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100% Monthly consistently

  • #101
  • Mar 28, 2010 2:48pm Mar 28, 2010 2:48pm
IBFX has no minimum for the micro accounts. I just opened one last week and only put 60 dollars in it. I use it to trade on Mondays and Tuesdays for things I can't quite see what is going to happen for the week.

Once I get something going in that little account in the week I start looking for chances to do a similar trade in my other accounts.
  • #102
  • Mar 28, 2010 2:49pm Mar 28, 2010 2:49pm
Quoting robertw
Have you made up your mind about being a trader yet?
Are you willing to keep going until you make it?
Are you open minded to keep learning?

The busted amount is of no consequence, once you catch the wave you'll make up all the money you lost in a trade or two. It will take time and patience to grow the account to the sufficient size but its damn worth it.
Just get up, don't even think about the loss and keep trying - Repeat (I'm sure you over analyzed the reasons for the loss before you cut it loose anyway)

You don't have to listen to me but...

Yes , Yes & Yes. absolutely. I have commit myself to it, it is something i want to do for the rest of my life.\

Yeah, i know what you mean, before the 2.8k usd, i actually traded demo for like 1 year + and it taught me nothing but the technical aspect, For now i thought i was just wanted to rest a little bit but it wasnt true, i was scared., what you said was true, its alright, im going to put another $250 in it. i had several days of really down time after the loss, but i got up pretty fast, started to restart everything again. this time im stronger, im much more realistic as i put in real work into it. before this i was just playing a fool, i actually traded 1 lot and close it for fun losing 200 usd, that was my first time depositing real monies, pathetic. but it was an expensive education afterall. i wont think back about the loss, but learn from it. i had enough time thinking about it.

Now im really backtesting my own method on charts, im creating a new trading plan right now.

Thx robert.
  • #103
  • Mar 30, 2010 6:31pm Mar 30, 2010 6:31pm
This is something that I wated to write about more - maybe sometime this week. What a classical set up, what an A++ trade.

Anybody has an idea what I'm talking about -
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy gbpjpy 033010627.gif Size: 19 KB
  • #104
  • Edited 11:04pm Mar 30, 2010 10:53pm | Edited 11:04pm
It was consolidating, it made a higher high and a lower high.& then it made one more higher high, it HAS to make a lower high. and when the made a lower high with a green candle with abit of buying pressure that formed the tail although cannot be consider hammer , your MA confirmed a m5 up trend, and you took the trade.

am i rite?

robert after loooking at your history, i realized that many of your trades you got out with small pips, i really respect your fast wits on that!although initially you aim for more pips like 30+!
  • #105
  • Mar 31, 2010 4:51am Mar 31, 2010 4:51am
Quoting robertw
This is something that I wated to write about more - maybe sometime this week. What a classical set up, what an A++ trade.

Anybody has an idea what I'm talking about -

Head and shoulders formed?
major drop incoming on GBP/JPY ?

i am amazed by how u build ur account with mainly low pips trades consistently!
  • #106
  • Mar 31, 2010 8:25am Mar 31, 2010 8:25am
Quote
robert after loooking at your history, i realized that many of your trades you got out with small pips, i really respect your fast wits on that!although initially you aim for more pips like 30+!

Yes many of the small pip trades have had an larger gain but I got out with only a few when the PA went against me. This is something I'm trying to solve with a smaller hard TP of around 20 pips.
  • #107
  • Mar 31, 2010 8:37am Mar 31, 2010 8:37am
Quote
It was consolidating, it made a higher high and a lower high.& then it made one more higher high, it HAS to make a lower high. and when the made a lower high with a green candle with abit of buying pressure that formed the tail although cannot be consider hammer , your MA confirmed a m5 up trend, and you took the trade.


You can see this set up on many time frames and probably all pairs if you know what you're looking for.

Here is how it goes:
A pair runs up or down (best if its a significant amount, its easier to see this and more certain) then it stops and retraces against that major move.
Generally this retrace is to about 38.2 Fib level.
At this point depending on the price action it either turns around and runs back to retest its recent high/low or consolidates for some time.
This set up is so predictable that it probably works 8 out of 10 times, just need to train your eyes to see it.
The faster the price action and the higher the original move the more guaranteed you are that this will occur and the whole thing will happen much faster.
This is purely technical play, but proved by historical occurrence.
This is what we had just happen in GBPJPY yesterday, I was 110% sure that it will happen and it did.
I got out a bit too early and then it made new high, but still u can't go broke by locking profits.

R
  • #108
  • Mar 31, 2010 8:39am Mar 31, 2010 8:39am
Quoting Skylinewide
Head and shoulders formed?
major drop incoming on GBP/JPY ?

i am amazed by how u build ur account with mainly low pips trades consistently!

Like I said above its not actually by design those small trades but profit is profit and every bit counts. It all leads to compounding the lots and that's where the power lies.
  • #109
  • Mar 31, 2010 8:50am Mar 31, 2010 8:50am
Quoting robertw
Have you made up your mind about being a trader yet?
Are you willing to keep going until you make it?
Are you open minded to keep learning?

The busted amount is of no consequence, once you catch the wave you'll make up all the money you lost in a trade or two. It will take time and patience to grow the account to the sufficient size but its damn worth it.
Just get up, don't even think about the loss and keep trying - Repeat (I'm sure you over analyzed the reasons for the loss before you cut it loose anyway)

You don't have to listen to me but...
Snap! That's good advice. You couldn't join the NFL just from what you learned playing Madden 2010. Stocks/Currency is no different. Good Luck Friend!
  • #110
  • Apr 2, 2010 1:35am Apr 2, 2010 1:35am
Hey robert, u seem busy or not here, hows the result of march trading?
  • #111
  • Apr 2, 2010 10:26am Apr 2, 2010 10:26am
Quoting EdgarNg
Hey robert, u seem busy or not here, hows the result of march trading?
I'm still here.
I've been making some 'peanuts' the last few day, the market has been lousy but hopefully now that we have the NFP behind us we can have some opportunities next week.
I was also looking for a place to open an account for the purpose of this thread and I think I found it. It will be a MAM account so if anyone wants to tag along it will be easy to set up and it offers much better leverage then Interactive Brokers.

It will probably take another week to set and fund all this but I'm here if anyone sees anything interesting to discuss.

Also, been doing some more thinking about all this and decided to strongly commit to using a hard 20 pip TP. No more playing with the TP, no more hoping for bigger profit, no sweating if it keeps going in my favor thereafter.
Using my MM I'll need 34 trades to double the money and that is a very reasonable number to me.
I'm still using everything I described here to find my trades.

Happy Easter weekend.

R
  • #112
  • Apr 2, 2010 1:03pm Apr 2, 2010 1:03pm
What is MAM account?


i remember u mentioned that you lack manpower, im wondering if i could be any of help.

and that we could trade together. im on 24 hour. the only time im not on forex is when i go to bed. i have nothing else to do.
  • #113
  • Apr 2, 2010 2:16pm Apr 2, 2010 2:16pm
Quoting EdgarNg
What is MAM account?


i remember u mentioned that you lack manpower, im wondering if i could be any of help.

and that we could trade together. im on 24 hour. the only time im not on forex is when i go to bed. i have nothing else to do.
We have something in common, I'm here 24/5 pretty much as well. I need to take more breaks. I started a year well with time away from computer after each trade as a rule and that seemed to work quite well but the old addictions (overtrading) are slowly creeping in. Need to keep fighting.


MAM= Multiple Account Management. Basicly its a master account with sub accounts where you make one trade based on total assets in all sub accounts and then the trade is spread/allocated based on assets in each account.

But I don't want to go into my business side too much on here, and just concentrate on trading discussion. If you want to discuss this through e-mail send me private msg.

What I meant about manpower is that I can't afford a bunch of PHDs to do an in-depth analysis for me 24/7 on all the markets - something that the big investment houses can easily do and pay for and use that info to make even bigger bucks.
  • #114
  • Apr 2, 2010 2:31pm Apr 2, 2010 2:31pm
Just to expand on the 20 pip TP I wrote about.

It would obviously be foolish to assume that all my trades will be profitable.
There will be loosing trades as there always are, however I seem to have a pretty good hit ratio so far of about 9:1 but that is with larger drawdowns then I'm planning to use.
I plan to use 20 TP and 20 SL, therefore I assume that my Hit Ratio will be lower at about 5 winners for every 1 looser. That is the assumption for now until I'm proven wrong.

So given all this the total trades needed to double the account with my personal conservative MM is 48 and if I do it with a little bit more risk its 35 trades. Although the risk is always 20 pips SL so I may as well take the risk and get there faster. Either way, both can be achieved within a month.


R
  • #115
  • Apr 2, 2010 3:43pm Apr 2, 2010 3:43pm
england33 has a pretty good thread for analysis, as good as some pay services I've tried. Its called "Weekly Fundamental Preperation for Currencies", give it a try.
  • #116
  • Apr 2, 2010 5:47pm Apr 2, 2010 5:47pm
Quoting Bankshot
england33 has a pretty good thread for analysis, as good as some pay services I've tried. Its called "Weekly Fundamental Preperation for Currencies", give it a try.

Thanks, I'll definitely look into it.

Already love the Guy's goals/attitude

Quote
About england33
goal #1 not to break trading plan under any circumstance.
goal #2 learn to deal with losses that happen do to the law of averages ie you can't win every trade.
goal #3 exercise extreme discipline.
goal #4 exercise extreme patients.
goal #5 lock in profit, increase trade size as account gets larger.
goal #6 financial freedom, house on the beach.


R
  • #117
  • Edited 12:22am Apr 3, 2010 12:07am | Edited 12:22am
G'day all, and robert!

Yes , lets stick to trading discussion on this topic! i am still very interested in your style, however im confused now, it was as though trading was no exact science and was an art to you. but suddenly, there is a change in approach. i think many would be interested to know.
What was the reason in the change of targets? did you feel as though your emotions were on a high run and that it needed too much attention while ur on a trade?

at the start of the page,you mentioned you look at the market 360 as a whole, you would predict where the price go, so that your TP is around there. im sure you could make exception for it where you see potential larger TP right? or you're gonna be disciplined and set it 20 no matter what happens.


this is kind of a drastic change , would you talk about why the sudden change?

what was it , that you feel wrong with what you are currently doing that you needed to fix this 20 TP/SL?
is the key word, stability?

you will exchange less stress, less profit, less loss, for more stability, this is what i think! please enlighten. the reason why i have so many questions for robert about an individual instead of its trading system, is because i think it plays an important role, and i think i have a weakness for that. im sure many of you would like to know aswell. I think roberts approach as a trading system is pretty simple enough to understand, as he posted some screenshot.

ps: will pm you


Cheers!

Here's a quote i would like to share.

"Success in the markets comes from internal control." -- Van K. Tharp,
  • #118
  • Apr 3, 2010 9:35am Apr 3, 2010 9:35am
Quote
Yes , lets stick to trading discussion on this topic! i am still very interested in your style, however im confused now, it was as though trading was no exact science and was an art to you. but suddenly, there is a change in approach.

There is three parts to trading

1. Finding the trades (entry)
2. Money management
3. Finding the exits

#1 & #2 which is what most of the thread is about are not changing, they have worked for me so far and I'm sticking to my methods until they prove me wrong.
I'm only adjusting #3, based on my observations, emotions.
Its actually more of sticking to the rules which I used to bend before, due to greed. Many times I had both TP and SL set up but then the price started going for me so I just took off the TP or moved too far away, before I notice now the price is going against me so I take off the SL expecting it to swing back soon but instead it stays there for days wasting my time. I'm sure everybody has experienced this many times. I'm just tired of it and need to be strict on myself. If I didn't touch the TP in the scenario above I would have had a profit and moved on. If I didn't touch the SL I would have taken a small loss and moved on and made it up in the meantime that I'm now wasting waiting for it to turn around because the loss is now too large emotionally for me to take it.

Quote
i think many would be interested to know.
What was the reason in the change of targets? did you feel as though your emotions were on a high run and that it needed too much attention while ur on a trade?

Something like that, you need to be flexible to a certain point but I feel that unless I strictly adhere to these rules my emotions will wreck havoc again.

Quote
at the start of the page,you mentioned you look at the market 360 as a whole, you would predict where the price go, so that your TP is around there. im sure you could make exception for it where you see potential larger TP right? or you're gonna be disciplined and set it 20 no matter what happens.

That still holds true, I'm going to look for direction that looks like it has at least 60 pips to go, although no exceptions. Once you start making exceptions there is no end to it, you'll always find a reason for an exception.
If the price still goes strong I can always enter again and maybe even on retrace with the same rules.
One thing I need to say, once I'm in profit and the PA does not necessarily reach my TP but starts going back I'll manually get out + few pips/BE


Quote
this is kind of a drastic change , would you talk about why the sudden change? what was it , that you feel wrong with what you are currently doing that you needed to fix this 20 TP/SL?
is the key word, stability?

As above

Quote
you will exchange less stress, less profit, less loss, for more stability, this is what i think! please enlighten.

Actually, I think in the long term I will gain stability, less stress, more profit, less loss, more consistency, more confidence, more family time.

.

Quote
"Success in the markets comes from internal control." -- Van K. Tharp,
Completely agree
And I welcome that discussion here as much as trading discussion.
Like I said I've been at it almost 4 years soon and only recently started to put the puzzles together but there is still many pieces that need to fit in.
  • #119
  • Apr 3, 2010 3:35pm Apr 3, 2010 3:35pm
Quoting robertw
I plan to use 20 TP and 20 SL, therefore I assume that my Hit Ratio will be lower at about 5 winners for every 1 looser. That is the assumption for now until I'm proven wrong.

I would say this is very optimistic. I'd say the hit rate would be a maximum of 65%. I am interested to know if you achieve your assumption.
  • #120
  • Edited 7:40pm Apr 3, 2010 5:27pm | Edited 7:40pm
Quoting spekkiefx
I would say this is very optimistic. I'd say the hit rate would be a maximum of 65%. I am interested to know if you achieve your assumption.
I have to agree that it is optimistic but until I get few weeks of history I won't know, all I know is that in the past I've had a pretty good aim.
I have to admit that for this I'll need to restrict myself to the major pairs due to tight spreads there. The broker I'm going to use provides me with raw interbank quotes so that should help. There will be a commission fee though so maybe I'll set TP to 21 (at most brokers I would in reality still need to get like 23-24 to cover the spread) and keep SL at 20.

Just e-mailed my application (only 30 pages)

Stay Tuned

R
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