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Cable Update (GBPUSD)

  • #239,261
  • Jul 19, 2010 11:47am Jul 19, 2010 11:47am
Quoting bbakker
The bastards took my DSL line away at work a while back, so I cannot access my MT4 feeds during the day....
im on a micro myself..so far assuming i dont do anything stupid i have managed to get 6% from jan..aint much but it is a micro..

is this good or bad? thoughts welcome as i have no idea really for micro trading

stupid me i didnt realise this is also 50% fib level..theres some confluence as well ..thats positive thanks brian
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  • #239,262
  • Edited 12:11pm Jul 19, 2010 11:59am | Edited 12:11pm
Quoting nAVIN2007
im on a micro myself..so far assuming i dont do anything stupid i have managed to get 6% from jan..aint much but it is a micro..

is this good or bad? thoughts welcome as i have no idea really for micro trading
talking percentages doesent really matter the account size , you have made 6% in 7.5 months roughly , that means on a 100000 dollar acct you would have made 800 bucks a month , sure you are still learning but that amount really would not be worth the time it takes to even look at a chart. I am not meaning that in a bad way but really man if your entries are decent a little bigger posistion size would make it more worthwhile , but only if you are getting your entries good . Not meaning to start anything but that is the numbers man. One 10 pip trade 5 days a week in the same amount of time you would have made a little over twice that amount .
  • #239,263
  • Jul 19, 2010 12:03pm Jul 19, 2010 12:03pm
nice play today..
short cable from there top 5345 and close at 5205
now enter long for cable also short for ucad
SL both on BE..
i still believe cable is on UT..today just a pull back..
if i wrong both my OP will stop on +ve...
very happy with that..
gud nite all...dont fight..we all have our own opinion..
but what important is we here to make money..
green pips to all..
Revesal Trader
  • #239,264
  • Jul 19, 2010 12:08pm Jul 19, 2010 12:08pm
Quoting digger1
talking percentages doesent really matter the account size , you have made 6% in 7.5 months roughly , that means on a 100000 dollar acct you would have made 800 bucks a month , sure you are still learning but that amount really would not be worth the time it takes to even look at a chart. I am not meaning that in a bad way but really man if your entries are decent a little bigger posistion size would make it more worthwhile , but only if you are getting your entries good . Not meaning to start anything but that is the numbers man
yup i guess ..i treat this account like a managed fund so there proper risk management and everything. I wasnt profitable last year so it progression

big money can come later..

on average dig if it not to personal would u say u make % wise and with what leverage?
  • #239,265
  • Jul 19, 2010 12:13pm Jul 19, 2010 12:13pm
Quoting nAVIN2007
im on a micro myself..so far assuming i dont do anything stupid i have managed to get 6% from jan..aint much but it is a micro..

is this good or bad? thoughts welcome as i have no idea really for micro trading
Profit is a profit is a profit, so in my eyes that is good! Do you track all your trades in an Excel spreadsheet for analysis to see on which trades you are making money and on which trades you are losing money?

I only started with $240 in my account and I am $20 down, but for me trading micro is not about making money, it is about getting consistency. I have $5000 ready to put into Forex, but I will not even dream of opening a Mini account until I am consistent. How will I get consistent?

Well, I start with a trading style on demo. Once I am happy with the style, I quickly move onto Micro as you can develop bad habits when using Demo. At the Micro stage I put together a trading plan, so that I can follow it to the letter. My trading plan is quite extensive as I have general stuff in there about my psychology, the type of person I am, etc. This identifies my weak points and therefore when it comes to the actual nuts and bolts of the trading plan, I address those weak points. My trading plan consists of many components from routine, goals, when to enter, trade management, money management, trade analysis, confluences, you name it, I have written it down! I will have one for each trading style, but a lot of it is repeatable. I mean my psychology and routine don't change for each plan!

Once I have it put together, which believe me can take a long time and I still haven't quite finished my first bloody plan, I will start with a clean slate using my Micro account and then follow the plan to the letter and do that for at least 3 months, probably 6. Analyse, analyse, and then some more analysis until I am happy with the plan. If and only if I am making consistent money in percentage terms, only then do I open a Mini account. Hopefully by then I will have the trading plan drilled into me and that I stick to the plan!

So these are my thoughts on Micro trading. It is a test platform for me until I am comfortable with my trading plan before I go onto committing more money to a trading style that suits me.

I am still in the experimental and learning stage. I am in no rush to make money. I have a full-time job that feeds the family and keeps a roof over our head. My long-term goal is initially to make a second income stream and if I do make a success of it, to have the ability not to work and spend more quality time with the family and on the golf course
  • #239,266
  • Jul 19, 2010 12:15pm Jul 19, 2010 12:15pm
Quoting bbakker
The bastards took my DSL line away at work a while back, so I cannot access my MT4 feeds during the day....
i'm amazed you have only beentrading for 6 months. Have good hols. i.m sure with your dedication and time in the sun you'll crack it. I've been trading 10 months and am only just becoming consistently in profit on the system that i was taught.You have been one of my heroes. Good Luck and Enjoy!
All systems of divination, like music itself,work through patterns.
  • #239,267
  • Jul 19, 2010 12:32pm Jul 19, 2010 12:32pm
Quoting nAVIN2007
yup i guess ..i treat this account like a managed fund so there proper risk management and everything. I wasnt profitable last year so it progression

big money can come later..

on average dig if it not to personal would u say u make % wise and with what leverage?
check your pm box dude
  • #239,268
  • Jul 19, 2010 12:33pm Jul 19, 2010 12:33pm
Quoting nAVIN2007
im on a micro myself..so far assuming i dont do anything stupid i have managed to get 6% from jan..aint much but it is a micro..

is this good or bad? thoughts welcome as i have no idea really for micro trading

stupid me i didnt realise this is also 50% fib level..theres some confluence as well ..thats positive thanks brian
it's relative bro...depends on the level of your maximum drawdown during this period...
and of course the amount of money the "fund" manages...
Hear the music before the song is over ...
  • #239,269
  • Jul 19, 2010 12:35pm Jul 19, 2010 12:35pm
Quoting bbakker
Profit is a profit is a profit, so in my eyes that is good! Do you track all your trades in an Excel spreadsheet for analysis to see on which trades you are making money and on which trades you are losing money?

I only started with $240 in my account and I am $20 down, but for me trading micro is not about making money, it is about getting consistency. I have $5000 ready to put into Forex, but I will not even dream of opening a Mini account until I am consistent. How will I get consistent?

Well, I start with a trading style on demo. Once I am...
u have a good head on yur shoulder no doubt u will make money..
money will come once everything is in place..my problem is account size..if i had 30k..to trade with id be set!! some day perhaps
  • #239,270
  • Jul 19, 2010 12:36pm Jul 19, 2010 12:36pm
Quoting nAVIN2007
u have a good head on yur shoulder no doubt u will make money..
money will come once everything is in place..my problem is account size..if i had 30k..to trade with id be set!! some day perhaps
Keep at it you will get there man
  • #239,271
  • Jul 19, 2010 12:37pm Jul 19, 2010 12:37pm
Quoting digger1
talking percentages doesent really matter the account size , you have made 6% in 7.5 months roughly , that means on a 100000 dollar acct you would have made 800 bucks a month , sure you are still learning but that amount really would not be worth the time it takes to even look at a chart. I am not meaning that in a bad way but really man if your entries are decent a little bigger posistion size would make it more worthwhile , but only if you are getting your entries good . Not meaning to start anything but that is the numbers man. One 10 pip trade...
Thanks for this Dig. I look for only 10 pips a day with low leverage, i am now consistently doing 20 to75 pips a day and my leverage is healthy ( today 39 pips ) I am happy with the level of consistency i am doing as i am growing my account (very slowly) into higher leverage so that i dont have to expose myself..myaccount..to the market so much as when i told myself i HAD to do min.30 pips a day. Thanks for giving me the opportunity to say this. I have been on a full trading account since day 1, although i used a platform that allowes very low stakes.. but they rip you off both ends.. now on fairly grown up platform
All systems of divination, like music itself,work through patterns.
  • #239,272
  • Jul 19, 2010 12:42pm Jul 19, 2010 12:42pm
Quoting GlobalMacro
it's relative bro...depends on the level of your maximum drawdown during this period...
and of course the amount of money the "fund" manages...
my drawdown less than 1%

can u tell anything from this..3k account
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  • #239,273
  • Jul 19, 2010 12:47pm Jul 19, 2010 12:47pm
Quoting kaspopsicle
Thanks for this Dig. I look for only 10 pips a day with low leverage, i am now consistently doing 20 to75 pips a day and my leverage is healthy ( today 39 pips ) I am happy with the level of consistency i am doing as i am growing my account (very slowly) into higher leverage so that i dont have to expose myself..myaccount..to the market so much as when i told myself i HAD to do min.30 pips a day. Thanks for giving me the opportunity to say this. I have been on a full trading account since day 1, although i used a platform that allowes very low stakes.....
ah thts great you are making some profit , as bbakker says any profit in this business is good and some days it comes harder than others for sure , you keep plugging away long enough and more and more pieces fall into place things will turn out good for the most part
  • #239,274
  • Jul 19, 2010 12:48pm Jul 19, 2010 12:48pm
Quoting nAVIN2007
my drawdown less than 1%

can u tell anything from this..

Quoting your earlier statement, your account starting balance was 4,000, as you made 6% in 7.5 months totalling 256.00 in 25 trades. Not knowing your average stops and TP's it is hard to judge your MM, but out of 25 trades you only got 6%, so a return of 0.24% per trade, that is very conservative with your trackrecord. You could either scale in your trades, keeping the weighing close to the entry, so make your scale trades smaller then your entry and scale back out once you get to an initial TP. Keep doing what you are doing just work on your lotsizes and the return will follow. Keep in mind though you are a position trader, not a day trader so you will not get the same returns day traders get, but you don't have the same risk either. As a start you could think about doubling your lotsizes aiming for a risk return of 0.5% per trade, all depending on your SL's though, you don't want to start increasing that beyond 2% irrespective of your success ratio. And as you state you current DD is less then 1% so there is room there.
  • #239,275
  • Jul 19, 2010 12:52pm Jul 19, 2010 12:52pm
Quoting nAVIN2007
my drawdown less than 1%

can u tell anything from this..3k account
the statistics you attached show 0% drawdown...you sure that's correct?
Hear the music before the song is over ...
  • #239,276
  • Jul 19, 2010 12:54pm Jul 19, 2010 12:54pm
Quoting cloggie
Quoting your earlier statement, your account starting balance was 4,000, as you made 6% in 7.5 months totalling 256.00 in 25 trades. Not knowing your average stops and TP's it is hard to judge your MM, but out of 25 trades you only got 6%, so a return of 0.24% per trade, that is very conservative with your trackrecord. You could either scale in your trades, keeping the weighing close to the entry, so make your scale trades smaller then your entry and scale back out once you get to an initial TP. Keep doing what you are doing just work on your...
damnit u got everything from that except 3k account size..because im working, i cant trade to make money cause it be to stressfull..i have no means to track trades except on mobile..

so im trading with risk which allows me to survive while working..hence the position trades
  • #239,277
  • Jul 19, 2010 12:55pm Jul 19, 2010 12:55pm
Quoting GlobalMacro
the statistics you attached show 0% drawdown...you sure that's correct?
yup 100%
  • #239,278
  • Jul 19, 2010 12:55pm Jul 19, 2010 12:55pm
Hey nav ,just dont end up like up like this guy and it will all be good lol
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  • #239,279
  • Jul 19, 2010 12:57pm Jul 19, 2010 12:57pm
Quoting GlobalMacro
the statistics you attached show 0% drawdown...you sure that's correct?

I think he means margin available, I don't use MT4 to trade but don't think it counts negative open trades as DD.
  • #239,280
  • Jul 19, 2010 1:00pm Jul 19, 2010 1:00pm
Quoting nAVIN2007
yup 100%

but surely when you enter a trade the position doesn't immediately go in your favor or does it?
...because if it does your return to risk ratio would be at infinity...
Hear the music before the song is over ...
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