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Blueshift's Experiment

  • #1
  • First Post: Jul 20, 2006 11:09pm Jul 20, 2006 11:09pm
Hey Everyone,


I just opened an account with FXCM (for the leverage) and I've decided to experiment with a new system. I'll be posting all my trades, and balances, as soon as I close the trades. Starting August, I'll post screenshots of my account report, at the end of each month (will edit out my personal details for anonymity).

Details of my account:

Amount Deposited: $300 (the original deposit will be removed once my account hits $1300)
Leverage: 1:200
Lot size: Depends on the trade and my comfort level at that time.
Pairs traded: Mostly GBP/USD, but I'll trade whenever an opportunity arises.

Rules/System:

1. Never let your account go below $300. (Not possible the first trade)
2. Only open a position when all fundamentals point in one direction.
3. Only add to a winning position, and never to a loosing one.
4. Basic technical analysis like support and resistance levels, pivot points and trendlines.


My strategy is to pick the best possible trades, which the aim to preverse my original deposit. 2 trades a month is more than enough, but if opportunities arise, I'll get in. I won't care even if I don't make any trades this year. An unbiased return expectation IMO would be about 50-60% a month. Depending on the market conditions, I might even decide to go all in on some trades.

Any questions, comments, suggestions, welcome.
  • #2
  • Jul 20, 2006 11:17pm Jul 20, 2006 11:17pm
07/20/06

4 mini lots
GBP/USD Long @ 1.8473
Profit = $132

4 mini lots
GBP/USD Short @ 1.8490
Loss = $128

Ending Balance: $304

I'm a total idiot. 2 trades a month are enough. I shouldn't trade when I'm not sure. I shouldn't have traded yesterday. No more fooling around.
  • #3
  • Jul 20, 2006 11:18pm Jul 20, 2006 11:18pm
Best of luck blueshift,
I only see one problem. With the initial amount you've deposited, I would recommend micro account (trading 1k lots) and I don't think FXCM offers that. I'd go with fxsol, tradefreedom (Canadian - regulated broker) or oanda (not sure about them since I was told by professional traders to stay away).
Sorry to say that, but trading mini with 300$ is very, very difficult, no room for mistakes here. Well, maybe you're the one.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
good luck.<o></o>

Quoting blueshift
Hey Everyone,


I just opened an account with FXCM (for the leverage) and I've decided to experiment with a new system. I'll be posting all my trades, and balances, as soon as I close the trades. Starting August, I'll post screenshots of my account report, at the end of each month (will edit out my personal details for anonymity).

Details of my account:

Amount Deposited: $300 (the original deposit will be removed once my account hits $1300)
Leverage: 1:200
Lot size: Depends on the trade and my comfort level at that time.
Pairs traded: Mostly GBP/USD, but I'll trade whenever an opportunity arises.

Rules/System:

1. Never let your account go below $300. (Not possible the first trade)
2. Only open a position when all fundamentals point in one direction.
3. Only add to a winning position, and never to a loosing one.
4. Basic technical analysis like support and resistance levels, pivot points and trendlines.


My strategy is to pick the best possible trades, which the aim to preverse my original deposit. 2 trades a month is more than enough, but if opportunities arise, I'll get in. I won't care even if I don't make any trades this year. An unbiased return expectation IMO would be about 50-60% a month. Depending on the market conditions, I might even decide to go all in on some trades.

Any questions, comments, suggestions, welcome.
  • #4
  • Jul 20, 2006 11:22pm Jul 20, 2006 11:22pm
Quoting raczekfx
Best of luck blueshift,
I only see one problem. With the initial amount you've deposited, I would recommend micro account (trading 1k lots) and I don't think FXCM offers that. I'd go with fxsol, tradefreedom (Canadian - regulated broker) or oanda (not sure about them since I was told by professional traders to stay away).
Sorry to say that, but trading mini with 300$ is very, very difficult, no room for mistakes here. Well, maybe you're the one.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
good luck.<o></o>
Thanks for the encouragement. Thats my whole point!!!! I'll only enter a trade when I'm absolutely convinced. Oanda was my first choice, but I needed more leverage. My goal is to not make any mistakes. I'm not following any money management rules.



PS: I actually made 4 trades yesterday (scalping). But I dont wanna post the other 2. You'll see them when I post the screenshot. I did it only to get my account balance back up to $300 from $298.
  • #5
  • Edited 2:58am Jul 21, 2006 2:46am | Edited 2:58am
I think your rules need some revision. Some to consider are: What timeframe will you trade? What stop loss will you use? PM me, and I'll e-mail you a trading plan template. As for one of your rules to trade only when all the fundamentals point in one direction, I think that trying to do so would cause alot of frustration. Sometimes there are numerous announcements occuring within close proximity of each other. There are many more annoucements than posted on the forex factory calendar. You mentioned in a later post that you are trading 4 mini lots. On a $300 account, that is way too much. I suggest starting out with a .1 lot size, and increase it only when your account size increases up to a certain point. To learn more about this, I recommend that you read the Larry Williams book, Long Term Secrets to Short Term Trading. You are setting yourself up for a big let down to have a goal of not making any mistakes. You will make them. In Larry Williams book, he said his attitude is that he expects every trade he makes to be a loser.
  • #6
  • Jul 21, 2006 5:35am Jul 21, 2006 5:35am
Quoting eagle4x
I think your rules need some revision. Some to consider are: What timeframe will you trade? What stop loss will you use? PM me, and I'll e-mail you a trading plan template. As for one of your rules to trade only when all the fundamentals point in one direction, I think that trying to do so would cause alot of frustration. Sometimes there are numerous announcements occuring within close proximity of each other. There are many more annoucements than posted on the forex factory calendar. You mentioned in a later post that you are trading 4 mini lots. On a $300 account, that is way too much. I suggest starting out with a .1 lot size, and increase it only when your account size increases up to a certain point. To learn more about this, I recommend that you read the Larry Williams book, Long Term Secrets to Short Term Trading. You are setting yourself up for a big let down to have a goal of not making any mistakes. You will make them. In Larry Williams book, he said his attitude is that he expects every trade he makes to be a loser.
I'll be using the 30 min, 1 hr charts. Stop losses will be around important support, resistance levels. I'll only trade when everything is in my favor. 4 minis is a bit too much. I realise that. I was just messing around yesterday. I'm currently using only 1 lot. Will increase lot size as account grows. IMO, 0.1 lots is a bit too less. I'd love to get that template from you. PM sent, with my email address in it.
  • #7
  • Jul 24, 2006 2:40am Jul 24, 2006 2:40am
Shorted GBP/USD just as the Japanese session opened. Increased from 1 to 3 mini lots. Last lot is in a profit of 25 pips. Will be watching the 1.8470 mark closely for reversals. I've decided to post my balances at the end of every month, as it has been fluctuating a lot. Another lesson I learnt from my previous trades: be patient, and never close a position early, until the trend weakens.
  • #8
  • Jul 27, 2006 6:22am Jul 27, 2006 6:22am
Took the long ride up GBP/USD with 1 mini lot, and increased lots after every 40-50 pips.

Current Balance: $643
  • #9
  • Jul 27, 2006 6:23am Jul 27, 2006 6:23am
Now I'm going to be extra careful, and I'll make sure I don't lose the profits.
  • #10
  • Jul 30, 2006 10:00am Jul 30, 2006 10:00am
Traded the GDP deflator report. Made about 100 pips with 1 mini lot. I wanted to go all in, but the fear of losing my profits refrained me from doing so.

Short EUR/USD @ 1.2770. Closed at 1.2737 with 1 mini lot. I wasn't too sure of my direction, so I went in with 1 mini.
Current Balance: $775.

When my balance falls back to $300, I'll start following strict money management rules. Lets see how far I can go without em.
  • #11
  • Last Post: Aug 20, 2006 5:58am Aug 20, 2006 5:58am
Quoting blueshift
When my balance falls back to $300, I'll start following strict money management rules. Lets see how far I can go without em.
That totally sounds like me when I first got started trading. Then I blew 2 accounts and got serious. Hopefully it won't take that for you or your luck holds. There's plenty of money in this market for the big boys. They won't miss our share. Happy trading and all the best!
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