£20 to £8,000

JDTRADER · Feb 23, 2011

Yes another Boom or Bust thread

Spread Betting on Smart Live Markets

Forex EUR/USD

Start £20 deposit, first target £100. Trading at 10p per pip

Bust is very likely as no room for error but I'll give it a go for fun

Trades on the MyFXbook link below

JDTRADER · Feb 23, 2011

Started today £20

Account up to £21.04

shadowninja · Feb 23, 2011

Good luck.

What is your stoploss size? Can't you increase the per pip size a bit?

JDTRADER · Feb 23, 2011

shadowninja said:
Good luck.

What is your stoploss size? Can't you increase the per pip size a bit?

Well at this balance level I'm not operating proper bankroll management of course lol

Smart Live Markets have great option for no minimum deposits. Min bet per point is 10p and they step as follows:
10p
20p
30p
40p
50p
£1 to £8

So to be within bankroll management betting 10p per point I need a minimum of £100. So can't step up to 20p until I get £200.

Today for example betting 10p per point on EUR/USD 1.37100 takes £13.71 margin leaving £6.29 free margin.

So you can see there is not a lot of room for error :-0

My standard set up for each trade is:
Stop Loss 20 pips
Take Profit 50 pips
But I try to use the ONCE GREEN NEVER RED approach

You can see all my trades on the MyFXbook link below

JDTRADER · Feb 23, 2011

The MyFXbook link

You'll see all my trades over the life time of this account so to get a new report on my progress use the Custom tab to view from my start 23/02/11 with £20.00

dmt257 · Feb 23, 2011

Good luck.

Whats the 'once green never red approach' ?

JDTRADER · Feb 23, 2011

dmt257 said:
Good luck.

Whats the 'once green never red approach' ?

Once the trade moves in the Green I mean when you trade is in profit.
I then move Stop Loss to entry point of the trade to Scratch trade if it comes back but if the trade keeps going to profit I move stop loss to lock in profits.

On entry all trades are minus the pip spread i.e RED
There is no point having a 20 pip Stop Loss and see the trade move in profit by 30 pips then you go for a coffee come back to see the trade reversed and hit your stop loss -20 pips.
So once in PROFIT (GREEN) use Stop Loss to lock in PROFITS so you never going in to negative trade (RED). In fast moving markets its not always possible to lock in as the entry might be wrong.

As will all trades ENTRY is the key to all trading.

CLEAR ?

dmt257 · Feb 23, 2011

Essentially the same as me. I get the s/l to break even then 1:1 risk-reward asap then trail the stop afterwards to extract as much as possible from any trend.

shadowninja · Feb 23, 2011

Ah, well I guess you're rather limited then. Never mind! Good luck.

trader_d · Feb 23, 2011

JDTRADER said:
Yes another Boom or Bust thread

Wish you luck :clap:

JDTRADER · Feb 23, 2011

trader_d said:
Wish you luck :clap:

Thanks :clap:

Obv need to run well to start with

Plus I will not be trading everyday as very busy at the moment until April (But that is another story) so I'll jump in to nick pips when I can.

JRP2891 · Feb 23, 2011

JDTRADER said:
Yes another Boom or Bust thread

Spread Betting on Smart Live Markets

Forex EUR/USD

Start £20 deposit, first target £100. Trading at 10p per pip

Bust is very likely as no room for error but I'll give it a go for fun

Trades on the MyFXbook link below

For entertainment purposes i enjoy these threads, but unfortunately they're always doomed and completely unrealistic. Focus on doing the right things and trying to make 50% a year, rather than getting into bad habits on meaningless pots which are hard to reverse, aiming for ridiculous (gambler) returns.

Although you say it's just for fun, i've got a feeling it means a bit more to you than that.

JDTRADER · Feb 23, 2011

JRP2891 said:
For entertainment purposes i enjoy these threads, but unfortunately they're always doomed and completely unrealistic. Focus on doing the right things and trying to make 50% a year, rather than getting into bad habits on meaningless pots which are hard to reverse, aiming for ridiculous (gambler) returns.

Although you say it's just for fun, i've got a feeling it means a bit more to you than that.

For entertainment purposes i enjoy these threads
Yeah me to

Focus on doing the right things and trying to make 50% a year, rather than getting into bad habits on meaningless pots which are hard to reverse, aiming for ridiculous (gambler) returns
lol Gambler returns, but I have not set a time frame on how long this will take ? I still feel that bust is more likely as you know the risks involved in building from a micro budget.
As for focusing on doing the right things, I'm sure all traders at all levels of experience aim to trade on doing the right things.

As I said its for fun so don't read to much into this thread which are not there, no wizard behind the curtain here

JDTRADER · Feb 23, 2011

dmt257 said:
Essentially the same as me. I get the s/l to break even then 1:1 risk-reward asap then trail the stop afterwards to extract as much as possible from any trend.

Risk to reward at 1:1 is a account buster over time

Target is min 2:1 Risk Reward or higher if possible

If your Stop Loss is 10 pips your take profit should be 20 pips
5 winning trades 2:1 = 100 pips. 5 losing trades = 50 pips your still 50 pips up
5 winning trades 1:1 = 50 pips. 5 losing trades = 50 pips well wasted day.

Having said that move Stop loss to entry so you reduce losing trades when possible, or as I do just in font of entry to score a profit even if one pip lol

Its not about how much you make ££££ its about protecting your capital i.e account balance. Protect Capital and the profits will look after themselves.

ITS ALL ABOUT CORRECT ENTRIES

my 2cents

traderman1 · Feb 24, 2011

JRP2891 said:
For entertainment purposes i enjoy these threads, but unfortunately they're always doomed and completely unrealistic. Focus on doing the right things and trying to make 50% a year, rather than getting into bad habits on meaningless pots which are hard to reverse, aiming for ridiculous (gambler) returns.
.

TheBramble · Feb 24, 2011

JDTRADER said:
Risk to reward at 1:1 is a account buster over time

Complete nonsense.

Without W:L the statement is meaningless.

A lower than 1:1 R:R with a high win rate is perfectly viable.

You are more likely to hit a target closer to your entry than you are one further away.

JDTRADER · Feb 24, 2011

TheBramble said:
Complete nonsense.

Without W:L the statement is meaningless.

A lower than 1:1 R:R with a high win rate is perfectly viable.

You are more likely to hit a target closer to your entry than you are one further away.

That is what makes the world go round !

Everyone has a different opinion

JDTRADER · Feb 24, 2011

traderman1 said:

:clap:

shadowninja · Feb 24, 2011

Bah. Who cares. It's £20 ffs. Go get 'em!! How is it looking? I don't understand your signature graphic to know if you're winning or losing. Can you post a current balance size every time you close a trade?

JDTRADER · Feb 24, 2011

shadowninja said:
Can you post a current balance size every time you close a trade?

Yes

After each session I will post my opening Balance and closing balance to show P&L

£20 to £8,000

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