PA: The Prop Trader Challenge

Nov 24, 2010
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#22
This PA strategy is very much in its infancy, I am learning as I go. I can see I made some mistakes this week, removing these and I would be in the black. Easy to say I know!

Nevertheless, I am enthusiastic about live trading this strategy because prior forward testing has shown it is worthy of further investigation. Plus, the part I really like, this strategy is so mindlessly simple.

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Nov 24, 2010
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#31
It’s an ambition of mine to obtain a Prop Trader position by 2013 end. I’ve spoken to some firms and have been informed that as a Prop Trader I would need to double my account every year. Allowing for holidays, slow periods etc, the standard I am targeting in order to obtain and hold a Prop Trader account is: 100% in 12mths; @46 trading weeks = 2.2% week.

This blog will detail the trials, tribulations and hopefully triumphs, of my Prop Trader endeavour.


I’ll be trading only Forex, using a price action strategy:
S/R and PA on mostly the 240M TF, on 30 or so different pairs.

The PA strategy is in development. Plus I’m learning as I go, so there will be errors. But hopefully at the end I’ll have developed a strategy with an edge, and just as importantly, an edge that I am capable of wielding.


I’ll post trades I’m in as close to real time as humanely possible. And tally results each week or perhaps month.


So this is
The Prop Trader Challenge, wish me luck.


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Nov 24, 2010
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#34
EURAUD
buy limit 1.2725
SL 1.2660
TP 1.2790
RR 2%

*order placed only if price gets to 1.2740 first


edit: buy 1.2719, SL 1.2660, TP 1.2780, RR 2%
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Nov 24, 2010
614
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#36
I’m happy with the 4 set-ups I chose this week.

But this week it became apparent that I need to tweak my rules re: entry, SL and TP position.

A few simple changes makes all the difference.

SL below/above trigger bar. Reduce SL at pending red news (10 pips from current price).
TP below resistance/ above support.
Entry at centre of SL and TP (RR 1:1); limit or stop order accordingly.

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NZDCAD
TP below resistance = LO = +2% (Vs. +1.3%)

AUDUSD
TP below resistance = NF = cancel order due to ABT rule (Vs. -2.2%)

USDJPY
SL below TB = filled = +2% (Vs. NF)

EURAUD
all good

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