Try recording a wav voice file for each currency pair you have the DB on. I did and it will positively identify the chart. Thanks to a member of the DB skype room for the original suggestion. (Isabella and Jordan).
John
John
the thing I like most about this system is that it makes it very obvious when to let profits run and when you should be paranoid and possibly exit the trade. This has always been a problem for me before I started using the dashboard but not anymore. what a sweet e/u spike during tonight's asian session, look at all that green!
- #1,745
- May 21, 2010 12:39am May 21, 2010 12:39am
- | Commercial User | Joined Jul 2009 | 1,436 Posts
That's a truly beautiful setup 
... I wish they happened every day 
I didn't trade it myself as I have been teaching computer programming all week. I currently at the airport waiting to head back home.
... I wish they happened every day I didn't trade it myself as I have been teaching computer programming all week. I currently at the airport waiting to head back home.
the thing I like most about this system is that it makes it very obvious when to let profits run and when you should be paranoid and possibly exit the trade. This has always been a problem for me before I started using the dashboard but not anymore. what a sweet e/u spike during tonight's asian session, look at all that green!
Attachment
me too! I also recommend trading gold spot, xauusd. I'm getting some real nice setups and man does that thing move
That's a truly beautiful setup
I didn't trade it myself as I have been teaching computer programming all week. I currently at the airport waiting to head back home.
- #1,749
- May 21, 2010 3:57pm May 21, 2010 3:57pm
- | Commercial User | Joined Jul 2009 | 1,436 Posts
100 pips in a day is awesome trading 
.. I'm sure you are well pleased with that result
.. I'm sure you are well pleased with that result I traded only the E/U.
Today, due to a very volatile session between 8am and noon, I based my trading mostly on price action with the help mainly of S&R lines based on a 30 minute chart, with entry and exits from a 1 minute chart.
Did not use the DB because of the fast movements in PA.
Today's results are 129 pips gained, 27 pips lost, for a net gain of 102 pips.
I have gained more knowledge from this board and the use of the DB, than I have from any other board..
Thanks Rob..
- #1,750
- May 21, 2010 4:21pm May 21, 2010 4:21pm
- | Commercial User | Joined Jul 2009 | 1,436 Posts
I was away teaching on site at a factory all this week. I'm back home now.
Because I was connecting to the internet from my mobile phone, I had to limit my bandwidth use so haven't been in the skype room. I have a lot of conversation to catch up on and possibly some of you have tried to contact me directly. I apologize for any inconvenience my absence may have caused you.
I concentrated the use of my mobile bandwidth to trading as I wanted to maintain my daily target of 2.4%.
Here's the calculation I use for compounding that 2.4%
... ^ means to the power of
so, I have had 15 trading days this month
1.024 ^ 15 = 1.427
This means my equity needs to have increased by 42.7% to be achieving my compounding target of 2.4% per day.
Even though I had one significant losing day of 4% (that's the point I stop trading) I have still achieved my goal. The bars in the graph are pips per day.
Because I was connecting to the internet from my mobile phone, I had to limit my bandwidth use so haven't been in the skype room. I have a lot of conversation to catch up on and possibly some of you have tried to contact me directly. I apologize for any inconvenience my absence may have caused you.
I concentrated the use of my mobile bandwidth to trading as I wanted to maintain my daily target of 2.4%
. Here's the calculation I use for compounding that 2.4%
1.024 ^ days
... ^ means to the power of
so, I have had 15 trading days this month
1.024 ^ 15 = 1.427
This means my equity needs to have increased by 42.7% to be achieving my compounding target of 2.4% per day.
Even though I had one significant losing day of 4% (that's the point I stop trading) I have still achieved my goal. The bars in the graph are pips per day.
Try recording a wav voice file for each currency pair you have the DB on. I did and it will positively identify the chart. Thanks to a member of the DB skype room for the original suggestion. (Isabella and Jordan).
John
that sounds like a good solution, where does the name of the file go- somewhere in the DB inputs yeah?
- #1,756
- May 22, 2010 5:22pm May 22, 2010 5:22pm
- | Commercial User | Joined Jul 2009 | 1,436 Posts
One of the things I learnt early on is to be consistent with lot sizes. I remember days trading 0.5% risk per trade. Sometimes I would see a 'sure thing' and trade 5% often resulting in a loss.
Also, if I had a string of losing trades at 0.5%, I would increase my risk to get it back ie revenge trading.
Most of us have been guilty of this
Most teach to look at risk as a percentage per trade eg if you risk 1% per trade, adjust your lot size for 1% dependent on your 10, 20, 30 pip stop (the lot size is smaller as our stop size increases)
I do it differently. I think about percent risk per pip. My rule is 1% per 10 pips. So if I have a 10 pip stop my risk is 1% ... if I have a 20 pip stop my risk is 2%. Note that my average losing trade is sitting close to 10 pips ie my average risk is 1% ... I very rarely have a stop larger than 10 pips.
Working this way makes calculations of lot size and comparisons of pips with equity very simple ie if I am at +20 pips in a trade I'm currently in, I know that this has increased my equity by 2%.
Also, if I had a string of losing trades at 0.5%, I would increase my risk to get it back ie revenge trading.
Most of us have been guilty of this
Most teach to look at risk as a percentage per trade eg if you risk 1% per trade, adjust your lot size for 1% dependent on your 10, 20, 30 pip stop (the lot size is smaller as our stop size increases)
I do it differently. I think about percent risk per pip. My rule is 1% per 10 pips. So if I have a 10 pip stop my risk is 1% ... if I have a 20 pip stop my risk is 2%. Note that my average losing trade is sitting close to 10 pips ie my average risk is 1% ... I very rarely have a stop larger than 10 pips.
Working this way makes calculations of lot size and comparisons of pips with equity very simple ie if I am at +20 pips in a trade I'm currently in, I know that this has increased my equity by 2%.
- #1,757
- May 22, 2010 5:35pm May 22, 2010 5:35pm
- | Commercial User | Joined Jul 2009 | 1,436 Posts
With consideration of what I said in the last post ie keeping equity calculations simple, we can do some interesting compounding calculations.
Let's assume you do the same ie 10 pips = 1% equity.
We will also assume that there are 20 trading days per month.
If you gain 10 pips per day, then at the end of the 20 days you will have gained 22% in your equity (1.01 ^ 20). Let's look at other daily targets
10 pips = 22%
20 pips = 48%
30 pips = 81%
40 pips = 119%
50 pips = 160%
I have been targeting 24 pips per day and achieving 61%
The remarkable thing is that if I go back to targeting 40 pips per day, I will increase my equity by more than 100% per month
Interesting
Let's assume you do the same ie 10 pips = 1% equity.
We will also assume that there are 20 trading days per month.
If you gain 10 pips per day, then at the end of the 20 days you will have gained 22% in your equity (1.01 ^ 20). Let's look at other daily targets
10 pips = 22%
20 pips = 48%
30 pips = 81%
40 pips = 119%
50 pips = 160%
I have been targeting 24 pips per day and achieving 61%
The remarkable thing is that if I go back to targeting 40 pips per day, I will increase my equity by more than 100% per month
Interesting
- #1,758
- Edited 11:25pm May 22, 2010 11:13pm | Edited 11:25pm
- | Commercial User | Joined Jul 2009 | 1,436 Posts
Here's a chart showing how compounding works if assuming 20 trading days in a month.
x axis is daily gain in %
y axis is month gain in %
Why am I talking about this? ... Can you see that to increase your account by 20% in one month requires you to make +10 pips per day ie 1% per day using my risk method. (Assuming 20 trading days in a month)
If you gain 40 pips per day, you can more than double your account ... 120%.
The point being made is that increasing your daily amount by a factor of 4 (10 pips now 40 pips), results in a monthly increase of 6 times (20% becomes 120%)
x axis is daily gain in %
y axis is month gain in %
Why am I talking about this? ... Can you see that to increase your account by 20% in one month requires you to make +10 pips per day ie 1% per day using my risk method. (Assuming 20 trading days in a month)
If you gain 40 pips per day, you can more than double your account ... 120%.
The point being made is that increasing your daily amount by a factor of 4 (10 pips now 40 pips), results in a monthly increase of 6 times (20% becomes 120%)