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From Rookie to Full time Forex trader

  • #41
  • Jan 28, 2016 1:16pm Jan 28, 2016 1:16pm
Update time!
So I wanted to give you guys an update on what I've been doing so here we go:
I have been learning a lot of things but I have been mastering a lot so let me give you an example of that.
I have learned about breakout patterns and I can see them when they form however I can not spot them that easily in historical data so testing them is difficult.
Because of this I have been going trough charts and trying to identify wedges, triangles etc and on top of that cyphers and double tops/bottoms.

I have also been sick so progress is slow since it has been hard to focus.
I've also been doing something else which I won't talk about but know there is something.


Something I've realized is that I will have to find some kind of way to supplement my account to get to the full time trader goal a bit faster.
If you guys have any ideas let me know!
I am not trading live or demo at the moment and I am more focused on learning the basics and making a trading plan.


Thanks for reading!
AntiVi
  • #42
  • Feb 4, 2016 3:34am Feb 4, 2016 3:34am
Yet another update.
I've been busy hunting down Cypher patterns in my historical data and at first it look a while to identify them but now it seems to go pretty fast.
Now I need to get to x amount of patterns so i can try different stops and target methods so I can find the best way to trade Cypher patterns.
The goal is minimal drawdown and maximum profits.

I will be starting with 1 pair and 1 timeframe for now. As soon as I am done with the one timeframe which will be a 15 min timeframe I'll move on to the 1h timeframe.
I don't think that i'll be doing the 5min one though

This process will take time and depending on my findings I will or will not trade them. If all is well I'll add the 1h timeframe so I'll test that using the same strategy that I've developed.
After that I can move on to other pairs so I can trade Cyphers on multiple pairs at the same time.
Once I get a good base going I will deepen myself into other patterns.

I will also be posting trades again from a new demo account on which I will be trading the strategy I've developed if all goes well.


Thanks for reading!
AntiVi
  • #43
  • Feb 5, 2016 3:42am Feb 5, 2016 3:42am
Update time!
I found about 131 patterns in the historical data and I started looking at them and I decided not to trade any pattern with a target of less than 15 pips. It's simply not worth it (I think) feel free to prove me wrong!
So after going trough all the patterns and removing the ones too small and too big to trade on the 15min time frame I had 65 left. I took a quick glance at them and there were roughly 39 winners and 26 losers which makes it 60% accurate.
These are rough estimates and once I have 100 patterns I will have a better view on it and I will also go more in depth to find the best way to trade these while maximizing the profit.

Once I have the strategy done I will start trading again but it will be slow since I will only have 1 pattern, 1 currency pair and 1 time frame.


Thanks for reading!
AntiVi
  • #44
  • Feb 6, 2016 3:59am Feb 6, 2016 3:59am
Tiny update!

I'm a little stuck right now considering patterns. If you want to help out I made a post about it in the rookie section!
Here is a link: http://www.forexfactory.com/showthread.php?t=577683

Feel free to read it!


Thanks!
AntiVi
  • #45
  • Edited 6:18am Feb 6, 2016 5:56am | Edited 6:18am
Quoting AntiVi
I'm becoming 22 soon, socially I'm not good at all. I don't handle people very well in real life and because of this the jobs I could possibly do are quite limited. I was looking for things I could do and things I would enjoyVi

Hey man..when I was your age the same BS lead me to this very site. But I was so f'd and paranoid that I even made the name "Cindyxxxx" ,,,Essentially you are replacing one pain for a bigger one. Those things that make you withdraw from society will have negative effects on you x 10 in the markets. This is no joke.

"If you don't know yourself, the market is an expensive way to find out" someone

These arent just words these are what you're are about to go through and its pain not just for you but for the people close to you. Can you handle it? I would suggest a middle ground. Deal with your social anxieties now, don't run from them because you are just delaying the inevitable. Face yourself, You;re running and you;re running into the lions den. That's what you;re doing.

We will kill you and not blink an eye.

Get some income whatever it is... Any job is fine... Do markets on the other side, build slowly, and when capable.

You can handle people fine, you just haven't learned how yet. Trust me on that

Inserted Video
Time hides Nothing
  • #46
  • Feb 6, 2016 8:29am Feb 6, 2016 8:29am
Quoting CindyXXXX
{quote} Hey man..when I was your age the same BS lead me to this very site. But I was so f'd and paranoid that I even made the name "Cindyxxxx" ,,,Essentially you are replacing one pain for a bigger one. Those things that make you withdraw from society will have negative effects on you x 10 in the markets. This is no joke. "If you don't know yourself, the market is an expensive way to find out" someone These arent just words these are what you're are about to go through and its pain not just for you but for the people close to you. Can you handle...
I pretty much was like this since I was a kid, I was never social and people don't have to be social, they have to be able to do the daily things in life with no issues and I am working on that as well as my health and working on becoming a full time Forex trader. Also no worries! At the moment I am gaining a passive income which allows me to live and save money.
This passive income allows me to try out Forex trading with real money once I have achieved my goal of being consistently profitable in a demo account.

Thanks for the concern! I appreciate it!
I also have a lovely dog that helps me get out of the house more often .
Here is a picture he's a tiny bit dirty but it's a good picture xD:
Attached Image (click to enlarge)
Click to Enlarge Name: CZKy8MVW0AAmv5t.jpg Size: 151 KB



AntiVi
  • #47
  • Feb 13, 2016 12:43pm Feb 13, 2016 12:43pm
Results results!
Here are the results of my backtesting!
The result is pretty good and it seems very profitable!
Now it's time to forward test!

Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 45 KB



Thanks for reading!
AntiVi
  • #48
  • Feb 15, 2016 11:12am Feb 15, 2016 11:12am
Entered a trade today It's a cypher pattern! Let's see how it goes!:
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 1.png Size: 39 KB


Thanks!
AntiVi
  • #49
  • Feb 16, 2016 3:09am Feb 16, 2016 3:09am
I woke up with a winner!
I will also be changing my demo account to a different one.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 2.png Size: 59 KB



Good start!
AntiVi
  • #50
  • Feb 16, 2016 4:50am Feb 16, 2016 4:50am
Quoting AntiVi
I woke up with a winner! I will also be changing my demo account to a different one. {image} Good start! AntiVi

Hi AntiVi;

I hope things continue going well for you
  • #51
  • Feb 16, 2016 6:39am Feb 16, 2016 6:39am
Update update!
I have been trying to figure out my proper position size. To be honest I know nothing about position sizing.
Now I have a 10.000$ demo account which is what I'd start with when I'd be using real money.
Considering my max loss in a row is -211pips which I got from back testing I'm still not sure what my sizing would be.
It needs to be small enough so I don't go broker but big enough to maximize my profits.

I will be trading 2 mini lots or 0.2 lots (That correct, right?) for now and see how it goes.
I also need to find a way to increase my position sizing as my account grows or decrease it if it goes down.
I want to handle this demo account like I would my real account as much as possible!



Quoting stevepatt
{quote} Hi AntiVi; I hope things continue going well for you
I hope so too Steve! There is still a lot to learn but I think I've come far since the start of my journey.


Thanks for reading!
-AntiVi
  • #52
  • Feb 18, 2016 3:25am Feb 18, 2016 3:25am
I have entered a trade!
I found a Cypher on the AUD/USD and I entered it.
I need to start using pending order or limit orders whichever it is since it took me a while to enter SL and TP

Anyway here is a picture.
I also changed my strategy around and my position size to get more out of my strategy without going over 10% MAX drawdown.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 3.png Size: 49 KB



Thanks for reading!
-AntiVi
  • #53
  • Edited 4:39am Feb 18, 2016 4:03am | Edited 4:39am
I got stopped out pretty fast.
It's still a good trade since I followed my plan, just not a profitable one

Attached Image (click to enlarge)
Click to Enlarge Name: Trade 1.1.png Size: 52 KB
  • #54
  • Edited 7:05pm Feb 18, 2016 6:55pm | Edited 7:05pm
Hi AntiVi,
Position size and other trade management functions should take into account: pip value, ADR (ave daily range), comfort level (with stop loss), etc. I created a spreadsheet to work with my trade manager EA which helps in consistency across all pairs. Decide on a default SL and TP in dollars, then plug in ADR and pip value for each pair you trade. The Lot size, default SL, TP will be calculated. The TP, SL is 1:1, but adjust to 2:1 by doubling the SL. The Spread sheet is in Open Office, but you should be able to use it in Excel.
Attached File(s)
File Type: ex4 Tick-Value.ex4   6 KB | 277 downloads
Attached File(s)
File Type: mq4 Tick-Value.mq4   1 KB | 305 downloads
Attached File(s)
File Type: ex4 lot size calc.ex4   3 KB | 269 downloads

Damn, I can't seem to upload the spreadsheet, any suggestions?

I forgot to mention that the lot size calculator is a script, not an indie.
  • #55
  • Feb 19, 2016 11:55am Feb 19, 2016 11:55am
This is what I have on my radar at the moment.
Potential Cypher setting up.
We will see if it completes or not.

On top of this I am testing EUR/USD currently 5 months in so 7 more to go! I'm hoping to get another month done today.

Attached Image (click to enlarge)
Click to Enlarge Name: Trade 4.png Size: 48 KB



Quoting profitkeeper
Hi AntiVi, Position size and other trade management functions should take into account: pip value, ADR (ave daily range), comfort level (with stop loss), etc. I created a spreadsheet to work with my trade manager EA which helps in consistency across all pairs. Decide on a default SL and TP in dollars, then plug in ADR and pip value for each pair you trade. The Lot size, default SL, TP will be calculated. The TP, SL is 1:1, but adjust to 2:1 by doubling the SL. The Spread sheet is in Open Office, but you should be able to use it in Excel.{file}{file}{file}...
At the moment my spreadsheet is calculating it for me.
Took me some time to figure it out.
I can't have a "default" stop loss though.
I'll check it out if I have some time.

Attached Image (click to enlarge)
Click to Enlarge Name: results.png Size: 50 KB



Thanks for reading!
-AntiVi
  • #56
  • Feb 19, 2016 1:12pm Feb 19, 2016 1:12pm
The pattern completed and I got entered into the trade!
All we can do now is wait!

Attached Image (click to enlarge)
Click to Enlarge Name: Trade 4.1.png Size: 60 KB



Thanks!
-AntiVi
  • #57
  • Feb 19, 2016 2:51pm Feb 19, 2016 2:51pm
Hi again,
I wondered why you chose the cypher pattern out of all the harmonic patterns out there. Do you draw the cypher by hand or do you use an indicator?
  • #58
  • Feb 19, 2016 3:23pm Feb 19, 2016 3:23pm
Quoting profitkeeper
Hi again, I wondered why you chose the cypher pattern out of all the harmonic patterns out there. Do you draw the cypher by hand or do you use an indicator?
Well first of all I chose pattern trading because the patterns have set rules that make them either valid or invalid. My rules for the Cypher pattern also are simple and set in stone. This means that my strategy is simple to follow and it won't be based on my opinion and that way I won't make as many mistakes in my trading as I would do when I would trade trend continuation or something like that.

I also chose the Cypher specifically because it was the first one I pretty much learned. So I am mastering the Cypher pattern and then I can add another pattern if there is a need for it.

I also draw them by hand. Since MT4 does not have a tool for it and I don't have an indicator. So I pretty much have to spot them myself and because I've been doing my testing and such and I've searched for them and drew them one by one I trained my brain to pretty much be able to spot a Cypher on sight.
If I were to ever get an indicator I would make sure that I know the pattern and I can spot it by sight before I use it.


-AntiVi
  • #59
  • Feb 20, 2016 1:42am Feb 20, 2016 1:42am
I thought you might be interested in what a modified ZUP indicator came up with on your trade (Bearish Total 3). It's probably a morphed cypher (slightly different ratios).
I have found in the past, when trading harmonic patterns, you have to see some confirmation of the new direction. Anyway, if you want to play with the indies, I have attached 2.
Attached File(s)
File Type: ex4 ZUP_v135 alert.ex4   238 KB | 322 downloads
Attached File(s)
File Type: mq4 ZUP_v135 alert.mq4   663 KB | 323 downloads
Attached File(s)
File Type: ex4 zup_v135_easy_c_snorm_5.ex4   233 KB | 342 downloads
Attached File(s)
File Type: mq4 zup_v135_easy_c_snorm_5.mq4   669 KB | 367 downloads

Attached Image (click to enlarge)
Click to Enlarge Name: Harmonic.png Size: 82 KB
  • #60
  • Feb 20, 2016 2:13am Feb 20, 2016 2:13am
Quoting AntiVi
{quote} I pretty much was like this since I was a kid, I was never social and people don't have to be social, they have to be able to do the daily things in life with no issues and I am working on that as well as my health and working on becoming a full time Forex trader. Also no worries! At the moment I am gaining a passive income which allows me to live and save money. This passive income allows me to try out Forex trading with real money once I have achieved my goal of being consistently profitable in a demo account. Thanks for the concern! I...
She's a cutie
Walk her often. Physical exercise helps you to get a clear mind.
Good luck !
...
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