9 Net winning trades, the road to being a Pro Trader?

This is a discussion on 9 Net winning trades, the road to being a Pro Trader? within the Trading Journals forums, part of the Reception category; Originally Posted by seekingTruth16 Good luck Chalky, I hope the market gods don't tease you in with some early wins ...

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Old Jan 8, 2017, 1:50pm   #81
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Originally Posted by seekingTruth16 View Post
Good luck Chalky, I hope the market gods don't tease you in with some early wins to build up the account, and then massively slip against your stop loss for a few k risk more than you intended. Be careful.

I am aware of the pitfalls, we did discuss them earlier in the thread.

Joking aside anyone attempting this should be aware of the risk that they are taking on for each trade, use guaranteed stops if you can.
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Old Jan 10, 2017, 1:13pm   #82
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Chalky_trader started this thread Just thought id update, four more trades 2 winners 2 losers so still +2

As its in line with my thoughts of slightly better odds than 50% then am still hopeful.

as per Darktones request i will video record all trades after trade 4 rather than trade 7, if it happens.

This may take a while LOL

Any luck TAR?

is no one else having a go?, i thought we may get a few more traders join in... im sure someone else must be doing it even if its demo.
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Old Jan 10, 2017, 1:21pm   #83
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Originally Posted by Chalky_trader View Post
Just thought id update, four more trades 2 winners 2 losers so still +2

As its in line with my thoughts of slightly better odds than 50% then am still hopeful.

as per Darktones request i will video record all trades after trade 4 rather than trade 7, if it happens.

This may take a while LOL

Any luck TAR?

is no one else having a go?, i thought we may get a few more traders join in... im sure someone else must be doing it even if its demo.
Hi chalky i dont want to clutter your thread so i opened my own thread will post there .
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Thanks! The following members like this post: Chalky_trader
Old Jan 10, 2017, 4:37pm   #84
 
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Originally Posted by Chalky_trader View Post
is no one else having a go?, i thought we may get a few more traders join in... im sure someone else must be doing it even if its demo.
Hi Ct,

I am still looking into this. I spent much of last weekend trying to tweek a trading strategy to suit this scheme and run several variations through a simulator, but I am really struggling to find one that works sufficiently consistently with a fixed 2:1 RR.

I don't think that stops of less than 15-20 pips can work except on the shortest of TFs like e.g. 5m, but then the equivalent profit target of 30-40 pips is not achievable consistently enough to fit this project, which needs a 2:1 success rate on over 50% of trades.

Maybe it would help if one can also exit on a strategy reverse signal rather than on just limit or stop, but I dont know how to work that into the scaling formula...

I am looking now at either 1:1 RR on 15m TF (which looks promising but does not match the project rules) or a 3H TF using 2:1. I could have entered a first 3H trade in EURUSD last friday and won and then a second trade yesterday, both with a 25 pip SL and 50 TL but in both cases the SL was at a totally illogical and arbitrary and purely mathematical level, which is not a sensible way to trade - so that doesn't encourage me either yet!

I do not trade demos, I would rather use microlots on my No.2 account for these purposes so I am maybe a bit over-cautious here. But I will do it once I get my approach right. I won't bother you and others here on this thread until I am at least at level 3 as that is just wasting space.

I wish you every success with your own trades and am following them with great interest!
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Old Jan 10, 2017, 4:52pm   #85
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Hi Ct,

I am still looking into this. I spent much of last weekend trying to tweek a trading strategy to suit this scheme and run several variations through a simulator, but I am really struggling to find one that works sufficiently consistently with a fixed 2:1 RR.

I don't think that stops of less than 15-20 pips can work except on the shortest of TFs like e.g. 5m, but then the equivalent profit target of 30-40 pips is not achievable consistently enough to fit this project, which needs a 2:1 success rate on over 50% of trades.

Maybe it would help if one can also exit on a strategy reverse signal rather than on just limit or stop, but I dont know how to work that into the scaling formula...

I am looking now at either 1:1 RR on 15m TF (which looks promising but does not match the project rules) or a 3H TF using 2:1. I could have entered a first 3H trade in EURUSD last friday and won and then a second trade yesterday, both with a 25 pip SL and 50 TL but in both cases the SL was at a totally illogical and arbitrary and purely mathematical level, which is not a sensible way to trade - so that doesn't encourage me either yet!

I do not trade demos, I would rather use microlots on my No.2 account for these purposes so I am maybe a bit over-cautious here. But I will do it once I get my approach right. I won't bother you and others here on this thread until I am at least at level 3 as that is just wasting space.

I wish you every success with your own trades and am following them with great interest!
Good luck. There are 3 people now doing this so should be interesting
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Old Jan 10, 2017, 5:17pm   #86
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Chalky_trader started this thread
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Originally Posted by Pipstream View Post
Hi Ct,

I am still looking into this. I spent much of last weekend trying to tweek a trading strategy to suit this scheme and run several variations through a simulator, but I am really struggling to find one that works sufficiently consistently with a fixed 2:1 RR.

I don't think that stops of less than 15-20 pips can work except on the shortest of TFs like e.g. 5m, but then the equivalent profit target of 30-40 pips is not achievable consistently enough to fit this project, which needs a 2:1 success rate on over 50% of trades.

Maybe it would help if one can also exit on a strategy reverse signal rather than on just limit or stop, but I dont know how to work that into the scaling formula...

I am looking now at either 1:1 RR on 15m TF (which looks promising but does not match the project rules) or a 3H TF using 2:1. I could have entered a first 3H trade in EURUSD last friday and won and then a second trade yesterday, both with a 25 pip SL and 50 TL but in both cases the SL was at a totally illogical and arbitrary and purely mathematical level, which is not a sensible way to trade - so that doesn't encourage me either yet!

I do not trade demos, I would rather use microlots on my No.2 account for these purposes so I am maybe a bit over-cautious here. But I will do it once I get my approach right. I won't bother you and others here on this thread until I am at least at level 3 as that is just wasting space.

I wish you every success with your own trades and am following them with great interest!
My view on this is to enter at a defined Support or resistance level.

it will either hold or it wont

50/50.

But if you do it with the trend of a higher TF then the wind is behind you and your odds are better.

difficult to simulate tho you need to pick the levels

just my 2 pennyworth

win or loose i think its a great exercise
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Old Jan 10, 2017, 7:32pm   #87
 
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OK, I'm in.

Trade 1 completed. I'll post next, with full details, when either level 4 achieved (anything less than that is meaningless) or busted.
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Old Jan 10, 2017, 9:14pm   #88
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Firstly this is not my Idea, someone else on this forum introduced me to it a while ago.

I brought it up and we had a recent discussion on another thread and I thought that maybe a thread of its own was in order.

Itís a great challenge in a number of ways, it inspires discipline, trade planning as well as goal setting, yet all of the usual % account balance risk arguments are irrelevant.

So here goes

The challenge is to turn £10 into £10,000 in 9 net winning trades
9 NWT examples

9 wins 0 losses
18 wins and 9 losses
30 wins and 21 losses
50 wins and 41 losses
150 wins and 141 losses

lets face it, if you aren't making 9 net winning trades then you are most probably losing anyway!

Trades are taken on a 2:1 Risk reward basis and 50% of the net winnings are risked on each trade
Each trade takes you one step forwards or backwards on the P&L Ladder, losing on the first trade means its game over and you are down £10

You can start with £50 & target 50K if you wish

Anyway I thought I would give it a go in 2017,

anyone else care to join me

I wont be posting entries, i'm not into trade calling, but will post results, and reasons for the trade when i can I suggest anyone else wanting to do it do the same.

We will just have to trust each other there's nothing to be gained by making up phony results


Chalky
interesting and ringing a bell with me, will read all in depth when possible
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