Best Thread The 3 Duck's Trading System

Skytrotter81 said:
Hi tennapenny. Thanks for your reply. I have read most of that website and it's been brilliant. I'll explain where I'm struggling and you might be able tell me where I'm going wrong. Probably everywhere!

Hypothetical situation....

I start with £10k account. I want to risk 2%.

First I work out the pip value of the pair I want to trade. So with 10k I'd trade mini lots.

So to work out the amount of risk I would do the calculation:
Amount of pips being risked x pip value per 10k mini lot x quantity of mini lots. To take me me to my maximum risk percentage, so in this case with 10k it would be £200.

Questions...

1.when I go to enter this in metatrader in the volume section of the trade tab how does the above calculation relate what comes up I.e 0.1, 0.2, 0.3 etc? Are they the multiplier of how many lots? I.e 1 mini lot, 2 mini lots, 3 mini lots?

2. Where does the leverage come into play and how do I decide what it is? I don't want to risk more than £200 of my actual money. Everything I read says leverage is double sided and can multiply losses? Where in my risk calculation do I need to consider my leverage?

Hopefully you can give me some guidance. I'm finding putting the theory, into real life trading practice is where I'm lost at the minute. Although all of the above could be wrong for all I know!

On a brighter note I have made 406 pips paper trading in 2 weeks so at least I'm improving on the system side of things.

Any help is much appreciated.

Thanks
Luke
Click to expand...

The reply from forexkunta gives you what you need to know and maybe this article will help too http://www.investopedia.com/articles/forex/07/forex_leverage.asp

I see you are in the UK so with a 10k account why don't you spreadbet with IG or one of the other company's. If you need an MT4 platform then http://www.smartlivemarkets.co.uk/Index.aspx may be suitable for you as I believe they are the only one's using MT4 for SB. Also you can trade from as little as 0.10 pence a pip, and try the demo first. Easy to work out your risk as well e.g. 10k account with 2% risk = £200. If your stop is 40 pips away then all it will be is 200 divide by forty so you trade at £5 a pip etc.
 
Hi Tenapenny. Thanks for the advice.

I am currently using SmartLive to demo. I have tried IG and GFT but to prefer to use the MT4 patform. Less gimicks and i can trade straight off the chart which i prefer.

So am i now right in thinking that if i open a live account with Smartlive, in the volume drop down, the numbers relate to the 'amount per pip'. i.e. 0.1, 0.2 actually stand for 10 pence, 20 pence? if that is the case then that would be brilliant. I had thought this might of been the case originally but as most of the other spreadbetting platforms wont let you trade for less than 50p and some no less the £1 i thought i was wrong. Also because them numbers usually realate to lot size when trading forex through a broker i thought it may have been different on this platform. Please correct me if any of the above is wrong by the way.

On a different matter completely, and as you seem like a knowledgable person, what leverage would you advise to set up an account with? I've read some things that say 3:1, 5:1 maximum. I've read some that say keep it around 20:1, then i read 2 articles last night that said you should use the maximum; relative to the margin given by the broker. I.E if your account needs 1% margin and you have 10k then set it to the maximum of 100:1. So im still non the wiser on this particular subject.

Thanks for the help.

Luke
 
Hi guys

Im a newbie when it comes to SB. Iv been using the 3 ducks strategy for the last few weeks and its produced good results so far and i find it very easy to use. Using this system i feel i have a good method when it comes to entering a bet. The problems i have are where to set limits/stop loss and when to exit..

When deciding on limit i use fibonacci retractment on the 1hr chart to determine where trends could possibly finish and where to put stops. Is this something most ppl do and is this a correct method?

my second question is once u have set a trade and it is not doing much or u are losing money-do u reapply the 3 duck system and see whether the curruncy is still trending and if the 3 ducks dont line up do u exit?

The other problem im having using this system is that the ducks dont line up on a daily basis, somedays i cant trade if they dont line up. I trade around 5-6 different currencies. Do most ppl trade a lot more?

Thanks in advance for helping me out.
 
sheeru said:
Hi guys

Im a newbie when it comes to SB. Iv been using the 3 ducks strategy for the last few weeks and its produced good results so far and i find it very easy to use. Using this system i feel i have a good method when it comes to entering a bet. The problems i have are where to set limits/stop loss and when to exit..

When deciding on limit i use fibonacci retractment on the 1hr chart to determine where trends could possibly finish and where to put stops. Is this something most ppl do and is this a correct method?...........I...CC has provided an excellent system to setup your potential trades....I recommend eyeballing the pair in question and looking for setting S/L's just beyond the most recent BIG support/resistance level as this is where you will be tested on the early trading........if you cannot afford the stop at your usual $/pip rate then reduce your bet rate accordingly....fit the Bet to the individual trade and not vice versa ;)
my second question is once u have set a trade and it is not doing much or u are losing money-do u reapply the 3 duck system and see whether the curruncy is still trending and if the 3 ducks dont line up do u exit?

The other problem im having using this system is that the ducks dont line up on a daily basis, somedays i cant trade if they dont line up. I trade around 5-6 different currencies. Do most ppl trade a lot more?...........thats why the 3 ducks is so good (y)..it keeps you out of the market a lot.....the secret to trading is knowing when not to trade..........being in the market is like running across a motorway to save a child.....you gotta do it - but dont stay there longer than you need to.....or guess whats gonna happen to you !! :p



Thanks in advance for helping me out.
Click to expand...


hey mate a couple of comments made in red above ..........i'll leave the 3D experts here to help re the other bit as not sure.........


N
 
Hey thanks for your reply NVP. You made me laugh with the motorway analogy but it definately makes sense to me and i am gonna stop trying to force the ducks to line up everyday!

Reducing bet size is a great solution to problem with regards to limits/atops. I had read to set limits/stops at previous high/lows but i counld really do that if i wanted to exercise correct money management to. I will reduce the size from now on.

One last q; when ur setting stops/limits, which time frame do most ppl set them on?

thanks alot guys
 
sheeru said:
The other problem im having using this system is that the ducks dont line up on a daily basis, somedays i cant trade if they dont line up. I trade around 5-6 different currencies. Do most ppl trade a lot more?

Thanks in advance for helping me out.
Click to expand...

You just wait until you start getting whipsawed on your entry signal. You'll be making a lot of trades but you won't like it - it's not pleasant.
 
sheeru said:
One last q; when ur setting stops/limits, which time frame do most ppl set them on?
Click to expand...

if you set them on entry execution, you don't need a timeframe. Unless you're automating it but still that doesn't make sense.
 
Greetings All,

The USD strength over the past few session has slowed down the one way movement which some currency pairs where enjoying against the USD. It will be interesting to see how things develop over the coming sessions. During uncertain times remember to keep the ducks on your side as this can help keep you out of a lot of trouble.


Here Is My Current View On Some Currency Pairs Using The 3 Ducks Method;

Eur.Usd – The USD is fighting back but I would still prefer to be looking for buying opportunities if/when my 3 ducks line up. :)

Gbp.Usd - A little bit uncertain at the moment so the safest thing to do would sit on your hands and see how things develop. :rolleyes:

Eur.Gbp - I would be looking for buying opportunities when my 3 ducks line up. :)

Usd.Chf - I would prefer to be looking for selling opportunities if/when my 3 ducks line up. ;)

Aud.Usd - Aussie taking a break? I would prefer to be looking for buying opportunities if/when my 3 ducks line up. :cool:

Usd.Cad - a bit 50/50 and I'm not interested in this pair for the moment. :cry:

Aud.Cad - I would be looking for buying opportunities when my 3 ducks line up. (y)

Eur.Aud - Same as last week, two bullish currency pairs going head to head at the moment, a bit 50/50. Not interested in this pair at the moment. :sleep:

Eur.Cad - I would be looking for buying opportunities when my 3 ducks line up. :D

Usd.Jpy - I would be looking for selling opportunities when my 3 ducks line up. :D


Hope that helps you, keep it simple, keep it logical!

Best wishes,
Andy




These are not trade recommendations. The 3 Ducks Method is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.
 
Has anyone had captains 1 to 1 training?

If so would be great if you could give us a review?

Thanks..
 
goose4 said:
Thanks mate-I just love the idea of a set and leave method as in the one to one.Im a day trader and would love to remove that-been averaging 76 pips (4%) per week for the last year- would be great if I could replace these numbers with a set and leave method.
Click to expand...


76 pips and 4% returns a week ? ........life must be tough :whistling

N
 
NVP said:
76 pips and 4% returns a week ? ........life must be tough :whistling

N
Click to expand...

Sure is tough when your on 4 pairs and the dow index from 7am to 6pm on the 5 min charts.
All I get is 3-4 perfect set ups per day,but lots of watching.

Would just love to have a leave and forget method that could mimic my results-one step at a time.

But hey pussies need not apply! Is my motto in trading.

Rules I live by.

1.Cut losses.
2.Ride winners.
3.Keep bets small
4.Follow the rules without question.
5.Know when to break the rules.

Lets mullah the markets

What sets these hardcore traders apart? Most people think that winning in the markets has something to do with finding a secret formula.The truth is that it has to do with more with attitude than approach.
 
goose4 said:
Sure is tough when your on 4 pairs and the dow index from 7am to 6pm on the 5 min charts.

All I get is 3-4 perfect set ups per day,but lots of watching.

Would just love to have a leave and forget method that could mimic my results-one step at a time.Hey G

Hey G ...........

I assume that its impossible to recreate that perfect pattern in automated form with bells and whistles ? then it rings and you come running ..........

theres plecnty of good mega programers out there that will sign confidentialty
agreements for a piece of the pie

(not me I hasten to add as i'm cr*p at programming :p)

N
Click to expand...
 
Hi guys im i right is saying the 3 ducks is a day-trading strategy? How can i apply this to trades which i want to keep for days/1week? would i just have to extend the stop loss and limits or does the SMA need to be extended from 60?

Just dont really get a chance to trade at work during the day. Also, could this same strategy be applied to Uk or US stocks?

thanks
 
sheeru said:
Hi guys im i right is saying the 3 ducks is a day-trading strategy? How can i apply this to trades which i want to keep for days/1week? would i just have to extend the stop loss and limits or does the SMA need to be extended from 60?

Just dont really get a chance to trade at work during the day. Also, could this same strategy be applied to Uk or US stocks?

thanks
Click to expand...

Yes for sure.

thats what you get from his one to one course.

Scan for about 15 mins then set and leave for 24 hours to check.
 
I'm very new to this system, and only read the embook for the first time yesterday (thanks CC)

does it look like the EUR/USD could be setting up if the 5m crosses the 60sma ? Maybe an entry of 1.3795 ?

Thanks in advance.
Jack.
 
Jack, Afraid not! The 4H sma is negative. So is the 1H. The 5mins ma has crossed but the first two conditions have not been met ( your ducks are NOT in a row!).

Apologies to CC for answering questions on his method.

All the best with your trading.

CD
 
Thanks for the reply Cambridgedon.

I think i worded that badly. What I meant was, if the 5m reverses, and goes back down through the 60 sma, is that a decent setup?

Thanks again,
Jack.
 
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