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 forker I would look at stretching out on the later half on the plan where you reduce ...

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Old Jan 6, 2017, 12:38pm   #33
 
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Originally Posted by forker View Post
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
So the first 4 trades as is now and then the gradually reducing potential for ruin
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Old Jan 6, 2017, 12:48pm   #34
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Originally Posted by forker View Post
So the first 4 trades as is now and then the gradually reducing potential for ruin
Agree prob best option, i will have a play about with excel and see what comes up

maybe take 1/4 profits from the mid point,



or just keep going LOL

by trade 16 it reaches 1.3 million

60k per point with a 5 point stop (Newbies this is a joke)
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Old Jan 6, 2017, 1:19pm   #35
 
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Originally Posted by Chalky_trader View Post
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
Yeah I know what you mean.

If 'entry to stop' defines trade size then the size can get BIG real quick when we screw the stops down tight.
If we take trade 8 - risk 1280 - 5 point stop - trade size 256, an were positioned when 'that' move happens and the stop gets gaped 100 points, thats -27K. Life changing money for some.
Can happen the other way also If a tp was used and gaped the same 100 points, thats +28.2K. No need for trade 9

Defo worth finding out how the broker fills orders. Ie be sure you get positive as well as negative slippage. Also worth checking how the broker will fill your tp when using guaranteed stops. Ie will you get the same positive slippage on your tp or do you lose that privilege?

Another thing to consider using mega leverage is margin reqs. A no neg balance broker offering 500x and guaranteed stops might be just the ticket. FoMo would know .
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Old Jan 6, 2017, 1:38pm   #36
 
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Originally Posted by darktone View Post
Yeah I know what you mean.

If 'entry to stop' defines trade size then the size can get BIG real quick when we screw the stops down tight.
If we take trade 8 - risk 1280 - 5 point stop - trade size 256, an were positioned when 'that' move happens and the stop gets gaped 100 points, thats -27K. Life changing money for some.
Can happen the other way also If a tp was used and gaped the same 100 points, thats +28.2K. No need for trade 9

Defo worth finding out how the broker fills orders. Ie be sure you get positive as well as negative slippage. Also worth checking how the broker will fill your tp when using guaranteed stops. Ie will you get the same positive slippage on your tp or do you lose that privilege?

Another thing to consider using mega leverage is margin reqs. A no neg balance broker offering 500x and guaranteed stops might be just the ticket. FoMo would know .
Or a direct line to the @highbury fx brokerage A or B book

Anyone seen C.
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Old Jan 6, 2017, 1:59pm   #37
tar
 
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Its not practical to proceed to step 9 while scalping with a tight stop ...
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Old Jan 6, 2017, 2:05pm   #38
 
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Its not practical to proceed to step 9 while scalping with a tight stop ...
how so ?
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Old Jan 6, 2017, 2:40pm   #39
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Originally Posted by Chalky_trader View Post
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.

It’s 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
as the number of trades increases you will ultimately still only achieve a 50-51% win rate here

sure you might do ok but you will need a decent return on those winnings to offset the losers

if a trader wants to crack it in this business ultimately you need a better win rate to pay the rent .......otherwise find something else to devote ones time and effort to.........

N
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Old Jan 6, 2017, 3:11pm   #40
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Chalky_trader started this thread Ok ive done 2 more trades both breakouts after NFP, one loser and one winner, so net still +1

I dont usually do breakouts but after NFP if they hit the stops they can Fly, both trades were 5/10, i kicked myself for such a tight stop but on reviewing things 10/20 would have got stopped out too.

entries at red arrows
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