Glory or Nothing!!!

[oshunt]

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]

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]

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

 

[oshunt]

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]

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]

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

£1pp
USD/CHF
loss £32

 

[MajorMagnuM]

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]

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 .... 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]

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]

First, you get credit for putting yourself out here and opening yourself to criticism .... 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]

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]

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]

Can't see anything to trade today short term. Time to plan for tomorrow

 

[oshunt]

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)

 

[NVP]

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

 

[NVP]

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.

thats not a long term strategy dude ............thats a guarantee of failure

 

[oshunt]

high risk trading trying while trying to be as safe as possible/ How a demo can be profitable:


This can't be done without demoing, which is the best way. The second best way is looking through past records (this isn't as good if your strategy has changed).

Let's say you take 120 trades in 3 months, and you've journaled all the big aspects trade details, entry details, results, personal feedback. ( this is broad but this what i record for every trade it takes 5 mins to do this and add charts to the file).

out of these 120 trades you win 60% of the time ,at a 2:1 R:R. what does that tell you?.... Nothing...okay it tells you, you have a winning strategy with awesome R:R for a small period of time. (You can make results better by back testing. If it's a discretionary strategy it's quite hard from my experience you back test the winners and forget the losers.)

So with the journal and knowing your trade success how can you trade with high risk for a limited amount of time...LIMITED. Well you look at your journal where have these trades been placed and what strategy.

For these 120 (2 trades a day for 3 months), let's say you trade the FX majors, out of these trade you won 72 based on R:R lost 48. and you got this breakdown.

Pair--Wins--Losses--%
AUD--14--5--73%
CHF--18--3--86%
CAD--11--9--55%
NZD--15-6--71%
JPY--6--15--29%
EUR--4--5--44%
GBP--4--5--44%

(numbers are made up but good for an example)

This still doesn't mean anything unless we dig deeper and realise what it means...This winning strategy has now become a loser in the GBP, EUR and JPY and might as well be a loser in the CAD percentage wise. Winners in the rest, with the CHF being a whopping 86%. Also that the JPY will lead you to a blown account over time if you only traded that in this example.

this tells you if you go live with the account that the best probable trades are in the AUD,CHF and NZD.

Normal/Best approach:
If you went live with this account with a $100, not a lot of money it would be best to only risk money on the best setups in the best markets (set-up break down will be the same as market breakdown) until your account grows and introduce other markets and strategies this will diversify risk and improve R, based on statistics. However in the example above you would have to figure out why the JPY is a loser before considering risking capital.

High Risk:
You risk more than the standard 3% with the best setups in your best market for example a 3 touch pinbar in the CHF for 10% of account, based of the example. This can only be done for a limited amount of time until the dreaded 0 becomes stamped on the account. Risk is reduced by adding other strategies and markets which will maintain return on reward, if the account can last that long.

I would never recommend using high risk approach, the normal approach is a lot better, but for the trouble people go through recording trades and the limits placed on trading a small accounts such as minimum trade sizes, it's the safest way logically, until the account can stand on it's on two feet.

Sorry for such a long post but there is logic in my madness and you guys can have that gem that people don't tell you about demoing strategy.

 

[oshunt]

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

Thanks NVP I follow a lot of your posts, there quite educational.

last trade is part of my trading plan it follows up, if i missed an opportunity on my main strategy. It gains about 5th of what the main strategy would get and risk is a lot lower with the minimum size on, until the account allows me to increase. Also all my trades are in the direction of the daily trend.

Everyday there's a new learning experience and i'm continuing this learning by reading many trading books,articles,threads, chart watching and trading most importantly.

Reality check wise, I have a year and five months to see if trading is for me and if i want to pursue it as a career. If i do go into trading and it doesn't work out i'm losing out on most likely 50k of a lost money from more traditional jobs for a two year period. I'll also have my growing student loan of 20k that compounds on a yearly basis of £400 based on 2% inflation.

So reality wise potentially a 50K of lost opportunity and 20k debt, £200 is nothing. However this account is important as it is a key factor with my choice.So it's everything and nothing at the same time

The account by it's self is a great learning experience and will hopefully lead me to the eureka moment :idea:

 

[oshunt]

AUD/USD £7.20 loss

 

[oshunt]

Usd/JPY trade lost £40 blind entry into level. account at £110.