$93 to a bit more

This is a discussion on $93 to a bit more within the Trading Journals forums, part of the Reception category; here's the deal; i started oanda forex 3 weeks ago with $97, took one loss and now it's $93 method: ...

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Old Aug 18, 2010, 12:34pm   #1
Joined May 2010
$93 to a bit more

here's the deal; i started oanda forex 3 weeks ago with $97, took one loss and now it's $93
method: find a trend i understand, wait for a pullback, attack it if it all lines up, pyramid to it on further dips, adjust trailing stop manually

now:waiting for a break of lows in EURUSD/GBPUSD, then waiting for a pullback, will risk $8 on first pullback, i think this has potential
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Old Aug 18, 2010, 12:52pm   #2
Joined May 2010
Re: $93 to a bit more

Chartsy started this thread I watch other pairs apart from cable and eurusd, in fact i watch 9, though they are mostly correlated and they trend rather ugly aswell, EURUSD/GBPUSD tend to trend cleanly and provide good pullbacks, i found AUDUSD/NZDUSD etc ugly.
problem here; AUDUSD has broke its lows and retraced , yet cable/eurusd have held their lows, and are retracing...not what i'm looking for.
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Old Aug 18, 2010, 2:48pm   #3
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Re: $93 to a bit more

Chartsy started this thread Here's my business plan : if i think the trend has changed, i will try catch the next swing, risk 4%, then pyramid with 7%, then 4%, and risk 4% on every further dip.

That's 4% 7% then 4% till it ends.
4% of 93=3.72
i will risk £3.72 on the upcoming trade

if i do well i will pyramid myself and add more to the account, so let's forget i ever wrote $8 risk, this is to prove to myself that if i treat it as a business, i can generate profit, and as bill lipschutz says, we have to find a way to make money being right only 20-30% of the time; hence the 'low' risk initially.

another reason im not going to risk $8 is that i don't REALLY have 100% confidence of a double dip...so why should i act like it, i don't pretend to be an economist so let's hope scaling in slowly is a good approach

also:
if i am stopped out, but was wrong with the stop and still think the trend is there, i do not re enter until a continuation of highs/lows

Last edited by Chartsy; Aug 18, 2010 at 2:59pm.
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Old Aug 18, 2010, 5:45pm   #4
 
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Re: $93 to a bit more

we are on it.. thank u sir.. waterfield
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Old Aug 18, 2010, 6:10pm   #5
Joined Jan 2009
Re: $93 to a bit more

Oanda is a great site for Forex Trading

Be cool & Good Luck
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Old Aug 18, 2010, 7:20pm   #6
Joined Feb 2002
Re: $93 to a bit more

JD started with £97. Now Chartsy is trading off $93. What next?
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Old Aug 18, 2010, 9:50pm   #7
 
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Re: $93 to a bit more

I could tell you about the £1.95 I made in my most recent skybet arb.
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