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 Pipstream Congrats on your successful start!!!! I worked on this a bit last night and I am ...

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Old Jan 6, 2017, 10:39am   #25
Joined Nov 2011
Chalky_trader started this thread
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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
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Old Jan 6, 2017, 10:42am   #26
Joined Nov 2014
Good luck Chalky....I wish you well.
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Old Jan 6, 2017, 10:45am   #27
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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.
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Old Jan 6, 2017, 11:04am   #28
 
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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.
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Old Jan 6, 2017, 11:16am   #29
 
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Are you intending to use guaranteed stops / no neg balance broker Chalky?
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Old Jan 6, 2017, 11:43am   #30
 
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Are you intending to use guaranteed stops / no neg balance broker Chalky?
good point-£800 loss taught me the importance of that.
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Old Jan 6, 2017, 12:34pm   #31
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Are you intending to use guaranteed stops / no neg balance broker Chalky?
That is a really important point, needs some explanation, and is why i stopped the last couple of times i've tried this.

My trading is usually aimed at taking 5-30 points from the DAX with a small stop loss

As the challenge gets towards its end the numbers don't suit my style.

For example trade 8 has a risk of 1280, if at a 5 point stop like i used earlier its 256 per point, a couple of points slippage ruins the game, although should still be ok as your winnings would cover it but not ideal.

The only alternative is for bigger stops and targets which changes my trading style, trade 8 with a 20 point stop would be do able i guess £64 per point.

Nowadays you can get reasonable guaranteed stops but they usually cost a couple of points, this is also therefore ideally suited to the bigger TF setups with bigger stops and smaller point value.

Bigger TF introduces the possibility of holding overnight which i don't usually do so guaranteed stops are a must in that case.

If i get to that stage will worry about it then, will probably have to compromise my strategy somewhat, 15 / 30 points maybe.

At the moment i'm not loosing any sleep though
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Old Jan 6, 2017, 12:37pm   #32
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I would look at stretching out on the later half on the plan where you reduce your risk. Perhaps even looking at doing it in 20 trades instead of 9
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