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Ha, I've withdrawn the thread now as people just weren't interested in putting their money where their mouth is. I continued in any case and the account is now showing £844, so nearly there but yes the trades are small at £1 and £2 per point but it's low risk and good fun.
Ha, I've withdrawn the thread now as people just weren't interested in putting their money where their mouth is. I continued in any case and the account is now showing £844, so nearly there but yes the trades are small at £1 and £2 per point but it's low risk and good fun.
..
Many thanks good luck to you to. 2014 has certainly got off to a very good start. May I point out a tip for you, the aud/usd for long term gain. A nice 4 hourly hammer has just formed too
I am going to wait until this pair takes a slight breather down to weekly support or certainly between the 8,913 and 8,900 area for a long position. I'm confident on this one as the 4 hourly hammer has formed around a solid area of support following a weekly bullish candle.
Many thanks good luck to you to. 2014 has certainly got off to a very good start. May I point out a tip for you, the aud/usd for long term gain. A nice 4 hourly hammer has just formed too
I am going to wait until this pair takes a slight breather down to weekly support or certainly between the 8,913 and 8,900 area for a long position. I'm confident on this one as the 4 hourly hammer has formed around a solid area of support following a weekly bullish candle.
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Forexmospherian
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AU - scalp wise sold under 8930 in last 30 mins but would like to scalp buy again above 8895 / 8900 as a HL and then hope we could breach above 8930 and 40
Under 8888 would still scalp sell down to next supports - but above 8930 - then I thinks you could be correct Mr Figure - with R's at 46 to 60 and that 8900 to 8930 area acting as the new main supports
GL
Under 8888 would still scalp sell down to next supports - but above 8930 - then I thinks you could be correct Mr Figure - with R's at 46 to 60 and that 8900 to 8930 area acting as the new main supports
GL
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I think the drop overnight (I'm in uk) is a correction. The key factor for me is that weekly bullish engulfing candle from dec 30th. The support of that candle pair held following the us payroll data and it went north from there. We are now at those levels again and I think we are going to see 8,900 holding.
We are also in oversold territory in the 4 hourly time frame, which coincides with support levels. Brave going short
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Forexmospherian
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Hi Mr Figure
I am really a scalper - who tries to catch intraday waves from 7 -25+ pips. All stops are approx 5 pips and normally I will take between 10 -20 trades a day.
My trend is anything over 3 pips and a 15/16 pips is great ie RR of 3 ;-)
Have no problem trading in both directions and since I have been full time - now over 6 yrs ago I try and follow every pip on a few pairs and the cherry pick when all the clues come together
AU - we have done a HL at 8894 - and now I hope we stay above 8900 and crack that 8930+
GL
Regards
F
I am really a scalper - who tries to catch intraday waves from 7 -25+ pips. All stops are approx 5 pips and normally I will take between 10 -20 trades a day.
My trend is anything over 3 pips and a 15/16 pips is great ie RR of 3 ;-)
Have no problem trading in both directions and since I have been full time - now over 6 yrs ago I try and follow every pip on a few pairs and the cherry pick when all the clues come together
AU - we have done a HL at 8894 - and now I hope we stay above 8900 and crack that 8930+
GL
Regards
F
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Well I joined the party at 8,905 at £4pp and exited at 8,918 for a £52 profit. Struggling at the 8,920 area and 10 min period couldn't close above it. No doubt when this is cleared it will be off north again. Watching for another entry point as it's taking a breather again.
Good luck guys
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I've observed your inputs on a couple of threads, it appears your an experienced guy at this. Specifically by all accounts youv taken a couple of big hits (losses), I can connect with that as I've been there to, although I've not really lost a lot of my own money it was profit that I lost. I've learnt from my mistakes now and my trading is a lot smarter.
Your trading methods are very similar to mine. I like to be in and out of trades which is why I trade spot forex with ig using dfb rather than cfd.
I will quite happily exit a trade at a £10 profit and wait for the next chart opportunity. I don't use stops because my entry point already eliminates the likelihood of the trade going too far against me.
I started at £200 and now after today I'm just shy of £900. I have been trading mostly at £1pp until today as I was very confident of some aud strength. Once above £1,000 I will begin to trade at £2pp and so on until the end of the year when I will update before the trading holidays with my account total.
If you don't mind me asking, what £ are you trading at per point ?
Regards
Kev
I've observed your inputs on a couple of threads, it appears your an experienced guy at this. Specifically by all accounts youv taken a couple of big hits (losses), I can connect with that as I've been there to, although I've not really lost a lot of my own money it was profit that I lost. I've learnt from my mistakes now and my trading is a lot smarter.
Your trading methods are very similar to mine. I like to be in and out of trades which is why I trade spot forex with ig using dfb rather than cfd.
I will quite happily exit a trade at a £10 profit and wait for the next chart opportunity. I don't use stops because my entry point already eliminates the likelihood of the trade going too far against me.
I started at £200 and now after today I'm just shy of £900. I have been trading mostly at £1pp until today as I was very confident of some aud strength. Once above £1,000 I will begin to trade at £2pp and so on until the end of the year when I will update before the trading holidays with my account total.
If you don't mind me asking, what £ are you trading at per point ?
Regards
Kev
Forexmospherian
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Sorry Kev - had been out this afternoon and only just noticed you post tonight
Yes - I hit my psychological "trading wall" at approx 20 -22 full lots per pip - back over 4 yrs ago. I had been compounding from 5 lots and doing well - but I was with GFT then and I was having problems on getting any entry over £100 a pip into the market under 30 - 60 seconds ( and exits could take longer )To make matters worse - It was then compounded by also having 7 consecutive losses in a row - wiping out the previous weeks profits and freaking me out.
I had never experienced that and so had to drop all the way back down to a more comfortable trading level of then under 5 lots per pip - to get my confidence back. Over the next year - I gave up compounding got back up to 10 - 12 lots and have never looked back - as I have also improved since then ;-)
Nowadays - I will trade at between 3 and 10 full lots per pip ( still under !% risk of my capital with a 5 pip stop) and my most popular stake is 5 or 6 lots and then I take approx 70% off leaving $15-20 per pip on so called "free trades" with the stop already in profit.
I did get another scalp sell on the AU at 5.30 pm tonight but on just 2 lots and came out approx an hour later with 9 pips
i don't normally trade the Asian session ( yes based in UK as well) - but now see above 8903 its a scalp buy - but we need over 8940 to confirm the HH again.
Under 8895 - it would be back to scalp sells if i was trading knowing we would need under 8880 to think of holding on for any further falls
Hope this helps and lets hope you make your grand tomorrow ;-))
GL
Regards
F
Shakone
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But you have a 70% win rate you said Fxmo. And you risk 1% a trade, yet you make on average 2% a day, according to what you've said. So if you take 10 or 20 trades, you win on 7 or 14 of them on average, and lose the other 3 or 6 of them. In other words at a risk reward of 1:1 on your trades, you would make 4% a day (for 10 trades) and 8% a day (for 20 trades). So the only way that you can make 2% a day on average is if your risk reward is very poor, i.e. you're taking 1-3 pip wins for a stop loss of 5 pips. Is this the case?
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Forexmospherian
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Morning Shakone
I will explain more in detail and will give more specifics etc with regards to performance and returns.
My main Forex capital account is normally somewhere between $50k and $75K a - range of up to $25k - all controlled by myself and withdrawn as required according to personal circumstances etc etc
Lets look at 2 main levels - ie $60k ( approx £37k ) and $75k ( approx £46k)
On my average 5 pip stop loss ( over 75% trades taken at this level - rest at 3 pips to 7 pips ) - 1% stake of capital works out at $600 and $750 and over the stop size becomes - $120 ( 12 lots) and $150 (15 lots)
My main stake size is rarely over 12 lots and mostly in the 3-10 lot size with a lot of scalps on 5 or 6 lots
I therefore will have some trades with total exposure up to say 1% ( especially on 2 or 3 simultaneously as yesterday) but will have a lot of my 30% free trades with a risk of equivalent to 0.2 - 0.3% of Capital - ie under 3 lot size.
Next point - my own performance is based on a 5 -8 hour average day ( remember I am my own boss - ( OK wife might disagree) and I have days were i trade just 4 -5 hrs - and days when I trade 6 -10 hrs - all depending on my availability and the markets movements.
Yes I can have many wins with RR's of under 1 - ie 2-6 pips some days - but also I do have wins with RR's of 3 and 5 also.
However remember if I have an RR of 5 - ie over 25 pips - 10 -15 of those pips might be on 0.2 - 0.3% stake - ie not on full 1% stake
My results can therefore be from a paltry 0.5% - 1.5% per day to easily 5%+ on great days
Unfortunately my losses - normally 1- 3 per day will be on the initial entry stake size - which of course are always going to be larger then my "free trades" on just 30%.
Remember also - my number one priority is not to to have a losing day. That takes priority over chasing returns of 2%+ per day - although as you know on small "play accounts" under $500 - I would risk up to even 10% stake size and chase big gains - simply because - it's no problem ;-)
Hope that helps
Have a good day
Regards
F
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Forexmospherian
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Morning Mr Figure
AU - well I just wish I had bothered with the AU last night
It dropped under my 2 key interim supports - and so far over approx 100 pips lower.
Had not set up any "trade wrap" with pending orders either side key levels - so missed out there on the main fall
i don't use hard 5 pip stops - as I watch all scalps and one click in and out - so my 5 pip stop is purely a mental one - and enables me to pull at 2 pips or 4 pips if i need to.
If you have not been using any hard stops - I hope you got out around your entry level ?
For now - AU needs a rest more than likely - and probably will stay in a 30 pip range under 8800
Will give you my update on it later
Regards
F
NVP
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NVP
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now that surprises me F ............what if you lose the BT line or have a power cut and systems go down ?
telephone i suppose ?.......carrier pigeon ?
one of my mentors drilled this backup stuff into me so much it still hurts
N
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Forexmospherian
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Hi N
Yes don't use hard stops for 3 -7 pips from entries - as one click in and out and trades are watched
Many times I have placed hard stops 15 - 25 pips away - so that if I get a power cut or lost broadband - I would be safe - but for 95% of the time - they were never needed - and then when they were caught by quick spikes - price normally reverts back to norm- and i cussed.
I am a big believer in stops - for safety - discipline and for focus etc - but i have known with quick gaps a stop still not being activated and most brokers charge an extra 2-3 pip for guaranteed exits .
I would say that its just not a problem for me - and worst case scenario - if I was not able to contact broker within 3 minutes - price would not have moved over 30 pips - so that would be just like having 6 bad consecutive losses in one day - hardly a big problem ;-)
Maximum downside 6% loss - normal loss on this "black swan" event would be under 4%
PS - when was the last time you had a puncture in your car tyre. Yes they do happen but you can go years and years and never have one - its all down to probabilities again - and of course - Sod's Law - ie now you have mentioned it - my power and broadband will both go at around 3 pm this afternoon lol
Regards
F
Yes don't use hard stops for 3 -7 pips from entries - as one click in and out and trades are watched
Many times I have placed hard stops 15 - 25 pips away - so that if I get a power cut or lost broadband - I would be safe - but for 95% of the time - they were never needed - and then when they were caught by quick spikes - price normally reverts back to norm- and i cussed.
I am a big believer in stops - for safety - discipline and for focus etc - but i have known with quick gaps a stop still not being activated and most brokers charge an extra 2-3 pip for guaranteed exits .
I would say that its just not a problem for me - and worst case scenario - if I was not able to contact broker within 3 minutes - price would not have moved over 30 pips - so that would be just like having 6 bad consecutive losses in one day - hardly a big problem ;-)
Maximum downside 6% loss - normal loss on this "black swan" event would be under 4%
PS - when was the last time you had a puncture in your car tyre. Yes they do happen but you can go years and years and never have one - its all down to probabilities again - and of course - Sod's Law - ie now you have mentioned it - my power and broadband will both go at around 3 pm this afternoon lol
Regards
F
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