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Forex for a living? A beginner is going live...

  • #1
  • First Post: Feb 14, 2010 8:35am Feb 14, 2010 8:35am
Hi,

i have started live trading in the beginning of this year and put up a trading journal on my blog. I have traded for some month on demo with success, gained some confidence and started trading live with a 400EUR account. I use only price action to make my decisions. My first 69 trades are documentated and obviously i have some problems, since my account balance is downtrending. I would be very glad, if you leave some comments on my trades and can help me to improve my trading.

I will update this thread anytime when i make a new trade.

Thanks in advance.

sentinel
  • #2
  • Feb 14, 2010 9:01am Feb 14, 2010 9:01am
First of all my utmost respect for posting your live results in public.
It's hard to say that you had a loss because of this and that since there is no
right way to trade. One thing that caught my attention is that your stoploss is always pretty tight and not set at a price level where it proofs your trade wrong. It seems that you set your Profit Target and reduce your risk to get 1:2 or 1:3 risk reward at all cost. It's obvious that your winrate will decrease with higher RR. I'd suggest you to work a little on setting your stops I don't see a reason why you place your stops at excactly that level. And don't attach to much importance to Risk/Reward it's meaningless on its own.

Viel Glück!
  • #3
  • Feb 14, 2010 2:18pm Feb 14, 2010 2:18pm
Quoting TJPLD
First of all my utmost respect for posting your live results in public.
It's hard to say that you had a loss because of this and that since there is no
right way to trade. One thing that caught my attention is that your stoploss is always pretty tight and not set at a price level where it proofs your trade wrong. It seems that you set your Profit Target and reduce your risk to get 1:2 or 1:3 risk reward at all cost. It's obvious that your winrate will decrease with higher RR. I'd suggest you to work a little...
thanks, this is something i can start with. the problem is, that alpari uses standard lot size, and the minimum lot i can trade is 0.01, which is ~10 cent/pip. I know that ibfx has mini lots of 10000 Units, which means, that 1pip=1$ at 1 mini lot. But is the reputation of ibfx that bad as claimed in many reviews? i am trading only H4 and above, so would i have any problems to switch to ibfx? with a smaller lot, i could keep my risk per trade always same (on alpari have sometimes to risk more than 1-2% per trade because of the standard lot size).
  • #4
  • Feb 14, 2010 2:45pm Feb 14, 2010 2:45pm
Quoting sentinel777
thanks, this is something i can start with. the problem is, that alpari uses standard lot size, and the minimum lot i can trade is 0.01, which is ~10 cent/pip. I know that ibfx has mini lots of 10000 Units, which means, that 1pip=1$ at 1 mini lot. But is the reputation of ibfx that bad as claimed in many reviews? i am trading only H4 and above, so would i have any problems to switch to ibfx? with a smaller lot, i could keep my risk per trade always same (on alpari have sometimes to risk more than 1-2% per trade because of the standard lot size)....
You can even trade 0.01 Minilots where 1 Pip is 0.01 USD on EUR/USD.
If your account balance doesn't allow decent money managment I would definately switch the broker. I can personally vouch for IBFX. I'm having a live account with them for years and they never played any tricks on me and sometimes I even do some scalp trades with tight SLs which should be like a big red bullseye if you belive all that stop hunting nonsense.

98% of all negative broker reviews are from people just to dumb to trade. Especially when your trading higher timeframes it's almost impossible for the broker to screw you.
  • #5
  • Oct 31, 2010 1:29pm Oct 31, 2010 1:29pm
Hey folks,

i have started a new attempt with live trading. since i have found my raw trading style, i am trying to improve myself with the help of my trading blog and highly appreciated comments for different views.

so, the show can go on

sentinel
  • #6
  • Nov 8, 2010 8:50am Nov 8, 2010 8:50am
Price is approaching my trendline. There is also strong resistance at 132.00. I will be selling the third touch.
Sell limit @ 132.00
Stop @ 132.50 (R = 50 pips = 0,4%) maybe 30 pips are enough, but added some extra buffer for the case,
that price wants to touch the higher downsloping trendline.
Take profit @ 127.00 (500 pips = 10R) Price established a valid downtrend. If it continues, price will make a new low.


http://sentinel777.bplaced.net/wordp.../oanda/t47.gif


Update
Moved SL to 132.30 after being 1R in profit.
Update 08.11.2010
SL now at breakeven (something is wrong with the pricedata of Alpari)
  • #7
  • Nov 8, 2010 8:50am Nov 8, 2010 8:50am
CADJPY failed to make a new low and also broke the downtrend. I think, after a retest of that trendline, price may establish a new uptrend with the first minor high (before retrace) at 82.00.
Buy limit @ 80.80
Stop @ 80.50 (R = 30 pips = 0,4%)
Take profit @ 82.00 (120 pips = 4R)

http://sentinel777.bplaced.net/wordp.../oanda/t48.gif


Update
Moved SL to 80.60 (current day low, where price touched my trendline).
  • #8
  • Nov 9, 2010 10:46am Nov 9, 2010 10:46am
Quoting sentinel777
CADJPY failed to make a new low and also broke the downtrend. I...
Update 09.11.2010
Stopped out with -20 pips.
  • #9
  • Nov 11, 2010 3:45pm Nov 11, 2010 3:45pm
Quoting sentinel777
Price is approaching my trendline. There is also strong resistance at 132.00. I will be selling the third touch.
Sell limit @ 132.00
Stop @ 132.50 (R = 50 pips = 0,4%) maybe 30 pips are enough, but added some extra buffer for the case,
that price wants to touch the higher downsloping trendline.
Take profit @ 127.00...
Update 10.11.2010
Price found support at 130.00 and turned around making a 250+ pips day range bar. I did not put my SL further down, because of high volatility. Now i think, i had to put my SL slighlty above 131.00, because it was a flipping zone and because the bar of 09.11.2010 had a weak close (for bearish sentiment). But now, out at BE.
  • #10
  • Nov 17, 2010 9:08am Nov 17, 2010 9:08am
Price reached previous swing high and exceeded it by just 5 pips. Also the average daily range is exceeded (16.11.2010). If resistance holds and price turns around, i will sell at:
Sell stop @ 0.9950
Stop @ 0.9980 (R = 30 pips = 0,4%)
Take profit @ 0.9770 (180 pips = 6R)



http://sentinel777.bplaced.net/wordp.../oanda/t49.gif


Update 17.11.2010
Moved SL to BE after being almost 50 pips in profit (SL = 0.9945).
  • #11
  • Nov 19, 2010 6:12am Nov 19, 2010 6:12am
Quoting sentinel777
Price reached previous swing high and exceeded it by just 5 pips. Also the average daily range is exceeded (16.11.2010). If resistance holds and price turns around, i will sell at:
Sell stop @ 0.9950
Stop @ 0.9980 (R = 30 pips = 0,4%)
Take profit @ 0.9770 (180 pips = 6R)



http://sentinel777.bplaced.net/wordp.../oanda/t49.gif


Update 17.11.2010
Moved SL to BE after being almost 50 pips in profit (SL = 0.9945).
Update 18.11.2010
Price broke H4 trend channel, so i moved my SL just above the last retrace-high (also resistance) after TL break (0.9930).
Got stopped out later.
There seems to be an important pivot zone (marked blue).


http://sentinel777.bplaced.net/wordp...oanda/t499.gif


Result: +20 pips (+0.6R)
  • #12
  • Nov 24, 2010 5:36am Nov 24, 2010 5:36am
new trades posted

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  • #13
  • Last Post: Nov 29, 2010 8:23am Nov 29, 2010 8:23am
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