Ex Institutional Trader | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Is anyone here an institutional trader? 1,267 replies

Brokers and Banks as an Institutional Trader 4 replies

Institutional Prime Broker Relationship 0 replies

MIG Institutional account: Lowest spreads? 15 replies

Institutional Spreads Available on MT4 20 replies

Attachments: Ex Institutional Trader
Exit Attachments

Ex Institutional Trader

  • #1
  • First Post: Edited Jul 20, 2015 3:52pm Nov 5, 2013 12:24pm | Edited Jul 20, 2015 3:52pm
VERIFIED REAL LIVE ACCOUNT: http://www.myfxbook.com/members/nv_t...-trader/749457 (FREE TO TRACK AT myfxbook.com)


Greetings all,

My name is NV, I spent the best part of 5 years market making FX options at a large sterling institution but made the plunge to go independent 4 years ago. In the last 4 years I have focused solely on the FX spot market. The liquidity in this market makes it a much more viable asset class for independents such as myself. The low spreads, ease of access and the tendency for forex to trend in a predictable manner creates a perfect environment for the correct type of approach to be profitable over a consistent period of time.


I started building standardised statistical models and strategies in 2001, 12 years ago whilst in business school, so I guess I was always destined to work on a trading floor but after 5 long years of daily contact with twisted egos and warped minds I decided to go it alone. The first year I left, I was tweaking my model/style/approach, call it what you will, so I did not generate any income but the past 3 years I have settled on one way of trading which has enabled me to make a consistent full time income from trading. Whilst I employ rigid modelling based techniques to enter and exit my trades, at the very core of my work lies my own theories of price action and a strong belief that following the trend yields the most profitable risk adjusted returns. I have simply systemised these theories.


I haven't spent much time frequenting forex forums since I left the floor. All the usual big timers such as james 16, strat, crucial point, jacko and the many others that people have tried to bring to my attention I have been turned off by their unwillingness to produce a trading statement or to take any of their trades in real time using either the trade explorer provided here or one of the independents such as MyFXBook.


Showing wonderful charts and complex explanations and wonderful theories AFTER the fact is easy, even my gran could do that. Imagine me telling my boss on the trading floor the tripe that is spouted on the forums here, he would laugh me out of the office. On the trading floor there is no hiding, everyone knows how everyone is performing in real time. If they aren't at their desk the next day you know they just got shown their P45. That's what shocked me the most about the retail industry, in particular the forex forums including FF, that all the readers are gullible enough to fall for all the utter garbage spoken on the threads with no proof whatsoever. NO PROOF. Ask yourself if the thread originator was so good why would he be sitting there spending hours on end making lovely charts with wonderful explanations. Charity? Giving something back to the community? Wake up.


I don't claim to be the messiah. However, given the consistent number of blow ups and dead ends on these forum pages I thought it would be a nice way to pass some time to actually post some of my trades in REAL TIME, using a LIVE account built from scratch and also link it to MYFXBOOK, so it's all independantly verified including all spreads. A sort of experiment if you wish. Is it really possible to consistently generate profits over a period of say 6 months in front of an audience?

***This LIVE account will be started from scratch, built from 0% return, first trade taken on this account 14th November 2013 as documented in the thread***

I am not here to waste anyone's time, I do not win every single month, I average 9-10 winning months per annum and a couple of smallish losing months, when the markets tend not to move much. Who knows maybe this is a losing month it doesn't matter over the course of the following 12-16 weeks I would like to show an account being built the proper way from the ground up. I also do not win 100% of my trades, more like 50%, yes FIFTY percent. That means I lose, on average, half my trades. Again this doesn't bother me it has never been a problem for me in all my profitable years of trading. Losing is part of the game as long as the losses are controlled.

I trade 7 pairs: GBPUSD, NZDUSD, EURAUD, GBPJPY, AUDJPY, CADJPY, NZDJPY. I am not strictly speaking a day trader per se, I analyse the market at the daily CLOSE, if anything looks likely for the following day based on that close I then drop to the H4 and check the market at every 4 hour candle CLOSE till the following daily CLOSE and so on for my stop entry order. I don't ever trade lower than the H4 candle. Some months I may have as little as 5 trades, some 20, so please be patient it all depends on if the market is giving the setups.

Finally I trade using buy/sell stop orders, I like to wait for the market to move in my direction. ***All my orders will be available to the public in real time at the links.***

As this thread has developed I thought it would be handy to put an index of posts I think are useful:

MAIN INDEX:

10% Return Target set
http://www.forexfactory.com/showthre...07#post7088607 (Post 11)

Automation
http://www.forexfactory.com/showthre...41#post7119341 (Post 30)

Psychology
http://www.forexfactory.com/showthre...82#post7121182 (Post 35)

Third Party Vendors/Systems
http://www.forexfactory.com/showthre...53#post7123253 (Post 43)

Timeframes
http://www.forexfactory.com/showthre...17#post7126517 (Post 53)

A word on my Daily Posts
http://www.forexfactory.com/showthre...63#post7134563 (Post 65)

Non Farm Payrolls
http://www.forexfactory.com/showthre...47#post7139147 (Post 76)

S/R
http://www.forexfactory.com/showthre...69#post7140669 (Post 83)

Close above 10% Return Target
http://www.forexfactory.com/showthre...26#post7141026 (Post 84)

Number of monitors I use
http://www.forexfactory.com/showthre...05#post7142205 (Post 92)


Common Courtesy

http://www.forexfactory.com/showthre...14#post7142914 (Post 95)


Market Maker's Role

http://www.forexfactory.com/showthre...00#post7143000 (Post 98)
http://www.forexfactory.com/showthre...90#post7147790 (Post 134)


Market manipulation

http://www.forexfactory.com/showthre...01#post7143301 (Post 101)


Introduction to my Trading

http://www.forexfactory.com/showthre...77#post7143577 (Post 108)


Breaking the market down

http://www.forexfactory.com/showthre...47#post7144047 (Post 112)

Resources/Books & 20% target close
http://www.forexfactory.com/showthre...04#post7151204 (Post 145)

Regards, NV
  • #2
  • Nov 5, 2013 1:59pm Nov 5, 2013 1:59pm
yeah, yeah, i'm all eyes. you sound like a real trader.

this section is full of liars, cheaters, and naive fools, indeed.
  • #3
  • Nov 5, 2013 2:20pm Nov 5, 2013 2:20pm
I will follow your explorer, a welcome change from all those hindsight-traders..

Kind of questionable choice of broker firm tho. I suppose you want to run this on Zulu trade or something at a later point in time? Is this why you create this thread in the commerical section?
  • #4
  • Nov 5, 2013 3:00pm Nov 5, 2013 3:00pm
will you make your calls in advance and post them here ?

problem is that one can change post up to 24 hours after. So I will enable email to email original and changes immediately.

Everything else is just empty talk.


?
  • #5
  • Nov 5, 2013 3:24pm Nov 5, 2013 3:24pm
Quoting shrike
I will follow your explorer, a welcome change from all those hindsight-traders.. Kind of questionable choice of broker firm tho. I suppose you want to run this on Zulu trade or something at a later point in time? Is this why you create this thread in the commerical section?
Dear shrike,

Thank you for your post. I have posted in this section as I cannot post in the main section without 4 vouches. This section also appears to command a lot of interest from readers.

Regarding Zulutrade/Commercial activities I have not thought that far ahead to be honest. My only interest for the next 12-16 weeks is to grow the portfolio and see where it goes from there. It seems absurd that people in retail forex seem to think they can offer services/advice/teach without proving their credentials first.

Thank you for your interest.
  • #6
  • Nov 5, 2013 3:37pm Nov 5, 2013 3:37pm
Quoting seaman2
will you make your calls in advance and post them here ? problem is that one can change post up to 24 hours after. So I will enable email to email original and changes immediately. Everything else is just empty talk. ?
Dear seaman2,

Thank you for your interest. Yes all calls will be made in advance. Typically 99.9% of the time I use buy/sell stop orders anyway, i.e. let the market move in my direction. I make a decision at the close of every H4 bar, I don't trade anything lower hence not so many trades a month.

Tonight I had to nip out for some Indian new year celebrations so I missed my long entry on NZDJPY (81.942 long, SL 81.58) so I will try to get in on a limit order but this is very very rare.

Regarding changing the post, that's the whole point of me showing a trade explorer, it doesn't matter what changes I make the trade explorer will show the EXACT level I traded at and exited including all spreads. There is nowhere for me to hide.

If you add me as a buddy you will be able to see my market orders and targets in real time.

Thank you.
  • #7
  • Nov 5, 2013 5:08pm Nov 5, 2013 5:08pm
Hi nv,
I don't know how to add buddies but I've done what I usually do when I find a thread I'm interested in by subscribing to it. I'm looking forward to reading what you have to share. Most thread starters excuse is that they are not a signal service but really, I wouldn't be here searching through the forums if I didn't want to learn to trade more profitably for myself .
If I wanted a signal service or trade copier I'd just subscribe to either a paid or free one and let someone else lose my money, I wouldn't be searching forums to improve my own trading skills.
Damien
  • #8
  • Nov 7, 2013 7:52am Nov 7, 2013 7:52am
Quoting Damien1881
Hi nv, I don't know how to add buddies but I've done what I usually do when I find a thread I'm interested in by subscribing to it. I'm looking forward to reading what you have to share. Most thread starters excuse is that they are not a signal service but really, I wouldn't be here searching through the forums if I didn't want to learn to trade more profitably for myself . If I wanted a signal service or trade copier I'd just subscribe to either a paid or free one and let someone else lose my money, I wouldn't be searching forums to improve my...
Dear Damien - thanks for the note.

To everyone else - please bear with me, apologies for the lack of posts. I am setting up a live account to attach to the trade explorer here and it takes a few days for my documentation to be approved. I had initially set up a demo account then I thought why not go the full hog and do everything on a live account to spice things up a bit. I will attach this live account to both trade explorer and MyFXbook so you can see the exact drawdown statistics. I don't think the FF trade explorer here does a good job of highlighting a trader's drawdown vs return, which is just as important if not more so than the return generated.

Hopefully early next week we can get this show on the road. Thank you all for your patience.

Regards, NV
  • #9
  • Nov 12, 2013 3:51pm Nov 12, 2013 3:51pm
Analysis for Wednesday 13th November 2013

Dear All,

Thank you for your patience. As per my post last Thursday 7th I have now linked a LIVE account and updated my original post.

I can categorically say that there are no pending setups for tomorrow based on the daily closes I just analysed.

See you tomorrow.

Regards, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #10
  • Nov 13, 2013 2:13am Nov 13, 2013 2:13am
Hi NV

Sounds like this might turn out to be a really interesting thread. Will you also be showing the reasoning behind your trade set ups?

Martin
  • #11
  • Nov 13, 2013 2:16pm Nov 13, 2013 2:16pm
Quoting ukmartin
Hi NV Sounds like this might turn out to be a really interesting thread. Will you also be showing the reasoning behind your trade set ups? Martin
Hello Martin,

I appreciate the comment. Yes I would definately like to go into some reasoning behind my trades in time. I do have a set goal of say +10% or so in mind, which is 500 pips (no compounding) before I discuss any further details about my setups for the simple reason that I feel a little embarrassed to talk the talk before I walk the walk. When I was on the trading floor I learned very quickly that the best way to earn any credibility was with PnL, as simple as that really. No one can argue with the bottom line, this is a results business as they say.

It just doesn't feel right for me to preach about how one should approach trading before backing it up with some real results. However, to answer your question yes I will definately go into some detail about my setups eventually, assuming everything goes to plan which I have no doubt it will. The only uncertainty in my mind is how long it may take before the equity curve takes off as it really depends on how much the market moves during the rest of this year. Patience really is key in this business.

I do use standardised (ie fixed) models based on statistics to trade, which has many advantages over the majority of styles illustrated on the forum but I am planning to go into some detail to try and explain some of my own methods and share some of my experiences. For those interested in more intricate detail I can always speak to people privately if they are interested, once I attain my goal of some returns.

I just ask everyone to give me a chance to build the equity curve a little then I feel at least I can back up what I am saying with some results.

Thanks again,

NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #12
  • Nov 13, 2013 4:35pm Nov 13, 2013 4:35pm
Analysis for Thursday 14th November 2013


Greetings all,

For Thursday based on Daily closes, possible:
a) Short NZDUSD
b) Long EURAUD
c) Short AUDJPY

Will drop to H4 and watch for stop order entries if they present themselves.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #13
  • Edited 5:26pm Nov 14, 2013 5:04pm | Edited 5:26pm
Analysis for Friday 15th November 2013

Greetings all,

For Friday same as today, based on Daily closes, possible:
a) Short NZDUSD
b) Long EURAUD
c) Short AUDJPY

Today I had one long EURAUD buy stop order triggered but it was stopped out for a small loss. I also had a short AJ sell stop but it was cancelled as the market rallied.

There are 2 stop orders outstanding, NZDUSD and EURAUD as per the trade explorer/MyFXBook links.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #14
  • Nov 17, 2013 11:15am Nov 17, 2013 11:15am
Analysis for Monday 18th November 2013

Based on Daily closes, possible:

a) Long EURAUD (active H4 stop order, to be reinstated at the week's open)

The short NZD stop order from Friday failed to trigger as the market rallied. That's the beauty of using stop orders over pending orders, we rarely get picked up if the market has a total reversal. More on this once I reach my return targets (namely 10%+).

I deleted the EURAUD stop order just before the close on Friday as I don't leave orders live over the weekend in case of a big gap open but I will simply reinstate it at the open tonight.

Only EURAUD available on the higher TFs so a quiet Monday ahead.

I know it's frustrating waiting for entries to occur but this is not a game we are here to make money over many years which means waiting for the setups to occur as and when they are ready. The more years you spend as a professional in this business and once you start settling into one trading style the more it starts dawning on you how insanely boring this job can be in stark contrast to the all the "excitement" when one first enters this business. One could argue that the income does go some way to making up for the amount of down time. All this will become clearer over the coming months as I explain a little more about my approach.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #15
  • Nov 18, 2013 8:09am Nov 18, 2013 8:09am
Hi NV
Everything you've said sounds perfectly reasonable.

I'm looking forward to getting some direction from someone with some experience in the real world.

I like your in the same country also

Martin
  • #16
  • Edited 4:12pm Nov 18, 2013 2:41pm | Edited 4:12pm
Quoting ukmartin
Hi NV Everything you've said sounds perfectly reasonable. I'm looking forward to getting some direction from someone with some experience in the real world. I like your in the same country also Martin
Hello Martin, I appreciate your note. Yes I am based in London, UK. I have also lived and worked in New York during my career trading options but much prefer London so I have settled here. I look forward to interacting further with you in good time sir.


Quoting mmaker
I agree with you totally. Too many people on forum refused to show their Live account TradeExplorer or Myfxbook, citing all kinds of reasons. But they have no problem telling everyone they figured out this business and here to "teach" you how to trade. I just want to say that I'm following your thread, and while waiting for you to reach your +10% goal (for credibility), I will be messaging you in private on some questions. So it's not that this thread is quiet but we are speaking in private instead
Dear mmaker, thank you very much for your note.

Don't worry I know the thread is not quiet, I am happy to just chug along posting a small update once a day till I reach my goal of 10% as it may take some time or it may be quick it all depends how the markets move till the end of this year. I am not expecting anyone to contribute to the thread unless they really want to, especially as there isn't really much to say at present which I fully accept will not be the case until I go into more detail. I fully understand people are just waiting patiently for me to hit my return targets and that is fine by me. Finally, of course if you send me a PM I will be more than happy to answer.

Regards, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #17
  • Nov 18, 2013 4:10pm Nov 18, 2013 4:10pm
Analysis for Tuesday 19th November 2013

Based on Daily closes, possible:

a) Long EURAUD
b) Long GBPJPY
c) Long CADJPY

Yesterday's EURAUD long stop order was automatically cancelled as the market made lower lows on the H4 entry TF. However the daily bullish bias on EURAUD remains intact so I continue to look for potential long stop order setups although we will have to see if any present themselves.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #18
  • Nov 19, 2013 4:25pm Nov 19, 2013 4:25pm
Analysis for Wednesday 20th November 2013

Good Evening,

Based on Daily closes, possible:

a) Long GBPJPY (active h4 stop order)
b) Long CADJPY (active h4 stop order)

The EURAUD long stop order was automatically cancelled as the market moved lower. The daily long bias is no longer intact.

Just GBPJPY and CADJPY long bias at present. These may get picked up overnight, who knows.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #19
  • Nov 20, 2013 6:26pm Nov 20, 2013 6:26pm
Analysis for Thursday 21st November 2013

Good Evening,

Based on Daily closes, possible:

a) Long GBPUSD
b) Short EURAUD (active h4 stop order)
c) Long GBPJPY (active h4 stop order)
d) Long AUDJPY
e) Long CADJPY
f) Long NZDJPY

Took a small hit on GBPJPY long, no big deal. Long bias on all the yens, cable and euroaussie but realistically only EURAUD, CADJPY and GBPJPY likely to be active over the next 24 hours, the others are still well in their infancy.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
  • #20
  • Nov 21, 2013 4:38pm Nov 21, 2013 4:38pm
Analysis for Friday 22nd November 2013


Good Evening,

Based on Daily closes, possible:

a) Long GBPJPY (active trade holding)
b) Long AUDJPY
c) Long CADJPY (active trade holding)
d) Long NZDJPY

Euroaussie long stop order was cancelled. GBPJPY and CADJPY triggered, granted the GBPJPY trade is going strong but let's see what happens I never count a trade as crystallised until it's closed. In case you are wondering if I follow any newswires or anything on the fundamental front, 100% categorical no. No disrespect to correlation or fundamental driven traders, people who can make that work in the long run are much more intellectually superior to me. In my humble opinion all that stuff is just simply random you may as well roll a dice. The last time I even checked a payroll/interest rate number was probably over a year ago, even then by accident. I prefer a standaradised approach based on probabilities so I can realistically manage my drawdowns and risk.

See you tomorrow.

Thanks, NV

REAL LIVE ACCOUNT:

***http://www.myfxbook.com/members/nv_t...-trader/749457***
0 traders viewing now