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Is my strategy risky?

  • #21
  • Sep 30, 2010 11:02pm Sep 30, 2010 11:02pm
Quoting hilmy83
theoretical results on excel are like porn for upcoming traders. They get turned on by it.
LOL.......you all have to keep in mind that I used the banks for a very long time, so I know my pairs. It is just learning the platform and rules of trading online that is so new to me. I hope I'm not such an idiot that I blow up my account for no reason at all. So far, the only thing that caught me off guard is when the broker I chose dropped the leverage to 30:1 over weekends, which was clearly stated on their website. After that I went through their fine print like a laser to make sure I know what my risks and their rules are, which BTW are always to the Brokers advantage.
  • #22
  • Sep 30, 2010 11:08pm Sep 30, 2010 11:08pm
right, but no one told him the 13th week could be the blow up week
  • #23
  • Oct 1, 2010 1:37am Oct 1, 2010 1:37am
Quoting klrman
No, I would have 10k in my account and open a 100k position. At the allowed 30:1 ratio, that would mean my margin would have to be at least $3,300 or 33%. Actually a few percent more based on the pair.
Holy balls, no! Odds are too much against you. With a veteran winning percentage you won't last more than a few 100k trades.
  • #24
  • Oct 1, 2010 1:53am Oct 1, 2010 1:53am
Quoting EmeraldEyes
Holy balls, no! Odds are too much against you. With a veteran winning percentage you won't last more than a few 100k trades.
I might have to learn this the hard way on my live account as my demo account seems to be working fine. If I blow up my account, I'll post here just for the fun of it, but I still don't see why everyone thinks I'm doing the wrong thing.
  • #25
  • Oct 1, 2010 1:55am Oct 1, 2010 1:55am
Quoting EmeraldEyes
Holy balls, no! Odds are too much against you. With a veteran winning percentage you won't last more than a few 100k trades.
Did you read the part where he said hes got 30 years experience? I think he knows what hes doing. I doubt in your 1-3 years theres much help you can give him. Maybe Im wrong
Time hides Nothing
  • #26
  • Oct 1, 2010 11:54am Oct 1, 2010 11:54am
Quoting CindyXXXX
Did you read the part where he said hes got 30 years experience? I think he knows what hes doing. I doubt in your 1-3 years theres much help you can give him. Maybe Im wrong
Lol. How do you know I have 1-3 years? Bc my profile said so? How do you know he has 30 years experience, bc you believe one post in forum?

Ok so you've got 30 years experience then you post in a rookie forum asking if your plan is risky by putting 33% of your capital per trade. Money management should be a top priority in any professional trading career. I just feel like that's too much to risk for any reward IMO and your acct will fail.
  • #27
  • Oct 1, 2010 12:06pm Oct 1, 2010 12:06pm
Quoting EmeraldEyes
Lol. How do you know I have 1-3 years? Bc my profile said so? How do you know he has 30 years experience, bc you believe one post in forum?

Ok so you've got 30 years experience then you post in a rookie forum asking if your plan is risky by putting 33% of your capital per trade. Money management should be a top priority in any professional trading career. I just feel like that's too much to risk for any reward IMO and your acct will fail.
yes but that isnt what he meant as we later discovered. Anyway onwards and upwards

BTW I find it hard to take anyone in green spandex seriously... No offence

Hey.. Lets battle
Time hides Nothing
  • #28
  • Oct 1, 2010 12:22pm Oct 1, 2010 12:22pm
Quoting CindyXXXX
yes but that isnt what he meant as we later discovered. Anyway onwards and upwards

BTW I find it hard to take anyone in green spandex seriously... No offence

Hey.. Lets battle
  • #29
  • Oct 1, 2010 1:22pm Oct 1, 2010 1:22pm
Quoting klrman
LOL! How about 30+ years of being really good on currency trends, does that count? I can tell you flat out that the AUS/USD is going to fall like a brick soon.
Gee captian obvious, it has only been going straight up for the past month... What gives you the idea that it cant continue?

Not sure how 3 weeks on demo equates to 30 years of trends, but then again, you do seem to have developed your own "special" brand of math. In either case I am going to say No, it does not count.

Quoting klrman
I hope I'm not such an idiot that I blow up my account for no reason at all.
We have already explained to you that this is a bad idea. But go ahead, trade away, and feel free to come back here and say you told us so. But I highly doubt that you honestly will.
  • #30
  • Oct 2, 2010 12:51am Oct 2, 2010 12:51am
Quoting traderjai_inhi
Gee captian obvious, it has only been going straight up for the past month... What gives you the idea that it cant continue?

Not sure how 3 weeks on demo equates to 30 years of trends, but then again, you do seem to have developed your own "special" brand of math. In either case I am going to say No, it does not count.



We have already explained to you that this is a bad idea. But go ahead, trade away, and feel free to come back here and say you told us so. But I highly doubt that you honestly will.
If it happens that I contribute to the liquidity pool and make all of you richer, I can live with that! If I can make my strategy work at the bank for so long, then, other than a corrupt broker or software, it should work the same for me online where the spreads are very tight. That is my theory, but you have all warned me and I have listened, so thanks for that.
  • #31
  • Oct 2, 2010 1:00am Oct 2, 2010 1:00am
33% is huge! It would only take you 3 trades to be out. I would not be trading more than 2-3%. You have to learn the market and forex is not easy at all. For new traders I consider forex no different than gambling, its just legal.
  • #32
  • Oct 2, 2010 2:11am Oct 2, 2010 2:11am
Quoting ICONyound
33% is huge! It would only take you 3 trades to be out. I would not be trading more than 2-3%. You have to learn the market and forex is not easy at all. For new traders I consider forex no different than gambling, its just legal.
He is not risking 33% of his capital, read it all again. He is trading 1 standard lot on a $10,000 account. The 33% part comes in when over the weekend the broker drops the leverage to 1:30 and the position has a $3,300 margin requirement. He is also not a new trader, just a new internet trader, different thing altogether.
  • #33
  • Oct 2, 2010 8:12pm Oct 2, 2010 8:12pm
Warning!!!! That is asking for trouble, that is way overleveraged...most new traders don't last 3 months at this because of poor money management.

Cut your risk to 1%




-Mike
  • #34
  • Last Post: Oct 3, 2010 2:57pm Oct 3, 2010 2:57pm
This is not a question of seniority. For all I care, a good trader must have a good character, admitting mistakes and avoid one-way trading. A year of experience is enough, I believe, to find the toolbox that works for us, the method of trading that has already proven itself in backtests. It's crucial to work hard in demo mode, testing the crap out the method.
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