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  • #12,321
  • Edited 8:48am May 2, 2014 8:19am | Edited 8:48am
Quoting Tony112
{quote} There's a thin line between slippage and spread. Oanda has big spreads but no, or very little slippage.
I know the difference between the slippage and the spread. As I said I have been trading with them on a real account for 4 years and my stoplosses has always been respected to the pip but recently things have changed. For exemple today my stoploss on EURUSD was 20 pips and I lost 40 pips instead. I am very disappointed about that because this method of trading is promising. I just wanted to warn you about Oanda.
  • #12,322
  • May 2, 2014 8:32am May 2, 2014 8:32am
Long UCAD, Short AUSD, Short EURUSD. All trades closed. Thanks NFP and Tony112. Same time same place next week.
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  • #12,323
  • May 2, 2014 8:36am May 2, 2014 8:36am
Quoting lesoleil
{quote} I know the difference between the slippage and the spread. As I said I have been trading with them on a real account for 4 years and my stoplosses has always been respected to the pip but recently things have changed. For exemple today my stoploss on EURUSD was 20 pips and I lost 40 pips instead. I am very disappointed about that because this method of trading is promising. I just wanted to warn you about Oanda.

How come?! I can't believe that you have been slipped so much?, it's possible if you entered during NFP and not before.
Invest in alarm clocks
  • #12,324
  • May 2, 2014 8:47am May 2, 2014 8:47am
Quoting Tony112
{quote} How come?! I can't believe that you have been slipped so much?, it's possible if you entered during NFP and not before.
I don't know what to say. I can't believe it myself. I entered at 14:28. The spread at that time was about 2 pips. My stoploss was at 1.3846 but instead I was stopped out at 1.3826.
  • #12,325
  • May 2, 2014 8:57am May 2, 2014 8:57am
Quoting lesoleil
{quote} I don't know what to say. I can't believe it myself. I entered at 14:28. The spread at that time was about 2 pips. My stoploss was at 1.3846 but instead I was stopped out at 1.3826.

This is very very strange, seeing a screenshot would help me see
Invest in alarm clocks
  • #12,326
  • May 2, 2014 9:03am May 2, 2014 9:03am
Quoting SaiLyfee
{quote} The worst slippages I've had has been 1 pip. I started trading this way at the beginning of the week and have taken 7 news trades total now. As far as I'm concerned slippage isn't a problem with OANDA.
oh, so your equity is positive now after 7 trades?
  • #12,327
  • May 2, 2014 9:04am May 2, 2014 9:04am
Quoting Tony112
{quote} How come?! I can't believe that you have been slipped so much?, it's possible if you entered during NFP and not before.
Don't want to be a smartass but if stop is hit during NFP it is "entering" also. You have to buy/sell to get out. I straddled this NFP and got some good profit. I got slipped 6.5 pips on usd/jpy also but that is really really small on a 50 pip move. 20 pips slippage on oanda is unheard of even during NFP to be honest.

Maybe on a bigger account you get less slippage.. dunno.
  • #12,328
  • May 2, 2014 9:28am May 2, 2014 9:28am
Quoting Tony112
{quote} This is very very strange, seeing a screenshot would help me see
This is what the ticket of the stoploss says. Anyway I will contact them.

Ticket: ...
Date/Time: May 02, 14:30
Type: Stoploss
Market: EURUSD
Units: ...
Price: 1.38258
Stoploss: 1.38461
Takeprofit: 1.39661
...
  • #12,329
  • May 2, 2014 11:51am May 2, 2014 11:51am
Quoting Tony112
USD/JPY shot 50 pips straight...for those who have the courage to hold it, we never know where that will end. Might retract back down, might reach 200. It's a lot of money that's involved here.
Hi Tony did you hold position for 200 pips or not? If yes then i think your SL at BE has been hit at this time.

I already had doubt because in first hour, NFP reaction is 100 Pips but here it didn't go more than 60 Pips in EU pair.
Love for all; Hatred for none.
  • #12,330
  • May 2, 2014 12:09pm May 2, 2014 12:09pm
Quoting aahmad29
{quote} Hi Tony did you hold position for 200 pips or not? If yes then i think your SL at BE has been hit at this time. I already had doubt because in first hour, NFP reaction is 100 Pips but here it didn't go more than 60 Pips in EU pair.
Good point, I was wondering the same thing.

We can all get excited by a spike but how is everybody's money management here?
  • #12,331
  • Edited 8:41pm May 2, 2014 6:49pm | Edited 8:41pm
Quoting myichimoku
{quote} oh, so your equity is positive now after 7 trades?
Well I locked in profits with my NFP trade enough to cover my losses for the week to bring my account back to BE. Had NFP not retraced back down the way it did I might have made some additional profits but nevertheless I'm happy my account is back to where it was when I started. I feel like this week has been a trial run and I have learnt a lot from it. I guess it was also a bit bumpy too but I would put that down to these things I have learned.

1) Only trade news that Tony does, if you think you know more about which news is better to trade than him after he's had what is it 7+ years or something? Then you won't be trading the "cream of the crop". This is important if you want to preserve your equity and grow it in the most efficient way possible. - (I'm sure I may be likely to take the odd news trade that is not listed on post #1 but I know in doing so I am taking on more risk.)
This will be easier to do once Tony has kindly updated post #1.
2) Respect his SL settings! I took a trade that should have probably had a 15pip SL with a 10pip SL this week only to be stopped out for less than a pip before it reversing in what would have been profitable. Again though..had I been shooting for 200 pips it would have retraced for BE.

My question to Tony is, do you always shoot for the 200 pip TP? Or do you usually just go for 50? Thanks again, and to all a good weekend!
  • #12,332
  • May 2, 2014 9:04pm May 2, 2014 9:04pm
It retraced... it's fine.
Invest in alarm clocks
  • #12,333
  • May 2, 2014 9:12pm May 2, 2014 9:12pm
Quoting Fx3422271
{quote} Good point, I was wondering the same thing. We can all get excited by a spike but how is everybody's money management here?
Agreed, I am trying to work out how much % is a reasonable amount to risk per trade..
  • #12,334
  • Edited 10:01pm May 2, 2014 9:22pm | Edited 10:01pm
Quoting SaiLyfee
{quote} Agreed, I am trying to work out how much % is a reasonable amount to risk per trade..
Ok. I would greatly appreciate some comments/thoughts/critique here. Outlined below is a money management template I am considering as I am working with $1000.
Does $2 per pip for every $1000 seem to much? If others here are willing to share what they use and the money management they find works for them it would be of much help to me and others I'm sure also.

Money Management: - ($2.00 per pip / per $1000.00
18SL = $36.00 -- (3.6%) 200TP/100TP = $400.00/$200.00 -- (40.0%/20.0%)
15SL = $30.00 --(3.0%) 100TP/50TP = $200.00/100.00 -- (20.0%/10.0%)
7SL = $14.00 -- (1.4%) 100TP/50TP = $200.00/$100.00 -- (20.0%/10.0%)

Quoting Tony112
It retraced... it's fine.
Tony, if you would be so kind as to share how much % per trade you risk and the money management factored in it would be very much appreciated..
This $1000 is the only spare money I have and I want to get this right..
Again, thank you. After reading through nearly the entire thread I have to say you're an amazing person, you've shown me that its possible to make it with enough determination and willpower. The R:R is what any trader needs to succeed. I remember you once saying that trading like this is being like the house at a casino, the odds are always in their favour. With this we are our own casino. And the FX market are our customers.
I'm looking forward to seeing this filming project of yours. This thread has given me enough inspiration to last a lifetime.
I was watching The Pursuit Of Happyness the other day, and if you haven't seen it already I would tell you to go away and watch it when you can next, it really is a beautiful movie based on the true lifetime events of Chris Gardner. This quote right here is something that stayed with me and something to always keep in mind.

"You got a dream. You gotta protect it. People can't do something themselves, they wanna tell you you can't do it. If you want something, go get it. Period." - The Pursuit Of Happyness
  • #12,335
  • May 2, 2014 10:23pm May 2, 2014 10:23pm
I personally set it at 3% of my account balance (i.e. if my stop got hit, it would be 3% of my account that I would lose).

Therefore how many lots I buy would depend on the stop loss itself
  • #12,336
  • May 3, 2014 12:39am May 3, 2014 12:39am
Quoting SaiLyfee
{quote} Ok. I would greatly appreciate some comments/thoughts/critique here. Outlined below is a money management template I am considering as I am working with $1000. Does $2 per pip for every $1000 seem to much? If others here are willing to share what they use and the money management they find works for them it would be of much help to me and others I'm sure also. Money Management: - ($2.00 per pip / per $1000.00 18SL = $36.00 -- (3.6%) 200TP/100TP = $400.00/$200.00 -- (40.0%/20.0%) 15SL = $30.00 --(3.0%) 100TP/50TP = $200.00/100.00 -- (20.0%/10.0%)...
Thank you for the nice comments. I see that you have deep thoughts about this and these are the 1st steps of being able to achieve something. It is to believe in it deeply and to have a pure passion for it. You must want it so much that you do not see the time you spend on it. When I'm trading the NFP, I'm risking 6% of my account only. Today, everything went beautifully but then collapsed. That's why I tell traders to trail their stops to 0 SL. Unfortunately, today, the price retraced way past our initial entry. The ones that didn't set a 0SL are now hoping. I have lost 0% of my account today. The ones that entered after the NFP, on the initial spike, are now long gone, RIP. MM is important, I'm rebuilding capital slowly until the next trade that I will post before the week starts. Keep smiling, everything's under control now! It's all about making good decisions.
Invest in alarm clocks
  • #12,337
  • May 3, 2014 1:08am May 3, 2014 1:08am
For sure, the time I put in to this isn't a problem to me and never will be, in part thanks to seeing your success with it. I know that this path is not rabbit-trail, it leads only to success with however much time is put into it. I can be sure that no matter how long this path is, there is success waiting for me at the other end, that in itself is something exciting and I very much look forward too. When you say you put up 6% on NFP, does that mean you are always risking 6% on 18pips?

Quoting Tony112
YOu see people!!!!!!!!!!!!!! I didn't listen to myself, I cut the ECB trade I took for a mediocre 20 pips profit! what a shame... look at the price now. I would have been bawlin on the floor now! I will set a fix TP of a MINIMUM of 200 pips as of now I don't care. This becomes today my officially engraved minimum take profit for life. I'm not coming back on my decision. I will never in my life ever ever be regretting and be disappointed because I took a mediocre 20 pips trade. End of subject.
Also, do you still stand by this? Do you only shoot for TPs of 200?
  • #12,338
  • May 3, 2014 1:53am May 3, 2014 1:53am
Quoting SaiLyfee
For sure, the time I put in to this isn't a problem to me and never will be, in part thanks to seeing your success with it. I know that this path is not rabbit-trail, it leads only to success with however much time is put into it. I can be sure that no matter how long this path is, there is success waiting for me at the other end, that in itself is something exciting and I very much look forward too. When you say you put up 6% on NFP, does that mean you are always risking 6% on 18pips? {quote} Also, do you still stand by this? Do you only shoot...

Exactly, 18 pips represents a 4 to 6 % loss to my FX account. I only go for 200 pips now I'm really cold-hearted.
Invest in alarm clocks
  • #12,339
  • Edited 3:11am May 3, 2014 2:55am | Edited 3:11am
Quoting Tony112
{quote} Exactly, 18 pips represents a 4 to 6 % loss to my FX account. I only go for 200 pips now I'm really cold-hearted.
Thank you for the explanation, I really needed that and couldn't be more greatful to you and all your years experience being passed on to others, I know what to do now. You can be sure that one day when I've made my fortune I'll be paying it forward too, and it will all be because of you. It wouldn't have ever been possible for anybody here without this thread having been made, think about that..
The world needs more generous people being the rich ones, instead, what we have is all the greedy people being the the rich ones..then again, I suppose that's how they became rich..

As for being cold-hearted, I think you have to be to succeed in the market, just look at all the types of people on Wall Street, most of them are sociopaths and don't feel anything, when it comes to trading they probably don't feel anything either which would play a huge part in allowing their winners to run. Don't get me wrong, I'm not saying you have to lead a sociopathic life to be successful at this LOL. You just have to be a sociopathic trader. I too, have come to see the market is nothing but chaos, anything can happen at anytime. I think in general people have a hard time accepting that. We as human-beings inherently are always seeking an explanation to things. This I believe, is what sets the 95% apart from the 5%. All we can do is set, forget, and let the market decide for itself. In the long run, accepting that will make us more money than otherwise getting all emotional over something we have no control of anyway. All the best to you Tony, have a great weekend!
  • #12,340
  • Edited 6:18am May 3, 2014 5:26am | Edited 6:18am
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This upcoming week is going to be make or break it..I think I will add some extra funds into my account especially.

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What other way of trading gives you a potential of 1200 pips for 85 pips risked!!
Or in my case % wise risking 13.6% for a potential 192%..

I can see the beauty in this way of trading, see you on the other side
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