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  • #375,341
  • Jan 28, 2011 10:51am Jan 28, 2011 10:51am
Quoting cloggie
30 pips a day, will make anyone happy here. The emphasis should be on risk though, never ever risk more then 1%, capital preservation is key. Manage the risk and profits will follow all by themselves.

I judge my success monthly in percentages, not really bothered with pips.

It's like these people on here who are scared of there over night trade. Every trade I make could go 1000 pips against me and it wouldn't break my account. No trade ever makes me loose sleep.
Granted, i would never let it go that far, but these guys trying to turn 100$ into 1,000,000 in a month are ridiculous.

It is fun watching there account gain 1000% in one month just to watch them loose 100% the next month.
  • #375,342
  • Jan 28, 2011 10:52am Jan 28, 2011 10:52am
I know we have a few traders in Egypt, looks like things are very fuild out that way....be safe....
Look Sharp/Trade Tight
  • #375,343
  • Jan 28, 2011 10:52am Jan 28, 2011 10:52am
I really have liked the flow of this thread these last few days.

A lot more collaboration rather than bashing going on.
  • #375,344
  • Jan 28, 2011 10:53am Jan 28, 2011 10:53am
Quoting cloggie
I posted an account here last week trying to get a debate going about risk, it showed 10% growth a day for a few days just trading EURUSD, never risking more then 1% per trade, that all went pearshaped and got a few too many nasty responses.

Trading is about risk, if you can limit your losses to 1% and just take profits at 1%, then you only need a small edge to make a living out of FX. It is all about consistency and risk management.
This morning I downloaded this spreadsheet from a post here on FF. Haven't had a chance to try it but looks nice.

In case anyone is interested ...

Cheers
Attached File(s)
File Type: xls Trade Log_risk_profit_loss Calculator_1.xls   128 KB | 320 downloads
  • #375,345
  • Jan 28, 2011 10:54am Jan 28, 2011 10:54am
Quoting cloggie
I posted an account here last week trying to get a debate going about risk, it showed 10% growth a day for a few days just trading EURUSD, never risking more then 1% per trade, that all went pearshaped and got a few too many nasty responses.

Trading is about risk, if you can limit your losses to 1% and just take profits at 1%, then you only need a small edge to make a living out of FX. It is all about consistency and risk management.


Can you provide a link to the post? Wasn't here last week; would be interesting to see stupidity of those who don't know how to take a loss.
  • #375,346
  • Jan 28, 2011 10:55am Jan 28, 2011 10:55am
Quoting Venice
I really have liked the flow of this thread these last few days.

A lot more collaboration rather than bashing going on.
I love the contention. Bashing and stupidity are highly entertaining.
  • #375,347
  • Jan 28, 2011 10:56am Jan 28, 2011 10:56am
Quoting akhtergroup
Can you provide a link to the post? Wasn't here last week; would be interesting to see stupidity of those who don't know how to take a loss.
He removed the link and removed the stats to the account. To many haters had words about it.
  • #375,348
  • Jan 28, 2011 10:58am Jan 28, 2011 10:58am
Quoting cloggie
30 pips a day, will make anyone happy here. The emphasis should be on risk though, never ever risk more then 1%, capital preservation is key. Manage the risk and profits will follow all by themselves.

I judge my success monthly in percentages, not really bothered with pips.

Best line I ever read here!

Happy pips from Florida!

PitBull
  • #375,349
  • Jan 28, 2011 10:58am Jan 28, 2011 10:58am
Quoting attila
i am aware this forum is all about a different approach from mine, so i'll forever be the black sheep here.
Not sure that that's true. People with lower frequencies see high-freq, multiple positioning as too hard, requiring too much focus and having too much room for mistakes.

People who like to Tango would never break-dance, but it doesn't mean they don't respect it for what it is.
  • #375,350
  • Jan 28, 2011 10:59am Jan 28, 2011 10:59am
Quoting AllyB
This morning I downloaded this spreadsheet from a post here on FF. Haven't had a chance to try it but looks nice.

In case anyone is interested ...

Cheers

If you want to survive in this business, you need to take it one step further and also measure your personal risk, know what currencies give you the better edge, know which session works for you, know what setup works for you, know what news event works for you.

I track all my trades and know exactly what works for me based on the exact history of trading each currency pair, I know exactly what time of the day of which day in which month I make the most money. I adjust my trading size based on my personal track record.
  • #375,351
  • Jan 28, 2011 11:00am Jan 28, 2011 11:00am
Quoting OldQuant
Not sure that that's true. People with lower frequencies see high-freq, multiple positioning as too hard, requiring too much focus and having too much room for mistakes.

People who like to Tango would never break-dance, but it doesn't mean they don't respect it for what it is.
Master of analogies I see

I highly respective the scalpers... I sure know I can't do it as my account has proven time and time again.

I prefer the much slower daily candles, or when i'm feeling crazy a weekly chart. As we said, make those pips, it doesn't matter how.... just do it!
  • #375,352
  • Jan 28, 2011 11:00am Jan 28, 2011 11:00am
Quoting attila
no it's not. if you size your trade lower. it's actually a fun game to be first to where the big boys are heading.
I just meant for me. I can't do it. I get too emotional and end up throwing a mouse, keyboard or small child out the window.
  • #375,353
  • Jan 28, 2011 11:02am Jan 28, 2011 11:02am
Quoting cloggie
If you want to survive in this business, you need to take it one step further and also measure your personal risk, know what currencies give you the better edge, know which session works for you, know what setup works for you, know what news event works for you.

I track all my trades and know exactly what works for me based on the exact history of trading each currency pair, I know exactly what time of the day of which day in which month I make the most money. I adjust my trading size based on my personal track record.
Absolutely. For those that use metatrader, I highly recomend myfxbook.com to track these stats.
  • #375,354
  • Jan 28, 2011 11:02am Jan 28, 2011 11:02am
Quoting cloggie
If you want to survive in this business, you need to take it one step further and also measure your personal risk, know what currencies give you the better edge, know which session works for you, know what setup works for you, know what news event works for you.

I track all my trades and know exactly what works for me based on the exact history of trading each currency pair, I know exactly what time of the day of which day in which month I make the most money. I adjust my trading size based on my personal track record.
Hi cloggie and guys, just want to ask ur opinion about Gann's way of trading?
I heard from another trader that it requires a bit of knowledge about everything, maths, physics etc.

I assume you trade based on funamentals and PA, but have you ever researched into Gann's way of trading? just curious to know and if the other traders here know anything about it could u kindly share with me? maybe not here if it floods the thread but via PM? thanks
  • #375,355
  • Jan 28, 2011 11:03am Jan 28, 2011 11:03am
Breakthough candle daily , enough for the start.just expecting around 3572 today .
fontu
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 11 KB
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #375,356
  • Jan 28, 2011 11:03am Jan 28, 2011 11:03am
Quoting willkohsg
Hi cloggie and guys, just want to ask ur opinion about Gann's way of trading?
I heard from another trader that it requires a bit of knowledge about everything, maths, physics etc.

I assume you trade based on funamentals and PA, but have you ever researched into Gann's way of trading? just curious to know and if the other traders here know anything about it could u kindly share with me? maybe not here if it floods the thread but via PM? thanks

Gann himself did not even know how to trade Gann. All joking aside, I nerver really took Gann seriously. That is just my personal opinion.
  • #375,357
  • Jan 28, 2011 11:04am Jan 28, 2011 11:04am
Quoting fontu
Breakthough candle daily , enough for the start.just expecting around 3572 today .
fontu
Love your chat look lime mine i am out 1.3578
  • #375,358
  • Jan 28, 2011 11:07am Jan 28, 2011 11:07am
Quoting cloggie
If you want to survive in this business, you need to take it one step further and also measure your personal risk, know what currencies give you the better edge, know which session works for you, know what setup works for you, know what news event works for you.

I track all my trades and know exactly what works for me based on the exact history of trading each currency pair, I know exactly what time of the day of which day in which month I make the most money. I adjust my trading size based on my personal track record.
I have started this month tracking all my trades so soon I hope to be able to figure out what is best for me. Can't believe how much it has helped already!
  • #375,359
  • Jan 28, 2011 11:08am Jan 28, 2011 11:08am
Quoting cloggie
Gann himself did not even know how to trade Gann. All joking aside, I nerver really took Gann seriously. That is just my personal opinion.
ok thanks cloggie i've been following ur posts here silently, thanks for all the advice and explainations so far

looks like 1.36 RN just broke.

really have itchy fingers to short now but well i guess it'll be better to short on pullbacks on monday
  • #375,360
  • Jan 28, 2011 11:11am Jan 28, 2011 11:11am
Quoting Venice
I don't know how people scalp in forex. Every time I make an attempt at it I get eaten alive.

Besides, checking out charts a few times a day is much more elegant, and allows me to scalp equities, which seem to oscillate far better then the forex madness.

C'est la vie...
Try scalping the euro futures contract (6e) on CME.. a lot more manageable.

Forex madness? No, spot FX is more efficient than equities. << this means it's easier to make money on equities (because of equity market INefficiency) than it's on spot FX.

The caveat with this market, and any other market for that matter, is that your strategy could be a winner but the market moves in such a way that it makes you think your strategy is a loser. You could have an excellent system that picks targets with high accuracy.. the only thing it can't predict is if a market-maker or LP is going to whale you (big fish joke) before you get that target.

The trick here would be realizing when you're getting whaled, get out of your bad trade early (using a short-term SL switch) and re-enter at a better price while still using a short-term SL switch just in case the whales come back for round 4, 5, 6... etc.
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