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Attachments: $2,000 to $2,000,000... no time limit
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$2,000 to $2,000,000... no time limit

  • #21
  • May 29, 2012 3:07am May 29, 2012 3:07am
I've re-entered my short on the AUD/USD based on the same fibs as shown on the 4hr and daily charts a post or 2 previous to this post.

I also entered a second short on the gbp/usd based on almost exactly the same chart pattern... 79% fib
In the days of old when sailors were bold, and seldom if ever contented.
  • #22
  • May 29, 2012 4:43am May 29, 2012 4:43am
The AUD just moved down over 40 pips, the pound moved a fair bit too, and I've no idea why... but who cares?
In the days of old when sailors were bold, and seldom if ever contented.
  • #23
  • May 29, 2012 11:46pm May 29, 2012 11:46pm
Quoting pt49
The AUD just moved down over 40 pips, the pound moved a fair bit too, and I've no idea why... but who cares?
don't we have to worry when our currency fall ? , nice journal , i should spend some for time here
Mohan
  • #24
  • May 30, 2012 12:03am May 30, 2012 12:03am
Quoting mohan76
don't we have to worry when our currency fall ? , nice journal , i should spend some for time here
LOL... I don't care if my country's currency falls or rises... a lower currency makes it better for local exporters, higher currency makes it cheaper to buy imported goods.

As a trader all I care about is that it does move a lot.
In the days of old when sailors were bold, and seldom if ever contented.
  • #25
  • May 30, 2012 12:38am May 30, 2012 12:38am
What I expect for the London Open in an hour or so. I'm short the AUD and expecting a break below 0.9680
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In the days of old when sailors were bold, and seldom if ever contented.
  • #26
  • May 30, 2012 12:59am May 30, 2012 12:59am
London open GBP/USD
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In the days of old when sailors were bold, and seldom if ever contented.
  • #27
  • May 30, 2012 1:37am May 30, 2012 1:37am
Coiling triangle of incresingly shorter bars indicate a breakout about to happen
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In the days of old when sailors were bold, and seldom if ever contented.
  • #28
  • May 30, 2012 1:40am May 30, 2012 1:40am
Quoting pt49
LOL... I don't care if my country's currency falls or rises... a lower currency makes it better for local exporters, higher currency makes it cheaper to buy imported goods.

As a trader all I care about is that it does move a lot.
how long you trading full time ?, your trading style is amazing , i never thought some one could make decent money with such a low leverage , defiantly your trading journal is a eye opener.
Mohan
  • #29
  • May 30, 2012 1:46am May 30, 2012 1:46am
I've been trading live for about 10 years ( maybe 9), I don't remember when I started. My computer at the time was middle range and it had a 13 GB harddrive... so it was a while ago

I have had a few breaks along the way whenever I've blown out accounts.

I'm really restarting again after a major blowout about 2 years ago (but I've always maintained demo accounts to refine my methods).

I worked out a few years ago that I'd put in over 10,000 hours screentime live trading.
In the days of old when sailors were bold, and seldom if ever contented.
  • #30
  • May 30, 2012 8:05am May 30, 2012 8:05am
Bearish pinbar rejecting ema8 on a 4 hour chart... VERY strong continuation setup

Going SHORT in other words
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In the days of old when sailors were bold, and seldom if ever contented.
  • #31
  • May 30, 2012 8:07am May 30, 2012 8:07am
Oh wow... lookit go!!
In the days of old when sailors were bold, and seldom if ever contented.
  • #32
  • May 30, 2012 8:42am May 30, 2012 8:42am
The PinBar setup already in 38 pips profit (only about 20 pips in screenshot)
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In the days of old when sailors were bold, and seldom if ever contented.
  • #33
  • May 30, 2012 9:53am May 30, 2012 9:53am
I closed all open trades a while ago to lock in profits... going to bed.

I have placed entry Limit orders about 20 or so pips above the point I closed each order.

I've estimated that I need to compound my Equity at about 7% a week to turn $2,000 into $2,000,000 in 24 months.

That's 1.4% a day...

I did 2.5% or so today without much effort... it was a few hundred easy pips.
In the days of old when sailors were bold, and seldom if ever contented.
  • #34
  • Edited 11:00pm May 30, 2012 7:52pm | Edited 11:00pm
Quoting pt49
The PinBar setup already in 38 pips profit (only about 20 pips in screenshot)
i can see your using AXI 4h candle , AXI 4h & daily is 2h different from standard(gmt) 4h & daily , did you developed your stagy on axi ?

reason i am asking is , i was tricked by axi 4h and now i am using gmt mt4 for charting
Mohan
  • #35
  • May 30, 2012 11:25pm May 30, 2012 11:25pm
Quoting mohan76
i can see your using AXI 4h candle , AXI 4h & daily is 2h different from standard(gmt) 4h & daily , did you developed your stagy on axi ?

reason i am asking is , i was tricked by axi 4h and now i am using gmt mt4 for charting
I use them because they use New York close not GMT on their daily charts.

I think the discrepancy on the 4 hour is because of where the AXI server is... possibly Western Europe, I'm not sure, FXDD are the same.

The reason I prefer NY close charts is because I only get 5 Daily candles a week, not 5¼ like GMT close charts

If you work out the trading day, we have exactly 5 trading days a week, not 5¼

Week starts 7am Monday in Aust and finishes 7am Saturday in Australia, exactly 5 x 24 hours
In the days of old when sailors were bold, and seldom if ever contented.
  • #36
  • May 30, 2012 11:28pm May 30, 2012 11:28pm
I'm not sure if I'm a genius or just plumb lucky, but I'm sure picking out some nice trades here lately.

Picking the Yen breakout and that 4 hour pinbar on the AUD were great trades. If I can maintain this I'll get to $2,000,000 in 2 years on this $2,000 account.

I can only hope I guess.
In the days of old when sailors were bold, and seldom if ever contented.
  • #37
  • May 31, 2012 10:17am May 31, 2012 10:17am
This is not a recommended situation to get in, I got myself hedged and now trying to unwind it without losing too much.

I've taken and closed 10 small trades to unwind about 70% of the position so far.
In the days of old when sailors were bold, and seldom if ever contented.
  • #38
  • Edited 10:39pm May 31, 2012 10:28pm | Edited 10:39pm
My apologies to those who are following my methods... you'll notice that I made 2 classic mistakes yesterday

  1. I took a trade against the trend
  2. I over leveraged

Between those 2 blunders I got myself in a mess.

I stayed up all night and scalped my way out of it by making over 650 pips from 19 closed scalp trades, and theres still ½ a dozen open.

I took a hit of 5% of my account balance on one loser.

It's embarrassing to publically admit I'm a fool, but so be it.

In the days of old when sailors were bold, and seldom if ever contented.
  • #39
  • Jun 1, 2012 1:25am Jun 1, 2012 1:25am
Quoting pt49
My apologies to those who are following my methods... you'll notice that I made 2 classic mistakes yesterday

  1. I took a trade against the trend
  2. I over leveraged

Between those 2 blunders I got myself in a mess.

I stayed up all night and scalped my way out of it by making over 650 pips from 19 closed scalp trades, and theres still ½ a dozen open.

I took a hit of 5% of my account balance on one loser.

It's embarrassing to publically admit I'm a fool, but so be it.

showing the Balance on your explorer will be better than the pips , simply coz the pips depends on your leverage and sometimes can be misleading.Your 100 pips might actually be 10 pips to me , if you know what i mean.
  • #40
  • Jun 1, 2012 2:43am Jun 1, 2012 2:43am
Hi Taf, thanks for visiting.

I don't agree with your logic, because the amount of pips achieved is a true measure of a traders performance, while a monetary return is not (its a reflection on the amount of money in the account and is entirely dependent on the risk the trader is taking).

A scalper risking 20% of his account to win a 5 pip trade is a pure gambler, there is absolutely no skill involved, however he can show that his account grows 50% or more on each trade.

A swing trader or even a day trader can risk just 2 - 4% of his account and increase that account by 5% a day quite safely, and he does it not by gambling on high risk scalps, but by skilled entry points that he knows are extremely unlikely to be stopped out even with 100+ pip stops.

Question for you... why don't you show your pips on your Trading explorer?
In the days of old when sailors were bold, and seldom if ever contented.
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