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; Looking for more than 50% win rate with 2:1 reward to risk isnt easy . But hence he is looking ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jan 6, 2017, 4:47am   #16
tar
 
tar's Avatar
Joined Nov 2006
Looking for more than 50% win rate with 2:1 reward to risk isnt easy . But hence he is looking to turn 10 quids - should start with more - into 10k he can take all the time he wants to pick his trades , no rush really .

Swinging long equities is a good candidate for this strategy .

I may open a similar journal .
tar is offline   Reply With Quote
Old Jan 6, 2017, 8:50am   #17
tar
 
tar's Avatar
Joined Nov 2006
Dont forget to get a vendors badge BTW
tar is offline   Reply With Quote
Old Jan 6, 2017, 9:15am   #18
Joined Nov 2011
Chalky_trader started this thread
Quote:
Originally Posted by tar View Post
Dont forget to get a vendors badge BTW
Id love one.

and maybe a T shirt
Chalky_trader is offline   Reply With Quote
Old Jan 6, 2017, 9:20am   #19
Joined Nov 2011
Chalky_trader started this thread Thanks for the feedback

In terms of strategy its fairly simple

AB=CD retracements in a trending market

Retests of breakouts at significant SR

failed breakouts

only interested in DAX and maybe US30

Its been relatively flat last couple days, consolidating at a daily resistance

NFP today may liven it up this PM, looking forward to getting started

Ill give myself 10 goes at it, not expecting it to be easy, its a challenge after all!
Chalky_trader is offline   Reply With Quote
Old Jan 6, 2017, 9:24am   #20
Joined Nov 2011
Chalky_trader started this thread
Quote:
Originally Posted by Pipstream View Post
Interesting game!

I would like to ask what time frame you are intending to use for this? Is not a 2:1 RR more achievable on say a 1H TF than on a 5m but then the position size / SL would need to be adjusted accordingly to achieve the same overall risk amount?

Depending on the TF used what would you then anticipate being the total duration to achieve your net 9 wins? Does this not depend on the average success rate of the strategy you are using - assuming you are using the same strategy throughout?

E.g. a NWT of 18 wins and 9 losses (27 trades) is a success rate of about two thirds whereas a NWT of 150 wins and 141 losses (291 trades) only requires a success rate of about a half- but a NWT of 9 wins 0 losses would of course need a 100% success rate.

But maybe that is making it all too analytical! I am intrigued to see how this works out!
timeframe is 5 mins chart, haven't thought too much about anything else
Chalky_trader is offline   Reply With Quote
Old Jan 6, 2017, 9:42am   #21
Joined Nov 2011
Chalky_trader started this thread Got a break
first trade done
False break at PDC 5 point stop 10 point target

sold 74 closed at 64

chart attached shows PDC (blue dotted line and open price Red dotted line (changes at 7.00 and 8.00)

Maybe a lucky break and prob couldnt do that with size but at £2 per point no problem
Attached Thumbnails
dax1.jpg  
Chalky_trader is offline   Reply With Quote
Thanks! The following members like this post: forker
Old Jan 6, 2017, 9:57am   #22
Joined Jul 2008
off to a good start.
forker is offline   Reply With Quote
Old Jan 6, 2017, 10:29am   #23
 
Pipstream's Avatar
Joined Dec 2016
Here goes.....

Quote:
Originally Posted by Chalky_trader View Post
timeframe is 5 mins chart, haven't thought too much about anything else
Congrats on your successful start!!!!

I worked on this a bit last night and I am also going to try this - just out of curiosity and an eternal optimism!

....but I am going the snail pace with a 3H/1H timeframe, only because I think there is a better chance there with the 1:2 RR. However, I am going to slightly reduce that too and work with a 25pip SL and 40pip TL. I am only using EURUSD.

As we have already just had a good pullback on the 3H chart extending even to above 1.0600's I will take my first trade on the next signal rather than just join in now (most likely next week, monday, after today's NFP impact......)

So it may take a while................... (unless I'm out on my first trade! )
Pipstream is offline   Reply With Quote
Old Jan 6, 2017, 10:36am   #24
Joined Jul 2008
if pulled off i reckon the whole of T2W will be giving this a go.
forker is offline   Reply With Quote
Old Jan 6, 2017, 10:39am   #25
Joined Nov 2011
Chalky_trader started this thread
Quote:
Originally Posted by Pipstream View Post
Congrats on your successful start!!!!

I worked on this a bit last night and I am also going to try this - just out of curiosity and an eternal optimism!

....but I am going the snail pace with a 3H/1H timeframe, only because I think there is a better chance there with the 1:2 RR. However, I am going to slightly reduce that too and work with a 25pip SL and 40pip TL. I am only using EURUSD.

As we have already just had a good pullback on the 3H chart extending even to above 1.0600's I will take my first trade on the next signal rather than just join in now (most likely next week, monday, after today's NFP impact......)

So it may take a while................... (unless I'm out on my first trade! )
Good Luck Pipstream,

I may be able to get some scalps off the back of your trades
Chalky_trader is offline   Reply With Quote
Thanks! The following members like this post: Pipstream
Old Jan 6, 2017, 10:42am   #26
Joined Nov 2014
Good luck Chalky....I wish you well.
Fugazsy is offline   Reply With Quote
Old Jan 6, 2017, 10:45am   #27
The Staff are paid members that perform various roles such as editorial, advertising, support or technical work.
 
timsk's Avatar
Joined Mar 2002
Quote:
Originally Posted by Chalky_trader View Post
Like i've said before there's so much negativity in these forums, where has all the positivity gone.....

I thought id give it a go as a new years resolution and a bit of fun
Hi Ct,
I don't think people are being negative about your challenge; it's more a case of being realistic about its chances of success. You know what you're doing, but there maybe green about the gills newbies subscribed to your thread who don't - and don't appreciate fully how and why it's unlikely (but not impossible) to succeed. So a token 'don't try this at home folks'* type post is in order, IMO.

Having said the above, I suspect many peeps are rooting for you and would love to see you - or someone here on T2W - pull it off. If you do, the really tricky part will be to withdraw your winnings when you hit your target and to resist the temptation to just keep compounding.

Anyway, it's certainly all good fun and an excellent way to see the new year in. I wish you luck and will follow your progress with interest.

Tim.
*A demo or 'micro' account perhaps, but not with a well funded live account.
__________________
I'm New To T2W - Where Do I Start? - a must read for anyone new to T2W
I'm New To TRADING – Where Do I Start? - a must read for anyone new to TRADING
The Trading Plan Template - a must read for anyone without a proper TRADING PLAN
Please note: I am part of T2W Admin' Staff - I am NOT a Moderator!
timsk is offline   Reply With Quote
Thanks! The following members like this post: Pipstream
Old Jan 6, 2017, 11:04am   #28
 
Pipstream's Avatar
Joined Dec 2016
Quote:
Originally Posted by timsk View Post
Hi Ct,
I don't think people are being negative about your challenge; it's more a case of being realistic about its chances of success. You know what you're doing, but there maybe green about the gills newbies subscribed to your thread who don't - and don't appreciate fully how and why it's unlikely (but not impossible) to succeed. So a token 'don't try this at home folks'* type post is in order, IMO.

Having said the above, I suspect many peeps are rooting for you and would love to see you - or someone here on T2W - pull it off. If you do, the really tricky part will be to withdraw your winnings when you hit your target and to resist the temptation to just keep compounding.

Anyway, it's certainly all good fun and an excellent way to see the new year in. I wish you luck and will follow your progress with interest.

Tim.
*A demo or 'micro' account perhaps, but not with a well funded live account.
Good, caring parental stuff here!

It is certainly worth remembering that, in itself, this is really only an exercise in money management through controlling risk/reward parameters. But money management can only work with a sound strategy that has a sufficiently high success rate. If the strategy sucks then even the best of money management can, at best, only slow the pace of account hemorrhage......

Last edited by Pipstream; Jan 6, 2017 at 11:37am.
Pipstream is offline   Reply With Quote
Old Jan 6, 2017, 11:16am   #29
 
darktone's Avatar
Joined Nov 2003
Are you intending to use guaranteed stops / no neg balance broker Chalky?
darktone is offline   Reply With Quote
Old Jan 6, 2017, 11:43am   #30
 
itspossible's Avatar
Joined Sep 2014
Quote:
Originally Posted by darktone View Post
Are you intending to use guaranteed stops / no neg balance broker Chalky?
good point-£800 loss taught me the importance of that.
itspossible is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Newbie needs help! Winning paper trades but losing money trades wywywywy Spread Betting & CFDs 12 Oct 13, 2014 9:23pm
Pro Signal.net oriana Forex 16 Jan 11, 2009 12:02pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)