neil
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STOP hoping - read some of the FREE threads on T2W and demo until in profit - then trade real cash.
(maybe using cash saved from no longer buying systems)
STOP hoping - read some of the FREE threads on T2W and demo until in profit - then trade real cash.
(maybe using cash saved from no longer buying systems)
End of not a good month - both live accounts down, but the demo account keeps ticking up...
Have disabled the early morning Cable EAs - have SW, MD and Windfall running, no plans to change this/add to this unless AFFX EA comes out as this has a good track record to date
Short term account - recovered somewhat as I stopped trying to trade short term but instead mirrored the exact same trades from the longer term demo account setups... so plan to continue this approach (do less of what's not working and more of what is, and all that), and will paper/demo trade intra-day until I am sure I have a consistent winning strategy
Neil - thanks for the comments - the fact that my demo account has been consistently profitable with only a small drawdown for about 5 months (+42% overall) - on which I am trading longer term setups based on price action - but the live accounts are not shows the way for me I think... have no intention of buying any more systems apart from AFFX EA-
One area I find of interest from reading some of the many TW threads is the different approach to stop losses/trailing profits etc - for every approach someone takes issue with it. However one thing that struck me as valid is that moving stops to BE makes no sense, as your entry point mean nothing to the market. SL needs to be kept behind an area of S/R - so you are better off leaving the SL as is and taking 50% off the table than moving SL to an arbitrary BE point, so will be doing this in future.
Will post Monday with any trade setups I can see, with entry/stop/limit and reasons for entry
Have disabled the early morning Cable EAs - have SW, MD and Windfall running, no plans to change this/add to this unless AFFX EA comes out as this has a good track record to date
Short term account - recovered somewhat as I stopped trying to trade short term but instead mirrored the exact same trades from the longer term demo account setups... so plan to continue this approach (do less of what's not working and more of what is, and all that), and will paper/demo trade intra-day until I am sure I have a consistent winning strategy
Neil - thanks for the comments - the fact that my demo account has been consistently profitable with only a small drawdown for about 5 months (+42% overall) - on which I am trading longer term setups based on price action - but the live accounts are not shows the way for me I think... have no intention of buying any more systems apart from AFFX EA-
One area I find of interest from reading some of the many TW threads is the different approach to stop losses/trailing profits etc - for every approach someone takes issue with it. However one thing that struck me as valid is that moving stops to BE makes no sense, as your entry point mean nothing to the market. SL needs to be kept behind an area of S/R - so you are better off leaving the SL as is and taking 50% off the table than moving SL to an arbitrary BE point, so will be doing this in future.
Will post Monday with any trade setups I can see, with entry/stop/limit and reasons for entry
Ok - Mid November and time to start the journal up again after having read lots, tried to resist temptation to sign up for that one website that promises riches etc..)
EA account - ...this closed at 10% up for October, and is currently around 12% up for November - so would be more than happy of this continues - added the AFFX EA which has just launched, running Cable and Euro on live acct and EJ on demo with different settings to see how it works out for a month
Long term..started concentrating more on 4hr charts - currently in sells on Cable and EJ after break in major support - don't want to take any more trades against the dollar until these play out
ST - sticking to existing trade strategy - look for break of congestion area in 4 hr window then trade in direction of break on 15 min chart when between PP and S1/R1 with entry based on price action, SL 10 pips other side of PP and target 10 pips short of S1/R1. Last 4 trades all came in, plan is to monitor at least 20 such trades to make sure I understand the Win/loss percentage. However no need to make it too complicated and if EA acct and LT can be profitable this strategy may get ditched as it requires a lot more screen time.
Will add some charts for next posting...
Question I ask myself at the moment is, would subscribing to a mentor program at this point be what's needed to get myself faster to a stage of consistent profitability and hence worth it, or just a waste of money ...looking at forexmentor, Neal Fuller and Forexprofessional
EA account - ...this closed at 10% up for October, and is currently around 12% up for November - so would be more than happy of this continues - added the AFFX EA which has just launched, running Cable and Euro on live acct and EJ on demo with different settings to see how it works out for a month
Long term..started concentrating more on 4hr charts - currently in sells on Cable and EJ after break in major support - don't want to take any more trades against the dollar until these play out
ST - sticking to existing trade strategy - look for break of congestion area in 4 hr window then trade in direction of break on 15 min chart when between PP and S1/R1 with entry based on price action, SL 10 pips other side of PP and target 10 pips short of S1/R1. Last 4 trades all came in, plan is to monitor at least 20 such trades to make sure I understand the Win/loss percentage. However no need to make it too complicated and if EA acct and LT can be profitable this strategy may get ditched as it requires a lot more screen time.
Will add some charts for next posting...
Question I ask myself at the moment is, would subscribing to a mentor program at this point be what's needed to get myself faster to a stage of consistent profitability and hence worth it, or just a waste of money ...looking at forexmentor, Neal Fuller and Forexprofessional
End November...haven't been posting much as have gone 'back to the drawing board' on intra-day trading strategies.
EA's had a good month (up 10%) but then added AF this month which has seen such good results to date but which didn't seem to do well, so slightly down for this month (2%).
Intra-day - no trading, looking to get more consistency of trading such that I can increase the overall success rate before starting again - confident I can do this over the quiet period ready to start again in Jan
Long term - opened a separate account for this, demo account has been ticking up nicely so moved this strategy (reversion to trend on 4 hr charts) live - again up a few % for the month. Also started trialling a Fib based LT strategy on the demo account instead. This has seen great success (up about 15% this month) so will stick to this and start to post chart setups if/as they occur next week
EA's had a good month (up 10%) but then added AF this month which has seen such good results to date but which didn't seem to do well, so slightly down for this month (2%).
Intra-day - no trading, looking to get more consistency of trading such that I can increase the overall success rate before starting again - confident I can do this over the quiet period ready to start again in Jan
Long term - opened a separate account for this, demo account has been ticking up nicely so moved this strategy (reversion to trend on 4 hr charts) live - again up a few % for the month. Also started trialling a Fib based LT strategy on the demo account instead. This has seen great success (up about 15% this month) so will stick to this and start to post chart setups if/as they occur next week
ok -after 6 months trying to get some sense in to my trading... I am now planning to keep this journal purely to record trades taken according to a strategy that worked well for me on a demo account. Summary of strategy is:
Follow 6 main currency pairs on a 4 hour candlestick chart
Fib the latest 150+ pip move - mark out 38-63.8% as a retracement zone
once candle closes within this zone, wait for a candle to complete totally outside the 25/75% levels.
If this doesn't happen before another 150+ pip move, change FIb accordingly
If it happens take a trade in the direction of the move - SL 10 pips > daily ATR (or approx 150 pips)
leave trade to run whilst carrying on re-fib as necessary - move stop to BE after 100 pip move
Add to trade if another signal occurs in the same direction. Close out if in opposite direction
That's it - first trade on AUDUSD attached as a sell
Follow 6 main currency pairs on a 4 hour candlestick chart
Fib the latest 150+ pip move - mark out 38-63.8% as a retracement zone
once candle closes within this zone, wait for a candle to complete totally outside the 25/75% levels.
If this doesn't happen before another 150+ pip move, change FIb accordingly
If it happens take a trade in the direction of the move - SL 10 pips > daily ATR (or approx 150 pips)
leave trade to run whilst carrying on re-fib as necessary - move stop to BE after 100 pip move
Add to trade if another signal occurs in the same direction. Close out if in opposite direction
That's it - first trade on AUDUSD attached as a sell
Attachments
Next trade triggered- EURUSD short.
Still in GBPUSD long - Friday's daily candle signified at least a correction and this is what we are getting at the moment.
Still in the AUDUSD sell - few pips up
There was also a long triggered on the USDCAD - but since it is struggling to get past clear resistance I have put in a limit buy order - see attached.
Feels like some trends are starting to reverse..
Still in GBPUSD long - Friday's daily candle signified at least a correction and this is what we are getting at the moment.
Still in the AUDUSD sell - few pips up
There was also a long triggered on the USDCAD - but since it is struggling to get past clear resistance I have put in a limit buy order - see attached.
Feels like some trends are starting to reverse..
Attachments
Taking another look at the GBPUSD trade - I entered too early - the candle hadn't completed and subsequently didn't close outside the 75% range - so I closed the trade ...need to be more careful ...
The USDCAD limit order has now triggered, and the AUDUSD trade is still open, as is EURUSD - all in slight profit at the moment.
I have just taken a new trade, this time on the EURJPY - slightly lower than normal risk % (2.5% is normal) - as already have a EUR trade open. This had already triggered a valid trade which I missed, but took the trade on the break of a retracement trend line as can be seen on the chart
The USDCAD limit order has now triggered, and the AUDUSD trade is still open, as is EURUSD - all in slight profit at the moment.
I have just taken a new trade, this time on the EURJPY - slightly lower than normal risk % (2.5% is normal) - as already have a EUR trade open. This had already triggered a valid trade which I missed, but took the trade on the break of a retracement trend line as can be seen on the chart
