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Ramblings of a Forex Junkie

  • #3,981
  • Feb 5, 2015 12:35pm Feb 5, 2015 12:35pm
fxbook will not synch. I just killed my open positions and am going to reopen explorer ASAP with new account that will sync with all history. I tried everything but still kept getting error message. I will have it back up soon.
  • #3,982
  • Edited Feb 6, 2015 8:25am Feb 5, 2015 1:16pm | Edited Feb 6, 2015 8:25am
New account and explorer up and ready.

FXbook link:

http://www.myfxbook.com/members/MH60L/seneca-v/1151211


All trades, lots, account size, and open and closed positions will be visible.

I will trade this as if it is a big account. I didn't like the result of the max leveraged uber aggressive quick builder experiment. Full disclosure I took a loss on the open positions I was in. I want the full access through the explorer here and the myfxbook explorer so new traders can see me build the account through methodical and disciplined trading. I believe that watching me gamble in trying to max out trades would help no-one. So here goes. Not sure if I will trade later or not. I don't generally trade on Fridays and only would do the NFP trade if I do. Might take a position tonite, just not sure.
  • #3,983
  • Feb 6, 2015 5:05am Feb 6, 2015 5:05am
Quoting Seneca pilot
New account and explorer up and ready. FXbook link: https://www.myfxbook.com/portfolio/seneca-v/1151211
I don't think anyone other than you can see your portfolio.

This is the message I get:

You cannot access someone else's portfolio. If this is your portfolio, please login first.
  • #3,984
  • Feb 6, 2015 8:14am Feb 6, 2015 8:14am
Quoting TheMaxx
{quote} I don't think anyone other than you can see your portfolio. This is the message I get: You cannot access someone else's portfolio. If this is your portfolio, please login first.
I will figure it out and fix this. I probably linked the wrong page.
  • #3,985
  • Feb 6, 2015 8:27am Feb 6, 2015 8:27am
Quoting Seneca pilot
{quote} I will figure it out and fix this. I probably linked the wrong page.



Fixed:

http://www.myfxbook.com/members/MH60L/seneca-v/1151211
  • #3,986
  • Feb 6, 2015 8:48am Feb 6, 2015 8:48am
I took an NFP trade but killed it. Don't like the lack of follow through. Also I have an appointment later and need to get ready. Plenty of trades to take next week.

Later.
  • #3,987
  • Feb 6, 2015 10:05am Feb 6, 2015 10:05am
Quoting Seneca pilot
{quote} Fixed: http://www.myfxbook.com/members/MH60L/seneca-v/1151211
Works!, thanks!
  • #3,988
  • Feb 7, 2015 5:49pm Feb 7, 2015 5:49pm
Great to see you back Chris, will follow with great interest. Hope the wife and twins are loving life.
Ardua Ad Astra Per
  • #3,989
  • Feb 8, 2015 7:47pm Feb 8, 2015 7:47pm
Quoting mistakesr
Great to see you back Chris, will follow with great interest. Hope the wife and twins are loving life.
Life is good. :-)
  • #3,990
  • Feb 10, 2015 10:10am Feb 10, 2015 10:10am
Hi Chris, good to see u back. 😊
Make everything as simple as possible, but not simpler.
  • #3,991
  • Feb 10, 2015 2:47pm Feb 10, 2015 2:47pm
Quoting hunting pips
Hi Chris, good to see u back. 😊
Thanks.

I don't think it will help anyone right now. I don't seem to have any discipline when it comes to this little account. As soon as I promised to keep it to careful trading I immediately began taking trades based on some new ideas. If any of you guys are looking at the trades I am sure you will have guessed these trades are not my old standards. I seem to always be trying new entry methods in this account and the last few days have been no exception. Furthermore I just woke up to see that I forgot to place my OMG stop for the current open trade. The stops on these trades are a stop on close but I had always had a stop above or below the action just in case. Well I fell asleep this morning without setting it. Unexcusable but I am not perfect. The problem is, when you look at its a heavy loss in percentage terms but it only adds up to a couple of hundred dollars.

I am going to leave the explorer up. I may try to trade this out of the hole it is in. I have some new news entries I want to explore. I don't spend too much time with this account. As you guys can see I have been trading mainly Asian entries with the Yen pairs. This is not optimal but it doesn't interfere with my normal futures trading and my business needs. Oh yeah, that's new. I got back into a business that I had left a few years back. I am back into the property and apartment business. An old acquaintance got into some financial trouble involving some personal weaknesses and I was able to buy all his property CHEAP.

So there it is. They're just excuses but they are mine. I am past the first of the month rush now. I may have some time to trade this in a more diligent way. I will probably continue to do experimental trades because I simply cannot help myself. I am addicted to always trying new trade ideas. I love it.

The explorer is up. I hope it will show some positive progress. I have pretty much decided to back away from this Asian open thing for a while. I know it tested well in the past and it shows promise but I can't seem to make it work in practice. I will move on to the news trades next. They are simple and have amazing small stops. They involve red and orange high impact news and are usually over pretty quickly. There was a great example with the pound today with their manufacturing and production releases. The entry was missed by two or three pips but the target was reached within ten minutes. The best part of the trade was that the stop would have only been ten pips and the target around twenty five, and the entry comes long after the spread has normalized. After I test the trades for a few weeks I may come here and give the rules out.

So I have to decide what to do with these open positions. I will kill them by 8:30 NY Thursday for sure because it is my next news trade time with unemployment. I would never advocate leaving a loser open but this account could go to zero and it wouldn't affect me in any way. The cold hard truth is that I am human and have little discipline for tiny dollar amounts.

I will leave the explorer. It might be fun to see if I can trade it to a profit over the coming weeks.
  • #3,992
  • Edited Feb 11, 2015 2:50am Feb 10, 2015 5:17pm | Edited Feb 11, 2015 2:50am
Well, this is the true nature of a forex junkie I am also using a small account to test out new ideas. But I have more or less stick to one way of trading. Thanks for showing ur trading approach and it has helped me a lot. Though my approach may not be the same as yours, the idea is the same - simply trading from a point of reference. I have simplified it to using daily open as my reference. let's hope ur test account could recover from this drawdown.
Make everything as simple as possible, but not simpler.
  • #3,993
  • Feb 10, 2015 5:24pm Feb 10, 2015 5:24pm
Quoting hunting pips
Well, this is the true nature of a forex junkie�� I am also using a small account to test out new ideas. But I have more or less stick to one way of trading. Thanks for showing ur trading approach and it has helped me a lot. Though my approach may not be the same as yours, the idea is the same - simply trading from a point of reference. I have simplified it to using daily open as my reference. �� let's hope ur test account could recover from this drawdown.
I am sure it will be fine. Funny thing is while I ignored this trade I made six points off the ES. I have migrated mostly back to futures trading after the brokers decided to steal people's money after the SNB action last month. Futures traders are protected with segregated accounts. The daily open is still as good as ever and works well as a demarcation line even if you don't trade it directly. I have been trying to get to more trades with defined entry times to make my schedule easier to handle there fore I am trying to make this Asian open thing work.

If nothing else I am honest. I will show you the losses and the gains.
  • #3,994
  • Edited Feb 11, 2015 2:49am Feb 10, 2015 5:36pm | Edited Feb 11, 2015 2:49am

in fact, I have suffered from the snb episode. My account was wiped out with my deposit and US 2000++ profit. But I have learnt from it and start again and make more profit from my new accounts. Well, forex junkies never give up
Make everything as simple as possible, but not simpler.
  • #3,995
  • Feb 10, 2015 7:48pm Feb 10, 2015 7:48pm
Quoting Seneca pilot
{quote} Thanks. I don't think it will help anyone right now. I don't seem to have any discipline when it comes to this little account. As soon as I promised to keep it to careful trading I immediately began taking trades based on some new ideas. If any of you guys are looking at the trades I am sure you will have guessed these trades are not my old standards. I seem to always be trying new entry methods in this account and the last few days have been no exception. Furthermore I just woke up to see that I forgot to place my OMG stop for the current...
You may like to open several accounts. All except one strictly follow certain methods. Whatever liberty you want to take, take it only on that one account. As time passes you would notice the difference between the performance of that one account and that of the rest that followed the rules. Once this is over, self discipline will come by itself.
The Thief of Wall Street
  • #3,996
  • Feb 11, 2015 2:49am Feb 11, 2015 2:49am
Quoting Chicky
{quote} You may like to open several accounts. All except one strictly follow certain methods. Whatever liberty you want to take, take it only on that one account. As time passes you would notice the difference between the performance of that one account and that of the rest that followed the rules. Once this is over, self discipline will come by itself.
I'm sure Chris has self-discipline in his trading. This is just a test account for him to try out new ideas. His real trading account is quite big, and I'm sure he should be doing well.
Make everything as simple as possible, but not simpler.
  • #3,997
  • Feb 11, 2015 11:11am Feb 11, 2015 11:11am
Quoting Chicky
{quote} You may like to open several accounts. All except one strictly follow certain methods. Whatever liberty you want to take, take it only on that one account. As time passes you would notice the difference between the performance of that one account and that of the rest that followed the rules. Once this is over, self discipline will come by itself.
I have three accounts that are larger. Two for futures and one left with spot forex. I just seem to lack any discipline with this small account. It is a personal failing that I am working on. Trust me when I say that the larger accounts never get left alone and all losers are cut quickly. This is the account that I take my liberties with. It is for testing new concepts. Still no excuse for not setting my stops. I know better and preach against this exact behavior whenever I can.
  • #3,998
  • Feb 11, 2015 11:24am Feb 11, 2015 11:24am
Quoting hunting pips
{quote} I'm sure Chris has self-discipline in his trading. This is just a test account for him to try out new ideas. His real trading account is quite big, and I'm sure he should be doing well.
It is funny. Everyone always said I had little discipline because I like trading counter trend and jumping in front of moving trains. I finally try a trend following type entry with the Asian (Nikkei) open range trade and I get chopped to pieces because the first two days I try it are chop suey. All my best stuff is counter trend or retracement type trading. I guess I just suck at catching a big ride. I wanted to learn to jump onto trend days and ride along but I just don't think it is ever going to be part of my skillset.
  • #3,999
  • Feb 11, 2015 11:58am Feb 11, 2015 11:58am
Quoting Seneca pilot
{quote} It is funny. Everyone always said I had little discipline because I like trading counter trend and jumping in front of moving trains. I finally try a trend following type entry with the Asian (Nikkei) open range trade and I get chopped to pieces because the first two days I try it are chop suey. All my best stuff is counter trend or retracement type trading. I guess I just suck at catching a big ride. I wanted to learn to jump onto trend days and ride along but I just don't think it is ever going to be part of my skillset.
The good ole trend trade.

Whats your classification of a trend? I wouldn't say you suck at it, you just might be looking for the wrong thing. Generally i'm looking at daily closes and i look sparsely at recent data releases and try to keep up to date with the latest news (barely). I find its much easier to just wait for whatever fx pair to trend on the daily rather than look for intraday to intraweek trends. They require a lot more news monitoring and opinion fishing. Then on top of that, organizations might be holding price below or above something. They might wanna see price move in whatever direction. It's too much monitoring for my current availability (although even if i had the time, i still wouldn't monitor the markets that hard). If you wait for the daily, you can take what looks like counter trend trades on the lower tf's at the edges of price action and look like a boss doing it. But in actuality, you're just following the daily trend.
  • #4,000
  • Feb 12, 2015 4:27am Feb 12, 2015 4:27am
Great to have you back, seneca!

Could you share with us what kind of slippage you experience (average and worst case) when counter trend trading with the larger account?
For example, have you ever experienced a 15 pip SL turning into a 50 pip loss due to a fast moving market?

If you could share your avg. trade size along with this, I would be very grateful. It is hard to get a feel of how liquidity is distributed in fx without having traded live and large!

Thanks again.
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