trade to test my system

[options-george]

Hello,Fugazsy!
Thank you for your suggestion. I have to say this is truely a good suggestion for a newbie, especially for the one who is not capable of making profit from the market. But I also have some reasons to trade more currency pairs. Fisrt, I am not a scalpler which means I don't have to keep my eyes on the price every minute. I try to be a trend trader on the 30 min chart. I only check the price now and then, i.e. about 20-60 minutes a time. Second, the way I trade allow me to keep track of more currency pairs, and I hope to find more and better chances by doing this . As for the higher spread, since I trade in small scale and I try to hold the position as long as the trend last, so I dont pay much attention to it. Anyway ,I will apply a new account for lower spread.
I hope you can understand what I say inspite of some grammer mistakes\
Regards

It's nice to continue seeing your updates on this thread! Keep it up.

I think F's suggestion to limit yourself to six currency pairs is a really good one. Even if you are not scalping, for the amount of trades you are currently doing, I would think that reducing the number of instruments you are monitoring, would be a good step. I have one friend who monitors and trades a large number of fx pairs and indices, but the lowest timeframe he looks at is 4H, and mostly daily and weekly (and he is 10-15 years into his trading career). I am trading full-time at the moment, and I basically watch two markets - that's it. Anyways, just food for thought.

As a point of interest, a friend of mine who spent 20 years working for a bank as a trader was only trading TWO instruments for the first 2-3 years of his full-time career, and he was certainly not scalping.

One other suggestion (if you don't mind) is to not underestimate how much difference the higher spread during the Asian session, will make on your profit+loss. For example I noticed the stop on your EURGBP trade was only 13 pips - what was the spread on that trade? What percentage of the stop was consumed up by your stop?

Also, how much attention you pay to the spread should not be influenced by the size of your position, regardless whether you are trading 1 mini-lot or 10 standard lots. Instead it needs to be judged relative to your stop size. Additionally,if you are holding it more than 1 day, then remember to add rollover costs to your spread cost.

Obviously, you don't have to implement the suggestions that F or I are making - but it might be good thinking material for you

Keep posting your trades here, because you might get more feedback from people who are happy to help, and possibly shorten your learning curve

Good luck!!

 

[xiaoci168]

short GBPUSD @ 1.5178
Stoppess @ 1.5202

The price is now 1.5192,NO!

 

[xiaoci168]

AGAIN short GBPUSD @ 1.52167
Stoppess @ 1.5248

Don't let me down

 

[Fugazsy]

AGAIN short GBPUSD @ 1.52167
Stoppess @ 1.5248

Don't let me down

I like that.

 

[xiaoci168]

 

[xiaoci168]

It's nice to continue seeing your updates on this thread! Keep it up.

I think F's suggestion to limit yourself to six currency pairs is a really good one. Even if you are not scalping, for the amount of trades you are currently doing, I would think that reducing the number of instruments you are monitoring, would be a good step. I have one friend who monitors and trades a large number of fx pairs and indices, but the lowest timeframe he looks at is 4H, and mostly daily and weekly (and he is 10-15 years into his trading career). I am trading full-time at the moment, and I basically watch two markets - that's it. Anyways, just food for thought.

As a point of interest, a friend of mine who spent 20 years working for a bank as a trader was only trading TWO instruments for the first 2-3 years of his full-time career, and he was certainly not scalping.

One other suggestion (if you don't mind) is to not underestimate how much difference the higher spread during the Asian session, will make on your profit+loss. For example I noticed the stop on your EURGBP trade was only 13 pips - what was the spread on that trade? What percentage of the stop was consumed up by your stop?

Also, how much attention you pay to the spread should not be influenced by the size of your position, regardless whether you are trading 1 mini-lot or 10 standard lots. Instead it needs to be judged relative to your stop size. Additionally,if you are holding it more than 1 day, then remember to add rollover costs to your spread cost.

Obviously, you don't have to implement the suggestions that F or I are making - but it might be good thinking material for you

Keep posting your trades here, because you might get more feedback from people who are happy to help, and possibly shorten your learning curve

Good luck!!

Hello, options-george!
I really appreciate that both you and Fugazsy for telling me the importance of focusing on just several major currency pairs. Actually, this is not the fisrt time that I recieve the suggestion. What you say really makes me to reconsider about my methodology. I have to admitt that it is confusing sometime to monitor all the pairs. So I have decided to adopt a compromised solutiong of cutting the number of intruments down to 12. I guess I can hadle with this and I hope this may lead to a better trading result.
And I can't agree with you more on what you say about the high spread. I am working on it. In fact , I am applying a new account from Tickmill. So I will be able to trade while paying low spread.
I can tell from your reply that you're much more professional than me, and you are willing to help.So it's nice to meet you here and I am looking foward to learning more things from you.
Best regards

 

[xiaoci168]

AGAIN the GBPUSD stopped out!
The price just jumped up to hit my stop loss and then turned back very soon.
I didn't know about this at all cause I was drinking and talking with some old fellows in a hotel.We really had a good time.
I chosed the right direction, but I did not chose the right time. This is the reason.

A little drunken right now.
Going to bed would be the best thing to do.

 

[xiaoci168]

Ihave just applied a new live account from Tickmill.
account number:2096593525
investor password:dcpQ7aX1DC

 

[xiaoci168]

short AUDUSD @ 0.71129
stop loss @0.7133

 

[xiaoci168]

Ihave just applied a new live account from Tickmill.
account number:2096593525
investor password:dcpQ7aX1DC

I depoisit 400CNY(62.58USD) into this account.
Unfortunately, I found the spread is not as low as I expected. Actually, some currency pairs have even higher spreads than the sreads on my current platform provided by GCAP. I guess the main reason is that I live in China, and this is just the way the Tickmill treats its Chinese customers. It's a double standards, isn't it? It really disappointed me. And I think I'd better go on trading maiNly with GCAP. It seems that trading with high spreads is something I have to live with. Ok, I will still be a winner of the game inspite of this.

 

[xiaoci168]

The CADJPY was stopped out @92.25, this pair is being traded with a spread of about 2.4 pips; But I check the chart and found the highest price of the current candle is 92.21 which means the spread was 4 pips when my stop loss got hit.
MY aquity just keeps going down steadily

 

[xiaoci168]

Short GBPUSD @ 1.52009
stop loss @1.5230

 

[sun11]

I depoisit 400CNY(62.58USD) into this account.
Unfortunately, I found the spread is not as low as I expected. Actually, some currency pairs have even higher spreads than the sreads on my current platform provided by GCAP. I guess the main reason is that I live in China, and this is just the way the Tickmill treats its Chinese customers. It's a double standards, isn't it? It really disappointed me. And I think I'd better go on trading maiNly with GCAP. It seems that trading with high spreads is something I have to live with. Ok, I will still be a winner of the game inspite of this.
View attachment 205958

View attachment 205960

Did you opened ECN account?
You shared your account id & password...that's weird...

 

[xiaoci168]

Did you opened ECN account?
You shared your account id & password...that's weird...

Yes,I remember that I applied for an ECN account. The password I shared is the investor password with which anyone can log in my account to check out my trading,aquity,etc.but can not trade and withdraw and depoit money as I do.haha.Every account has an investor pass word, you dont' know about that?

 

[xiaoci168]

short AUDUSD @ 0.71129
stop loss @0.7133

Stopped loss got hit and then the price drop,bad luck

 

[sun11]

Yes,I remember that I applied for an ECN account. The password I shared is the investor password with which anyone can log in my account to check out my trading,aquity,etc.but can not trade and withdraw and depoit money as I do.haha.Every account has an investor pass word, you dont' know about that?

I see my bad..(I really didn't knew about the password stuff)
ECN account & spread like this is really not good.
I will get my real end of this month.. Then I can judge they are really double standard or not..If spreads are like that...then i'm not going to trade with them.

 

[Fugazsy]

AGAIN the GBPUSD stopped out!
The price just jumped up to hit my stop loss and then turned back very soon.
I didn't know about this at all cause I was drinking and talking with some old fellows in a hotel.We really had a good time.
I chosed the right direction, but I did not chose the right time. This is the reason.
View attachment 205782
A little drunken right now.
Going to bed would be the best thing to do.

Your trade went into profit before it turned into a loser, maybe you should risk less and take partial often and trail your stop some how, I understand you trade the 30 minutes, but when is too much risk you might scale into a smaller TF and see if you can enter with the appropriate risk.

good trading is not only about the system you use, but also about understanding your reward compared to your risk in many instances......

 

[xiaoci168]

short EURGBP again @0.7067 with stop @ 0.7080
short CADJPY again @92.60 with stop @ 92.99

The market is boring and the spread is high during Asian session, but have to accept it.

The CADJPY short position was stopped out yesterday afternoon. I am glad that I held on to this position for three days just the way my system requires. I went long twice to lock in the profit, but exited too early the second time. So the part of the profit went back to the market when the price rose up to hit my stop loss yesterday afternoon.

 

[xiaoci168]

Your trade went into profit before it turned into a loser, maybe you should risk less and take partial often and trail your stop some how, I understand you trade the 30 minutes, but when is too much risk you might scale into a smaller TF and see if you can enter with the appropriate risk.

good trading is not only about the system you use, but also about understanding your reward compared to your risk in many instances......

I agree with you. I keep the the risk under a low level, and I use trailing stop also. But in this case, the profit was too small, so I had to keep the initial stop loss and could not move it to the break even point. I try to trade mechanically,so I enter the market when there is a signal. But I began this trade too early somehow because the price did not show much momentum to move downwards.
Good luck!

 

[xiaoci168]

SHORT USDCNH@ 6.3954
atoploss @6.4223
initial risk: 4.7
move the GBPUSD to break even
long CADJPY , short EURUSD yesterday, lock in both this morning