entry/exit strategy I have tested an endless number of systems and I ended up with what I know I can feel and understand - hunting the price near support and resistance levels. No indicators here. I only use them to help me define the trend. I put so much emphasis on MM because I have never traded real money before and I need a rigid system so I can learn as much as possible from my first live account. I want to think about percentages when I trade and not real money
.
"what will be the actual (vs. proposed) r:r of your trading effort...?" well let me put it this way: if I’ll make 50% in the first 3 months I’ll consider myself very lucky.
Thanks again and wish me luck!
."The conventional wisdom around here is to have r:r (risk:reward) at 1:2 or even 1:3....." - Yes I hear this all the time but according to the standard distribution model, with random entry/exit points if SL=TP (so RR 1:1) you will end up in the long term with the SL and the TP being hit the same number of times. With a R:R of 1,5:1, technically the SL will be hit less frequently (50% less number of times than the TP) but there would be 50% more winning trades. So from a statistical point of view, the R:R ratio is meaningless. I'm choosing 1.5:1 because I thing it will help me if I win more often than I loose.
"Without knowing what your mm is, eg , how much of your trading capital you are willing to risk per trade, it is not possible to comment." - That is the idea behind that tool - to calculate how many minilots to enter a trade, given the SL, by risking X% of the account balance. My X is 3 right now.
"I think your focusing too much on MM at this stage, you should be focusing on your entries and exits because if there not profitable then none of the above matters." - As for my entry/exit strategy I have tested an endless number of systems and I ended up with what I know I can feel and understand - hunting the price near support and resistance levels. No indicators here. I only use them to help me define the trend. I put so much emphasis on MM because I have never traded real money before and I need a rigid system so I can learn as much as possible from my first live account. I want to think about percentages when I trade and not real money
."what will be the actual (vs. proposed) r:r of your trading effort...?" well let me put it this way: if I’ll make 50% in the first 3 months I’ll consider myself very lucky.
Thanks again and wish me luck!
- #895
- Jan 14, 2010 5:29pm Jan 14, 2010 5:29pm
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #896
- Jan 14, 2010 5:33pm Jan 14, 2010 5:33pm
- | Membership Revoked | Joined Aug 2006 | 11,977 Posts
Nope it would be a attack against me, he's on ignore so can't I believe post in my M1 thread
I'm the EMA trader around here and he just hasn't got a method to enable this thats all!!
My S10 new system is coming along
Make any today yet ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
- #898
- Jan 14, 2010 5:41pm Jan 14, 2010 5:41pm
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #899
- Jan 14, 2010 5:44pm Jan 14, 2010 5:44pm
- | Membership Revoked | Joined Aug 2006 | 11,977 Posts
Yeah, I thought so - hence the joke response...
I did OK last night. Have got my schedule on graveyard shift & am gonna have to be on a jobsite at 7AM every day in a couple weeks - will need to start shutting down at the LO no later. But that's ok - I'm glad to have real work...
2 hours a day of tedious microscalping is plenty anyway.
Work is good, helps feed the addiction pretty booked up this week and next week too, working on my theory currently
The amount of micro scalps you make would make my head explode.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
- #900
- Jan 14, 2010 5:48pm Jan 14, 2010 5:48pm
- Joined Apr 2009 | Status: Live and learn. | 25,269 Posts
"If The Fool persists in his Folly he will become wise." - William Blake