Hi sbn, good to hear from you. No I haven't. I just found that there were very limited opportunities using the three ducks on the pairs I watch and decided to give it a break for a while. I've also been swamped at the office recently. Hope to get back to it soon though.
Hey guys, its been some time since I've posted here through some reasons that I don't wish to go into now. The good news is that I was given 50 pound as a birthday gift from Capital Spreads (I had an account there for some time now) and I've been trading this using the three duck in combination with some of my own analysis and probably a bit of luck. I received the amount in my account on the 19 June which took my total in my account to around 90 USD. I am now up to just over 400USD. This is all thanks to the three ducks. It may have been a bit of luck as well but I tried my best to go for a 2:1 RR and although my win loss percentage is about even, the R:R seems to have more than made up for the losses. I must admit that the three ducks has helped me a lot with my discipline which was really lacking in my previous attempts at trading. Although my balance now is no where near the money I have lost with trading, I think I am heading in the right direction. I will keep posting some updates as and when I get the time. Until next time, cheers.
Thanks a lot guys. And as always its good to hear from you Nick.
I went long on the AUDUSD yesterday using the three ducks and confirmation of the break above the resistance at around 1.0335 level.
Got in at 1.0339 yesterday and moved stop to BE this morning. Stop moved to 1.0379 now to take some profit if it moves against me. Really enjoyed this trade.
Closed AUDUSD at 1.0415 for good 75 pip profit. This has pushed my balance to over the $500 mark.
My short with USDCAD seems to be going well. Used the same principle as the AUDUSD and got in on the break of support at around 1.0110 yesterday. Lets see how it goes. SL on that moved to BE now as well.
forexsniper, I'm trading based on the free booklet, incorporating my own support and resistance line/areas. I can't really say that I've been using CC's set and forget approach as I haven't been on his course and don't really know what it entails. But I sometimes set my orders with a 20 pip sl and 40 pip tp, but most times, I monitor my trades and try to get a 1:2 RR and will move my stops to BE and 1:1 RR if I see fit.
Well I posted my reply above because I actually dropped by to make a confession. The greedy person in me almost cost me my account. I shorted EURUSD with ridiculous risk and lot size and lost over $350 in one trade (bringing my account down to $170). I admit that this ill discipline has cost me in the past and I will completely eliminate this from my trading. I know that this is a mental game and I will conquer it. The silver lining is that I know that I can recover this although it will take some time. I must get rid of this get rich quick notion in my head.
The good news is that I have actually recovered most of the losses with proper money management, analysis and a decent lot size (just the normal $1/pip and adding to my position on break of resistance and news to compliment this). Most of it was recovered on the AUDUSD long. So I'm back up to over $400 now.
This really frustrates me as I could have been approaching the $1000 mark had I not done something so stupid. BUT NEVER AGAIN WILL I LOSE MY FOCUS.