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CHOROS System

  • #5,321
  • Jun 21, 2011 12:07am Jun 21, 2011 12:07am
Quoting kostas1
No you are not.
Your messages were just a few. Don't misunderstand me, I am more than happy to help. It is easier to help within the thread so that many people can access the same information. I also understand why some of you will try to reach me through PM (some things can't become public).
If you wanted to publish all the PM's I sent you, I don't think any delicate information was sent, so I'd be OK with that.
  • #5,322
  • Jun 21, 2011 4:20am Jun 21, 2011 4:20am
hi all,

here is my first trade for today.

confluence of MR1, open, m15 50EMA and h1 10EMA. drawdown was only 2 pips...

one more of this and I will call it a day...
Attached Image (click to enlarge)
Click to Enlarge Name: 21062011_gbpusd_1sttrade.png Size: 62 KB
  • #5,323
  • Jun 21, 2011 6:45am Jun 21, 2011 6:45am
Quoting kostas1
P.S. The only reason I am still around is that I like teaching people and giving back to the community in the same way that other taught me.
Thanks, what you are doing is unique. There have been other people around who devised or evolved successful systems, and they have also tried to help by answering questions and publishing manuals. Some of them have also alluded they have had great success and have been living a very comfortable life because of forex. But the unique thing here is that you have answered in detail all questions about your equity and have shown step by step how can one increase his account over 100 times (so far), starting with a small amount. Other successful traders have been very secretive regarding their initial steps and how exactly their account evolved. It is not much help if Onassis is trying to teach you how to manage a fleet when all you have to start with is an inflatable boat. And it is not very supportive either if someone has been instructing people for many months or years but we don't know how his own account is doing. Has he doubled it ? Has he halved it ? We often don't know. So what is happening in this thread is most unique.
  • #5,324
  • Jun 21, 2011 7:16am Jun 21, 2011 7:16am
There was a trader by the name "Sopel" he was very aggressive and when he was posting he was having good trades a he even stated that he quit his job!
However I don't see his posts anymore.
There are others that also quit posting!

Happy pipping!
  • #5,325
  • Jun 21, 2011 7:43am Jun 21, 2011 7:43am
Yes, this is the problem with most people who teach: They disappear and we don't know whether they blew up their account or are sipping pina coladas in some tropical island. We never learn how much money they made after all and what exactly was the progress of their equity.

Now, I'm not saying that they should be posting forever. But if you are "teaching" people it would be nice to at least say something like "goodbye guys, I quit forex and I have decided to invest the money I made in something else". Or "I'm sorry but I couldn't follow my own rules and I blew my account". Or "I started with X money, I made Y money and I have withdrawn Z money so far". Or even "hey guys, I got sick of you so I quit posting here, but here is my account data and the system does work"
  • #5,326
  • Jun 21, 2011 9:09am Jun 21, 2011 9:09am
Quoting micmic
Yes, this is the problem with most people who teach: They disappear and we don't know whether they blew up their account or are sipping pina coladas in some tropical island. We never learn how much money they made after all and what exactly was the progress of their equity.

Now, I'm not saying that they should be posting forever. But if you are "teaching" people it would be nice to at least say something like "goodbye guys, I quit forex and I have decided to invest the money I made in something else". Or "I'm sorry but I couldn't follow...
i dont know about others. But i have shared whatever i learnt. I have reduced postings because they are repitive. Thats all. Remeber my constrainment trades? They happen even today!

To kostas- dont worry abt little irritations. You have gebuine learners too sir.
Making money is easy- Just dont take losing trades
  • #5,327
  • Jun 21, 2011 9:20am Jun 21, 2011 9:20am
Quoting Survivor
i dont know about others. But i have shared whatever i learnt. I have reduced postings because they are repitive. Thats all. Remeber my constrainment trades? They happen even today!

To kostas- dont worry abt little irritations. You have gebuine learners too sir.

Yep, there are lots of people helping. Especially in this thread. But what I underlined about Kostas's contribution is that he actually talked money. He said where he started, how much he made, what where his setbacks, how his money management has been working etc. This is very very VERY helpful and very very VERY rare.
  • #5,328
  • Jun 21, 2011 10:47am Jun 21, 2011 10:47am
Quoting micmic
Yep, there are lots of people helping. Especially in this thread. But what I underlined about Kostas's contribution is that he actually talked money. He said where he started, how much he made, what where his setbacks, how his money management has been working etc. This is very very VERY helpful and very very VERY rare.
I appreciate the good words my friend.
What you are describing was exactly my frustration when I was starting in FX. I just couldn't find proof that success is possible and in this game psychology is key. The short story is that you can actually make it, it just takes time, patience, discipline and not giving up. It is NOT easy but when you learn how to do it, it is worth it.
  • #5,329
  • Jun 21, 2011 11:23am Jun 21, 2011 11:23am
In relation to your long journey at forex, I just found this post, you first live trade in The Dance, must be nice to have a record on it and be able to re-live it...
Quoting kostas1
First live trade,

Chart is Gbp/Usd, 15 min: Took long trade off 35/50 confluence (although the safest trade would have been three bars later) and exited at 4hr resistance. Good +52 pips!

P.S. Excuse the lack of first chart (i.e. with only entry and no exit).

P.S.2 I just realized that Clay had just posted the same chart above. His entry was much better in terms of risk and it is the third bar after my entry
Flp. 4:13
  • #5,330
  • Jun 21, 2011 12:52pm Jun 21, 2011 12:52pm
kostas can you please answer a question your money mangement and position sizing, I know you've spoken about this before (several times) and pardon me for asking but, I've been following the thread for a long time but its still not very clear, so i thought its better to ask rather than remain not sure. I'm sure this would help many of the newer members as well.

You've mentioned many times you do 3-5 trades a day netting you 3% (i know you've reduced it now to 2% but I'm talking about when you started to build your account from the initial 400 euro) and your target on 30 pips a day, and around 8-12 pips on each trade.

My question is are your sl larger than your tp. You said somewhere that ur stop is 18 pips(max) and your target is 8-12 pips for each individual trade. That means if you had 2 losers in row you would lose 18*2=36 pips, this is more than your allocated risk of 30 pips or 3% of the account, it is actually -3.6% (almost -4%) So in that case you can not aford to trade after having 2 losses in a row ..... is this correct?
  • #5,331
  • Jun 21, 2011 1:36pm Jun 21, 2011 1:36pm
Be careful guys!

We expect extreme volatility in the market today at 5:00 PM ET US no matter which way the Greece Confident vote goes. Please see http://video.cnbc.com/gallery/?video=3000028617 and
http://www.guardian.co.uk/business/2...-moment-crisis for more information.

Risks Associated with Trading Off-Exchange Retail Foreign Currency During Economic News Announcements
As with all major economic releases, there could be significant price volatility with this announcement. Currency spreads will typically widen just before the release and will remain wide for a few minutes after. If the announcement is a shock to the consensus estimate, the price of the currency pair could gap significantly. For example, the price on the EURUSD trading at 1.2820 - 1.2822 just before release could gap up 60 pips to 1.2880 - 1.2882, without any available prices available between the price of 1.2820 and 1.2882. A Buy Stop placed before the announcement at 1.2830 would turn into a Market Order and would be filled at the prevailing price 1.2882. The same would be true with a Sell Stop.
Approximately four years ago we saw a gap of approximately 200 pips on the GBPUSD on a Non-Farm Payroll announcement. While this is an extreme example, it nevertheless is a possibility with trading during economic announcements. Consequently, plan on the spreads widening and, if you are trading with a Buy or a Sell Stop entry order, do not anticipate being filled at your entry price. You will be filled at the prevailing market price after the release, which could be significantly different from your desired price of your entry order.
Please be advised that due to the volatility of price fluctuations during the news, it is possible to see a delay in execution due to the additional verification necessary for each trade.
We would like to thank you for your continued support and wish you success in your trading.
Best Regards,
IBFX
  • #5,332
  • Jun 21, 2011 1:51pm Jun 21, 2011 1:51pm
Quoting fugly
kostas can you please answer a question your money mangement and position sizing, I know you've spoken about this before (several times) and pardon me for asking but, I've been following the thread for a long time but its still not very clear, so i thought its better to ask rather than remain not sure. I'm sure this would help many of the newer members as well.

You've mentioned many times you do 3-5 trades a day netting you 3% (i know you've reduced it now to 2% but I'm talking about when you started to build your account from the initial 400...
OK, many questions here. First, let me state that my MM has changed from the time the thread has started, till now.
1. My daily target is now 1%.
2. SL is usually larger than TP. With the winning ratio of the CHOROS trades I can afford that. But I am following the trade closely. With the first sign of price hesitation I will close it even at 6-7 pips. Otherwise, I will let it run for more.
3. Rarely, I am able to capture my daily target with one trade.
4. I do not let the trade hit the SL if I think I screwed up. For example, if as I enter the trade I see the price run against me 6-10 pips I will probably manually exit, unless I thing it's a head-fake. So, 2 losses for me doesn't mean -36p.
6. Sometimes, when I see a good confluence target and I need to leave the office, I will put a relatively big SL at a safe distance.
7. I am not stopping at 2 losses in a row. If I do get 3 losses in a row (very very rare) I am definitely stopping.
  • #5,333
  • Jun 21, 2011 2:00pm Jun 21, 2011 2:00pm
Quoting candela04
Be careful guys!
We expect extreme volatility in the market today at 5:00 PM ET US no matter which way the Greece Confident vote goes.
Good point. I am in front of the TV right now.....
  • #5,334
  • Jun 21, 2011 3:13pm Jun 21, 2011 3:13pm
Quoting kostas1
2. SL is usually larger than TP.
How many pips would you say is your average SL ?
  • #5,335
  • Jun 21, 2011 3:18pm Jun 21, 2011 3:18pm
Quoting micmic
How many pips would you say is your average SL ?
I'm guessing anywhere between 7-9 pips when risking 1%-1.5% per trade.
  • #5,336
  • Jun 21, 2011 6:38pm Jun 21, 2011 6:38pm
Quoting Survivor
my fortune teller!!!

Since you asked here is how i traded yesterday. Was a good day. It is all as i have explained in previous post. Still very much choros. But slightly modified to make sure i do touches well.
Thanks for a great post. As a newcomer to this thread I have found your postings very informative.
  • #5,337
  • Jun 21, 2011 10:40pm Jun 21, 2011 10:40pm
Quoting micmic
How many pips would you say is your average SL ?
I can't really give you an exact number because I use the M5 and M1 charts to put it at a safe spot. It is probably closer to 20 pips as an average but as I told you before, if I think that the trade is not good I will close manually before that.
  • #5,338
  • Jun 22, 2011 12:48am Jun 22, 2011 12:48am
Took this EUR M15.E10 Touch, reached +12 pip, took only +4pip
Attached Image
  • #5,339
  • Jun 22, 2011 12:52am Jun 22, 2011 12:52am
Quoting kk007
Took this EUR M15.E10 Touch, reached +12 pip, took only +4pip
Same trade for me. I was out at +10p since we don't have a trend yet (look at 35/50).
  • #5,340
  • Jun 22, 2011 12:53am Jun 22, 2011 12:53am
Quoting kostas1
Same trade for me. I was out at +10p.
hehe, smart guy.
How did you know +10pip was good to TP?
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