My honest history chart of trading on Forex - page 9

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kawser
200
kawser  
FatherJack:
I was sure you had something more under the sleeve

Cheers mate and wish you more pippies than your previous pocketed pippies for the next fifteen years and I think you are gonna billionaire then .........

have a nice day.............

Otomaru
648
Otomaru  

Yen crosses were growing like an icycle since the asian session and finally fell as expected... But I am done for this week by now, let others pick it up. Pretty obvious TA-friendly charts we had this time, compared to last week's mess. + 306 pips since Monday, should have been much more, but well... Beer time.

It makes me unhappy though that I jump out of good trades too fast... It really shoud have been at least 700-900 pips, and I had those positions running.... But "a bird in the hand is worth two in the bush", or, as we say, "a sparrow in the hand is better than a swan in the sky".

A couple of screenshots of setups I was playing with this week... Still experimenting, just for the juice of it.

Success and many pips to you all, fellow traders.

Let's put a giant white-hot poker

Into the butt of our favourite broker!

Files:
1_3.gif 46 kb
Otomaru
648
Otomaru  

one more screen

Files:
2.gif 35 kb
PJ Lal
109
PJ Lal  

Money managment

FatherJack:
I wish I new it from outset... Well, I do now!

I want to learn from you the money management techniques. I have seen my account in drawdowns for two years at a stretch and so I am not affected by it. I can take big draw downs in stride as I always keep enough free funds . At the end of the patience results acceptable returns. But I want to use it to maximise returns and not just sit on it for a long time watching it. How do I measure drawdown and have printouts like yours. Is it some kind of tester that can be run on MT4 backdata.

Thank you.

KennyRogers
784
KennyRogers  

FJ,

Remember the 2 human behavior. Fear and Greed. You must keep them in balance to remain disciplined. I fight the same fights. A profitable week is a good week. Cheers.

Otomaru
648
Otomaru  
Kenny Rogers:
FJ, Fear and Greed. You must keep them in balance

I do not see how to do that - perfect balance will be no trading at all

It is like those quantum paradoxes - we can know either the speed or location of a particle, never both.

Have to choose. I choose to be on the safe side. So - fear

Otomaru
648
Otomaru  
pj9100:
I want to learn from you the money management techniques. I have seen my account in drawdowns for two years at a stretch and so I am not affected by it. I can take big draw downs in stride as I always keep enough free funds . At the end of the patience results acceptable returns. But I want to use it to maximise returns and not just sit on it for a long time watching it. How do I measure drawdown and have printouts like yours. Is it some kind of tester that can be run on MT4 backdata. Thank you.

Cheers mate.

I use this software - it is free for 1 account - Forex Analysis Software, Metatrader and Oanda Analysis, Oanda Export/Import - Forex Control Center.

As for surviving drawdowns, what worries me is not that they are big, but rather that they may take a lot of time. I know I can enter short or long randomly, and still get out with a profit. But it takes time and ties up a substantial amount of deposit, and makes you miss good easy trades. So, I am trying to get out of the market ASAP so that I would be able to make another shot at convenient time.

But in general I am just like you, I hate stoplosses and normally martingale my way out of a bad trade should it happen.

Limstylz
198
Limstylz  

FJ, I commend you on your success...

... but every time I look at your thread I see different indicators every time.

You may actually be compounding your fear by switching indicators all the time (if this is not what you are doing, please correct me if I'm wrong), and not sticking to a defined set of trading rules (not everything needs to be stone cast, but the majority of your trade definitions should be).

Please do not take my post as being negative... I am complimenting your profitability, I just think it needs a little tidying (for want of a better word).

Otomaru
648
Otomaru  
Limstylz:
... but every time I look at you thread I see different indicators every time.

You may actually be compounding your fear by switching indicators all the time (if this is not what you are doing, please correct me if I'm wrong), and not sticking to a defined set of trading rules (not everything needs to be stone cast, but the majority of your trade definitions should be).

Please do not take my post as being negative... I am complimenting your profitability, I just think it needs a little tidying (for want of a better word).

Other than saying that I extract aesthetic pleasure out of exploring into different indicators and switching setups, there is nothing else I can say to defend myself... Well, I also can say that all individuals are different and so their trading manner is bound to be too. Just as the threads they are starting, each has its personal peculiarities, I think it's wonderful.

But in essense, you are absolutely right, thanks for putting this in such a clear manner. Much appreciated.

In fact, I am probably using my fear as a cure from total lack of discipline, and lack of discipline is my second name So far it works (knocking on the wood).

Limstylz
198
Limstylz  

Your profitability speaks for itself

I can see that once you tire of your indicator fads and stick to a specific set or abandon them altogether, that you will lose your fear and discipline won't be so much of a chore.

Thanks for posting the link to the FCC. I have been recording my trades in an excel sheet, but that has become burdensome and I was starting to neglect it.

I will be watching this threads progress with interest. Thanks for sharing your experience!

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