1,000 % p a fx mercenary trading

[meanreversion]

I really don't expect to have a drawdown in live accounts of more than 10 % , that will happen only on an intraday basis.

There is no system, I expect to make 5,000 % a year without any hard work and drawdown will be 10 % of 5,000%.

You betray a lack of understanding about the meaning of drawdown. 10% of 5,000%? What does that mean?

You've designed a system which works well in very volatile markets. What happens when the market becomes quiet again and your system starts to lose money? At what point do you abandon your system for something else? Let's say you started with £20k and after 3 months you're up to £60k. Then a week later, you're back to £40k. How do you know whether this is the kind of drawdown you should expect, OR you have hit "system death", i.e. your system only works in a very specific type of market.

Four days results - this is not relevant. Get your data and backtest the system for at least three years and see then if you still like the system (I'm guessing probably not).

So, what is the point of this thread anyway?

 

[oildaytrader]

You betray a lack of understanding about the meaning of drawdown. 10% of 5,000%? What does that mean?

You've designed a system which works well in very volatile markets. What happens when the market becomes quiet again and your system starts to lose money? At what point do you abandon your system for something else? Let's say you started with £20k and after 3 months you're up to £60k. Then a week later, you're back to £40k. How do you know whether this is the kind of drawdown you should expect, OR you have hit "system death", i.e. your system only works in a very specific type of market.

Four days results - this is not relevant. Get your data and backtest the system for at least three years and see then if you still like the system (I'm guessing probably not).

So, what is the point of this thread anyway?

10 % of equity is what I meant, includes current equity including profits.

I do not have a system.Please read the thread post 1.My trading is not just for volatile markets, but it works very well and better in low volatility markets with loads of
counter trend trades using betting sequences and contrary trades.

There is no system to back test.It is discretionary trading which can not be back tested.

The point is to discuss any pitfalls I may face and risk factors.Some of the questions asked ,makes me think in detail about implementation to a live account.It might make some people think of a different approach .

Black Swan asked a few good questions, it made me think.

O D T

 

[meanreversion]

10 % of equity is what I meant, includes current equity including profits.

I do not have a system.Please read the thread post 1.My trading is not just for volatile markets, but it works very well and better in low volatility markets with loads of
counter trend trades using betting sequences and contrary trades.

There is no system to back test.It is discretionary trading which can not be back tested.

You're quite right, you did say it was discretionary at the start, my oversight.

However, you've lost all credibility in my eyes.

Ever since I've been a member of this site, you have been banging on about how mechanical trading is the way to go, discretionary doesn't work etc. In fact you have a list of 20 reasons as to why mechanical is GOOD and why discretionary is BAD.

And now you're trying a discretionary system.

Good luck, I hope you make money with your new non-system system. But it does rather render redundant your preceding 1,000 posts.

 

[oildaytrader]

Meanreversion

Look at the trades.My average profit is 1 pip per trade, this week I need to work on improving it to 2 pips.250 trades per day , 70 % wins ,30 5 losses.There will be improvements with win rate as I become more experienced .

I don't look for big moves , my target is 7 to 10 pips , so low volatility is not a problem.

 

[meanreversion]

Do you have any idea of how much drivel you spout? Hmm?

You spent a year arguing with NRothschild that discretionary is BAD, and now you are trading discretionary.

Come to think of it, I realised you were a joke when you proudly displayed a graph showing the equity curve of some system you backtested, between the years 2003-2008. When I asked about 2008-2010, you replied you didn't have data for that.

Nothing much happened in 2008 so it probably doesn't matter I guess.

You're almost as bad as medbs, not quite but almost.

 

[meanreversion]

Meanreversion

Look at the trades.My average profit is 1 pip per trade, this week I need to work on improving it to 2 pips.250 trades per day , 70 % wins ,30 5 losses.There will be improvements with win rate as I become more experienced .

I don't look for big moves , my target is 7 to 10 pips , so low volatility is not a problem.

Your AVERAGE PROFIT is 1 pip??? And the bid/ask you are crossing is what, 2 pips?

You're making more money for your broker than you are for yourself.

Seriously, please reread your posts before sending them as they are juvenile. Or better still, stop posting altogether.

 

[oildaytrader]

You're quite right, you did say it was discretionary at the start, my oversight.

However, you've lost all credibility in my eyes.

Ever since I've been a member of this site, you have been banging on about how mechanical trading is the way to go, discretionary doesn't work etc. In fact you have a list of 20 reasons as to why mechanical is GOOD and why discretionary is BAD.

And now you're trying a discretionary system.

Good luck, I hope you make money with your new non-system system. But it does rather render redundant your preceding 1,000 posts.

I am a believer in mechanical systems , they will never make as much money as discretionary systems.I have always stated it in the past.The same rules of mechanical systems are applied in discretionary trading, except there are twice as many other rules, and it is left to discretion which rules to follow and which to bend or not follow.

The way I am now trading is actually overriding many of the traits of discretionary traders, simply because of the trade time and targets.I can read the charts and see the direction on 1 to 5 minute horizon , I can not see it on longer horizon.Most of the problems and disadvantages disappear due to short targets.

O D T

 

[oildaytrader]

Your AVERAGE PROFIT is 1 pip??? And the bid/ask you are crossing is what, 2 pips?

You're making more money for your broker than you are for yourself.

Seriously, please reread your posts before sending them as they are juvenile. Or better still, stop posting altogether.

1.5 pip to 2 pips, eventually this will go down to 1 pip.

Do I really care if broker makes more money than me, as long as I make a load of money it does not matter.

 

[oildaytrader]

You spent a year arguing with NRothschild that discretionary is BAD, and now you are trading discretionary.

You're almost as bad as medbs, not quite but almost.

Couldn't let Rothschild win , at any cost.

BTW 2009 and 2010 is being tested and results are not great so far for 2010.You will have a report next month.

2008 was very good year.

 

[meanreversion]

1.5 pip to 2 pips, eventually this will go down to 1 pip.

Do I really care if broker makes more money than me, as long as I make a load of money it does not matter.

Are .. you .. clinically .. insane ?

Have you ever traded real money? You are SERIOUSLY telling me that you're prepared to risk your OWN money and work your fingers to the bone (250 trades a day is a LOT of trading) --- you are prepared to risk your own money and time and effort, so that your broker earns more money than you will?

I'm really not trying to put you down, but please open your eyes as to what you are proposing here!!!

 

[meanreversion]

I'll give you a clue.. if your broker offers to take you to Wimbledon this year, you're overtrading.

 

[oildaytrader]

Are .. you .. clinically .. insane ?

Have you ever traded real money? You are SERIOUSLY telling me that you're prepared to risk your OWN money and work your fingers to the bone (250 trades a day is a LOT of trading) --- you are prepared to risk your own money and time and effort, so that your broker earns more money than you will?

I'm really not trying to put you down, but please open your eyes as to what you are proposing here!!!

Meanreversion

I am grateful for your comments on this and other threads .I should have listened and tested 2008 , 2009 and 2010.You made some good comments about testing it.Thanks.

I will post positive expectancy on this trading and am improving targets to 4 pips nett profit per trade over the next two weeks

1 PIP IS NO GOOD

Thanks

O D T

 

[oildaytrader]

I'll give you a clue.. if your broker offers to take you to Wimbledon this year, you're overtrading.

I met a guy who used to post on this forum .He is making a million dollars a year from trading , he started with a very small amount of $10,000.He was doing hundreds of trades every day, and later slowed down to 10 trades a day.

You can tell the genuine posters /traders from their opinions.They rarely post.

http://www.trade2win.com/boards/first-steps/53634-new-mentor-another-shark-5.html#post935264

http://www.trade2win.com/boards/first-steps/53634-new-mentor-another-shark-5.html#post935370

http://www.trade2win.com/boards/first-steps/53634-new-mentor-another-shark-4.html#post935124

The point is ,what I did last week was a trial of discretionary trading , and it worked .The total pips profit was only 69 pips(my other figures were incorrect).960 trades .No rude comments please.

Will it work if I change what I am doing?If I change I may suffer from from many of the disadvantages of discretionary trading.On the other hand it could be a vast improvement to profitability, with lower number of trades etc

 

[meanreversion]

You can tell the genuine posters /traders from their opinions.They rarely post.

Which is why you're up to 2,000 posts ..

 

[oildaytrader]

Which is why you're up to 2,000 posts ..

I come here for entertainment and free trading clinic from people like yourselves

Always nice to get good input from knowledgeable people.

I want to beat Med's records,he is not as notorious.

 

[oildaytrader]

FX Mercenary trading is working well today.1oo pips up so far today.Balance is up 2%

 

[meanreversion]

Good to see it's working well but your results won't be statistically relevant until you've been trading for at least a year, so this thread has a long way to go!

 

[Shanghai]

And this is also still on demo of course. Discretionary trading is likely to be significantly different when you start trading the live account, automated trading less so obviously

 

[oildaytrader]

Good to see it's working well but your results won't be statistically relevant until you've been trading for at least a year, so this thread has a long way to go!

Betting systems don't require any profit per trade , they make their money from betting sequences.Pips profit per trade are a bonus and improvements to 4 pips profit per trade is being targeted.

Nevertheless today I am testing 4 /1 trading on money management.,open a position and close 3/4 at 10 pips and run balance of 1/4 with a trailing stop of 15.

Today we trade 120,000 size trades compounding the account balance based on profits.This is based on 17 % profit last week.

 

[oildaytrader]

And this is also still on demo of course. Discretionary trading is likely to be significantly different when you start trading the live account, automated trading less so obviously

Liquidity and fills might be a problem,but traders and their habits don't change.I am looking for a significant improvement to profits.