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

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Old Jan 6, 2017, 8:50am   #17
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Dont forget to get a vendors badge BTW
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Old Jan 6, 2017, 9:15am   #18
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Dont forget to get a vendors badge BTW
Id love one.

and maybe a T shirt
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Old Jan 6, 2017, 9:20am   #19
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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!
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Old Jan 6, 2017, 9:24am   #20
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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
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Old Jan 6, 2017, 9:42am   #21
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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
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dax1.jpg  
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Old Jan 6, 2017, 9:57am   #22
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off to a good start.
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Old Jan 6, 2017, 10:29am   #23
 
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Here goes.....

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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! )
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Old Jan 6, 2017, 10:36am   #24
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if pulled off i reckon the whole of T2W will be giving this a go.
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