It depends what you trade - I meant it as a literary figure of speech
It depends what you trade - I meant it as a literary figure of speech
BeginnerJoe
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Oh, well I saw no adverse weather in the market. Rather it didn't affect my fruits. I am keen to see what happens when the regular storm hits at 1:30 GMT. I am overall short EUR/USD. Will I lose my fruits, I wonder ?
Difficult to say. No important EU or US reports today and no clear direction so far. No clear direction = no trading for me.
BeginnerJoe
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Yes, I have just checked the news schedule. Nothing of consequence happening. So my bet is drifting side ways or lower.
BeginnerJoe
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The first result of my new strategy is in. I didn't make as much money as I set out to do. But overall it's a winner.
The two largest winners were my primary strategy play. They would have represented the main earning component of the strategy. My view of the market was down. So I was short and proven to be correct.
The three largest losers were overly aggressive scalping plays that went wrong. As they were hedged by the primary play. I kept them until the overall situation became untenable. Then I exited all positions on the positive side of break even.
The remainder of the trades were a combination of pruning, fruit picking, and scalping. I couldn't tell from the list which was which. But the point was that they were profitable.
The two small losses were technical errors. With one, I wanted to open a new position. But instead I closed an existing position. Fault: sh*tty and confusing bookie platform. With the other, I was closing out a profit. But price move in the process and produced a tiny loss instead. Fault: nobody's and unavoidable - generally the price would not have move too much resulting in a large loss, therefore tolerable though annoying.
Just by looking at my trades, there's no way for the bookie/broker to work out what my strategy is. So I feel my strategy is extremely secure. Quite frankly, they wouldn't know what hit them once I go large.
The main benefit of the new strategy is that it is scalable. I could build up huge positions using 50p bets. Bees swarming is a picture that comes to mind.
First outing with the new strategy and no loss, and learned some improvements. Not bad at all.
The two largest winners were my primary strategy play. They would have represented the main earning component of the strategy. My view of the market was down. So I was short and proven to be correct.
The three largest losers were overly aggressive scalping plays that went wrong. As they were hedged by the primary play. I kept them until the overall situation became untenable. Then I exited all positions on the positive side of break even.
The remainder of the trades were a combination of pruning, fruit picking, and scalping. I couldn't tell from the list which was which. But the point was that they were profitable.
The two small losses were technical errors. With one, I wanted to open a new position. But instead I closed an existing position. Fault: sh*tty and confusing bookie platform. With the other, I was closing out a profit. But price move in the process and produced a tiny loss instead. Fault: nobody's and unavoidable - generally the price would not have move too much resulting in a large loss, therefore tolerable though annoying.
Just by looking at my trades, there's no way for the bookie/broker to work out what my strategy is. So I feel my strategy is extremely secure. Quite frankly, they wouldn't know what hit them once I go large.
The main benefit of the new strategy is that it is scalable. I could build up huge positions using 50p bets. Bees swarming is a picture that comes to mind.
First outing with the new strategy and no loss, and learned some improvements. Not bad at all.
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scose-no-doubt
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I tried something like this last year when I was trying to eliminate the direction aspect of short term trading by capturing what I thought was volatility stemming from flows of money. Then I realised it was stupid with the spreads, small account size and financing costs as you're not gonna benefit from this type of thing without holding overnight. Anyway I never stuck it out as I got quite busy.
Also I did it with non-related crosses. What you're doing is just paying spread after spread to increase or decrease your exposure to the same instrument over a very small time frame. If you've paid 1pip per side on those 23 trades you've assumed risk to pay 61% of your yield in transaction costs. You think that's sustainable? Does the broker even give you the option to go completely flat cos if not you're gonna be liable for a big swing while you try close out if your weighting isn't right. It's all good at 50p/pip bit I'd like to see you not sweat if that was £50.
Also I did it with non-related crosses. What you're doing is just paying spread after spread to increase or decrease your exposure to the same instrument over a very small time frame. If you've paid 1pip per side on those 23 trades you've assumed risk to pay 61% of your yield in transaction costs. You think that's sustainable? Does the broker even give you the option to go completely flat cos if not you're gonna be liable for a big swing while you try close out if your weighting isn't right. It's all good at 50p/pip bit I'd like to see you not sweat if that was £50.
I couldn't help not noticing few long trades - against your view:?:
BeginnerJoe
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My main interest in the strategy is the scalability. As for giving the bookie spreads, I don't care as long as I have some profit. I consider £50 a pip is doable this way. It is true I may need longer term plays. There is the forex futures bet I could use. At the moment, I am just fleshing out the strategy.
Although I appear to be describing my strategy in detail, I am not.
Although I appear to be describing my strategy in detail, I am not.
BeginnerJoe
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If you read my strategy you will find it has a scalping element against my view.
scose-no-doubt
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scose-no-doubt
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your strategy includes intentionally scalping aginst your view for losses?
Ok, dash. How did you get around the IP bannings?
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Pazienza
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He ain't no Dash. Ain't no Dash at all. He is Bramble's alter ego, one who has to sign on a register.
BeginnerJoe
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Most of the scalps were wins. Those that lost, broke even overall. I haven't completely given up my scalps you know ? What with 88 wins in a row, I would be mad. Unlike naked scalps I was doing, I am now hedged.
Hedged scalps have considerable advantage. These could be exposed to the market longer for larger gains. This is why you see 50p bets returning £2+ wins. Previously my win to bet size was 2:1.
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scose-no-doubt
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Jesus it's good to have someone around who takes the spotlight of of my sh1t trading.
Mate, you're talking utter sh*te. You should just stop and go back to the drawing board. Seriously, I've been where you are.
BeginnerJoe
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Unlike most here, I don't just talk. You assume you understand what I am doing, but I can tell you that you don't. If it's that easy, even you would be doing it
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scose-no-doubt
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I'm just reading the story your P&L is telling.
BeginnerJoe
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So, what does it say ?
BeginnerJoe
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Bad as in losing money ?
