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My trading journey

  • #6,441
  • Oct 24, 2012 8:11am Oct 24, 2012 8:11am
Quoting dongsky
hey kim, what's your qoute?
Mine is 1.0344
With wisdom comes humility. With humility comes wisdom!
  • #6,442
  • Oct 24, 2012 8:14am Oct 24, 2012 8:14am
No prob Eddie, but now that i know the crew will be on during us is great. It's around the time i come home from work. Take care guys will join you soon, been
watching and learning. Thanks to all of you!!

Quoting dongsky
hey KJ... no skype today...

i have a very important errands... but you can join the boys though...

i'm a homeboy today

tomorrow will be the last session for the week...
  • #6,443
  • Oct 24, 2012 8:16am Oct 24, 2012 8:16am
it's back now... that was strange... for 8 miutes...

anyway... don't like what i'm seeing...

signing off now...

here's my last position...

Attached Image (click to enlarge)
Click to Enlarge Name: 24.10.12g.jpg Size: 113 KB


be good and be safe!

and squared!
Success consists of going from failure to failure without loss of enthusiam
  • #6,444
  • Oct 24, 2012 8:21am Oct 24, 2012 8:21am
Quoting dongsky
it's back now... that was strange... for 8 miutes...

anyway... don't like what i'm seeing...

signing off now...

here's my last position...

Attachment

be good and be safe!

and squared!
Follow the leader. Thanks Eddy!
With wisdom comes humility. With humility comes wisdom!
  • #6,445
  • Oct 24, 2012 6:30pm Oct 24, 2012 6:30pm
Quoting dongsky
it's back now... that was strange... for 8 miutes...

anyway... don't like what i'm seeing...

signing off now...

here's my last position...

Attachment

be good and be safe!

and squared!
something strange was happening to your charts....you have 2 gaps on your chart that i dont have on 2 other brokers mt4 15 min chart
  • #6,446
  • Oct 24, 2012 8:38pm Oct 24, 2012 8:38pm
Quoting kimt
something strange was happening to your charts....you have 2 gaps on your chart that i dont have on 2 other brokers mt4 15 min chart
yeah i know...
Success consists of going from failure to failure without loss of enthusiam
  • #6,447
  • Oct 24, 2012 9:05pm Oct 24, 2012 9:05pm
Quoting dongsky
yeah i know...
maybe you being specially targeted because you too profitable
  • #6,448
  • Edited 9:28pm Oct 24, 2012 9:18pm | Edited 9:28pm
Hey dongsky,

i am ever so greafull of you, for taking some time to show me the way. Just like you said, now i'm doing demo with a leverage of 100:1 and seems everything is all in order.

doing 1 1 1 and not doing any rescues yet

as planned, will add position on every correction and will start counting swings

i can now clearly see, swing highs and swing lows

thank you sir.


respectfully,
Tim C

..........

snapshot of my current position...

just added 2nd level

Attached Image (click to enlarge)
Click to Enlarge Name: 25 october.jpg Size: 286 KB
  • #6,449
  • Edited 10:24pm Oct 24, 2012 9:58pm | Edited 10:24pm
TrendCatcher:

I noticed that your skew of 1 is actually 1 std lot, and you account size is 3.4k. At the 1,1 position as in your chart, you have only 800+ free margin. Meaning if (touch wood) there is some kind of news/intervention/jerk, current price move against you 40+ pips, you will have margin call. That is even before you add that final 1 of 1,1,1.

My concern is, you size your skew too big for your account.

Somewhere in the TAF tread, someone do scout size calculation: 1% of your leveraged account size. For example, you have 3.5k in your account, and you have 1:100 leverage, your scout size should be 3,500x100x1% or 3,500, or 0.035 std lots. Sizing the scout in this way give us opportunity to rescue if required.

Though I think we can adjust this 1% to suit our own liking, your 1 std lot as scout would looks like you are adjusting the ratio to 35%, which imho is way too risky. I do not think you can do any rescue with this scout size; and without rescue, you are missing part of the MO.

I understand you are in demo mode, it is not real money. But I would rather your demo include correct sizing of scout according to your intended live account size, and get use to the P&L in demo now rather doing it in the live account.

Just my 2 pips, you can treat the above as graffiti if it displeases you.


Quoting TrendCatcher
snapshot of my current position...

just added 2nd level

Attachment
  • #6,450
  • Oct 24, 2012 10:14pm Oct 24, 2012 10:14pm
Quoting hcong168
TrendCatcher:

I noticed that your skew of 1 is actually 1 std lot, and you account size is 3.4k. At the 1,1 position as in your chart, you have only 800+ free margin. Meaning if (tough wood) there is some kind of news/intervention/jerk, current price move against you 40+ pips, you will have margin call. That is even before you add that final 1 of 1,1,1.

My concern is, you size your skew too big for your account.

Somewhere in the TAF tread, someone do scout size calculation: 1% of your leverage account size. Take for example, you have...


excellent explanation hcong
  • #6,451
  • Oct 24, 2012 10:48pm Oct 24, 2012 10:48pm
Quoting TrendCatcher
Hey dongsky,

i am ever so greafull of you, for taking some time to show me the way. Just like you said, now i'm doing demo with a leverage of 100:1 and seems everything is all in order.

doing 1 1 1 and not doing any rescues yet

as planned, will add position on every correction and will start counting swings

i can now clearly see, swing highs and swing lows

thank you sir.


respectfully,
Tim C


..........

snapshot of my current position...

just added 2nd level

Attachment

Hello Tim,

1, 1, 1, actually means - 0.10, 0.10, 0.10 ....
Your acc. is too small for 1 lot as scout... imho
Jaro
  • #6,452
  • Oct 24, 2012 10:52pm Oct 24, 2012 10:52pm
Quoting hcong168
TrendCatcher:

I noticed that your skew of 1 is actually 1 std lot, and you account size is 3.4k. At the 1,1 position as in your chart, you have only 800+ free margin. Meaning if (touch wood) there is some kind of news/intervention/jerk, current price move against you 40+ pips, you will have margin call. That is even before you add that final 1 of 1,1,1.

My concern is, you size your skew too big for your account.

Somewhere in the TAF tread, someone do scout size calculation: 1% of your leveraged account size. For example, you have 3.5k in your...
Hi hcong,

Gee thanks i am really struggling with money management, donsky had mentioned about correct position sizing. I will start using 0.02 lot size Thank you, appreciate it all, now it make sense to me what they all talking about preservation of capital - this should start from within to achieve it.

i am on demo at the moment as almost everyone suggested.

so there is hope for me afterall

warmest regards,

Tim C
  • #6,453
  • Oct 24, 2012 10:55pm Oct 24, 2012 10:55pm
Quoting Jaro
Hello Tim,

1, 1, 1, actually means - 0.10, 0.10, 0.10 ....
Your acc. is too small for 1 lot as scout... imho
Jaro
Thank you sir i'm so overwhelmed by your unconditional assistance - i'm speechless.

i started to see the light now, why TAF and this journal is alive because of so much helping peeps and genuine souls

Respectfully,

Tim C
  • #6,454
  • Oct 24, 2012 11:46pm Oct 24, 2012 11:46pm
now i understand why hcong said that my position size is way too big for my equity - just when i added my 3rd position (of course 0.01 size) price did a correction and saw my net position in red, no more available margin...

it feels good when i'm learning ; i can relate very well because i had several blown up account in the past. so frustating having margin calls

this for sure will be taken seriously and will start to participate

Attached Image (click to enlarge)
Click to Enlarge Name: 25 october ...jpg Size: 296 KB


thanks hcong, jaro and kimt

regards,
TC
  • #6,455
  • Oct 24, 2012 11:54pm Oct 24, 2012 11:54pm
anyone here be kind enough to direct me to a money management 101 crash course?

will hcong be kind enough to show me more about money management and position sizing?

tried reading TAF where they discussed and experimented lot size but just too stupid to comprehend; maybe if someone can just use a simple exercise that i can easily follow.

but for now, i will take jaro's suggestion i.e. 0.01, 0.01, 0.01 progression

thanks heaps!
  • #6,456
  • Oct 25, 2012 12:16am Oct 25, 2012 12:16am
greed took over me

getting ready to close position now

Attached Image (click to enlarge)
Click to Enlarge Name: 25 october.......png Size: 86 KB
  • #6,457
  • Oct 25, 2012 12:17am Oct 25, 2012 12:17am
geez just after closed, price runaway

need to control fear and greed
  • #6,458
  • Oct 25, 2012 12:50am Oct 25, 2012 12:50am
As mentioned before, I think it is good to start with 1% of leveraged account size as scout. In your case, $3.5k capital on 1:100 leverage, scout size should be 3,500x100x1%=3,500, or 0.035 standard lot of 100,000.

If your skew is 1,1,1, then your entry size is 0.035, 0.035, 0.035. If you cannot go for 0.035 lot, then you can step up to 0.04 or step down to 0.03. The choice is yours.

I don't think we should stop at 1,1,1. This is only at the beginning; we should learn to expand this as we have more experience.

When I said expand, I don't mean we DO NOT ever use this skew, but we are NOT LIMITED to this skew. Eg: my skew can also go for 1,1;
or 1,1,2;
or 1,2,3;
or 1,1,2,2,3,3,3;
or 1,1,2,3;
or 1,3,8,;
or 1,5.
Anyway, I think fibo number is a good reference.

What skew to use, or how many levels, to add or to remove, will depends on a few things: chart terrain, candle prints, my entry/average price, total position size, time left for me trading, etc. This part is hard to describe, but you will develop the "feel" when you get used to this trading method.

I find starting on a safe side with conservative skew, preserve trading capital, and when confident with current skew, stretch a little by increasing the skew or levels, and keep practice till gain confidence, stretch again.

Soon you will notice that your trading time/time zone will affect on how many levels and skew you used, USUALLY (but not always). If you find that your rarely make full use of your trading capital, and the total position size is too small, open draw down is small and tolerable, you can increase that %, to say 2 % or whatever you are comfortable with and repeat the stretching again. If you find that the skew is too high most of the time, then you step down the % to say 0.5%.

There are many personalised adjustments along the way, and I don't think anyone can offer a fixed formula and you can use it directly out from the box. Your personality will come into play too.

And odds it may seems, I think it would be better if your over-stretch yourself ACCIDENTALLY in demo and face a margin call or failed rescue that wipe our demo account out, after you had been steadily profiting for months. This is the devil of snow balling and I think it is better your face it when you are in demo than in live account.

Just 2 pips from my limited experience, I think many others here have better views.

Quoting TrendCatcher
anyone here be kind enough to direct me to a money management 101 crash course?

will hcong be kind enough to show me more about money management and position sizing?

tried reading TAF where they discussed and experimented lot size but just too stupid to comprehend; maybe if someone can just use a simple exercise that i can easily follow.

but for now, i will take jaro's suggestion i.e. 0.01, 0.01, 0.01 progression

thanks heaps!
  • #6,459
  • Oct 25, 2012 2:51am Oct 25, 2012 2:51am
hello world.... need to rest now from milking my lady

thanks hcong... for a very well put words

Jaro good to see you dropping by...
Success consists of going from failure to failure without loss of enthusiam
  • #6,460
  • Oct 25, 2012 3:49am Oct 25, 2012 3:49am
Quoting hcong168
As mentioned before, I think it is good to start with 1% of leveraged account size as scout. In your case, $3.5k capital on 1:100 leverage, scout size should be 3,500x100x1%=3,500, or 0.035 standard lot of 100,000.

If your skew is 1,1,1, then your entry size is 0.035, 0.035, 0.035. If you cannot go for 0.035 lot, then you can step up to 0.04 or step down to 0.03. The choice is yours.

I don't think we should stop at 1,1,1. This is only at the beginning; we should learn to expand this as we have more experience.

When I said expand, I don't mean...
humbled by your words...

cannot aggree more

i hope we all learn from this...
Success consists of going from failure to failure without loss of enthusiam
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