I did it! (opening a live account)
Well, from the for what its worth dept....I would continue to trade what has been working for you, Don't get greedy, It will kill that 5k in no time.
Just my humble opinion, good luck. 
Well, from the for what its worth dept....I would continue to trade what has been working for you, Don't get greedy, It will kill that 5k in no time. Just my humble opinion, good luck.
Thats the whole greediness behind this, I'm basically using the same thing i have before just using a smaller time frame and using a take profit of about 5-8 pips (easy to reach with CCI). i noticed the problem with the CCI was that it knew how to open a trade but never would close one ight so I decided what if i get more of the same trades but with less profit on each..
And so this is what I got, I have the last 2 months online for now with spread not included (backtested with eyes, just substract [2*# of trades] and u got the total profit, which is about 16k in the last month)
https://www.mql5.com/go?link=http://www.forex1000.com/cnet/4xstrategy1.htm
With $5K at IBFX, you can trade roughly 4 or 5 lots max. It's too RISKY to trade more than 1 lot for $5K account. If you trade 5 lots, you can afford to lose only 100 pips on EURUSD. Of course, a single wrong trade can kill your account in no time. If you trade 1 lot, you can afford aprox. 500 pips loss. However, I do suggest you should start from small first regardless how big your account size. There're a lot of people who trade mini lot (0.1 lot), because they can afford loss up to 10 times to 1 lot. That's 5000 pips for 5K.
In fact, it really depend on your system performance. If you are serious then you should hire somebody to backtest/simulate your system with at least 1 year of ticks data. Right, when you got backtesting data, you can correctly adjust the contract size and manage money to keep your account wealthier.
And so this is what I got, I have the last 2 months online for now with spread not included (backtested with eyes, just substract [2*# of trades] and u got the total profit, which is about 16k in the last month)
No, don't backtest by visually looking at chart and substract. Believe me the real result is not like what you see on chart, because you don't exactly know what was the exact price at crossover. Many people fail to see that crossovers lag behind the price a lot pips.
No, don't backtest by visually looking at chart and substract. Believe me the real result is not like what you see on chart, because you don't exactly know what was the exact price at crossover. Many people fail to see that crossovers lag behind the price a lot pips.
When I do a visual backtest it always does alot more than 10 pips, I always take the closing of the candle after the cross section, so its actually LATE from what I want therefore I could be making alot more but I'm not..
Anywho the max I've lost is 7 pips (three consecutive losses) So I think I can afford to risk those 50 pips... I'm just wondering isnt there a limit about if u lose more than 15% of ur initial balance they freeze the account? I'm not quite sure how that works...
Thanks
You going to open a live account soon
, but 5k is it US dollar
? Is it too much?(for me it is too much:sweatdrop ). Just like you say gazuz, if you going to trade 10 lots a time... I really don't agree you do that way
, if you believe your system can make a lot of money, so why are you hurry for
?
yes $5k US, I thoguht about it last night and relooked at everything this morning, I narrowed down everything, I looked over and over and over again I decided take profit of 5 pips (reduces whipsaws) and 5 lots... This gives me a margin of 50 pips which is more than enough and I think I would be pretty secure with. This would change my profits completely but I preffer investing more safely and risk a bit less...
I know this sounds crazy but I can still double my money (when whipsaws and spreads are deducted)... Once I do that Ill start again at 5k ill take 5k out of my accuont and reimburse myself (if everything works according to plan) and then the rest is almost play money. I might even invest in one of you guys if you have a system
looking at the results I noticed that I'm always getting 6 pips during whipsaws... but now what is the margin between bid and ask? is it two pips at all times? if so then I should reduce my take profit again by 1 pip and I'm good..
is 4 pips not allowed as a take profit and considered too low (in InterbankFX)?
EDIT: oh so is the spread the difference between the bid and ask?
Thanks
I am just full of ideas this morning...
I thought about this, maybe I should stick with the 10 pips I started with, maybe I wont get as many winners but the ratio wont be very big, I think I'll still have more wins (I only get about 8 bad trades per month or a bit more)... So I'm not sure if I want to do this "all winning but small wins" or "wins and losses, small losses bigger (not huge) wins"
I love the morning
You say you found a system that has consistantly yeilded profits, thats great. Now trade that system in the awareness that the market charicteristics can change at any time and effectivly render your system useless, however trade your system with good money management and experiment with a demo account to do your fine tuning.
Just my humble opinion, for what its worth..
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Hello everyone,
Well today I just finished my $5k fund. I'm about to open a live forex account
Now heres where I need your help/advice on this, everybody, I have the CCI system running, backtested manually with a new way to use it and I am LOVING it, the biggest drawdown I've received is 7 pips... Now I want to do something rather dangerous... I win 10 pips per trade (including spread) but I want to trade 10 lots at a time... I need someone or someones that can calculate if its a good idea or not. I've averaged a 150 pip per month with this and once again the biggest drawdown was 7 pips in a row...
I want to open a InterbankFX account... now would the questions:
-How much loss can I afford in order to keep my account active?
-Would they let me open as many lots for a $5,000 account?
-When would my account be opened upon deposit (for those with an account with them)
I'm thinking of opening it by monday or so.
Thanksfor your help