The Legend of The Gambler - page 11

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Kenny Rogers:
I've codenamed the 2 accounts as a joke: Tortoise and Hare. So I will have a Tortoise and a Hare in the game, I like stacking the odds in my favor. Slowly building out my diversification plan. The Tortoise and the Hare accounts will be linked, so one will really ever get too far ahead or behind of the other. I will balance the 2 accounts on a quarterly basis. I don't expect the Tortoise account to be funded until next year, there is too much expenses and events happening for the rest of the month. Hopefully the Hare account won't blow up before I fund this new account.

On second thought, this doesn't seem like a very good idea at all. I should not be keeping the 2 accounts balanced evenly, that would actually be quite stupid and counter-productive to what I had in mind. Unless the Hare account is getting killed by the high risk strategy it uses, the transfer of funds should be strickly one way to the Tortoise account, assuming the Tortoise account is the safer strategy. Because the risk of ruin is so much higher for the Hare account, this should be the wise portfolio management strategy.

The Tortoise account is in a little bit of open drawdown right now, factoring equity...it is in the RED. It did bank $15 in balance though. Does it always feel like when you go live, the strategy suddenly becomes less profitable and the drawdown seem to be bigger than usual?

 
Kenny Rogers:
More losses. Ugh.

Trend following during chop is just no fun. I guess it's back to see Johnnie for me.

Account #1 Summary (Post Date):

Deposit/Withdrawal: 20 000.00

Balance: 34 608.26

Equity: 34 405.00

Just closed all of the trades before the London open, got tired of watching the screen.

Finally, a breakout of the short term range! Trend is my friend! I was getting chopped left and right in that tight range.

I'm not sure which directions the institutions will push the prices. The PA is basically heading into solid resistance on the Euro, it can either reject or break through. I rather just bank the profit, and wait to see how strong the bulls or bears are in this consolidation zone. I may re-enter if it breaks out, I don't expect this to happen until US open though. Who knows? Sitting on the sideline until one side is the clear winner.

Account #1 Summary (Post Date):

Deposit/Withdrawal: 20 000.00

Balance: 38 897.23

Equity: 38 897.23

Tortoise Account Summary (Post Date):

Deposit/Withdrawal: 5 147.29

Balance: 5 203.01

Equity: 5 203.01

 

Jesus H!!!, Kenny. Now that's what I call a comeback. You just might be "the Gambler", after all.

You keep up with these results, and I'm putting you on my hero list. I hope you don't mind being sandwiched between Fabio, and George W.

 

Thanks for the compliment, Mr. M. Much appreciated.

I checked this morning after the US open, and I exited a bit early again because Euro continued its upmove since the London open. I should have easily gotten $42K original target. Oh woe the Piker in me.

Fabio? I guess I would be honored, LOL.

Yeah, it's good to make profit, but I'm sure people called me reckless, gambling fool, and other bad names when I was making losses. So I've learned from my many failures to "never count your money, until the dealing is done."

I plan on introducing my EURGBP strategy onto my main account in the new year. Hoping the trending ways of the EURGBP recently is not a short term phenomenon.

 

/cue the music

Love the vinyl sound...

YouTube - ((Stereo)) The Gambler - Kenny Rogers (Vinyl Recorded)

 

Project Skynet is in the works...I'm re-doing my office next year. It's going to be chaos when I have to untangle all those wires of my computer.

 

Make sure you buy screen straps! Have it so you can lie down and trade!

 

Trading this month has not been smooth.

I had 11 consecutive losses at the beginning of this month, getting faked out one way after another in the ranging market. I was down more than -$3K as I was trying to find a real breakout. Prices would break support or resistance for a few pips, and then retrace back into the range. Luckily, I cut my losses when I was wrong. It felt like every trade after entry was going to losses at the beginning of the month.

Finally, I got into a decent trend (and luckily on the right side of the market) and rode it to the bank.

I wonder how many people would have changed or tweaked their strategies after 11 consecutive losses? Being stubborn (or some might say stupid) has its benefits, I guess.

 

You're one of those people that don't wash their hands

Kenny Rogers:
Not a problem. I'm having the screen bolted directly into my trading terminal in my office.

 

Frankly, I don't use my hands anymore, I've automated all aspects of my trading terminal and strategies. All I need to do is sit on my throne, and give my command code verbally. ;)

It's good to be King.

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