150-200 pip/month without technical indicators.

Wow, micro, your pip numbers on your signature is on live account? If it is, congratulations, that's very impressive

its live but with small pips only.. this month kinda struggle a little bit..

Hi every one! It's been a long, long time. I think it's time to resume my online trading journal. Sorry to have disappeared for so long. I had to do some changes and adjustments to my trading system after the crash in mid september and sent things a bit haywire. There was a shift in the chart patterns, making it hard for me to trade with the old rules. Breakouts rules didn't apply exactly at the time, time to trade had to be adjusted, size of TP had to adjusted, so on and so forth. My account slipped down a little bit while going through these uncertainties, but I've since managed to get a grip on things since about January.

And now I've steadily increased me account, and I'm confident enough again to say my discipline is back in place, and my faith in my break out system is restored, with the adjustments correctly in place.

I've had some very good trades, in these couple of weeks. And actually, this thread might not really apply anymore. I might need to start a new one with a new name. Because of the higher volatility now, I don't need to stick to a strictly 50 pip TP. Since January, I've been trading a minimum of 3 mini lots. First lot to TP at 100 pips, Second at 200 pips, and the last to let run. Every 2 losses, I'll add an extra minilot to trade the next time, and that TP to be set at 200. So far I've had incredible success, I don't know if it's just a winning streak, but I hope it's because my discipline is getting better.

I've had some $800 wins, sometimes $300, $500. As I'm typing this my floating P/L is $200, long on the cable. Since two weeks ago, I've gained $1500. I'll post some pictures on the trades that I've taken recently, and I'll also start to post my trades on my blogspot site.

Not to say it's been all wins, but each of my loss were stopped at 27 pips. So when the win comes it's more than enough to recover what's loss, and more.

It's good to be back. I hope the old posters here are also well? Would love to hear from you.

Here's my currently open position. Am long GBPUSD 3 mini lots at 1.4492

1 mini lot - TP at 1.4592.
2 mini lot - TP at 1.4692
3 mini lot - to let run, stop to be moved below just below a pullback.

The trade above came down to hit the stop at break even, so no harm done.

Hi all, this is my attempt to keep track of my trades once again, I've been off this forum for a long while, I hope my old friends here have been doing well in their own trading life.

I've reach a comfortable point in my trading life, where I'm not affected by emotions anymore. I hope that's a sign that I've arrived somewhere?

I'm still using the same GBP/USD Asian breakout strategy, with some adjustment on the MM part. At 2.15 pm (GMT+8) I'll set up trades on the breakout of the channel of the last few hours. Sometimes I use the break of an obvious trend line as well. I'll be posting my trade setups as I make them (in I'm in front of the pc), hopefully readers will start to see the pattern of how I pick where to enter. But, as someone once said (sorry I don't recall where I read it) even if you flip a coin to pick whether to buy or sell, it all boils down to good money/risk management in the end to survive in this game.

I'll post screenshots of my trade setups and results here and on my blog, good luck to your trading.

welcome back maya....

Hi Maya,

Good to see you are still active in Forex! Also great that Microsuck is back, too! Let's make some pips, together!

BC

http://1.bp.blogspot.com/_BPdW1Okbx2...8+apr+2010.JPG

My setup:

Stop loss = 50 pips
I ease out of my trades, first take profit at 50 pips, and additional 30 pips for subsequent take profits.

To illustrate, using today's trade. (Already opened as still running as I'm typing this post)

Trade 1:
Lot: 3 micro lots
SL: 1.5255
Entry: 1.5205
TP1: 1.5155

Trade 2:
Lot: 3 micro lots
SL: 1.5255
Entry: 1.5205
TP1: 1.5135

Trade 3:
Lot: 3 micro lots
SL: 1.5255
Entry: 1.5205
TP1: 1.5105

Trade 4:
Lot: 3 micro lots
SL: 1.5255
Entry: 1.5205
TP1: 1.5075

Trade 5:
Lot: 3 micro lots
SL: 1.5255
Entry: 1.5205
TP1: 1.2 (Let run, protect just before every major pullback)

I breakeven all my trades after it's gone positive 50 pips. In my few years of trading, I've found this is the best way for me to deal with the question of when to take profit, when to let it run, when to break even...This way I protect my profits at the right places (in my opinion), and letting the last trade to run its course, so I take some of the profits on the table, but not cutting myself short in the process.

Not very fancy, I know I don't have nice indicators to use, but it's been working well for me for quite a while now.

That's it for today's trade, I'll post the upcoming trades as and when I make them. Cheers all.

get ready for 500pips today BC?

How lovely, Bobcat and micro I know I could always rely on your support! It's good to be back, how goes your own trading life since I've been missing?

Great journal.

http://1.bp.blogspot.com/_BPdW1Okbx2...apr+2010+b.JPG

First take profit has been taken, I've adjusted all stop loss to breakeven point.

Update:

http://3.bp.blogspot.com/_BPdW1Okbx2...apr+2010+c.JPG

Stop loss hit, at breakeven. Profit: 3 microlots x 50 pips.

Hi Maya..

Are u still using the same settings as in Post 1.. or are they any different..

Thanks
AA

Hi Ashish,

Almost the same, just the fading out part is more fine tuned. Here's what I'm doing.

At 2.15 pm (GMT+8), just after London open, I place my trades, straddling buy and sell, using the break of the channel of the last few hours. This part is not based on hard set rules, I look at how strong the support/resistance is. If there's a strong support/resistance going back further than just a few hours, I use that for the breakout strategy. Sometimes I use the break of a trendline. I'll post my trades every day now so hopefully you'll get to see the pattern of how I enter. I start very few microlots, as I increase the size bit by bit with each loss. For the past 1 year+, I've hardly gone more than 4 or 5 straight losses.

I typically open 5 trades with the same entry and same stop loss, but bigger take profits, to fade out my trades. My stop loss is set at 50 pips (I'm trading GBPUSD only for now), and first take profit is at 50 pips. I breakeven all my lots at 50 pips. My subsequent take profits are additional 30 pips each, so:

TP1 50 pips
TP2 80 pips
TP3 110 pips
TP4 140 pips
TP5 Let run, protect just beyond every major pullback.

That's it!

Cheers, Maya

I'd like to share some inspirational quotes I leave on my desktop wallpaper to remind me to be disciplined in my trading, you might find it helpful as well. Enjoy
http://3.bp.blogspot.com/_BPdW1Okbx2.../Charles+Ellis

http://4.bp.blogspot.com/_BPdW1Okbx2...0/does+nothing

Maya,

Great to see you're back..... and still making some pips!

Thanks Apocalypto! Good to see you're still around too

http://1.bp.blogspot.com/_BPdW1Okbx2...xY/s1600/Meyer

Hi all, I'm setting up buy stops at 1.5310, 50 pips SL, TP1 50 pips, breakeven at 50 pips.

http://2.bp.blogspot.com/_BPdW1Okbx2...9+apr+2010.JPG

Sorry, between me taking the screenshot and posting this up, the trade's already open!