The Legend of The Gambler - page 52
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Well, I started with Igor a long time ago when his service started when no one knew how successful it would be going forward in real live accounts.
I started in November 2009, and right now, I'm well into profit...ranging 50%-100% return at the moment. I don't really want to give a specific percentage because as an experience trader myself, we all know how quickly things can change. Igor's system had a good run in the past few months because I remember the first couple months of trading was fairly break-even or even slightly down. I don't want people to chase me down if the market changes. I know some of his subscribers had much different results than I had, but I didn't really know why.
But truth be told, it's a quite expensive proposition to trade this way. The pay structure of his signal service: Igor's cut of the profit is 33%, the government's (tax) cut is 33%, so I'm left with 33% of the profit. So let's say I make $3000 profit, I only get to keep $1000 of it while taking all of the risk. Yes, I'm making money now, but if we go into a little drawdown later...I can head to break-even fairly quick after the fees and taxes.
This is the last thing I really want to say about Igor's system because I'll let him talk about it in his own thread. I want to concentrate on my own ideas and systems in my thread. Thanks. So if I don't respond to any other questions related to that matter, well you know why.
My trading philosophy has not really changed.
I still follow the trend. I think by watching a few successful systems in the past few months, it has reinforced the idea that trade management is a large deciding factor in profitability. But I had already believed in this before as I had wrote about dynamic stops.
I also am a strong believer of a good RR ratio. I still think a small TP with a relatively large SL is a recipe for disaster. So the only way to get around this is to adjust the SL smaller during the trade to skew the RR ratio back into a reasonable ratio. Also, the small TP can work if you choose one that also utilize the randomness of the market movement...to understand that prices oscillate randomly from any price point...so picking a smaller TP takes advantage of this. One may be able to pick any direction, and through the shear randomness of the movement, it may move 5-10 pips in any direction over the next X minutes. So you are betting on the predictableness of that movement randomness.
I think trading is also statistics. I love my numbers, I'm fascinated by how deviations can be predicted through statistics. So I always want to find a way to use this to my advantage.
Hi Kenny, so all the way your strategy help you making 50%-100% monthly consistently?
Are you a trend follower? Your SL pips always larger than TP?
Can you share more with me about your strategy? I hope to learn some new things from you experienced trader.
No, not my strategy. Igor's signal service helped achieved those returns.
I'm only a piker/gambler, manually trading at times, and not as successful.
I just joined the Elite section of this forum today. I guess I knew that my time on this forum is going to be cut way back once the baby is born next year, so I better start looking around for shortcuts. Well, my impression of the Elite section is that it is very well run and organized. I see a few very skilled people in there, and very many unskilled members...all digging around like myself to see what we can find and use.
So far, I see a few things that I can scavenge. Of course, this is purely from coder's laziness as I want the framework to build my ideas instead of writing from scratch all the boring stuff like trading time, 1 trade per bar, ECN broker recognition...which takes time. I will put my entry logic into this framework, and this hopefully will save me weeks of time to figure out on my own since I haven't coded in a very long time now.
I'm not sure about all the different EA's in there as they are really not my interest. I can see only a few EA's that I would even devote time to look at, and that's because they are from experienced coders and members like codersguru/mladen/igorad/etc. I want to see their thought process in trading.
2011 has been a mixed year for me. I don't plan on posting too much on this forum since I don't have the time.
Currently, I'm working a full time job with a killer commute, the paycheck is good and steady. And I have a new baby boy (5 months old), and he's sucking away any free time that I do get once in awhile. So I was relying on other people's strategy on my sub-account, but I plan on doing more manual trading on my main account on a longer time-frame before I go to bed every night. Probably just 1-2 trades per day. Nothing major. And I'm planning to buy some risky healthcare stocks trying to gain FDA approval.
Every time I start posting on the internet, I notice my trading goes south. So I'm not sure if I should be posting or not.
The only reason I'm even posting is because I broke my leg about a month ago, and I've been at home to heal...which gives me some free time. And boredom has gotten the best of me, and I'm staring at the charts again, dreaming of hitting it big. 
Uh oh, is this the sequel? The Return on the Gambler? 
For the record, I'm no longer trading with Igor. He thought that the market was not suitable for his original strategy, and decided to start another service which required setting up an account offshore from the USA . I did not feel comfortable with moving my money into another broker, and so we mutually parted way. I don't know if his new endeavor is successful or not.
As for me, I'm back on my feet again as my health is returning to me, but I'm still hobbling around due to my mending broken leg.
And I've returned to working my full time job since my trading is not as profitable as my current paycheck. It would take a whole lot of profit to make me quit my day job. After work, I take care of the baby at night until he falls asleep, then I stay up longer to tinker with some of my old strategies, burning the midnight oil.
It's really no big deal. I enjoy doing this. And with my paycheck, I can reprise my role as THE GAMBLER!
CUE THE MUSIC!!!
MP -- not really !
while the words are correct in their context, one can trade by hedging OR single direction entry.
the "gambling" portion of the program comes about when you havent a clue as to what youre doing, which makes you a brokers BEST friend.
gain knowledge and experience and the word "gambling" doesnt come anywhere close to trading.
to see what is a success, even on this board i post continuous TP points, up and down, for EU === look em over and i think youll see I hit the mark danged well !
enjoy and trade well
mp
if you know hedging , then forex can be less gamble if you just play like blind faith in casino, then it is
if you know hedging , then forex can be less gamble
if you just play like blind faith in casino, then it is
AGREED -- EU is the easiest to hedge
take me at least a month to find out How to hedge correctly
and then few more month to realise, I can't use same hedging method to transfer to other pairs -- ie. work for EU, does not work for others
I don't think people have no clue about what is happening (try to pick the bones in the concept and challenge you) , but I think they thought they know about U-turn , but actually they think like SWING -- we know daily swing, after UJ rise so much, it seldom happen daily any more, so swing look on the currency is wrong -- i.e. you thought you know, until you become a Traders (I know only a couple) , you are NOT traders , but amateur tradings
about MOVIE COVER -- I only know one movie that tell us what is INVESTMENT
it is made these few years -- bloomberg mention it
but I won't tell everyone here the title of the movie, or the theme of the movie (i.e. my interpretation during watching it)-- rationale : I paid the ticket price to watch that movie in cinema, if I tell others, then they might get the free ticket to know more about investment in relatively 90 min of time
MP,
Good to see you still around. I can't really follow along with your thread while I'm working, and for the life of me, I'm not exactly sure where your trades start and end. I just see a lot of excitement, and a bunch of numbers being posted on both directions.
Well, why don't you just start a demo, give me the investor's password, and I can see exactly what you are trading. Or put it up on one of those stats websites.