Target: 5%-10% return per week (5% is quite ok for me)

[billyhk]

This thread is used to record my trades. Please feel free to comments for my trade for any improvement.

Trading Platform: MT4
Account type: Demo account
Starting capital: 1,000.00 USD
Lot( Std/Mini/Micro): micro
Risk taked per trade: 1%- 3% of total capital (most likely 1%)
Reward:Risk : Strategy 1 (2:1), Strategy 2 (3:1)
Short term goal: 3 consecutive months with positive return with demo account.
Mid term goal: double the demo account
Long term goal: Live trade the acount with consistent return (15-20% return per month, 4-5 % per week)

closed trade:

buy aud/nzd : -74pips, -$10.08
sell usd/jpy: -44 pips, -$9.55
sell gbp/usd: +0 pip, -$0.02 (swap)

buy aud/usd: Entry 0.78720, TP 0.79720, SL 0.78720 , +100 pips, +$24.00

open position:

No open position

 

[TheBramble]

You expect us to comment on areas for improvement from just your performance data?

It might be more useful to you to get some feedback on the basis you’re taking your trades.

 

[billyhk]

You expect us to comment on areas for improvement from just your performance data?

It might be more useful to you to get some feedback on the basis you’re taking your trades.

My trade is based on the breakout.
And I have face a problem that if I trade different pairs which include USD, XX/USD, then if I trade it by its technical, then they may be at the same direction, and the correlation of them is high, if I take profit , then two of them are taking profit, and the stop loss is hitted, then two of them are hitiing the stop loss. Then the mazimum riisk per trade become useless. form this stand point, should I take only one of them if they are XX/USD and YY/USD if they are at the same direction?

Or I should take the opposite direction for one of them, just like hedging, is it reasonable or anyone with more experience can solve my problem. Thanks a lot.

 

[NetTecture]

I have a similar problem. Well, it is not a problem. It is the nature. I plan doing some forex, too.

Problem is, there are not many liquid 24 hour markets. Most currencies are "local". If you get out, you currently have three currencies which are NOT correlated:

* USD
* EUR
* JPY.

You can safely discount CHF (locked to EUR), and similarly most others. I would love a fourth, that has good spreads and liquidity most of the day, if anyone knows. I would happily add a fourth currency

But that is otherwise it. 3 currencies, 3 pairs. Or not good quotes half of the day

 

[billyhk]

I have a similar problem. Well, it is not a problem. It is the nature. I plan doing some forex, too.

Problem is, there are not many liquid 24 hour markets. Most currencies are "local". If you get out, you currently have three currencies which are NOT correlated:

* USD
* EUR
* JPY.

You can safely discount CHF (locked to EUR), and similarly most others. I would love a fourth, that has good spreads and liquidity most of the day, if anyone knows. I would happily add a fourth currency

But that is otherwise it. 3 currencies, 3 pairs. Or not good quotes half of the day

thank you for your information, but I am not so clear about what you said, can you explained in more details?

Thank you and I appreciate your contribution to let us know more about forex trading.

 

[NetTecture]

Very simple.

You trade USD / EUR and USD / DKK (Danish Crown).

Good idea? No, stupid - DKK / EUR is fixed in 2% or something band, basically you do twice the same deal.

USD / EUR and USD / CHF - this is most of the time fundamentally the sam, trading ranges are very narrow. It got loose now in the short past thanks to economic turmoil, but even then we talk of a REALLY narrow range.

So, as you said - you basically rise your risk. You have more trades, going in the same direction. To trade a basket, you want independant currencies.

And that are - taken "big ones" because you dont want to deal for example in PLN (polish Zloty) which has liquidity only during european hours - EUR, USD and JPY.