(binned per thread starter’s request) Times Two Challenge

**EDITED**

I'll not be TEACHING any new strategy here FF is already littered with great Idea's, NOR will I be SELLING anything here.

This is my journal made to document all my trades & my trading system, behavior, patterns & general trading style. The Aim at the title of this page still remains valid, for me.

The markets have humbled me as it has all of us at one point in time, as usual I choose to start small the premise being if I can't make profit with a small amount I can't handle a bigger account size. I would prefer posters keep their advice to themselves [unless it's very constructive].

I am through learning the art of trading, read through countless trading systems, methods and books, there's nothing more to learn from others, all that's left is to develop my own way, again, the way I choose to trade here is MY WAY. If you think its absurd, it'll fail, it makes no sense, you are right, but it's still mine.

A fellow on FF called CrucialPoint, said something on one of his threads, he said "The Majors daily range average from 100 to 250 points... Give me one good reason WHY you are unable to take 10 points from it everyday?" simply put if you can't do this, "You Don't Know how to trade". This has stuck with me.



THE PLAN: Attached is the guide I will be using in calculating lot-size and profit target, it is not set in stone, generally my target is 50pips/week if I cannot do this I do not yet know how to trade, the plan is very high risk, to simplify it, a deviation from my price by 100 points blows the account.

THE SYSTEM: The system is based on the Sonic.R/PVSRA thread rules. But I apply my discretion, see attached screenshot. Indicators I use is shown in the attached picture. Time frame M15. Line chart is preferred its easier to view price movement for me. There are 96, M15 candles in a day therefore I chose the 96EMA.

Best Buy Setup:
- Price cross above 96ema trend band (best after A,B,C,D pattern)
- PBF_OSOB (I modified it to reflect 96 as periods for a day) is above 0 (angling up).
- GMMA Long band is wide. [added]
- Price around whole number.
- No news/after news.


Note:
- GMMA Long, helps me define consolidation (if band is tight -range-) [added]
- Colored candles show area's of high activity.
- Stop Loss I put arbitrarily (prefer to nurse the trade till it moves a decent no. of pips before locking the trade with an S.L),
- Take Profit will vary. The rest is self explanatory.


P.S: Do not ask me for the indicators/templates, look at the screen shot and google it, you'll find it.
-UPDATE: Removed, MADash, replaced with GMMA Long.
Removed, PBF_OSOB, it gets out of sync with price to frequently.

Good luck sinqua, i look forward to seeing your results over the comong months.

Majority of people on Forex factory are always trying to do so much with so less. Meaning, they looking to double $100 and expect it to turn into $100,000+++. Can you double your account in 1 month or couple of months in a row? Yes, it is very possible. Can you do it EVERY SINGLE MONTH? Lets be serious and stop fooling ourselves. Yes, you can say that you double a $10 account, but then again that is not even a real account. Blowing $10, $100, or even $1000 is nothing, any body can live with that.

Start actually trading with some real money, i'm taking about 25,000++, then you will start to realize the importance of capital preservation. Taking enormous risk in a real account is the best way to end up broke. Tell me how you will feel blowing a real account in less than a month? It will leave you devastated, you will think twice. This is a business, not a casino. You actually need to work hard to get this to work and not many survive in this business. This is the harsh reality, I'm just stating the facts.

Thanks a lot ViperLead-01, I look forward to impressing you.

OMGtrader you are so right, no trader with experience can argue otherwise. It is 'impossible' to hit such a target each and every month, and as matter of fact even 10pip targets are not always achievable, it is not arithmetic, heck I could even blow this $10 at first run, but it is the target that I have set and you know what... I'm stubborn like that.

Attached is my opening balance, Broker gave me a 30% bonus.

I forgot to mention the 96,5,8 stoch which I use as a discretionary tool.

Also I will not be using the Trade Explorer as I would like to keep a few things private.

$10 account, come on sinqua it might as well be a demo account !!

Ahahahahaha.

Ok I admit its embarrassing, I'd do something about it soon.

put your money where your mouth is. Let's see an account of at least $25K

WOAH 25K!! Thats so out of my league, how about a little patience we could both afford that, not to worry you can disappear, I'd buzz you when the money is heavy.

Entered my 1st Trade a while ago, market by the Arrow sign, fingers crossed. The stop-loss is just a Fail.Safe, I prefer to manually manage the trades

Here to wish u good luck. Though my current explorer show a failed attempt for this month, but I strongly believe its possible to double account in one month, but to consistently do it for every month will be hard.

Reading some replies, different pple have different views. My views a bit different, I rather placed 5 digits capital in equities than in forex maybe bcos i still suck in it, but i felt safer. And i rather spend between $100~3000 on forex with a bit of leverage rather than a huge amount of money risking 2% while 98% waiting for my money to rot in my forex acct not doing anything and i can still make nearly the same kind of profit compare to those who use larger capital. And my max drawdown can be so much smaller that it dont even prick a little off me.

Anyway just my personal opinion. All the best.

Over a year gone, no successFX is a mean beast. Anyway I'm back.
Current balance $300+
System Strategy sound, MM okay, Discipline - Hugely inadequate (I hope a public display of my trading will help this issue)

Position's closed. Decent profit. Now for the hard part...waiting

Two bad trades, first one was a lack of discipline, second trade was just bad luck. I should take my profits instead of letting them run out

Trade 1: no S.L, or T.P yet, nurse trade for a few hours, tentative S.L 7+ pips above 96 band

Reasons for trade: Divergence in making, Pull back from yesterdays drop, 96 band resistance. No News.

Reasons not to have entered trade: PBF above 0. Price just above whole number.

EDIT: Minutes before USD high impact news S.L set at 1/3 of Equity.

Wow... Forex Factory... Just wow...
The outcome of your trading is determined by what the market does. Having an arbitrary goal like "50pips/week" is illogical.

o trading professional Atokys your "illogical" statement holds no water, you want to criticize fine, be constructive about it, I don't have time for this kind of talk, the only part you seem to have read is the part that you see fit to critic, you seem to have ignored the part where I said "Take Profit will vary" or "it is not set in stone".

In the above trade, did you see a T.P of 50pips? Did you see a T.P of 10pips? Did you see any T.P?
Why do you assume I do not know the market decides what I get??

My target is 50 pips/week, I'll repeat it. To help you avoid jumping into conclusions and falling, this means my prerogative to trade in any given week diminishes (should diminish) once I achieve +50 pips, in other words I will lower my risk and cherry pick whatever other trades I take after gaining +50 pips.

Please concentrate more on your trading, if you have no constructive things to say.

FF 'professionals' never cease to amaze.

TRADE UPDATE: taken out at S.L, multiple opportunities to close earlier, I should take note exit as soon as market begins to show warning signs.
Reasons to have closed trade:
-Friday
-News reaction.
-T.A

Your post made me smile. I understood you the first time and its illogical, but please, dont take it from me.

Great scalpers and short-term traders like Jesse Livermore and Linda Raschke never operated with these "X pips per week" mentalities. In fact, ive only ever seen this slogan on Forex Factory, and you wonder why many people are so cynical about success.

Heh, X pips/week mentality: if Livermore and Linda didn't do it my way, that has nothing to do with it being illogical, I am neither one of them, now that is my target, that is what defines when I increase my lot-size as you can see from the (excel sheet) among other things I pointed out, I do not guarantee or expect X pips/week every other week, its impossible to do that obviously (some weeks -50 other weeks +20 as the market goes) no where did I say it was set in stone.

IT IS A GUIDE, A YARDSTICK, at what point do I change my trading pattern, lot-size e.t.c ? that's it +50, there's not many other ways to put it, if you did understand we won't be discussing this.

Now you have yet to state why its illogical, say why, list your points, and then we might be able to begin a sensible conversation, or hold your peace.

P.S: The outcome of my trading is determined by my entries and my exits. Every other thing is icing on the cake.

I could say that its more logical to set weekly targets based on multiples of initial risk per trade ('R') but I guess you can do whatever suits you.