Pip Farming

Hi Mr. T,
Yes, you are correct. the color change MA is a wonderful addition ...Thanks to Clive for that.....As I have moved forward with this project, I have become increasingly simplistic in how I trade. I am a true trend follower at heart so I have found ways to make decisions once a day and let the trades go...Win /Lose / Draw all the same in the grand scheme. I really should update the first post to more accurately reflect how this method has evolved into a really good trend following method that will produce a LOT of pips.

Thanks for stopping by

Many Pips

We got stopped out on our Short Dragon trade last nite. We are still holding a few positions of relatively small size. They appear to be doing nothing to slightly down at the moment...although I think the USD/CAD could move after the unemployment news out of Canada.

I hope everyone has had a green pip week
Have a wonderful weekend all

Many pips
ST65

Hello Everyone,

I just thought I would make a quick post to see how everyone is doing.

As you can all see, it is a pretty boring job to trend follow. We have the same ol' positions we had a few days ago...just hanging on to see where they end up going.
There is not a lot going on here for thrill seekers, however, making pips is still in the forecast.

We will most likely get a little excitement this morning with all of the USD and CAD announcements and the positions we have.

Best of luck and Many Pips!

ST65

your trades are working very well!

Thanks DavidRP

I have been thinking about writing a short essay on the mental aspects of trading and how they are where we truly make money. I struggled in this area for quite some time and still do on occasions and everytime I get out of sync with myself and "my way" of trading, the wheels fall off and things go south in a hurry.

Every new trader who comes to FF spends the first 6+ months hopping from thread to thread and becoming excited about every new trading idea.
During this time, they will fund accounts and in most cases lose again and again. After each successive loss and or blown account, they go back to the trading systems thread convinced that with a new whiz bang entry method the path to riches is just around the corner. What they have overlooked is within the headspace between their own 2 ears.

There are many many proven trading strategies out there that will produce profits if we let them. It is my contention that every new trader should look for 1 or 2 setups and learn every nuance about them. They should study as many examples of them as they can find. Look at 1 min examples, 1 hr examples, daily, weekly just keep looking at as many as you can find. Become an expert in that setup. Put your implicit learning to use and know what to expect in regards to the behavior of that setup.

Once you have become a bona fide expert in that setup, learn everything you can about money management and portfolio management and how to control the risk on your account.
Now, you are ready to fund an account. When you have practiced "your setup" several hundred or even as many as 1K times, you will know exactly what to do and what to expect when you see your setup. there will be no guesswork. You will know exactly how to enter, and more importantly where to place your stop.

When you have planned your trades in advance, it takes all of the emotion out of it. You know the answer to 3 CRITICAL question
1) Where do I enter and how much do I have to risk. ( ALWAYS calculate how much you can lose FIRST, before looking at any potential gains)
2) What do I do when the trade moves against me and WHY do I do it
3) What do I do when the trade moves in my favor and WHY do I do it

The peace that comes with knowing in advance exactly what to do and why, simply cannot be overstated. It is the essence of trading, no thrills, no gambling, no anxiety. Just place and adjust your orders according to YOUR PLAN.

When we place a trade, it can do 1 of only 2 things. Move against us or move in our favor. Neither one is a reflection of our intelligence or any other quality about ourselves. If we are prepared for both of those outcomes, then it really becomes easy to sit and let the trades play out.

Many pips

ST65

I dont think holding these profit for EU and Eur-cad for now is the wise decision. There is still some unfinished business up. Just my 5cent advice.

WHY ?

I explained why in my comment. "because there is unfinished business up".

which is (explain 'unfinished business') ?

you will see when get there.

Accurate....thanks for the comments.
I have a set of rules that I abide by and I will only exit when then criteria is met. You may very well be right and there could be unfinished business as you say.....Me, I dont have the first clue what will happen in the future...so I guess for now I will just hold until I get taken out by my trailing stop.

Many Pips!

Ok, I like your confidence and how you stick to your rules. best of luck pal!

Thank you....my own history has taught me that when I deviate from my plan...I LOSE...so therefore I dont

Many Pips to you

I told you guys. Unfinished business up for eu and eur-Cad. it is good you close e-cad with some small greens, wish you did so to eu.
Best of luck pal.

Yes you did say there was unfinished business up. I did not doubt that you were right, however, I manage all of my trailing stops with an EA and I dont intervene with it because when I do or when I deviate from my plan...bad things happen If you look at that really ugly drawdown on the returns chart on my EA....That is what happens when i start to deviate from my plan and use discretion. It just doesnt work for me.

Many Pips

Yes, it is good you stick with your winning system.
best of luck .
Cheers!

Thanks,
It will do it's job if I do mine which is to stay out of the way! My only job is to correctly size the positions to make sure they fit within the risk profile and let the chips fall where they may after that.

In light of some renewed interest here....I will post charts of all new positions after they are taken so people can see what is going on without having to look inside the charts on the trade explorer.
This is in stark contrast to most folks here in the commercial section...they post a chart after the trade is closed and expect that you believe them that they took the trade. I believe in true transparency...it's all there...money, lots, stops, entries...nothing to hide ....just a guy trying to make some money from these markets

Many Pips

Ok...so we have a few new positions.

I have been contacted by a few people via PM asking me to post some charts when I take a position so as to show what I am doing.
So without further comment, here they are.

Please feel free to ask any questions as you need to for clarification.

Well we are in the mid morning of the new trades and we dont have much of anything that is working at all.
That is part of the process. I expected a couple of them at least to work, however so far nothing at all positive and a couple of NZD pairs moving against us pretty handily.

I guess if i knew in advance if the trades would work or not, it would be a lot easier Short of that, we will just continue to wait and see how they ultimately turn out. At this stage in my tading, I dont get married to any individual position and to be perfectly honest I dont care about any single trade or group of trades not working because it gets me closer to the next run up in equity.

speaking of run up in equity, I have been wondering about that when I get right back up here to the high water mark in this account. It seems that it is really tough to break through and move on to the next level in this account....I need to really look closely at these trades and make sure they were 100% on the mark in terms of how they were executed. Could it be that it is simply a bad string of trades? I dont know, but I will really be concentrating on executing trades that are completely in tune with the rules, no skipping trades or pushing the envelope on whether a trade fits or not. It either does or not...no in between.

Wish me luck in getting through to the next benchmark which is 250% return.....been to the 230% area a few times so it is time to break through and move along.

Many Pips

ST65