Quoting eliteDislikedI believe that's interest I'm paying. I'm not an interest expert, but I believe when you hold long you earn and when you hold short you lose. The brackets are negative because I was holding short orders past 5PM EST. I use FX Solutions for my broker.
I don't care if you post here.. I like to chat! Pollute it all you want! haha. I look forward to anything anyone has to say!
As far as your $8 profit.. what sort of trading are you doing? (lot size, leverage, etc)Ignored
Hi elite,
I hope you don't mind me asking.. But how do you measure your trade temperature?
I mean, you have there "how happy I am with today's trade"... And I think I read it somewhere.. Maybe from Van Tharp.. I really can't remember..
But anyway, I think that it is something I may want to add in my trade logs..
Could you please give me more detail about it?
Regards,
East
It's just something fun I decided to throw in there. Usually I'm basing it on how much I'm kickin myself over decisions I've made. Lately my trades have been very sloppy! Hence the low numbers..
Hey East,
It's just something fun I decided to throw in there. Usually I'm basing it on how much I'm kickin myself over decisions I've made. Lately my trades have been very sloppy! Hence the low numbers..
Anyway, thanks for informing though..
I think I'll do add something like this in my journal.. Happy trading now..
Regards,
East
- Joined Jan 2006 | Status: gamblin wit style | 740 Posts
i could be wrong, but its pretty easy to figure out what elite is doing and i trade the same way if thats really what he does.
he buys puts a limit a few pips then closes the position and profit now lets say he bought and put a limit and price went against him, hll average down and wait till hes in profit or he could hedge especially on a break of support/resistance that way he profits one way and waits for the market to reverse to profit.
example:
buys 1 lot at 1.2050
price drops to 1.2030 he buys another lot
average is now 1.2040 while price is climbing.
price is now 1.2060 20 pips above average. he could either close out for a profit and go long and short again or just long or start a short cycle or he could put trailing stops and let the winners run and then hedge in case theres a move against him. basically hes profiting either way.
i remember trying this out for the first time when euro was trending down last summer and i got screwed big time even though i turned 275$ into 600$ in a few days.
otherwise this idea works great in a ranging market and i trade like this i trade with the big O and i trade small amounts. tahts another key for a strategy like that to survive you gotta have lots of leverage and very small positions. i started with 10 units at a time and i would play the ranges till a move happens. if it went my way awesome if not then i would accumulate slowly and when it hits support i would buy several lots and play the ranges keep buying and selling and when the retracement happens i end up with a big position and a low average so in a small retracement im already in good money. ive sustained moves that were as big as 300 pips on gbp/usd and by the time it hit support and about to turn around i had like 2000-5000 units which at the time my 500$ account it was alot of units. and while waiting for the retracement u can easily trade the tight ranges of when the big move hits support i would get about 30-50 limits and i easily pull off 200-400 pips a night and when the retracement happens man was it awesome or what??!!
now im up from 10 units to 200 units a position since my account is bigger.
its a great way to trade and since the majors arent really trending at the time it works wonders.
so basically if elite is doing that than no wonder hes makin good profit the strategy is almost flawless in a trending market + high leverage+ small lots relative to account size
i can trade bigger amounts but id prefer trading small so i can handle giant moves even a 1000 pips move without retracement right away i can handle without a problem.
he can do better but for his account size and im assuming 400:1 leverage hes using too big of lots but if its working for him then why not? if he drops to using 1-2 mini at a time he can have many more positions and go for more pips than just a few. but whos complaining when the guys is making a living out of it.
id like to hear from him and see what his system is all about i think we could all learn something here and id hate to be the party pooper if thats really his system the one i described and the way I trade so wll see
he buys puts a limit a few pips then closes the position and profit now lets say he bought and put a limit and price went against him, hll average down and wait till hes in profit or he could hedge especially on a break of support/resistance that way he profits one way and waits for the market to reverse to profit.
example:
buys 1 lot at 1.2050
price drops to 1.2030 he buys another lot
average is now 1.2040 while price is climbing.
price is now 1.2060 20 pips above average. he could either close out for a profit and go long and short again or just long or start a short cycle or he could put trailing stops and let the winners run and then hedge in case theres a move against him. basically hes profiting either way.
i remember trying this out for the first time when euro was trending down last summer and i got screwed big time even though i turned 275$ into 600$ in a few days.
otherwise this idea works great in a ranging market and i trade like this i trade with the big O and i trade small amounts. tahts another key for a strategy like that to survive you gotta have lots of leverage and very small positions. i started with 10 units at a time and i would play the ranges till a move happens. if it went my way awesome if not then i would accumulate slowly and when it hits support i would buy several lots and play the ranges keep buying and selling and when the retracement happens i end up with a big position and a low average so in a small retracement im already in good money. ive sustained moves that were as big as 300 pips on gbp/usd and by the time it hit support and about to turn around i had like 2000-5000 units which at the time my 500$ account it was alot of units. and while waiting for the retracement u can easily trade the tight ranges of when the big move hits support i would get about 30-50 limits and i easily pull off 200-400 pips a night and when the retracement happens man was it awesome or what??!!
now im up from 10 units to 200 units a position since my account is bigger.
its a great way to trade and since the majors arent really trending at the time it works wonders.
so basically if elite is doing that than no wonder hes makin good profit the strategy is almost flawless in a trending market + high leverage+ small lots relative to account size
i can trade bigger amounts but id prefer trading small so i can handle giant moves even a 1000 pips move without retracement right away i can handle without a problem.
he can do better but for his account size and im assuming 400:1 leverage hes using too big of lots but if its working for him then why not? if he drops to using 1-2 mini at a time he can have many more positions and go for more pips than just a few. but whos complaining when the guys is making a living out of it.
id like to hear from him and see what his system is all about i think we could all learn something here and id hate to be the party pooper if thats really his system the one i described and the way I trade so wll see
