Glory or Nothing!!!

oshunt

Member
86 2
Okay ladies and gents,

BACKGROUND:

After trying this trading game for the last 4 years, iv'e never made a lot of money or lost a lot. Biggest win a measly £80 biggest loss £60 (averaging down a loser :whistling.)

I've read countless books and paid for webinars only £75 just thought i'd put that in there. But in total i'd say I've invested £600 on my trading future.... Last thing i'm 21 and want to work in prop and for the people good at math, at 17 i was reading books on trading as i couldn't do it legally.

WHY:

In August, I decided enough was enough i'm gonna be good at this I made a plan worked out a routine. Demoed for three months with good results then went live in December with £200 7 trades down the line and well i'm down £40, some newbie mistakes price hitting stop loss by exactly e.g stop loss 0.90097.

I have 3 attempts left with £200 (this being the first).

The Point:

Basically i'm going to trade two different strategies (S&R+PA and 3 ducks with a twist) and record the results. i'll be spread betting the minimum, but trading aggressively, with time I have after work and putting in orders while i'm at it based on research done the night before. I'll attempt to post the trades with some detail but with my journal being my holy grail. It will probably be brief e.g. loss or win and account amount.

Reason for the title is because, its hit my targets or nothing and the monthly targets I have i'm £192 behind not including February target of £66.5.

This sounds ridiculous but with the right recording and high risk money management it's possible....Also it's necessary if i want to have any chance impressing hedge funds or prop houses.

Thanks for reading any opinions or criticisms would be appreciated.
 

MajorMagnuM

Legendary member
9,284 888
Okay ladies and gents,

BACKGROUND:

After trying this trading game for the last 4 years, iv'e never made a lot of money or lost a lot. Biggest win a measly £80 biggest loss £60 (averaging down a loser :whistling.)

I've read countless books and paid for webinars only £75 just thought i'd put that in there. But in total i'd say I've invested £600 on my trading future.... Last thing i'm 21 and want to work in prop and for the people good at math, at 17 i was reading books on trading as i couldn't do it legally.

WHY:

In August, I decided enough was enough i'm gonna be good at this I made a plan worked out a routine. Demoed for three months with good results then went live in December with £200 7 trades down the line and well i'm down £40, some newbie mistakes price hitting stop loss by exactly e.g stop loss 0.90097.

I have 3 attempts left with £200 (this being the first).

The Point:

Basically i'm going to trade two different strategies (S&R+PA and 3 ducks with a twist) and record the results. i'll be spread betting the minimum, but trading aggressively, with time I have after work and putting in orders while i'm at it based on research done the night before. I'll attempt to post the trades with some detail but with my journal being my holy grail. It will probably be brief e.g. loss or win and account amount.

Reason for the title is because, its hit my targets or nothing and the monthly targets I have i'm £192 behind not including February target of £66.5.

This sounds ridiculous but with the right recording and high risk money management it's possible....Also it's necessary if i want to have any chance impressing hedge funds or prop houses.

Thanks for reading any opinions or criticisms would be appreciated.

Hello. can you post a screenshot of an entry/exit you might take that gives all reading a precis of what you have been practicing for 3 months?
 

MajorMagnuM

Legendary member
9,284 888
also. better one attempt with 600 than 3 with 200?
(i dont trade live so my opinion is not valid)
 
Last edited:

oshunt

Member
86 2
also. better one attempt with 600 than 3 with 200?
(i dont trade live so my opinion is not valid)

I find it harder with more money in the account,as i'm not as selective in the trades i pick. I end up taking more b- trades than a+ trades and it drains the account. i'm grateful for the opinion as well.
 

oshunt

Member
86 2
Hello. can you post a screenshot of an entry/exit you might take that gives all reading a precis of what you have been practicing for 3 months?

Will do i recorded all my trades with pics of close and entry. I'll post up the trade today that closed at a loss.
 

oshunt

Member
86 2
This trade hit the exact stop then reversed, needed a little lee way for solid invalidation of my PA.

£1pp
USD/CHF
loss £32
 

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MajorMagnuM

Legendary member
9,284 888
ok just my 2p worth.
1) i notice you are using standard setings. where did you get these settings? question the source and consider other settings?
1b) the market maker has these indicators too
2) from the pics and yr description u cls have gone short or long, which was it ?
 

wackypete2

Legendary member
10,229 2,055
This sounds ridiculous but with the right recording and high risk money management it's possible....Also it's necessary if i want to have any chance impressing hedge funds or prop houses.

First, you get credit for putting yourself out here and opening yourself to criticism (y) .... and I have some :)

No matter how much money you make in however short a time period, using a high risk money management strategy is not going to impress anyone. No firm is going to let you trade their money with a strategy that made millions today but could easily lose millions tomorrow. Low draw down and sensible risk management are much more important than how how fast you increase your equity.

Peter
 

oshunt

Member
86 2
ok just my 2p worth.
1) i notice you are using standard setings. where did you get these settings? question the source and consider other settings?
1b) the market maker has these indicators too
2) from the pics and yr description u cls have gone short or long, which was it ?

Sorry i went short red line stop loss green is target orange is entry.
 

oshunt

Member
86 2
First, you get credit for putting yourself out here and opening yourself to criticism (y) .... and I have some :)

No matter how much money you make in however short a time period, using a high risk money management strategy is not going to impress anyone. No firm is going to let you trade their money with a strategy that made millions today but could easily lose millions tomorrow. Low draw down and sensible risk management are much more important than how how fast you increase your equity.

Peter

Thanks for the reply peter, have to use high risk at the moment if i follow traditional money management i.e risk 2% i'll make £4. The problem is the minimum bet size is 30p and 45 pips is the average stop loss for my PA strategy (also if anyone is thinking it's not a random number, it's set up that way because as soon as my reason for getting in becomes invalidated or market structure has changed.) that's already £13.5. Until my account grows it's the only option i have other than putting up more capital.

Everything you said about firms and money management is correct, and the account will become safer when it gets larger. Which i think is similar to the prop firm approach as they give you minimal amount $5000 to start with that's in my opinion, not a fact.
 

MajorMagnuM

Legendary member
9,284 888
Sorry i went short red line stop loss green is target orange is entry.

ok looking at the first chart, i see higher lows and higher highs. yues i can see the last candle is red. HOW WOULD YOU DIAL IN TO THE DETAIL OF THE LAST 3 candles
 

oshunt

Member
86 2
ok looking at the first chart, i see higher lows and higher highs. yues i can see the last candle is red. HOW WOULD YOU DIAL IN TO THE DETAIL OF THE LAST 3 candles

I entered because price fell below resistance and the long term trend of the USD/CHF is down, so i went short at this level. news wise based on my simple system it's neutral no particular bias fundamentally.

What happened well price has returned to the high of the previous day which is key area of resistance and market structure. and the my target is the first area of trouble where price is most likely to reverse to have a breather.

Lessons learned form this trade and based on my reviews every month. i should consider is my stop a better entry and to give my trade more room to become invalidated.
 

oshunt

Member
86 2
Entered a trade aud/usd, 3d strategy with a twist. at 6.30

E- 0.87497
SL- 0.87529
T- 0.87247
pp- 35p

Reason is iv'e missed the main move on my parent strategy which point to this pair going down. This strategy is really just to pick up missed opportunities cleanly, even though this trade i feel uneasy. (I don't like taking trades over the weekend)
 

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NVP

Legendary member
37,767 2,101
hey there dude .....respect to you in putting yourself out there.....it helps !

You really really really need to take a reality check and go back to researching trading from the ground up ........when you have looked at hundreds of ideas , systems and strategies and decided on your own that you wish to customise ......

write in down in infinite detail .............and then start to demo it .........for hundreds of hours

we dont need to know the details ..........but so far this looks like throwing darts in a board ?

you are 21 and possibly have a lifetime of trading ahead.....so take it nice and slow and preserve capital until you re consistently ptrofitable

cheers
N
 
 
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