There are some good news events to trade next week but I don't know what anybody would be interesting in trading this week.
There are some good news events to trade next week but I don't know what anybody would be interesting in trading this week.
Playing with Price Action again cause I'm bored haha small live account results
- trying my not so Irish luck again!
Well done NII....
This gets my goat though. Yesterday, the speech was scheduled for 8 am local time...Going in this morning, I see that it changed to 5:30 local time, so, I missed out on that move too...
Aw man, I need to catch a break...that would have wiped out yesterday's losses.
H
This gets my goat though. Yesterday, the speech was scheduled for 8 am local time...Going in this morning, I see that it changed to 5:30 local time, so, I missed out on that move too...
Aw man, I need to catch a break...that would have wiped out yesterday's losses.
H
- #11,527
- Mar 26, 2014 1:43am Mar 26, 2014 1:43am
Well done NII.... This gets my goat though. Yesterday, the speech was scheduled for 8 am local time...Going in this morning, I see that it changed to 5:30 local time, so, I missed out on that move too... Aw man, I need to catch a break...that would have wiped out yesterday's losses.
Hi HannesJoub,
I entered small position few hours before original news time and went to the gym,came back and few minutes later the price went down.I originally planned to add to the position right before planned time but it was to late,still trailing it with 60 pips in green,hope it gets to a nice 100 pips. I messed up like a baby on german pmi this week after missing french by a few minutes. Oh well,you live and learn(hopefully).
- #11,528
- Mar 26, 2014 1:51am Mar 26, 2014 1:51am
I checked, the move on Draghi's speech last night, looks like that downward spike was a stop hunt, taking out the short pendings for volume to go up... Cheers H
{quote} This is a marathon, not a sprint. Only a small handful ever get lucky and get rich quick, the rest go broke.
I am already pretty much broke, so my going at 1% per pip is not an issue for me at the moment.
As I mentioned in one of my previous posts, when equity increases (I can only afford to fund with pocket change every month), my % risked will decrease, whilst trying to ensure that lot sizes remain the same during any series of losses, to ensure that the R:R of 1:2/3/4 remains unchanged (as explained in one of my previous posts, my wins this reporting month have come at lower lots sizes in relation to my losses, hence my pips for the month being green, but my equity growth being negative)Had things gone my way between last night local time Eur, and this morning AUD local time, my account would have been doubled...so, I have risked 20% for the potential of a 100% gain...Some might have regarded that as hero status had the doubling of my account come off
If I want to make any sort of green out of this (trading in general), I am not going to get there with risking 1% of 40$ per trade (which is what I have to budget on a monthly basis)...I have a quandary, do I risk 1% per trade and potentially make US$2 (5%) per month, or do I risk 10% per trade and potentially make US$20 per month (50%) and thereby increase equity at a quicker rate and decrease my risk so much quicker? I understand that if I had US$ 4000 or even US$ 400 as equity, then 10% per trade is excessive, and warrants a change in $ amount risked, but I am not there yet. I have been going over my stats for the last month, and it is surprising how many trades I have missed (16 so far for the month), some were rotten trades, and others were very good trades (5 in total with about 300 pips in return on the conservative side = US$120) BTW, it is this potential (if I can get my discipline right) that keeps me doing this, I would not do it (trading) if I thought there was potential...
Taking the above into consideration, especially with the trades that I had missed, I think it is far to early to surmise that this method does not work (for those naysayers out there) and that my MM is incorrect. It will take me at least another 6 months before I can reach a decision on that, and in the meantime I will keep funding with pocket change, and, God willing, if I manage to make a profit or even break even with no loss in equity at the end of the month, my equity will increase by virtue of the monthly funding, and as indicated my risk will be decreased...
I understand your concern and your advice, and I thank you for it and appreciate it, but for me, I am going the high risk route. I cannot get burned any worse than I have been the last couple of years.
Stay well my friend.
H
{quote} Hi PK, thanks for the reply... I am already pretty much broke, so my going at 1% per pip is not an issue for me at the moment.
--Ancient Proverb
- #11,531
- Mar 26, 2014 2:23am Mar 26, 2014 2:23am
- Joined Nov 2013 | Status: Trading Chaos | 1,133 Posts
{quote} "When you have nothing to lose, You have everything to gain!!" --Ancient Proverb
Also I'd like to say to you Hannes, you're not alone in this journey, I'm on the exact same path you are on my friend, hopefully we can both get there through our determination, persistence, and patience..if its any motivation to me it would be seeing Tony make this work for him
- #11,532
- Mar 26, 2014 2:31am Mar 26, 2014 2:31am
{quote} "When you have nothing to lose, You have everything to gain!!" --Ancient Proverb
100% with you!
And that is why I quit my job on December to give it a go at trading - I could not take it anymore by living with thought "oh,I'm busy now,maybe next year,maybe in 5 months an so on..." and if I will burn my account to ashes I will get a job,will work my ass(literally) for 6 months,save every penny,eat rice and beans and some chicken on Sunday.Will return to give another go! They will not get rid of me so easily! I have to make it! Period.
- #11,533
- Mar 26, 2014 2:43am Mar 26, 2014 2:43am
- Joined Nov 2013 | Status: Trading Chaos | 1,133 Posts
{quote} 100% with you! And that is why I quit my job on December to give it a go at trading - I could not take it anymore by living with thought "oh,I'm busy now,maybe next year,maybe in 5 months an so on..." and if I will burn my account to ashes I will get a job,will work my ass(literally) for 6 months,save every penny,eat rice and beans and some chicken on Sunday.Will return to give another go! They will not get rid of me so easily! I have to make it! Period.
Best of luck buddy, I'm with ya! I think the only way to ever have a chance is by taking a chance. You have to be in it to win it as they say..This is how I feel about this way of trading as well, the potential and the odds are definitely there, its just a matter of perseverance and determination to be able to stick it out long enough to be able to become successful at it. The same goes for anything in life.
- #11,534
- Mar 26, 2014 3:27am Mar 26, 2014 3:27am
{quote} 100% with you! And that is why I quit my job on December to give it a go at trading - I could not take it anymore by living with thought "oh,I'm busy now,maybe next year,maybe in 5 months an so on..." and if I will burn my account to ashes I will get a job,will work my ass(literally) for 6 months,save every penny,eat rice and beans and some chicken on Sunday.Will return to give another go! They will not get rid of me so easily! I have to make it! Period.
"Trap The RED News"
- #11,536
- Mar 26, 2014 5:11am Mar 26, 2014 5:11am
{quote} Yeah waiting till next week
took it long enough
- #11,537
- Edited 7:20am Mar 26, 2014 5:39am | Edited 7:20am
- | Joined Aug 2010 | Status: Trader | 558 Posts
Summary so far of the months trades according to my records (approximations, not 100% accurate):
1) Total trades: +-78
2) Missed trades: +-19
3) Losing trades: +-19
4) Winning trades: +-10
5) Whipsawed trades: +-11
6) Slipped trades: +-7
7) No move trades: +-23
From the above, you can see that if I have a minimum of a 1:2 RR (with equal lots) then I will break even. I will try my best to keep my lot size the same for the next month...
30% of all trades taken did not move
13% of trades were winners
24% of trades were losers
24% of trades were missed
(and of course, +-50% those missed turned out to be really good moves)
10% of all trades taken slipped
14% of trades taken experienced whippage
It doesn't look it, but I am actually fairly happy with the result. As mentioned above the picture is skewed by inequality in lot sizes between winning and losing positions. For me, the kinks to work out are:
1) Keep lot sizes the same
2) Keep revenge trading to nil trades
3) Make sure ALL trades are taken, as you never know which one will be a winner
4) Keep SL limits to the same size, trail any + trades with SL to take everything that the market is willing to give.
5) I am so sure there was something else, but hey....
Oh yeah, no could haves, should haves or would haves etc next month
I hope to perform better in my discipline and trading results in April...lets hope that the wheels do not fall off for the remainder of March.
Cheers
H
1) Total trades: +-78
2) Missed trades: +-19
3) Losing trades: +-19
4) Winning trades: +-10
5) Whipsawed trades: +-11
6) Slipped trades: +-7
7) No move trades: +-23
From the above, you can see that if I have a minimum of a 1:2 RR (with equal lots) then I will break even. I will try my best to keep my lot size the same for the next month...
30% of all trades taken did not move
13% of trades were winners
24% of trades were losers
24% of trades were missed
(and of course, +-50% those missed turned out to be really good moves)10% of all trades taken slipped
14% of trades taken experienced whippage
It doesn't look it, but I am actually fairly happy with the result. As mentioned above the picture is skewed by inequality in lot sizes between winning and losing positions. For me, the kinks to work out are:
1) Keep lot sizes the same
2) Keep revenge trading to nil trades
3) Make sure ALL trades are taken, as you never know which one will be a winner
4) Keep SL limits to the same size, trail any + trades with SL to take everything that the market is willing to give.
5) I am so sure there was something else, but hey....
Oh yeah, no could haves, should haves or would haves etc next month
I hope to perform better in my discipline and trading results in April...lets hope that the wheels do not fall off for the remainder of March.
Cheers
H
Hey all.
Just a quick heads up that I have opened a live account with Oanda (still needs to be funded) in order to try out another type of news trading strategy, I am anxious to see whether they have slippage or not....As per usual, the trade explorer on this account will be up as well for all to see
H
Just a quick heads up that I have opened a live account with Oanda (still needs to be funded) in order to try out another type of news trading strategy, I am anxious to see whether they have slippage or not....As per usual, the trade explorer on this account will be up as well for all to see
H
- #11,540
- Mar 26, 2014 10:00am Mar 26, 2014 10:00am
Hey all. Just a quick heads up that I have opened a live account with Oanda (still needs to be funded) in order to try out another type of news trading strategy, I am anxious to see whether they have slippage or not....As per usual, the trade explorer on this account will be up as well for all to see H
H
so far no epic win for me too. mostly BE or i take profit as i see that its coming down.
For me, the key is money management.
really struggle to get back to positive, you can do it too.
Cos i am a lousy trader, i might go back down tomorrow .. heheheh who knows.
