The Legend of The Gambler - page 9
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Thought I would squeeze in a couple of trades today because I had some free time. I guess that wasn't really a good reason to trade. The market dealt me a series of losers.
Got hit for about -$1.6K. Ouch.
We'll pick it up next week, hoping for better results.
Account #1 Summary (Post Date):
Deposit/Withdrawal: 20 000.00
Balance: 36 161.16
Equity: 36 220.40
HAPPY THANKSGIVING!
First of all, I'm very grateful for everything I have, good fortunes, my health, and my family.
To pay it back, charity is the best option for me. I plan on feeding the homeless over the weekend by making lots of sandwiches/canned drink/chips bags and passing them out. It's an annual tradition for my family to feed the homeless directly throughout the year, and to realize how good we have it...to remain humble and grateful. Usually, I keep private about this kind of stuff because I believe charity is only meaningful when no one knows you are doing it.
However, this year, I hope to invite friends and family to participate. And I hope to encourage all the online traders to do the same in their neighborhood. The only reason I even speak about it this year is because I was really touched by the little boy's dying request (on the news) to feed the homeless. I plan to double or triple the amount of food I buy and make this year. Please donate to your local food banks if you can't do it yourself.
Have a good one.
hi
be careful of that , hope next week will be better, hi Kenny , what broker did u use ?
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I actually have multiple accounts in various brokers.
My recommended list includes Oanda, FXDD, InterbankFX, and Interactive Brokers.
I usually try to stay with the big firms within the United States, since I'm located in the US. It is always a good idea to have accounts at various brokers to mitigate the risk of broker problems. Let's say if there was problems with FXDD server and I'm stuck in trades with adverse movement, and you know at that point, everyone and their mother is hammering FXDD's phone lines. If I can't reach them, I can merely log onto my Interactive Brokers account, and place hedging trades on the futures market. This only cost me the round trip commission of the futures. No problems.
Contingency planning.
I just started reading the basket trading threads. It got to be a little bit too much for my eyes, with it length and many characters fighting with each other. I gave up reading and just started with what I had learned in the first few pages.
I started chopping and mixing my own interpretation of the strategy and my own experiences in these type of strategies.
Personally, I'm not a big fan of any basket trading strategies because of the ungodly high cost of pips needed to open each round of baskets. I'm sure all of the carry trade folks know what I'm talking about. The brokers absolutely loved us, we were cheered as champions and lauded as heroes to the broker's bottom line. But I'll give anything a try. I've also given up on carry trading, brokers changing their swaps on a monthly basis, you can't factor that into any type of strategy.
Anyways, my first iteration for the basket trading strategy is ready to be tested next week. Hopefully, it'll work as intended. Come on, breakeven! Most of my recent creations have gone down in flames during testing...so I wouldn't be surprised if it just sat there or resulted in huge losses.
Next project will be a grid and volatility capture like Mr. M. It is quite hard to program the logic of that because support and resistance is always easier to spot with the eye. Perhaps, I will just stick with daily highs and lows, that's much easier to program.
More losses this week. Bummer.
Account #1 Summary (Post Date):
Deposit/Withdrawal: 20 000.00
Balance: 36 085.90
Equity: 36 085.90
My first attempt at coding the Basket Trading strategy (as I had mentioned earlier) was an utter failure during testing. Not performing as I had intended. I had to take it down, and plan to re-code again in the future.
Next project will be a grid and volatility capture like Mr. M. It is quite hard to program the logic of that because support and resistance is always easier to spot with the eye. Perhaps, I will just stick with daily highs and lows, that's much easier to program.
No programming required... it has already been done for you. Download the Make Grid 193 EA. All the parameters to set grid levels are there. By the way, this is a great approach for sideways action as well. Simply set a TS and bada bing, bada boom. 4 to 8 hours of range action around the S/R areas just booked you a hefty profit. And as always, if there's money when you check up on it... you take it. Nobody likes a speculator
.
key notes:
1:1 per position
be smart about grid spacing, in reference to possible draw down.
limit orders only
MM
Mr. M,
I understand what you are saying about grids as I have a lot of experiences with grids. I've blown an account with grids in my past, so I know the dangers and the pitfalls of the grid. Once bitten, twice shy. I'm trying to incorporate my experiences with grids, and avoid the problems I've dealt with.
I still do not feel comfortable with the whole doubling the bet size after every loss. That's just not how I trade. And I don't think I can change my philosphy at this point.
I will check out the Makegrid EA, and hopefully get something out of it. I want to automate more of the entry and exit part of the grid. Although I do have a ton of grid experts to look through in my own bin, as I've used grids before. Most are not suitable for long term trading. You just hope for a good market condition that matches the EA. It's a real gamble.
Agreed. You've got to know 'em pretty good in order to use them properly.