traderman1
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How did you get to 3 positions for each of the gbp/jpy and NZD/USD trades?
I can see the second trade for the NZD/USD but can't see the third.
I also can't see any second or third trade for the gbp/jpy trade
Those 163 pips ( 40 + 91 + 32) are a big section of your 193 pips gain so far this week.
Also, your remaining open EUR/USD trade is about 100 pips in the negative? It has been as high as 125 pips against you. So I am guessing that you don't use any Stop Losses? (I thought I saw somewhere that you used Stop Losses).
I think I mentioned a lot of times that once first position goes against me I open another one and so on thats how I got 3 positions and before u ask me questions make sure u read everything from first page because I am getting tired answering same question over and over again.
Maybe the +193 pips total for the week really should have been -70 pips.
By looking at previous trades, you are adding another position every time you lose 30 pips. That means that your EUR/USD trade has sell entries at 1.3854, 1.3884, 1.3914, 1.3944, and 1.3974.
If you did, your accumulated drawdown on this trade alone would have been -304 pips. Or did you conveniently decide not to add other positions
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Barramundi
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What is not clear is whether the stop loss of 'about 100 pips' is ever executed. You said 'Why I put stop loss is only to prevent unexpected move of market'. This does not make sense - you are not going to prevent the market moving anywhere by having a stop loss.
The question is, do you have a fixed stop loss at some point or do you continually add further positions if the market continues to move against you? Is there a limit to the number of positions you add?
By my calculations, if you are adding positions every 30 pips indefinitely, then just 1 trade where the market moves 800 pips against you, or two moves of about 500 pips, would be enough to blow your entire 10k account, or six months worth of weekly 500 pip gains.
This is your journal at the end of the day. It would defeat the purpose of it if you were to fudge the figures, so I don't see any reason why you would do that and I trust that what you are posting is correct. I'm merely curious to see how long you can avoid having a large loss/es by getting caught on the wrong side of a trend and what your strategy is in this regard.
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Your EUR/USD trade has now has sell entries at 1.3854, 1.3884, 1.3914, 1.3944, 1.3974, 1.4004 and 1.4034.
Your accumulated drawdown on this one trade is -644 pips.
This is the problem with Martingale based systems
Barramundi
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So the average entry is 1.3944, which it has now dropped below, giving Pip Maker the opportunity to escape from a risky situation yet again, if he followed his strategy!
It's still unclear if he keeps adding positions indefinitely tho...
Barramundi
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Well, after 3 weeks of updating, it seems you have stopped sharing. Not sure whether to conclude that this was because of the response you were getting, or because that was how long it took for you to see first hand the rather risky nature of adding to losing positions?
The posts that people wrote are killing me, but I am keep trading because I have good money management and I will be putting about 10K more in to my account to see when can I start making money as much as I receive my weekly pay at work and see if I am able to be safe and make living on forex. This website has too many mean people. They only see negative things except helping and cheering somebody up. Really weird. I wonder how this website even has 200K members.
Barramundi
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Fair enough, I don't think everyone initially appreciated that this was just your journal, and it was to benefit yourself primarily. I'd suggest you continue posting only if it helps you.
Your money management is definitely unconventional. Looking at just the money management side of things, it does appear very risky. But perhaps it ties in well with your entry strategy, hard to know when we've no idea what your entry technique is. May I ask if you continue to add to losing positions indefinitely or do you have a maximum number of lots eg. 3?
Your money management is definitely unconventional. Looking at just the money management side of things, it does appear very risky. But perhaps it ties in well with your entry strategy, hard to know when we've no idea what your entry technique is. May I ask if you continue to add to losing positions indefinitely or do you have a maximum number of lots eg. 3?
Nobody was being negative. Some traders here were simply analysing your trades as you were posting them.
I was reviewing your third and final week of trade results and it became very apparent that your posts about your results were a little deceptive. You were posting your best possible gains without showing the underlying losses from unrealised Martingale-style trades.
Your 193 pips profit? was really a 714 pip drawdown or loss.
I hope that you are going to continue this trade journal. (And I think you should, if you are really trading this method).
But, please be honest and truthful in your journal. There are some good traders here who are willing and able to help you if you want it.
Barramundi
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It's your journal and up to you of course, but may I suggest that at the end of the week you mark to market your open positions and record these alongside your accumulated 'profits'?
By doing this you (and others) will get a better picture of the profitibility of your trading method than if you only mention the closed positions.
By doing this you (and others) will get a better picture of the profitibility of your trading method than if you only mention the closed positions.
Presumably Pipmaker you are also keeping a spreadsheet to monitor the ongoing weekly averageto see if you are achieving/improving on your 500 pip target and how each individual trade contributed to that.It would be helpful for other traders to see such concise detail rather than us all trying to work it out for ourselves from ad hoc incomplete past posts.
Essentially we are all in the same boat : ransacking our time impoverished brains into developing ideas and systems of trading to suit our intented goals.To this end the more info you provide the higher the quality of dialogue between us can be achieved and so potentially the higher chance of you achieving your stated average and your readers taking away something of value.
I wish you well.
