Today's trade, set up to buy at 1.8460, 2 mini lots, stoploss 25 pips, take profit 56 pips.
Update: Stopped out, -25 pips.
Target for next trade: 160 pips.
Wednesday, August 27, 2008
27 Aug 2008
Today's trade, set up to buy at 1.8460, 2 mini lots, stoploss 25 pips, take profit 56 pips.
Update: Stopped out, -25 pips.
Target for next trade: 160 pips.
Tuesday, August 26, 2008
26 Aug 2008
Breakeven trade yesterday. Sell trade was opened at 1.8363, moved 33 pips before retracing.
Account: $3881.40
Account: $3881.40
Monday, August 25, 2008
22 Aug 2008
Trade already setup and triggered. 2 minilots sell, and 1 extra lot for trailing, total 3 mini lots open. 2 minilots set to TP at 50 pips.
Update: SL hit. Account $3809.40
Update: SL hit. Account $3809.40
21 Aug 2008
Trade was stopped out last evening. I put in 2 mini lots, therefore loss was $50 (25 pip stop loss). Next trade would be set up at 2 mini lots at 50 pip TP.
Update: SL hit, Account $3892.40
Update: SL hit, Account $3892.40
Wednesday, August 20, 2008
20 Aug 2008
Here's the setup for today. The past two days no trades were triggered. Today is Wednesday, but still considered the first attempt.
Update: Price moved +42 pips in my way and retraces to hit stop loss at break even. No loss. Cable has been in a two day strong channel. Am considering buying an extra lot today if criterias are met, 1 lot to follow the usual method, and another 1 to trail at 40 pips (this would be set after it has moved 50 pips, guaranteeing a 10 pip gain).
Update: Price moved +42 pips in my way and retraces to hit stop loss at break even. No loss. Cable has been in a two day strong channel. Am considering buying an extra lot today if criterias are met, 1 lot to follow the usual method, and another 1 to trail at 40 pips (this would be set after it has moved 50 pips, guaranteeing a 10 pip gain).
Wednesday, August 13, 2008
13 August 2008
Monday, August 11, 2008
Wednesday, August 6, 2008
06 August 2008
Was a successful attempt. 50 pips made quite late at night about 11.30 pm.
Balance now: $3886.41
Tuesday, August 5, 2008
Long setup
Have set up my trade to enter short if price reaches 1.9519, as usual stop loss at 25 pips, target at 50 pips. Since yesterday's trade was breakeven, I'm starting back at 1 mini-lot.
Will set up long trades if price approaches the upper side of the channel.
5 August 2008
Have set up my trade to enter short if price reaches 1.9519, as usual stop loss at 25 pips, target at 50 pips. Since yesterday's trade was breakeven, I'm starting back at 1 mini-lot.
Will set up long trades if price approaches the upper side of the channel.
Monday, August 4, 2008
Post
My post as in Forex Factory
Starting at 12 PM might be a bit to early to look at the charts, unless you set rather a big stop loss. Even so, momentum will pick up at 2, and you might not necessarily be on the right side of the trade.
When I setup only past 4.30 pm, I might miss out some good moves between 2-4 pm, sometimes it might be the only good move of the day. But reversal is quite often here, so I'd rather let the market iron itself out then do the breakout system.
As for me canceling trades at 7.50 pm (have adjusted this to 8.20 pm), this is something I'm still looking on fine-tuning, but so far, I think I'd rather stay out of the market when 8.30 pm approaches. Spikes most likely will happen, so if the trades get triggered by this spike it would be a loss. So I might be missing moves here once again, but there's too much uncertainty here for me to want to be in.
As for the MM, I attached an excel file here to help me stay on track. It shows how much a 50 pip gain would affect the account every week. Considering I compound my gains, with a $3500, in about 2 years, it'll be close to $20,000. That is there is absolutely no deviation from the plan, strict 50 pips per week.
Not really phenomenal but some other systems' standards, but if only I have $30,000 to start with today, in 2 years, if I make only 50 pips each time (sometimes on a bad stretch, it might take 2 weeks to achieve the 50 pips), this 30k turns into $215k.
Now, before anyone jeers at this again, I'm not trying to project my future gains, but merely calculating what the account would become if I were to achieve my target each week.
Starting at 12 PM might be a bit to early to look at the charts, unless you set rather a big stop loss. Even so, momentum will pick up at 2, and you might not necessarily be on the right side of the trade.
When I setup only past 4.30 pm, I might miss out some good moves between 2-4 pm, sometimes it might be the only good move of the day. But reversal is quite often here, so I'd rather let the market iron itself out then do the breakout system.
As for me canceling trades at 7.50 pm (have adjusted this to 8.20 pm), this is something I'm still looking on fine-tuning, but so far, I think I'd rather stay out of the market when 8.30 pm approaches. Spikes most likely will happen, so if the trades get triggered by this spike it would be a loss. So I might be missing moves here once again, but there's too much uncertainty here for me to want to be in.
As for the MM, I attached an excel file here to help me stay on track. It shows how much a 50 pip gain would affect the account every week. Considering I compound my gains, with a $3500, in about 2 years, it'll be close to $20,000. That is there is absolutely no deviation from the plan, strict 50 pips per week.
Not really phenomenal but some other systems' standards, but if only I have $30,000 to start with today, in 2 years, if I make only 50 pips each time (sometimes on a bad stretch, it might take 2 weeks to achieve the 50 pips), this 30k turns into $215k.
Now, before anyone jeers at this again, I'm not trying to project my future gains, but merely calculating what the account would become if I were to achieve my target each week.
To BobCat
My post as in Forex Factory.
Setting pending trades is exactly how I do it at the moment. With my broker, GFT, the platform is Dealbook, I set up both the long and short at the same time. It's a parent & contingences order...Parent being the Long Stop order which is only opened when the price is hit, then only will the stop loss and take profit order gets activated.
Vice versa for short entry.
So for short, to wait an entry, I'll have 6 orders set up. 3 for long, 3 for short.
Setting pending trades is exactly how I do it at the moment. With my broker, GFT, the platform is Dealbook, I set up both the long and short at the same time. It's a parent & contingences order...Parent being the Long Stop order which is only opened when the price is hit, then only will the stop loss and take profit order gets activated.
Vice versa for short entry.
So for short, to wait an entry, I'll have 6 orders set up. 3 for long, 3 for short.
150-200 pip/month without technical indicators.
My post as in Forex Factory.
RSI, stochs, MACD and all these indicators might work well for many, but I feel uncomfortable with them. I like something simple. I'm using something that has been working well, without any indicators, just strict money management.
All I need is to make 50 pips every week. With this system, if you look back at the charts, it's been achieved almost every week. There was about 4 or 5 times when it wasn't achieved in one week, but took 2 weeks, but still in the end the 50 pips was achieved. This is where strong MM discipline comes in to save the day.
*Time stated here will be in GMT+8.
I'll open the GBP/USD chart at 4.35 pm. I trade the breakout of the channel from 8 am - 4.35 pm. Usually I set up the trade at 3 pips away from the high/low. Stoploss 25 pips, target 50 pips.
If no trades are opened at 8.30 pm, I cancel all trades. Wait for proper set up the next day.
If I get stopped out, I do not re-enter the same day. I wait for a chance the next day, between 4.35 pm to 7.50 pm. I increase the lot size just enough to recover my loss the previous day. Some would freak out at this point because it's sort of a martingale strategy. Firstly, I'm not doubling up my lots, but 1.5 times. Because my stop loss is 25 pips, it's half of my target. If I lose, I need to make 1.5 times the next time to recover my loss and achieve my target. But this is not entirely the case all the time. I do have a table drawn out on how many lots I would buy on the first, second, third try etc, and how many pips I would set as target. I will gradually increase the target size so that I could keep the lot size low.
It needs to be a balance of manageable lot size, and achievable pip target. I would like to achieve my target in as little tries as possible, so keeping the pip target more achievable is very important to me.
Because of this semi-martingale strategy, I start off with trading 1% of my account. This leaves plenty of room for me to trade safely.
After I achieve my 50 pips for the week, I stop. No matter what.
This strategy might not promise as much pips as some other strategies, but for me this is simple enough to keep me happy. Indicators and such give me a headache, maybe because I can't understand it or it just seems like noise to me. Even very good indicators needs to be used with good money management, otherwise someone could just as easily blow their account.
So, what's the potential of this strategy? Let's say we start with a small account size. $3500.
In 52 weeks, or shall I say 52 successful attempts (some attempts take 2 weeks, but that happens only a few times a year), you will be making $188 dollars per week, that is $752 dollars per month.
Of course if you could start of with a larger account, all the better.
So here's how it looks like: Starting capital; How much you would be making in 52 weeks
$3500 ; $752 monthly
$10,000 ; $2152 monthly
$15,000 ; $3228 monthly
$20,000 ; $4304 monthly
$30,000 ; $6460 monthly
I don't know about you, but this is more than enough for me to live comfortably. I very much prefer having a stress-free strategy, than to live on fear and greed for the promise of a much larger return, which is not guaranteed. The numbers stated above, I can safely say if I keep my head level, stick to my system and MM, is guaranteed. Holy grail? No, wouldn't call it that yet. But am pretty damn close. See what goes!
RSI, stochs, MACD and all these indicators might work well for many, but I feel uncomfortable with them. I like something simple. I'm using something that has been working well, without any indicators, just strict money management.
All I need is to make 50 pips every week. With this system, if you look back at the charts, it's been achieved almost every week. There was about 4 or 5 times when it wasn't achieved in one week, but took 2 weeks, but still in the end the 50 pips was achieved. This is where strong MM discipline comes in to save the day.
*Time stated here will be in GMT+8.
I'll open the GBP/USD chart at 4.35 pm. I trade the breakout of the channel from 8 am - 4.35 pm. Usually I set up the trade at 3 pips away from the high/low. Stoploss 25 pips, target 50 pips.
If no trades are opened at 8.30 pm, I cancel all trades. Wait for proper set up the next day.
If I get stopped out, I do not re-enter the same day. I wait for a chance the next day, between 4.35 pm to 7.50 pm. I increase the lot size just enough to recover my loss the previous day. Some would freak out at this point because it's sort of a martingale strategy. Firstly, I'm not doubling up my lots, but 1.5 times. Because my stop loss is 25 pips, it's half of my target. If I lose, I need to make 1.5 times the next time to recover my loss and achieve my target. But this is not entirely the case all the time. I do have a table drawn out on how many lots I would buy on the first, second, third try etc, and how many pips I would set as target. I will gradually increase the target size so that I could keep the lot size low.
It needs to be a balance of manageable lot size, and achievable pip target. I would like to achieve my target in as little tries as possible, so keeping the pip target more achievable is very important to me.
Because of this semi-martingale strategy, I start off with trading 1% of my account. This leaves plenty of room for me to trade safely.
After I achieve my 50 pips for the week, I stop. No matter what.
This strategy might not promise as much pips as some other strategies, but for me this is simple enough to keep me happy. Indicators and such give me a headache, maybe because I can't understand it or it just seems like noise to me. Even very good indicators needs to be used with good money management, otherwise someone could just as easily blow their account.
So, what's the potential of this strategy? Let's say we start with a small account size. $3500.
In 52 weeks, or shall I say 52 successful attempts (some attempts take 2 weeks, but that happens only a few times a year), you will be making $188 dollars per week, that is $752 dollars per month.
Of course if you could start of with a larger account, all the better.
So here's how it looks like: Starting capital; How much you would be making in 52 weeks
$3500 ; $752 monthly
$10,000 ; $2152 monthly
$15,000 ; $3228 monthly
$20,000 ; $4304 monthly
$30,000 ; $6460 monthly
I don't know about you, but this is more than enough for me to live comfortably. I very much prefer having a stress-free strategy, than to live on fear and greed for the promise of a much larger return, which is not guaranteed. The numbers stated above, I can safely say if I keep my head level, stick to my system and MM, is guaranteed. Holy grail? No, wouldn't call it that yet. But am pretty damn close. See what goes!
4 August 2008 GBP USD
Have entered short at about 5.40 pm. Almost reaching the point to breakeven, which is 33 pips.
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