My Live trades

This is a discussion on My Live trades within the Trading Journals forums, part of the Reception category; Originally Posted by 4xpipcounter LordF, I think the idea is it can be verified on Twitter. In addition the quantity ...

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Old Sep 25, 2010, 6:35pm   #241
 
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Re: My Live trades

Quote:
Originally Posted by 4xpipcounter View Post
LordF, I think the idea is it can be verified on Twitter. In addition the quantity of pips was still gotten.
BTW, I did follow him on Twitter, and he is the real deal.
I hope I wasn't imposing.
why would you follow him,you keep telling everyone you give out excellent forcasts of your own?
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Old Sep 25, 2010, 7:09pm   #242
 
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Re: My Live trades

LordF, I follow him because he is good. I can refer others to his thread to watch his forecasts. He is a vendor, but with a proven track record. When you have posted your trades, I have tracked them with interest. As a metaphor, here in the US, my favorite baseball team is the San Francisco Giants, but I listen to all the teams, because I am a baseball fan. I read and track other's trading, because I am a fan of forex. It's my job and my hobby. It's a priviledge to speak favorable of someone who can back it up.
As you know, I never trade other's forecasts. I'm not fazed by others', but they are fun to follow.
I can also tell you give a lot of thought to your comments, which IMO, qualifies them as constructive. Many on this site just spout off with empty rhetoric. This is also why I have followed many of your comments with interest.
I'll add an honest twist to my renown and to what you have made mention of a lot. For quite awhile, my forecasts weer spot on. I called several reversals or corrections within just a few pips. My trading did not keep up, even though it was still highly profitable. Lately, my forecasting has not been that good. Missing reversals by a full leg is not good. Thankfully, my trading has upstaged (My personal world.) my bad forecasting. My winning trend has continued, in spite of some not-so-good forecasting. You hear it all the time-- there is a mental discipline associated with trading. If the trader can't keep his head in the game, then don't trade. That is part of the objective view I have to take about myself, when the forecasting does not measure up, then I have to back off a little and just wait. Even those times, trading is still profitable, and that is why trading is an individual thing.
WT, I didn't mean to impose upon your thread with my rambling sideshow. Just another vaild question by LordF that was worthy of an answer.

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Originally Posted by Lord Flasheart View Post
why would you follow him,you keep telling everyone you give out excellent forcasts of your own?
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Old Sep 26, 2010, 10:16am   #243
 
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Re: My Live trades

Instead of posting the number of pips made per week/month, can you do it in terms of % of account made? Pips pretty meaningless on their own....
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Old Sep 26, 2010, 5:12pm   #244
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Re: My Live trades

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Quote:
Originally Posted by Scotty2Cues View Post
Instead of posting the number of pips made per week/month, can you do it in terms of % of account made? Pips pretty meaningless on their own....
Hi I'll look into that and try to do some sums, but the reason I chose pips is that from an interest point of view, everyone's account is different in terms of size and position size. People here are no doubt trading everything from 1 tenth of a lot on a micro accounts right up to 10 or 20 lots or equivalent, so posting pips made is an easy way for people to see the possibilities in their own account. Lastly, as I have said a few times before, I also make much longer term trades on the same account which I can't post here (although if you have been reading my posts you will have seen some very strong clues as to what I am likely doing). These are made with a smaller position size but also make a sizeable amount of pips over days and weeks sometimes ( but very boring as a post and they are very infrequent). So I would have to separate the long term trades return on capital from the intraday returns which I do post in the same account and try to come up with something. I'm not ruling it out and will let you know if I decide to do something along these lines. Again I have given some strong clues along the way as to what I'm doing in that I have said repeatedly that it is not advisable to trade more than 3% of your equity on any one trade or combination of trades. I have also posted the number of pips I have made in a short time frame since 17th June on intraday trading and also talked about returns for someone trading 3 - 5 lots. To be honest I kinda guessed that a lot of people may have done the the sums and worked it out and then thought about how getting consistent returns would apply to their own particular circumstances.
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Old Sep 26, 2010, 5:20pm   #245
Joined May 2010
Re: My Live trades

wirraltraders started this thread
Quote:
Originally Posted by 4xpipcounter View Post
LordF, I follow him because he is good. I can refer others to his thread to watch his forecasts. He is a vendor, but with a proven track record. When you have posted your trades, I have tracked them with interest. As a metaphor, here in the US, my favorite baseball team is the San Francisco Giants, but I listen to all the teams, because I am a baseball fan. I read and track other's trading, because I am a fan of forex. It's my job and my hobby. It's a priviledge to speak favorable of someone who can back it up.
As you know, I never trade other's forecasts. I'm not fazed by others', but they are fun to follow.
I can also tell you give a lot of thought to your comments, which IMO, qualifies them as constructive. Many on this site just spout off with empty rhetoric. This is also why I have followed many of your comments with interest.
I'll add an honest twist to my renown and to what you have made mention of a lot. For quite awhile, my forecasts weer spot on. I called several reversals or corrections within just a few pips. My trading did not keep up, even though it was still highly profitable. Lately, my forecasting has not been that good. Missing reversals by a full leg is not good. Thankfully, my trading has upstaged (My personal world.) my bad forecasting. My winning trend has continued, in spite of some not-so-good forecasting. You hear it all the time-- there is a mental discipline associated with trading. If the trader can't keep his head in the game, then don't trade. That is part of the objective view I have to take about myself, when the forecasting does not measure up, then I have to back off a little and just wait. Even those times, trading is still profitable, and that is why trading is an individual thing.
WT, I didn't mean to impose upon your thread with my rambling sideshow. Just another vaild question by LordF that was worthy of an answer.
Listen, I will go anywhere and look at anything and everything I think may be valid and might add to my armoury of sentiment, opinion and methodology for the markets. I get many updates by email every morning from people whose opinion I value, I go to many sites, I read your thread and others on here all the time. None of this necessarily changes my opinion, but it does help to re-inforce it from time to time. Personally I like to think I am still learning something new all the time and keep an open mind.
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Old Sep 27, 2010, 7:46am   #246
 
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Re: My Live trades

Quote:
Originally Posted by wirraltraders View Post
Hi I'll look into that and try to do some sums, but the reason I chose pips is that from an interest point of view, everyone's account is different in terms of size and position size. People here are no doubt trading everything from 1 tenth of a lot on a micro accounts right up to 10 or 20 lots or equivalent, so posting pips made is an easy way for people to see the possibilities in their own account. Lastly, as I have said a few times before, I also make much longer term trades on the same account which I can't post here (although if you have been reading my posts you will have seen some very strong clues as to what I am likely doing). These are made with a smaller position size but also make a sizeable amount of pips over days and weeks sometimes ( but very boring as a post and they are very infrequent). So I would have to separate the long term trades return on capital from the intraday returns which I do post in the same account and try to come up with something. I'm not ruling it out and will let you know if I decide to do something along these lines. Again I have given some strong clues along the way as to what I'm doing in that I have said repeatedly that it is not advisable to trade more than 3% of your equity on any one trade or combination of trades. I have also posted the number of pips I have made in a short time frame since 17th June on intraday trading and also talked about returns for someone trading 3 - 5 lots. To be honest I kinda guessed that a lot of people may have done the the sums and worked it out and then thought about how getting consistent returns would apply to their own particular circumstances.
yeah sure. % is a nice way to compare performance for different account sizes etc and 50pips can earn more than 200 pips.

The other reason is I'm looking for my first live trade and have really no idea about what sort of % returns are made (with good money management) from the 'few' successful traders out there. I read claims of 15-25% monthly returns and thought 3%-10% per month would be a realistic target, but when I look at the performance of some successful hedge funds, 5% seems too ambitious...
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Old Sep 27, 2010, 10:41am   #247
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Re: My Live trades

wirraltraders started this thread
Quote:
Originally Posted by Scotty2Cues View Post
yeah sure. % is a nice way to compare performance for different account sizes etc and 50pips can earn more than 200 pips.

The other reason is I'm looking for my first live trade and have really no idea about what sort of % returns are made (with good money management) from the 'few' successful traders out there. I read claims of 15-25% monthly returns and thought 3%-10% per month would be a realistic target, but when I look at the performance of some successful hedge funds, 5% seems too ambitious...
I'm afraid that the old adage is actually true. 95% of traders lose money over a reasonably long sample length of time. I spent a few years a long time ago looking for answers myself and constantly winning and losing and getting nowhere. Unfortunately there is no substitute for experience and being in the market and actually doing it. You need to start with money management. Don't risk more than 3% of your equity on any one trade ( ie postion size vs stop loss size). Then if you are in profit, move to improve your risk reward ratio to a more favourable position as soon as possible. If you are wrong, don't sit there watching it go against you for 100 points, get out, take another look. You can always get back in at a better price or at another date on another trade. Focus on making money, not trying to be right...

For some, believe it or not 15%-25% per month is not only possible but average or even less than average. Some claim much more, some less. I have come to think that the savvy retail trader these days may have an advantage on the hedge fund trader in the way he approaches the markets. He is not strapped by straighht jacketed approach of pure fundamentals which banks have always taught as the classic way to trade and can keep a more open mind. I can tell you I know for a fact that there are a few pro FX, futures and hedge funds that follow me on Twitter, so there you go. Their approach tends to be much broader and less targeted, with the hedge itself being their protective shield. This approach leads to more of an averaging of results and hence steady, but lower yields.
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Old Sep 27, 2010, 11:42am   #248
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Re: My Live trades

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