Hi, I have a basic spreadsheet that I use to log all my trades. However I'm not very good at keeping tabs on overall risk/reward. I log the % gain/loss per trade and also note the size of my stoploss and targets, but I have no way of keeping a running average as such. Does anyone have a spreadsheet template that they use which I can 'adopt' to help me keep good accurate figures?
1000 pips per week? Is it Possible?
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Hi Andy, its rare to hear traders doing what you are doing - good going, its a great indication that you will have success now and in the future.
I also include in my Spreadsheet anything in my mind - i.e. Don't like the news just released, or , have a nasty feeling its going to turn etc.... Note these things down, you will find that when you look over the history that your intuition was actually correct. So please include a comment field for each trade - Spreadsheets are useful for numbers as well as text!
I would supply my one, but it is tailoured to my style of traiding and has stuff in there that you may not feel is relevant and will only confuse you.
Why not make your own spreadsheet, its dead easy to do - just follow the 'Help', and you will get exactly what you want. Problem using other peoples is that everyone is different and you will end-up not using it as it may not fit with you. Also, different styles of trading require different types of spreadsheet. (my one is fairly unique). Also bare in mind, you only need to record what is useful to you, over doing it will also end-up in it being unused and overly complex taking too much effort to fill in.
Great Movie Poborsky !!
Andhra, judging from your question you are very new to this - if you go to a man in the street and ask for a Salami, you could get a whole cart load of them, you may even get a slap round the face - or even a great movie - you need to be more specific.
Of course, if you know your Salami's then its easy - but you need to describe what suits your tastes i.e. Scalper, Breakout, Trend based blah, blah, blah...
One word of advice though before you go any further - DON'T pursue this path - there is almost nothing out there that won't crash and burn. Don't beleive the hype you see, its all rubbish.
There is a place for automation, but this is only under the control of a trader that knows what they are doing. It is a tool to help, it is nothing more than this. I know that you will not take my advice and will only find out the hardway - but at least Iv'e done my bit and tried to provide you with the best advice possible. Learn to trade 1st, then look for ways to make your trading easier. Best of luck
Hi all,
Like Andhra, I am fairly new to this and have been reading and training with a demo.
So far, I thik I prefer trend following using macd as my main strategy, perhaps because I understand that fairly well. I have one question though regarding exits.
In most cases a trade seems to be moving rather inconsistently and doesn't really hit the stop loss or take profit positions set. What do most traders do. Is it wise to sit and hope the trade goes your way ? is it unreasonable to take whatever profits come your way when you are still in the green or is my psychology wanting ?
Thanks
Ken
Like Andhra, I am fairly new to this and have been reading and training with a demo.
So far, I thik I prefer trend following using macd as my main strategy, perhaps because I understand that fairly well. I have one question though regarding exits.
In most cases a trade seems to be moving rather inconsistently and doesn't really hit the stop loss or take profit positions set. What do most traders do. Is it wise to sit and hope the trade goes your way ? is it unreasonable to take whatever profits come your way when you are still in the green or is my psychology wanting ?
Thanks
Ken
Hey Ken, It is hard to answer that question really - there are too many things going on to know. What you should be asking yourself is, "Does the way I feel in anyway effect my judgement?", if you are in sim,then possibly this will not be an issue - it will come into effect when you start with real money - again start very small and build slowly.
The litmus test that I use, is to question whether my reason for taking the trade in the 1st place is still valid, has anything in the market place shifted that would make you beleive you have less of an edge. There is absolutley no reason not to change your mind if its based on changes. A lot of newbies tend to start looking for excuses in their trades as a reason to exit prior to their Stop, or Profit - and indeed start to move their stop further away (though fear) and also their limit further (through Greed). It is a fine line to tread and you have to be honest with yourself as to why you have made a change to your original plan.
If you find yourself making adjustments infrequently, then probability is that you are ok - but if it is becoming a common thing then start looking at why you are doing this.
Ask yourself if you have adequately defined your trading plan, and perhaps you need to adapt it a little. ? You may for instance introduce another rule - "If the market stalls, then monitor closely and exit early if it breaks out against my initial direction".
I cannot help with your Strategy as I don't base my trading on any Indicators - I personally don't like any. My advice it to just watch the charts, you will eventually develop an eye for what is happening and be able to trade without any lagging tools that lead you into a false sense of security - but to each their own -
I hope this was of some use.
Marwan2010
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Hey Trendie - just fyi i have not had a single losing week trading GJ - past 3 months
your post was useful for self analysis! - i just focus on 2 pairs thats all
thanks mate!
neil
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a burly and beastly pair, but nail daily s/r and you've got one hell of a margin builder!
takes a slightly bigger stop though
try EJ too on the dailies for the world's easiest scalp.. bread and butter
can you enlighten me on this 'bread and butter' scalp please and also success rate? thanks
