Pitbull Trader with Position Building | Page 56 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

EA open position on demo, but not open position on real account. Any Comment 7 replies

Close Losing Position, Set Trailing Stop to Winning Position 2 replies

Extreme long term Hedged Carry Trade Position Building journal 15 replies

What is "Building a Position" 4 replies

Long position or short position 6 replies

Attachments: Pitbull Trader with Position Building
Exit Attachments

Pitbull Trader with Position Building

  • #1,101
  • May 18, 2012 8:49am May 18, 2012 8:49am
Quoting Franskhet
Hi Chips and Courtneywild and of course the Forexfactory’s team

I’m a new member of ForexFactory therefore I’d like to thanks all the peoples involve in the building of this great site.
[size=3][font=Calibri]I want to thank you for all the time and energy that you’ve spend in this thread to develop the Pitbull system after Brijon left and despite the sarcasm of some peoples. It’s amazing to see people like you helping other to improve their trading skill without expecting...
Hi

Practice and you will find what suits you best.
For me I like to renew the basket everyday.... I close it out at end of day and with such small lot size .01 there is not much DD to absorb and sometimes a profit.
I prefer to have a fresh basket everyday because news events can trigger big move which scew the the basket.
I see no reason for why you cannot run the basket on demo and trade the bottom pairs live. However as the basket is such small lots its debatable if its worth it... the margin use is tiny.

The challenge is if you let a pair go into large DD then you may have to wait a long time for it to retrace the cycle. So trade the profit pairs and deal with the DD.... Either lock it or hedge it with larger lot size... whilst building equity. Both of these methods are of course not guaranteed to quickly solve the challenge.

I have used a twice size lot and when the hedge trade = the DD pair close them both at just over BE on equity. So although you have a loss trade you have and = or slightly larger win to offset. remember that in this situation the loss trade and the hedge trade can both be at large loss while and if they cross over. All this take a ton of practice...

There you have it... and no doubt here it comes....
  • #1,102
  • May 20, 2012 1:36pm May 20, 2012 1:36pm
Nicely done courtneywild

I had read chips wrote many posts back that we shouldnt fear DD. The thing we need to do is to deal with it no matter how. There are many ways to do it but i think the most important thing to do besides dealing with the DD is making ++ trades to make up for DD. Maybe we should think the DD as loan as in doing any kind of business the loans/debt need to paid with interest of cost. The key is overcoming the loan, costs debt etc with profit. Looking it by this way..maybe the DD is not so daunting at all.
  • #1,103
  • May 20, 2012 4:35pm May 20, 2012 4:35pm
[quote=courtneywild;5267573]Posted this on the original thread which is now defunct. Made two slight amends to original for clarity. Thought it may help.

How I use this method.

 

  1. I open 10 basket at 0.01

  1. Wait min 1 hour

  1. Trade only bottom two places. Hedge if trade enters settled DD.


Hey Courtneywild,

What if we traded the bottom 2 pairs on a different acct(live) ? This way there is no need to worry about DD. Has anyone tried this ? I hope this is not a repeated question i am asking..

  • #1,104
  • May 21, 2012 2:44am May 21, 2012 2:44am
Quoting superbandam3
Nicely done courtneywild

I had read chips wrote many posts back that we shouldnt fear DD. The thing we need to do is to deal with it no matter how. There are many ways to do it but i think the most important thing to do besides dealing with the DD is making ++ trades to make up for DD. Maybe we should think the DD as loan as in doing any kind of business the loans/debt need to paid with interest of cost. The key is overcoming the loan, costs debt etc with profit. Looking it by this way..maybe the DD is not so daunting at all.

Hi

Yes trade to bank profits and increase equity. Have a set DD maximum of account 10% -20% whatever your risk and capital dictates.
Using the DD as overdraft like a business, this has been posted about someway near the start of the thread and is correct.

Be good.
  • #1,105
  • May 21, 2012 2:47am May 21, 2012 2:47am
[quote=Fx_Pipin;5684071]
Quoting courtneywild
Posted this on the original thread which is now defunct. Made two slight amends to original for clarity. Thought it may help.

How I use this method.

 

  1. I open 10 basket at 0.01

  1. Wait min 1 hour

  1. Trade only bottom two places. Hedge if trade enters settled DD.


Hey Courtneywild,

What if we traded the bottom 2 pairs on a different acct(live) ? This way there is no need to worry about DD. Has anyone tried this ? I hope this is not a repeated question i am asking.....

Hi FX pipin

The DD in the basket is not the real issue as with 0.01 lot it never amounts to much. The DD that is the challenge is the bottom pairs you trade at higher lot size. So DD would be the issue in the live account... make sense!

CW
  • #1,106
  • May 28, 2012 6:58pm May 28, 2012 6:58pm
Hello

A long time try reader on FF and first post here.There are many interresting threads on this forum but this one seduce me more each other!
I try to understand,it's difficult cause of language barrier ( i'm french)....
When you say a pair go into DD,this one going to negative ?
If I understand the the pair who's hedged will be profitable sooner or later,we just wait the cycle (loss profit loss) and close positions when it's time (from -ve to +ve) ??

try to learn english from this forum,first thing i almost won in forex world lool and the road is so far again
  • #1,107
  • May 29, 2012 3:04pm May 29, 2012 3:04pm
Well, hello all.

Thread has slowed down somewhat, but I just found it this weekend. I have read the entire thread and am trying to digest it. Have opened a 10 pair and 14 pair basket (different demo accts.) and letting them simmer.

I'll go over to SH's and read through that thread.

Look forward to hearing from Chips, CW and others who are trading successfully. Hope I can get the hang of it.

Reading through the thread there have certainly been a lot of skeptics and down right haters. Not an uncommon phenomenon hear at FF.

Here's to good trading. I'll be back with my questions.
  • #1,108
  • May 30, 2012 3:02pm May 30, 2012 3:02pm
hello this is my results of the day +8.12 %

good way
Attached Image (click to enlarge)
Click to Enlarge Name: Sans titre.png Size: 197 KB
  • #1,109
  • May 31, 2012 2:14am May 31, 2012 2:14am
good morning to evreone
look at my profit precent in one month
no need to know where the price go up or down
this is no meter
only know how to control dd
thank you very much brijon
toopen my eye to the new concept
have agod day
Attached Image (click to enlarge)
Click to Enlarge Name: my acount.gif Size: 34 KB
  • #1,110
  • Jun 1, 2012 10:20am Jun 1, 2012 10:20am
Just thought I'd post what happened with me and this system this week. As mentioned earlier I stumbled across this last weekend. Earlier this week I posted a 10 pair basket and the 14 pair basket on separate demo accounts.

I was just going to let them steep like chips mentioned but decided to play around with them a little bit.

So...on the 10 pair, I didn't take any trades except for the basket itself. I only looked at it once in a while when at my desk. Sure enough it cycle back and forth...loss, profit, loss.

I would close the basket and reenter immediately at arbitrary times.

The result....the account increased by 3.36 % in 3 days.


On the 14 pair basket I took a few trades starting on Wednesday. Again nothing major. Just looked at it once in a while. Placed maybe 7 grps of trades (1-3 pairs/ea.)

The result.... account increased 8.9 % in 2 days of trading.

I don't know if I'd ever trade this live as I prefer not babysitting. But I may demo for a while and see how it goes. Obviously this was a pretty easy week to profit, what with the JPY shenanagins. Will have to see how I handle larger DD.
  • #1,111
  • Jun 1, 2012 10:26am Jun 1, 2012 10:26am
good, go on doing it

the thing is this kind of trading (similar to mine) is not backtestable.

we have to learn the skills in forward trading, and even live trading.

so maybe starting from a small LIVE account is a good idea.

Quoting spyderman
Just thought I'd post what happened with me and this system this week. As mentioned earlier I stumbled across this last weekend. Earlier this week I posted a 10 pair basket and the 14 pair basket on separate demo accounts.
  • #1,112
  • Jun 1, 2012 11:07am Jun 1, 2012 11:07am
Quoting charvo

so maybe starting from a small LIVE account is a good idea.
Yeah I have a good Nano account broker so I could open a $50 acct trading 1000 unit lots.
  • #1,113
  • Jun 2, 2012 12:41am Jun 2, 2012 12:41am
can you tell me what is MML and what support resistance indicater do you use?

Quoting courtneywild
Alex

Closed last 30 day demo +64%. Current 30 day +17.94%. So... so far good.

The problem comes if you increase the lot size to much, it easy to slip into doing this to see the account grow faster. I have done this and have had trades hit large DD. I refrain from large lot size now.
As Chips stated the lot size must fit with account size and overall exposure.

Also I do look at the 4hr chart with MML to check out significant S/R lines if pair enters DD and I am thinking hedge. Because if a significant S/R line is close the price often turns...
  • #1,114
  • Jun 2, 2012 12:53am Jun 2, 2012 12:53am
Quoting Fantastic
can you tell me what is MML and what support resistance indicater do you use?
Take your pick from 40,300 results, but the first few should clear things up for you

Attached Image (click to enlarge)
Click to Enlarge Name: MML.png Size: 89 KB
It takes a lot for me to IGNORE you, but you can try.
  • #1,115
  • Jun 2, 2012 10:54am Jun 2, 2012 10:54am
super reply thank you


Quoting Erebus
Take your pick from 40,300 results, but the first few should clear things up for you

  • #1,116
  • Jun 3, 2012 10:16am Jun 3, 2012 10:16am
Just curious, what is the time on Sunday evenings (when the market opens) that one would want to open the basket? There tend ti be heavier spreads on Sunday nights, so curious how Chips and Courtney are handling that? Do wider spreads factor into this method at all?
  • #1,117
  • Jun 3, 2012 9:42pm Jun 3, 2012 9:42pm
courtney opens his @ 7.00 am London time, so not on Sunday night.

chips does open his @ open and I dont think he worries too much about the spread, because the positions are small.

it might be smart to read the thread before asking questions
  • #1,118
  • Jun 4, 2012 12:41am Jun 4, 2012 12:41am
Quoting yonnie
courtney opens his @ 7.00 am London time, so not on Sunday night.

chips does open his @ open and I dont think he worries too much about the spread, because the positions are small.

it might be smart to read the thread before asking questions
I did read the whole thread, but I only saw minimum discussion about the spread. Thanks.
  • #1,119
  • Jun 4, 2012 1:39am Jun 4, 2012 1:39am
Quoting yonnie
courtney opens his @ 7.00 am London time, so not on Sunday night.

chips does open his @ open and I dont think he worries too much about the spread, because the positions are small.

it might be smart to read the thread before asking questions
Hi
Yes around 7am London.
Just opened new basket
Also I do not consider spread when opening basket at 0.01 lot.
Cheers.
CW
  • #1,120
  • Jun 4, 2012 9:34am Jun 4, 2012 9:34am
Quoting courtneywild
Hi
Yes around 7am London.
Just opened new basket
Also I do not consider spread when opening basket at 0.01 lot.
Cheers.
CW
Thanks Courtney!
3 traders viewing now