At the back of beyond...

Hi all,

I don't know how to start this... I've gone through difficult times always trying to push my accounts with maximum return. That often worked but in the end I often lost what I've earned before. Luckily I did not lose more than I started with, so the losses almost always were covered by the gains I made before. Anyway I can't continue that way, it doesn't make sense. I'm somehow good to make money but my lack of discipline let me risk too much afterwards. So I will use just a set of rules from now on.

Let me point you first simply the best system here on FF. It's the 4h Nanningbob strategy. I will use it as a base combined with my current BWILC style. I won't aim for ultra high returns here so this might become rather calm.

All in all this might be my final thread and final relaunch, I'll start with 1,000 $ and will make at much as possible over time. Yes I'll do. Call me whatever you like, I don't see any reasons (anymore) why I shouldn't make it. Create your own reality! I had to learn it, which took me quite a few years. Follow me if you like or don't, it's up to you. I'll try to comment, post charts and my entries as much as I'm able to do. As I said, my approach will be based on nanningbob's 4h strategy. He really has an edge and I think he went the same path I did. So kudos to him.

I'll launch my new account in September. Currently I'm on vacation to get a fresh mind.

Start: 1st of September 2010
Start amount: $1,000

P.S.: My other account is still alive and quite healthy I just want to show some more discpline and more calm trading here...

Xaron I am with you. I have been following your Myfxbook accounts. I saw some quite heavy 10:1 trades which did not make any sense. I thought those trades were part of advanced concepts of BWILC.

I have recently started on BWILC with fundamentals. Quite difficult to grasp the whole concept. My first trades are not going well. I bet long on EU owing to dismal Fed announcement, rising US debts and tanking bonds and securities market. But then other people say all above factors means "risk off". EU is going down, UJ is climbing? and Gold is also climbing (yay! I bet long on it).

So having a Technical perspective will add to the armory. I am not quite sure if Nanningbob's way allows for adjustments in median reversion view when the currency is trending strongly in one direction. Does it?

Good luck! Old habits die hard but it seems you're not the kind that gives up easily.

It appears that 1k -> 1M is a national sport in Germany?

http://der-forex-millionaer.de/

Anyways I'm a Xaron fan in this competition

ROFL, indeed. But this guy did play some tricks as far as I know.

@vicky: No, these high leveraged trades had nothing to do with the original BWILC concept. The way Nanningbob trades is almost BWILC like. He has some kind of a median grid as well. I will go more in detail when I'm back from vacation.

Xaron, Agreed that it is a kind of median grid a self-adjusting one at that. It is made of Bollinger Bands. If I can do a Dr Toit on this, BB's effective-ness is more measurable while trading options, not much in other markets. Another thing which worries me is the fact that most of the times, Nanningbob's method bets on the price returning to the median. That might not necessarily be true. Anyways, eagerly waiting your take on it. Fundamentals are proving too difficult for me to digest and use it in trading.

(Please take my comment as a positive and constructive comment. It is not a negative comment stepping all over your dream.)

I see a reason why you wouldn't make it, even this time around.

The reason is that you haven't addressed the issue... you still haven't addressed the real problem... Psychology/Discipline.

And you will continue to be stuck in this never-ending mouse-wheel with the rest of people who does not address the psychological hurdles.

You have never tracked your mental progress. You have no objective data that says you have improved to a certain degree. You simply subjectively expressed that "you have learned". You are no different from any individual who has been trying to lose weight for the last 20-40 years with no success.

Again, this is not a hate post. I'm being brutally honest with you. I'm hoping you will make use of my comments. Bless the people who appeal to your better nature and flatter you... but that will never bring you any closer to your dream.

Ok, here we go!

http://www.myfxbook.com/members/Xaron/1k-1m/47546

http://www.fx-million.com/images/201...unt_010910.png

I use the current extraordinary low levels to buy in cheap with small leverage:

http://www.fx-million.com/images/201...ons_010910.png

More to come...

Nothing to add to the quoted post, as it express what I feel about Xaron's past and current "experiments".
The analogy with the people trying to lose weight is really a good one, and I wish that Xaron would listen for his own benefit.

Wish you good luck Xaron, who knows, perhaps this time it's really the "good one"...

Xaron, looking forward to your view/method on using Nanningbob's way in BWILC.

Closed some trades for a nice profit, halfed my EUR/CHF long position at 1.30 and closed the EUR/USD long. Will stick to my Yen shorts.

I've added an EUR/AUD long at 1.41166. Technically this looks good.

why do you want to show it here?

richy, because such a process by going public can help me to become more disciplined. You can't cheat yourself that way.

Actually I think Nanningbob's way is good but way to complicated. I will do it without all this fancy indicator stuff. Some horizontal lines are all I need. What I'll definitely use from NB is the recovery stuff and the position sizing.

Added an AUD/CAD short plus a GBP/JPY long.

Position sizing too? So do u mean with SL and no low leverage (upto 2:1) trades?

Xaron, another question I had in mind was this:

BWILC asks us to prepare grids to cover most of the price action within a month aka 30 bars (not exactly but generally speaking). Combined is the parity and gride size rule (at 1:1 , 300-400 pips is good enough).
Currently for EU there was a movement of more than 1400 pips in just 2 months, how do you go about preparing the grid and the adjustment? Cause even at 700 pips we would have adjust the grid twice to adjust the price action.

If possible please share your email so that we can chat over some time.

Sure, you can contact me at [email protected]

Yes I use the stuff from NB, like first entry has a size of 1, second of 1.6 and third of 1.6x1.6.

This 30 bars thing from BWILC is one of the most common misunderstandings. Dirk actually never meant to use only the last month but you have to see the most important support/resistance stuff. It's not about timeframe it's about price levels. 300-400 pips grid size is currently to small. 800 pips should work better.

Regarding the Euro I'm totally amazed that we are NOT above 1.30 already after the up adjustments by the ECB yesterday. Prepare for some kind of a huge up move, if not today then next week.

My target is still 1.35 till the end of this year and well above next year (with some USD strength within Q1 2011 due to new rate hike fantasies)

Week one was a good start, NFP made my day.

http://www.fx-million.com/images/201...unt_040910.png

keep going like this... Good luck!