Thread: Developing a system - LIVE experiment )

-- TRADE 01 --
Sure glad that I did not go long on GBP/USD last night in 1.8815! Whew!

Well, the pair fell 140 pips since open and Sun into a support amount at 1.8687. There has been no news that would make it break further down, so that I just put an order:

Currencty Pair: GBP/USD
Order type: Immediate Execution
Buy/Sell: Buy
Lots: 2 (enticed to go with 3, but I shall control myself
Order rate: 1.8703
Restrict: 1.8825
Stop reduction: 1.8655 (as per philmcgrew's proposal )

Possible Profit: 122 pips
Possible Loss: 48 pips
I hope you to hit my limit by Wed

So what did you guys trade this morning?

Originally Posted by ;

I openned my account with $250 and went to $920 in 4 weeks. . .then learned a lesson about using stop losses (dropped $600).

Stop Loss: None (even if the pair goes straight back down, it will reverse eventually anyway, so no stop this time)

Usually when someone says that they learned a lesson that they do not turn around and do exactly the exact same thing over again.

Originally Posted by ;

Usually when someone says they heard a lesson they do not turn around and do exactly the identical thing over again.

Fine...I set a stop at 1.8655, but all of us know it'll return to 1.8800 finally...

Originally Posted by ;

Fine...I set a stop at 1.8655, but All of Us know it'll Return to 1.8800 Finally...

You're welcome

Update on Trado 01:
Unrealized P/L: $26

I usually just trade 1 pair at a time, but in this case, I am going to Include USD/JPY into the mix - in Case GBP/USD goes Upward, then That goes down too:

Currencty Pair: USD/JPY
Order type: Instant Execution
Buy/Sell: Economy
Lots: 1(just the icing on the GBP/USD cake)
Order rate: 119.27
Limit: 118.75
Stop Loss: 119.65 (just in case the N.Koreans test another nuke

Possible Profit: 52 pips
Possible Loss: 38 pips
I expect this one to hit my limit by Wed

Originally Posted by ;

I usually just trade 1 pair at a time, but in this circumstance, I am going to add USD/JPY into the mixture - if GBP/USD goes up, then this one goes too:

Really? What's the current correlation between those pairs? And, if you did think they were highly correlated, wouldn't you're doubling your exposure to the USD?

Originally Posted by ;

Really? What's the current correlation between those pairs? And, if you did believe they were highly correlated, would not you be doubling your exposure to the USD?

They are correlated for obvious reasons. I am doubling my vulnerability, but also raising my potential profits

Originally Posted by ;

They're correlated for apparent reasons. I am doubling my vulnerability, but also raising my prospective profits

This is going to be an interesting quote to review when you blow up to the third time.

It's also clear that you didn't really look up the current correlations.

Net realized P/L: -$245
Account Balance: $714

Trade 13:

Currencty Pair: USD/JPY
Order type: Immediate Execution
Buy/Sell: Economy
Lots: 2
Order rate: 118.33
Restrict: 117.50
Stop Loss: 118.90

Possible profit: 83 pips
Possible loss: 57 pips
Risk/Reward: 1.45:1