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Geppy's Geppy Thread (GBP/JPY)

  • #3,781
  • Apr 3, 2013 12:11am Apr 3, 2013 12:11am
Quoting 100PipsADay
I will kind of have to disagree with you on this one my friend. For example, let's take a look at all of the JPY news related articles that I started posting back in October. .....
Yes Terry, with an account like yours, holding and adding for month after month is possible as you can withstand the drawdowns along the way. With an account like mine? Not so much...lol

I guess it depends on your definition of a "small" account. Could you have done that over 4 months starting with a 3 figure standard account? I can't because in order to grow it, I need to bank positions pretty quickly which means having to get in and out many times over the same period. Which of course produces more inherent risk just finding entries.

When you're large enough to weather the ups and downs, then fundies are more important as they can help over much longer term trends. But for a day trader? Daily/weekly news can be a nightmare to make sense of.

But it's been the same for thousands of years. It takes real money to make real money. I would even think it's fair to say that your fundamental view grows in direct proportion to your account.
Ghost Rider - WWTBMD?
  • #3,782
  • Apr 3, 2013 12:17am Apr 3, 2013 12:17am
Quoting albchr
Yes Terry, with an account like yours, holding and adding for month after month is possible as you can withstand the drawdowns along the way. With an account like mine? Not so much...lol I guess it depends on your definition of a "small" account. Could you have done that over 4 months starting with a 3 figure standard account? I can't because in order to grow it, I need to bank positions pretty quickly which means having to get in and out many times over the same period. Which of course produces more inherent risk just finding entries. When you're...
Yea you are probably right about account size being a major factor. I probably couldn't have experienced the same results with a 3 figure account, well, it would have been extremely difficult as available margin is a serious factor.

I remember you saying that you have already grown your account by 500% since late 2012! That is excellent, it shouldn't be too much longer before you have yourself a 4 digit account. Then next a 5 and so on...
  • #3,783
  • Apr 3, 2013 12:34am Apr 3, 2013 12:34am
Quoting 100PipsADay
Yea you are probably right about account size being a major factor. I probably couldn't have experienced the same results with a 3 figure account, well, it would have been extremely difficult as available margin is a serious factor. I remember you saying that you have already grown your account by 500% since late 2012! That is excellent, it shouldn't be too much longer before you have yourself a 4 digit account. Then next a 5 and so on...
Yeah, started with $100 on December 1st and it's $528 today (523 equity with 3 longs floating a loss right now...lol) but that's my hope bro. 4, 5, 6 digits. That's exactly it...available margin makes it tough

Never let anyone tell you......Size doesn't matter!!
Ghost Rider - WWTBMD?
  • #3,784
  • Apr 3, 2013 12:39am Apr 3, 2013 12:39am
Quoting albchr
Yeah, started with $100 on December 1st and it's $528 today (523 equity with 3 longs floating a loss right now...lol) but that's my hope bro. 4, 5, 6 digits. That's exactly it...available margin makes it tough Never let anyone tell you......Size doesn't matter!!
Nothing else to say but IMPRESSIVE! 500% return in about 5 months...

That's not what she said... LOL
  • #3,785
  • Apr 3, 2013 12:42am Apr 3, 2013 12:42am
Quoting albchr
Yes Terry, with an account like yours, holding and adding for month after month is possible as you can withstand the drawdowns along the way. With an account like mine? Not so much...lol I guess it depends on your definition of a "small" account. Could you have done that over 4 months starting with a 3 figure standard account? I can't because in order to grow it, I need to bank positions pretty quickly which means having to get in and out many times over the same period. Which of course produces more inherent risk just finding entries. When you're...
I still will never agree with this. You say a "three figure 'standard account'".

You choose to trade it as a standard account. You're taking the unnecessary risk that is inherent in doing so. You can scale down the trade sizes no problem and would experience the exact same results as Terry.

You just choose not to trade that way.

You could have a $100 account and trade the way Terry is trading his. You could open the same number of positions, etc. You'd just do so with (obviously) scaled down lot sizes.

So this stuff about being able to weather drawdown because his account is bigger is BS. It's all relative. He's not taking any more risk than you would be following his style. In fact, his style of trading is probably MUCH less risky than yours.

Anyway, that's all out of me tonight... bed time!
check out my blog: forexmademillionaire dot com
  • #3,786
  • Edited 5:48am Apr 3, 2013 12:53am | Edited 5:48am
Quoting Geppy
I still will never agree with this. You say a "three figure 'standard account'". You choose to trade it as a standard account. You're taking the unnecessary risk that is inherent in doing so. You can scale down the trade sizes no problem and would experience the exact same results as Terry. You just choose not to trade that way. You could have a $100 account and trade the way Terry is trading his. You could open the same number of positions, etc. You'd just do so with (obviously) scaled down lot sizes. So this stuff about being able to...
Yes I do "choose" to and I've been over why. I've chosen to test myself under the hardest emotional conditions I can think of. A 3 figure standard account trading just the dragon.

No doubt, he's taking FAR less risk. I'm NOT saying one couldn't trade a mini or micro account as Terry trades his. But I don't have that many years left to live to get anywhere with it...LOL

Anyway, the conversation was more based on whether fundamentals were/are important to a particular trader. And not so much a comparison of account sizes and trading approaches. To Terry in his situation they are, to me in mine, not so much.

Me too, almost 2am here and I need sleep.
Ghost Rider - WWTBMD?
  • #3,787
  • Apr 3, 2013 4:40am Apr 3, 2013 4:40am
Been a busy couple of days outside of trading and will be quite busy for the rest of the week, I'm still holding my long from 142.55 and entered long again at 141 at the 61% fib, right now though I'm scalping the small waves of this upmove going for around 10-20 pips at at time, whatever negative I'm in right now off that 142.55 long should be countered soon.
  • #3,788
  • Apr 3, 2013 5:41am Apr 3, 2013 5:41am
Good morning

Kind of reminds me of my childhood and the story of "The Little Engine That Could" ... LOL
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Ghost Rider - WWTBMD?
  • #3,789
  • Apr 3, 2013 6:03am Apr 3, 2013 6:03am
Quoting albchr
Yes I do "choose" to and I've been over why. I've chosen to test myself under the hardest emotional conditions I can think of. A 3 figure standard account trading just the dragon. No doubt, he's taking FAR less risk. I'm NOT saying one couldn't trade a mini or micro account as Terry trades his. But I don't have that many years left to live to get anywhere with it...LOL Anyway, the conversation was more based on whether fundamentals were/are important to a particular trader. And not so much a comparison of account sizes and trading approaches....
I know exactly where you're coming from, when I first got into this FX game I was risking around 10-20% of my account per trade (yes, you read that right) but I was waiting sometimes all day or a few days for that perfect entry and going for something like 10-15 pips, with that said, It was what I was happy and comfortable risking that at that time, why was I comfortable risking it? because the actual amount of money put at risk wasn't "very much" to me, as the account grew, I found the percentage of account I risked per trade was dropping, why? because the amount of money being risked on that trade, to me atleast at that time, was considerably more than I was used to having. Now, I risk on average under 1% of the account, this long from 142.55 is risking around 0.5%, not much at all but in terms of actual money in British pounds, its a fair bit. When I'm scalping, going for the next S/R or S/D level on say the 5minute or 30minute timeframe, the risk goes up to 2 maybe 3% with a reward of equal or around 5% or more of the account.

With that said, I wouldn't be where I'm at today without risking a high percentage when I first started (you could say I got lucky), simply because, the amount of money I would of made - or lost, if risking 1-2% of my starting balance, it would of taken me a very long time to make any considable gains, and my opinion is life is too short to be sat around.

Without risk, theres no reward.
  • #3,790
  • Apr 3, 2013 6:55am Apr 3, 2013 6:55am
Quoting GDR3k
I know exactly where you're coming from, ......
Well, let me be clear as I don't want to lead new traders into thinking this is a good approach to trading. IT IS NOT! I'm a firm believer in Proper Money Management and 1% to 3% per trade MAX is the way I trade "normally".

This is simply a "personal" test to see if I have what it takes to put everything I have left in life (which isn't much) in an account and trade for a living. Some might think 500 bucks is nothing and therefore, not much of an "emotional" test. A few years ago, I'd spend 500 on a meal and not think twice. But today it's a very important amount for me. What led me here is both a long and detailed story which has no place on Geppy's thread but, here I am. The emotional (and I guess technical) part for me is having enough faith and conviction in my trade plan to hold say.... a 10% to 20% drawdown (which actually should never happen but it does at times and that's where trade management comes in) without freaking and cutting the trade for a loss, to then see it go my way. Something I wish I had a dollar for every time I did! LOL

If I reach my goal by around mid summer, I'll fund this account with all I can and have at it.

Anyway, back to trading gossip here.
Ghost Rider - WWTBMD?
  • #3,791
  • Edited 8:21am Apr 3, 2013 7:46am | Edited 8:21am
Well, I'm flat and somewhat flattened...LOL I had risked 1/3 of yesterday's profits on these longs. I just coughed up a touch less than 1/4 of them through what I just talked about above. Freaking and trade management!

Lets' see, having completely forgotten about NFE today.....BIG MISTAKE!

I had one long at 141.07 and just put a SL at 141.14 which was hit with the spike down so +6 (lost a pip to slippage)
another at 141.37 which I had my finger on the close button for a few + but it moved so fast I actually closed it at 140.94 (freaking) so -43
and the last at 141.27 which after the bounce back up led me thinking it would drop again so I closed at 141.26 (fear) so -1

So I gave back 38 pips ($4.14) of the 195 ($20.89) I banked yesterday due to PISS POOR TRADING! LOL

But honestly, seeing where price is after the dust, I'm glad to be flat now.
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Ghost Rider - WWTBMD?
  • #3,792
  • Apr 3, 2013 9:08am Apr 3, 2013 9:08am
Quoting albchr
May have been a bit soon for longs. How much you want to bet my original target of 140.30ish was good? lol
Impatience can be a killer! LOL
Ghost Rider - WWTBMD?
  • #3,793
  • Apr 3, 2013 9:22am Apr 3, 2013 9:22am
Quoting albchr
Well, I'm flat and somewhat flattened...LOL I had risked 1/3 of yesterday's profits on these longs. I just coughed up a touch less than 1/4 of them through what I just talked about above. Freaking and trade management! Lets' see, having completely forgotten about NFE today.....BIG MISTAKE! I had one long at 141.07 and just put a SL at 141.14 which was hit with the spike down so +6 (lost a pip to slippage) another at 141.37 which I had my finger on the close button for a few + but it moved so fast I actually closed it at 140.94 (freaking)...
Still holding mine... not quite convinced yet, but we'll see!
check out my blog: forexmademillionaire dot com
  • #3,794
  • Apr 3, 2013 9:52am Apr 3, 2013 9:52am
Quoting Geppy
Still holding mine... not quite convinced yet, but we'll see!
I'm already short at 140.80. Was waiting to see a test of 141 for another but missed the first bounce back up. I figure if my original thinking of 140.30ish was correct (usually the case ), I'll get back what I just coughed up. If not, it'll cost me a few more pips to find out.
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Ghost Rider - WWTBMD?
  • #3,795
  • Apr 3, 2013 9:54am Apr 3, 2013 9:54am
Quoting albchr
I'm already short at 140.80. Was waiting to see a test of 141 for another but missed the first bounce back up. I figure if my original thinking of 140.30ish was correct, I'll get back what I just coughed up. If not, it'll cost me a few more pips to find out.
Not a bad plan. Had I been up when we were trading above 141.40ish I would have thinned my position out a bit. But alas...
check out my blog: forexmademillionaire dot com
  • #3,796
  • Apr 3, 2013 11:27am Apr 3, 2013 11:27am
Closed my last short from 141.21 @ 140.78.
Now waiting for BoJ tonight before I open new positions.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #3,797
  • Apr 3, 2013 2:30pm Apr 3, 2013 2:30pm
Seems we have another lame session here. Went short at 140.80 4-1/2 hours ago and WOW!! What wild PA since eh?
Ghost Rider - WWTBMD?
  • #3,798
  • Apr 3, 2013 4:20pm Apr 3, 2013 4:20pm
Quoting albchr
Seems we have another lame session here. Went short at 140.80 4-1/2 hours ago and WOW!! What wild PA since eh?


yep, albchr....in this chatroom thread we have here, we're all in africa ya see now, now follow me on this...., on a safari at night. Then we all together see a tiger that comes within reach running by us....and then, ...yep and then....we all jump his stripedaz but all we can manage is to grab him by the tail with our flashlights in our teeth.......yep, that's this threads pair. he...he..heh
  • #3,799
  • Apr 3, 2013 4:35pm Apr 3, 2013 4:35pm
I just went long at 140.76 tp 141.00 sl 140.55
  • #3,800
  • Apr 3, 2013 4:40pm Apr 3, 2013 4:40pm
I was looking at the 8H chart and saw that if it goes down from that last low....140.50....it's forming a perfect A B C correction(elliott wave analysis). 147.xx the top....137.93...then then the "B" wave to 145.85...leaving a "C" wave to go at least the first level after the top...137.93.
that's what we see most of the time, anyway.

300 pips below the recent low. 300 pips or 330 is perfect for a stab lower. I guess start finding a place to get long if 137.93 is broken in the next week.by next thursday for sure, huh!
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