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One hit wonder or am I on to something?

  • #61
  • Jan 9, 2013 2:06pm Jan 9, 2013 2:06pm
Quoting Turveyd
Change your phone to a Samsung S3 or Note, I was using the Note for that purpose loads better for charts, downside others can see it easier to.

Don't lose your job for 2 pips dude.
Thanks, but I'm pretty hooked to the iPhone lifestyle.
I'm doing my best to keep a low profile with my trading .

Two trades today: 1 loss and 1 win.
GU -18
EU +11

Got greedy on EU, otherwise could've bagged 30.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU.png Size: 34 KB
Click to Enlarge Name: EU.png Size: 35 KB
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Financial independence is what I live for
  • #62
  • Jan 9, 2013 4:15pm Jan 9, 2013 4:15pm
Quoting smatthew
Thanks, but I'm pretty hooked to the iPhone lifestyle.
I'm doing my best to keep a low profile with my trading .

Two trades today: 1 loss and 1 win.
GU -18
EU +11

Got greedy on EU, otherwise could've bagged 30.

Recently went Andriod after 2 years of Iphone 4 loving and actually prefer it, the slightly bigger screen but smaller phone just, and TradeInterceptor I trade through FXCM with works better on Andriod wastes a lot less screen estate.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63
  • Jan 9, 2013 10:04pm Jan 9, 2013 10:04pm
I also trade from smartphone (android) and can actually say there is no much difference with a pc for the strategy I'm using. I was thinking of getting a tablet but I thought it might raise attention at my job.

smartphone is very discrete and nobody can suspect a thing.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #64
  • Jan 10, 2013 2:45am Jan 10, 2013 2:45am
OP, haven't read the whole thread, but the 1st post caught my attention. Will give you my thoughts
Quoting smatthew
I admit it - I'm a system jumper looking for the 'ole holy grail .
[color="Red"]This you need to get rid of. There is no such thing as the holy grail. Give 2 people the same system, with the same rules and all that and they will have different results. Focus on developing your own system, based on your trading philosophy, lifestyle, etc. This is not a get rich quick scheme where you search for a system, find it and then trade it profitably. if only it were that easy, a lot of ff members here would already be millionaires....
Develop...
Twitter: @forexpokerpro
  • #65
  • Jan 10, 2013 2:46am Jan 10, 2013 2:46am
OP, haven't read the whole thread, but the 1st post caught my attention. Will give you my thoughts

I admit it - I'm a system jumper looking for the 'ole holy grail .
This you need to get rid of. There is no such thing as the holy grail. Give 2 people the same system, with the same rules and all that and they will have different results. Focus on developing your own system, based on your trading philosophy, lifestyle, etc. This is not a get rich quick scheme where you search for a system, find it and then trade it profitably. if only it were that easy, a lot of ff members here would already be millionaires....
Develop your own system, backtest it for years, forward test it in a demo account for at least 6 months, and then forward test it live with real money that you're not afraid to lose

I'm also addicted to the excitement of short timeframes - it's a classic case of getting that gambler's high.
this is the most crucial thing that you need to get rid of. this mentality I GUARANTEE you will never make you a winning trader. If you continue this way, you will have NO CHANCE WHATSOEVER. sorry, but that's the truth. How many professional gamblers do you know ? this is a business. Your business is to make the best decisions, given the market conditions. forex is not gambling or a get-rich-quick scheme. accept that. the sooner the better



I've never had any consecutive winners until yesterday.
Yes, they were small, but that's not the point.
yes it is. It's all about the risk vs. reward ratio

The point is that for the first time I felt in control.
I even enjoyed the experience while suffering through drawdowns...
gambler mentality, get rid of it



I hope I've finally found a profitable way of trading.
If not, you guys will tell me, right?
better yet, you tell yourself by back- and forward-testing it.
[/quote]


hope this helps somehow
Twitter: @forexpokerpro
  • #66
  • Jan 11, 2013 6:37am Jan 11, 2013 6:37am
Caught a runner yesterday using a 20 pip trailing stop: +180 pips
This trade alone has compensated 75% of my losses since November last year.
See the screenshots for further details.

@BBPI_fxtrader: Thanks for your feedback. I realize there's no holy grail.
I consider the way I trade a method I've customized myself.
I've done some backtesting showing this strategy has an edge.
I'm trading this live now using money management I'm comfortable with.

Basically, any trade you take is more or less a calculated gamble, regardless of the timeframe.
The elevated heartrate and anxiety are part of the game.
Short TF's just amplify the gambler symptoms. I've done some longer TF trading too, but those keep me up at night .
I'm sticking with the 5M TF as I've explained in http://www.forexfactory.com/showthre...85#post6348285.
By applying my rules and trade management, I expect the winning trades will compensate for the losing trades.
Attached Image (click to enlarge)
Click to Enlarge Name: EU.png Size: 32 KB
Attached Images
Financial independence is what I live for
  • #67
  • Jan 11, 2013 7:36am Jan 11, 2013 7:36am
@smatthew

The elevated heartache and anxiety are NOT part of the game.

Maybe you don't believe me and that's ok. In the end I'm just another trader trying to make it big in this business.

here's an interesting read, food for thought:

http://www.meetpips.com/members/trad...ould-be-boring

all the best !
Twitter: @forexpokerpro
  • #68
  • Jan 11, 2013 7:37am Jan 11, 2013 7:37am
And another runner - go EU!!

Lost on GU earlier today though - short (-15).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU.png Size: 32 KB
Click to Enlarge Name: GU.png Size: 36 KB
Financial independence is what I live for
  • #69
  • Jan 11, 2013 7:58am Jan 11, 2013 7:58am
Quoting BBPI_fxtrader
@smatthew

The elevated heartache and anxiety are NOT part of the game.

Maybe you don't believe me and that's ok. In the end I'm just another trader trying to make it big in this business.

here's an interesting read, food for thought:

http://www.meetpips.com/members/trad...ould-be-boring

all the best !
I understand the message you're trying to convey, however the blog doesn't apply to me.
Money management (lot size, stop size, max. risk to account) prevents my account from blowing up in my face.
Financial independence is what I live for
  • #70
  • Edited 8:53am Jan 12, 2013 8:36am | Edited 8:53am
As a person who is getting away from trading the 5m TF and moving into longer TFs, I would like to point out two small things.

Your really successful trade coming off the support on EU was pretty well depicted in the larger TFs such as the daily candles. This should make you ask the question to yourself if the smaller TFs are giving you enough information to make correct decisions.

At the beginning of your thread you posted some entry charts what made me believe that you were buying at resistance, and shorting at support. I bet if you check those trades against a larger TF, you would see that you were making high risk countertrend trades. The G/U chart (buying at resistance) on this page is a prime example of what I'm talking about.

I started 3 years ago with the same attitude as you (I'm a scalper/love the action/this is REAL trading/etc.) but never really got the pip counts I needed to be really profitable. Just in the last 4 months I've become more accustomed to taking drawdown (which sucks) and holding an underwater trade for a day or two before it becomes profitable.

Only time will tell if your 5m EMA system works, but from my limited experience I can tell you one thing:

10 X 5 pips lost are -50 pips when trading on a shorter TF on meaningless or weak levels.

For a R:R of 2:1 you need to make at least 4 positive trades of +25 pips to recoup your losses, which is not going to happen, because the 5m chart will be telling you to take profits because the short term trend is getting ready to end or reverse directions. Your posted trade list reflects exactly this problem. I think the biggest pip count was +28 or so, and a hell of a lot of +4 or so trades.

If you think you're going to be able to hit 10 positive trades of 13 pips (10 pips profit plus 3 pips spread) a day please consider the ADR needed to reach that figure. You will either have to make perfect entries and exits all day, or you will slowly but surely burn your account.

Sorry for the book but it's Saturday and I'm bored, but good luck anyway and I wish you lots of green pips.
  • #71
  • Jan 12, 2013 12:09pm Jan 12, 2013 12:09pm
Quoting Cuso
....
Only time will tell if your 5m EMA system works....
Thanks for your "book"

I've actually thought about using information from larger TFs in my 5M trading to avoid trading into walls.
The coming weeks / months I'll continue trading this way live.
I can afford to lose the money in my account. Ofcourse I'll do everything in my power to to hold on to it.

Like you've said: time will tell.
Financial independence is what I live for
  • #72
  • Jan 12, 2013 12:27pm Jan 12, 2013 12:27pm
Quoting smatthew
Thanks for your "book"

I've actually thought about using information from larger TFs in my 5M trading to avoid trading into walls.
The coming weeks / months I'll continue trading this way live.
I can afford to lose the money in my account. Ofcourse I'll do everything in my power to to hold on to it.

Like you've said: time will tell.
I was using 30m and 1H charts like other people use daily and weekly charts! Foolish. If you convince yourself that you can afford to smoke your account, you will...because your concentrating on the gains more than the risks. If you want to think like that, switch to break out trading, and leverage up when the momentum is strong. You'd be surprised how many traders trade just during news releases, rate decisions etc.
  • #73
  • Jan 12, 2013 1:55pm Jan 12, 2013 1:55pm
Quoting Cuso
I was using 30m and 1H charts like other people use daily and weekly charts! Foolish. If you convince yourself that you can afford to smoke your account, you will...because your concentrating on the gains more than the risks. If you want to think like that, switch to break out trading, and leverage up when the momentum is strong. You'd be surprised how many traders trade just during news releases, rate decisions etc.
Funny you should say this, without realizing it I traded the news yesterday (14:15 GMT+1 @ 1.3286).
Got cocky too by opening another long around 15:15 GMT+1 @ 1.3352, this time a full lot..
Second trade got up to 1.3361 at which point I moved it to BE. Unfortunately my stop was hit at +1.5.

I actually like the ideas put forward in the following thread:

Building an equity millipede

In essence you examine a higher timeframe and then zoom in to the 5M to enter in the direction of the higher TF.
The objective is to get the trade to BE and leave it open until the next support / resistance on the higher TF is reached.
In theory a trade could go hundreds or thousands of pips.

Therefore I've left yesterday's long open at 1.3341. EU W1 is heading up to resistance at 1.3450.
So I'd estimate my trade could go up another 50 to 100 pips before price reverses.
I'm hoping for a break of resistance to 1.4/1.45
Attached Image (click to enlarge)
Click to Enlarge Name: EU weekly.png Size: 38 KB
Financial independence is what I live for
  • #74
  • Jan 16, 2013 3:58pm Jan 16, 2013 3:58pm
Came out alive today, despite the heavy weather today on EU and GU..

I'm using http://www.fxstreet.com/rates-charts/live-charts/ at work to keep tabs on EU and GU.
As soon as a trade opportunity arrives, I switch to iPhone FXCM app. Saves battery
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU.png Size: 38 KB
Click to Enlarge Name: GU.png Size: 38 KB
Click to Enlarge Name: trades.PNG Size: 9 KB
Attached Image
Financial independence is what I live for
  • #75
  • Jan 16, 2013 4:27pm Jan 16, 2013 4:27pm
Quoting smatthew
Came out alive today, despite the heavy weather today on EU and GU..

I'm using http://www.fxstreet.com/rates-charts/live-charts/ at work to keep tabs on EU and GU.
As soon as a trade opportunity arrives, I switch to iPhone FXCM app. Saves battery

Nice results, market is nuts at the moment though, but milk it while you can.

You need 1 of those cases with a battery in, traded off a Samsung Note for a while, 3 - 4 hour battery life sucked but hey, Iphone 4 used to drop to 2hours and that was my phone to so issue.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #76
  • Jan 16, 2013 4:34pm Jan 16, 2013 4:34pm
Quoting Turveyd
Nice results, market is nuts at the moment though, but milk it while you can.

You need 1 of those cases with a battery in, traded off a Samsung Note for a while, 3 - 4 hour battery life sucked but hey, Iphone 4 used to drop to 2hours and that was my phone to so issue.
I actually use a Mophie Juice Pack which I've found on ebay a year ago.
Mophies were no longer available here in Holland for my 3GS. Fortunately someone in the US had them for sale for just $20 including shipping. Wouldn't know what to do without it
Financial independence is what I live for
  • #77
  • Jan 16, 2013 4:39pm Jan 16, 2013 4:39pm
Quoting smatthew
I actually use a Mophie Juice Pack which I've found on ebay a year ago.
Mophies were no longer available here in Holland for my 3GS. Fortunately someone in the US had them for sale for just $20 including shipping. Wouldn't know what to do without it

I tried some solar chargeable batterys, have to charge them on the PC really still takes 8hours or something stupid, had 2 of them gained about 1hour per unit for the Note, the Solar part totally useless though direct sunlight so has to be outside pretty much.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #78
  • Jan 17, 2013 3:11am Jan 17, 2013 3:11am
Quoting Turveyd

You need 1 of those cases with a battery in, traded off a Samsung Note for a while, 3 - 4 hour battery life sucked but hey, Iphone 4 used to drop to 2hours and that was my phone to so issue.
that's why I've got 2 chargers, one at home, 1 at work
Twitter: @forexpokerpro
  • #79
  • Jan 30, 2013 1:52pm Jan 30, 2013 1:52pm
Just wanted to let you know that I've decided to quit trading 5M EU/GU the way I've been doing up to now.
Sure. my account balance initially initially grew 10%. However, January's chop got the better of me and I've given back that 10% to the market.

I'm currently trading Spyderman's As Easy as "PI", a D1 strategy.
Financial independence is what I live for
  • #80
  • Jan 30, 2013 2:54pm Jan 30, 2013 2:54pm
Quoting smatthew
Just wanted to let you know that I've decided to quit trading 5M EU/GU the way I've been doing up to now.
Sure. my account balance initially initially grew 10%. However, January's chop got the better of me and I've given back that 10% to the market.

I'm currently trading Spyderman's As Easy as "PI", a D1 strategy.

How is that D1 method going then ??

Sadly I don't believe the grass is greened in D1 world, merely slower, it's never easy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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