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Big Pig's Successful Day Trading

  • #21
  • Apr 30, 2012 1:19pm Apr 30, 2012 1:19pm
Thanks for the charts and analysis Big Pig. I caught the pound/dollar as well. Like your system, very simple, very effective.
I trade from the east coast of US so must rise early or stay up late to catch the London open, but usually worth it.
Keep the posts coming and thanks for sharing.
  • #22
  • Apr 30, 2012 2:33pm Apr 30, 2012 2:33pm
No worries thanks mackmack
  • #23
  • Apr 30, 2012 11:30pm Apr 30, 2012 11:30pm
Very doubtful I will trade today, European bank holiday. Too many holidays probably why they are in this mess! Markets very slow and flat this morning.
  • #24
  • Apr 30, 2012 11:36pm Apr 30, 2012 11:36pm
If you are ever tempted to trade in a flat and slow market just switch to the hour chart. Staring at a 5 min chart just makes you see things that are not there.
  • #25
  • Apr 30, 2012 11:47pm Apr 30, 2012 11:47pm
Thanks for charts Big Pig. Im in New Zealand waiting for London open.
Probably wont trade because of holiday. If i do will trade on demo for my education.
look forward to more chart.

Cheers
  • #26
  • Apr 30, 2012 11:49pm Apr 30, 2012 11:49pm
Just gone short Eur Usd with tight 5 point stop.
  • #27
  • May 1, 2012 12:06am May 1, 2012 12:06am
stop to break even
  • #28
  • May 1, 2012 12:32am May 1, 2012 12:32am
got stopped out on that one at breakeven. Out the way now for GBP news.
  • #29
  • May 1, 2012 12:33am May 1, 2012 12:33am
Quoting shogeki
Thanks for charts Big Pig. Im in New Zealand waiting for London open.
Probably wont trade because of holiday. If i do will trade on demo for my education.
look forward to more chart.

Cheers
No worries, Will post more charts when I get some setups
  • #30
  • May 1, 2012 5:04am May 1, 2012 5:04am
Just wanted to put this chart up quickly for you to have a look at sold into 4 hour tail on Eur Usd 10 Point stop just above the highs.
Good setup
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_USD (DFB)1.png Size: 28 KB
  • #31
  • May 1, 2012 5:08am May 1, 2012 5:08am
Same chart but just showing how we sell into the 4 hour tail. This one has added significnce as it was a false breakout on the daily time frame. Price has come back inside with this setup.
Stop to break even now my target is almost 70 pips away due to the added significance of the setup and weight of longer time frames.
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_USD (DFB)4hour.png Size: 26 KB
  • #32
  • May 1, 2012 1:57pm May 1, 2012 1:57pm
I guess you all saw what happened after my last chart. Unfortunately I was stopped out by 1 point and I missed the massive move which would have hit my limit for around 70pips. No matter how well you learn to control your emotions missing moves like this cause me some issues! lol When price finally broke down I was at a meeting. Had I been watching my chart I would have reentered. Lesson is dont go to meetings when the trade of the week is on the table!

I could have told you all how I adjusted my stop and rode the move but I want to be honest with you all otherwise what is the point.

Even when you become profitable having losing trades is still a big part of the game and probably the most important part. As long as they are kept small and you dont revenge trade then your winning trades are just around the corner.
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_USD (DFB).png Size: 25 KB
  • #33
  • May 1, 2012 1:59pm May 1, 2012 1:59pm
9 times out of 10 my stop would have kept me in this trade but sometimes you can just be unlucky. Today was one of those days!

Guys let me know if you caught the move or used the same entry I took.
  • #34
  • May 1, 2012 2:12pm May 1, 2012 2:12pm
I feel your pain Big Pig. I took the exact same trade on the eu and was stopped out by 3 pips. I managed to regroup and entered a market order short and jumped out quickly after making back my loss plus 4 pips. Could have been more but market orders too risky. I never do that ordinarily but felt like it was going to be a strong move down. Things rarely go perfectly or exactly as planned.
Good call otherwise. I would take that trade any day.
  • #35
  • May 1, 2012 2:18pm May 1, 2012 2:18pm
That was a good example of stop running! Unfortunately I was a victim on that occasion. Glad you saw the trade too Mackmack, Its always difficult getting back into a trade and letting it run when your orignal entry fails.
  • #36
  • May 1, 2012 2:56pm May 1, 2012 2:56pm
Thanks BP. many people say setting such short stops will slowly bleed you dry but for this style of trading and with my ridiculously small account size, I do not have much choice, really. Classic tortise and hare approach yet I believe many successful traders have started quite conservatively and grown massive wealth. In the meantime we gain the most valuable possesion; experience.
  • #37
  • May 1, 2012 7:54pm May 1, 2012 7:54pm
Hey bigpig. Love your handle, lol. Very informative thread in less than 3 pages! Like your style, uncluttered, sticks with the basics, with wisdom/experience that's surely borne out of years of toiling alone. I trade a similar style, with focus more on lower time frames, and a little less contrarian.
Sounds like you trade on the side, or do you do this full time? My #1 obstacle at the moment is letting my winners run. Like you, my SL is usually about 10 pips, but I rarely get 20+ pip winners. Get too jumpy at every little retrace. As the result, too often I'm cutting my winners far short of the original TP levels. Did you have this issue? Any tips?
Being the best loser that I can be.
  • #38
  • May 2, 2012 9:36am May 2, 2012 9:36am
Love the blog Big Pig. I too trade a small account on short stops and I know it can take a long time to build your account but patient is the name of the game. my tip to "freestyler" is cut your lot size until you find the one that makes you feel more comfortable and it pays, although it can get frustrating at times. I make it an interesting game and it makes it a good psychological learning tool
  • #39
  • May 2, 2012 12:19pm May 2, 2012 12:19pm
Quoting Freestyler
Hey bigpig. Love your handle, lol. Very informative thread in less than 3 pages! Like your style, uncluttered, sticks with the basics, with wisdom/experience that's surely borne out of years of toiling alone. I trade a similar style, with focus more on lower time frames, and a little less contrarian.
Sounds like you trade on the side, or do you do this full time? My #1 obstacle at the moment is letting my winners run. Like you, my SL is usually about 10 pips, but I rarely get 20+ pip winners. Get too jumpy at every little retrace. As the...
Hi freestyler I'm trying to think of the best advice to give for letting trades run.
The key to this is, honestly believing that a break even trade is a winner! That way once you get your stop to break even it will allow you to relax into the trade. As long as you don't let a winner turn into a loser you will stay sane. It is annoying seeing the market stop you out sometimes only to then go and hit your limit but I have found that over time it pays off.
Try this as an experiment.
When you get and entry of an hour chart or longer time frame setup with a decent reward set your limit to 30pips and just let it run. Only move your stop to break even nothing else. Unless there is obvious support and resistance in the way. I have found that most of the good trades I take will average around 30 pips some go 50 some 20 but most hit 30 pips. That gives you. 3:1 risk reward and stops you pulling out to early.

Try to think of only losing if you end the trade early for no real reason. That is a losing trade!

I'm probably waffling a bit here.
  • #40
  • May 2, 2012 12:29pm May 2, 2012 12:29pm
Quoting mackmack247
Thanks BP. many people say setting such short stops will slowly bleed you dry but for this style of trading and with my ridiculously small account size, I do not have much choice, really. Classic tortise and hare approach yet I believe many successful traders have started quite conservatively and grown massive wealth. In the meantime we gain the most valuable possesion; experience.
This is what makes me laugh about the so called guru's. If people just use short stops in general then yes they would bleed you dry however if you are patient and wait for an entry where your short stop is still outside of the highs or lows then it's best way to get maximum risk reward. I would say that my account grows due to the trades I get when I risk say 5 points and make 30 pips. That's 6:1 risk reward. It also allows you to put on more money. I could never trade the amount I trade and say risk 100 points on a stop loss. 1 bad trade would kill me.

Trading with small stops does mean that I may get stopped out once or twice but i will often re enter 2 times until I nail the entry.

Bottom line don't let the market control you. I used to watch the market 50-100 points against me. A long time ago mind. I remember how that used to feel. It would make me freeze and I couldnt do anything. Now I'm either straight into a winner or out and looking for the next opportunity.
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