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So far so great!
Had another commerce on the past night, I went long on AJ for fun, it seemed like it was bottoming out soon anyhow, so I left it immediately as the market is really slow due to insufficient volume I would say.
I was down for some time and it turned in my favour this afternoon I rode up it and got out after both components I had in were in profit, I was getting pretty tired I must say. 15mins later it taken up another 30 odd pips! , that'll learn me
That will do me for this year anyway, so far while trading this manner I haven't reserved a loss and normally earn ~0.02% of account balance each trade, that's pretty good considering I am trading against the trend! (is ther a trend??)
I am being pretty conservative though and that I might ramp it up a little once I am a bit more familiar with the amounts, margin is the big one to see here more so than risk, especially when I go live with a substantially bigger account, I don't want the call I'll never get
Very 'flat' market day for me today, apartment as in continuous trend against meo
I'm short AJ with about 5 units in, sitting comfy though with just a third of my hazard to gain back, if and when the swing back happens I'll be set to capitalise on it. There have been short swings although maybe not enough for me to bother banks the takings, best sit for some time until we get some volatility and ch up then.
I was planning to have an easy moment! The biggest problem was jumping in too early and not getting a sense of the market.
On a fantastic note, however, I pulled myself into the deep end again twice last night and swam my way out with tidy profits. As soon as it is possible to pull off trades like this and still make money it's a real confidence booster I must say, I'll start to twist in my chair once I reach my risk tolerance though but I still have loads of space right now.
I'll post the results back later.
Outcomes:
I was pretty much ahead and it seemed like it was going in my favour - quite slowwwly - so I put in two or three tp's for my first two units and went to bed. They got filled and I walked away with $151 (about 0.15 percent/day) for a losing trade
I opened the accounts about 1?1/2 months ago and have been trading this way for about a week, so far I've made 2%, not bad but hard job! I enjoy this kind of trading however so I'll stick with it and see how it stands out.
Here is the last few transactions' chart.
Box 1 is the previous trade brief - triumph
box two is last nights commerce brief - triumph
box 3 is todays commerce long - triumph(ning) still in as the bus is turning my manner
In amount terms I've put at least 1% on my 100k accounts at 2-3 days. (rough calc - 20k lot = approx $2 pip = ~500 pips)
The next commerce is the kicker, I went on goal in a marketplace that was clearly contrary to mepersonally, it is a wild ride and I really did lots of scalping to acquire the publiion square. Only once was I near my 'first' risk (20% of 1k = 200 risk) and I was not worried in any way, in reality it was fun but I wouldn't trade like that for a living - it is hard work!
Anyway back to it, let us see if I can maintain the winning streak
Edit - I am outside with another 20 or so pips, had sufficient now, might provide the road fighting a rest tomorrow and try to get on the right bus and see if I learned anything.
https://www.forexforum.co.za/attachments/1518162680.jpg
Yes, I dropped in backward. My risk according to a 100k account is 1% (1k), then I broke my risk into 5 lots so my exposure was even less. I never even got near my risk tolerance which made it comfortable, it also allowed me to be averaged in once the transaction come back in my favour.Quote:
Originally Posted by ;
This is not really the way I want to exchange but if I want to rescue it it has its own merits. If you do utilize this egy just be sure that you're on the ideal bus rather than over exposed at the beginning
I'm actually at a real bull commerce at the moment I threw myself into on purpose to try out some MM with to save, so far I've scraped back a few pips and gradually scalping enough to balance the book, even with an entrance or 2 still in the red. This is the secret, if I will get my book square and also the transaction still goes in my favor I can even take a small profit if I'm blessed but I'm very aware I'm on the wrong bus so it'd be sensible to Loe a channel and get away
That was a good trade.
So that your overall risk was the same, you just averaged in, is that correct? I like that way of trading; I thought about using it.
Yesterday and the trade above's have opened another door, now I need to walk through and have a appearance.
I will not be trading 'correctly' for some days/weeks, I've got some serious work to do for this, essentially I will put myself on kamikaze duty for some time to practice my 'rescue' egy/s and work out how to use optimum MM to bond me out.
I'm getting a completely new perspective in the marketplace for this I'm discovering invaluable.
I shall post some trades sometimes and my progress simply to log them to not be taken overly seriously though, it will just be entries and the outcome of battle.
The MO on this is to get/keep the book square, this will involve searching for quick plays and taking profits when possible to take the border of the current losing position until it turns profitable or .
It is not going to be easy and I've already fought a few these battle and they can become very drawn out but the attention that you put on the market is far more intense than when You're winning, that is the practice I'm after
Well, whadoyaknow! It functioned, I walked from the with a tidy profit!
I cant post the graph only now (distinct PC) but basically I ran out of time to watch so that I specify a take profit stop just below support so my very first unit made about 20 pips. I had another stop about 15 pips above the price on the chart but it didn't get filled.
That I may have been lucky, maybe not but I believe this has some merits.
If you comit to a commerce you need a way to fight for it without being wiped out too early, this egy appeared to work well. I was not anxious to move either way comfortable in actuality, and it worked out ok in the long run.
Have to explore some more then I'll post my findings, it might not earn as much profit but it is definitely a safer way to trade.
I shall no longer be submitting pip gains, not at the pure gain sense anyhow they no longer mean a excellent deal to me anymore and I'll clarify.
I will not go into great detail just now but while refining my MM egy I created a few personal discoveries.
Basically I have been looking at pips gained/lost for measuring my progress in reading PA and assessing the current market, what I have not been doing is watching these gains/losses do to my underside line. As I'm just on a 100k demonion I have been just buying full units for every entry simply to see if my purchase in egy retains water, it does for obvious reasons but in addition, it has a bad side effect - it chews big chunks out of your book when it goes against you.
Whilst watching a commerce go bad you're always just waiting to obtain an exit or a good change - this is 'trust' and it's bad for the trading. My risk is 1% so it's possible to imagine that using two or three units in and 50 pips from you and looking worse it becomes scary!
That is exactly what brought me back to acute MM study, I will not explain now as I'm waiting for a current trade to perform out and if it does I'll post what happened, how I felt during the trade and why I think it's some merit, at least for me personally.
All right, I'll post the chart , feel it or not I feel quite comfortable here, I'll describe whay later. Put it this way, I'm not even a quarter to my hazard allowance
It might work but when it does not I'll be quite ready to bring a loss of this size.
https://www.forexforum.co.za/attachments/1518162652.jpg