The Legend of The Gambler - page 44
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Like I figured, both my EURUSD trades were taken out SL.
Placing another pending order on EURUSD with a decent 1:1 starting RR ratio if it fills.
EURUSD
BUY LIMIT@ 1.4260
SL @ 1.4200
TP @ 1.4320
Current Price @ 1.4282
The SL and TP was arbitrary, I still haven't figured out what is a good figure to use on EURUSD yet.EURUSD
Bought @ 1.4260
Out @ 1.4200
Final P/L @ -$60 (including spread)
I opened a 2nd trade on EURUSD to cost average my other open EURUSD position.
EURUSD
BUY @ 1.4227
SL @ 1.4200
TP @ Open
Current Price @ 1.4224
Current P/L @ -3 (not including spread)
I might close this one out earlier to just lock in some profit if it goes up.EURUSD
Bought @ 1.4227
Out @ 1.4200
Final P/L @ -$25 (including spread)
Done for the weekend.
I'm going to upgrade my internet connection next week. It'll be down from 8/18/2009 for about a week.
So most likely, I won't be trading for the rest of August because I'm sure there will be new passwords and glitches even if they can get the connection back up in a week as they claim. Anyways, have a good August.
Besides, I'm getting a kick out of the power fight between Bernake(Fed), Timmay(Treasury), and Bair(FDIC). It's pretty entertaining to see how they each undermine each other and try to grab more power. LOL.
TGIF.
It's MILLER TIME, baby!
Anyways, looking back at this week, it's been pretty good on the trading front. That 200 pip gainer on GBPUSD felt pretty damn good. And if the EURUSD would have held today, it would have been a perfect week. Oh wells, that's why trading is pretty hard. LOL. A profitable week is a good week.
I think I'm going to run my analysis on the AUDUSD for 2008 and maybe even 2007 to see how many times it hits 300 SL. I want to see how it moved when oil was flying to record highs since it is correlated to oil. And I'll probably look at USDCAD next on my data analysis.
The beauty of trading on higher timeframes and trading a straight forward trend/countertrend strategy with a predetermined TP and SL is that it is very scalable. And the liquidity is there. I can scale it from $1-$50 per pip, and the market would not even blink especially if I hide my SLs via script.
It can be very profitable when it is working. But many people underestimated the risk and stress it takes to use this strategy. When people get on winning streaks, they feel like incorporating larger starting trade sizes...then the market comes over and wipes your account out on the next losing streak. This is the reason they need to stay disciplined, and keep the trading size small enough to withstand the perfect storm.
Thanx for sharing! For the risk management, as what you said stay disciplined to trade for small lot size in order to fight against the volatile market, for example, if a initial capital is USD10K, what's your suggestion for the lot size if i using martingale method?
^First of all, I don't recommend the Martingale method.
And I can't give you a good answer because to determine lots sizes, one would need to know the details of the strategy. Martingale is very risky, even if it is used with a well designed strategy. Most use semi-martingale where it is not a strict doubling. But even semi-martingale is risky.
Let's just say, for a safe martingale strategy, the starting lot size is too small to interest me. I can make a gazillion pips, and not have good return on my account. And if I try to increase the lot size to increase my return, I run the risk of ruins tremendously if the strategy goes into a losing streak. This is the reason I prefer a regular strategy without Martingale.
Good luck.
In 2008, the AUDUSD hit -300 pips loss at least 5 times in my countertrend strategy. So I guess countertrend is not as viable as I had thought.
Well, it's Monday again.
I've decided that I will no longer post my trades on this thread because it is too time consuming to post all of the trade details right after I enter the trade. Second, it provides no benefit to the readers to make money, it probably just serves my own ego and show a good track record. Since I came back in July, I've made over 500 pips with every trade detailed on this thread. Anyways, I don't want this thread to be a distraction to my trading like it was when I started doing the RAS signal disaster. When I came back, I said to myself, FOCUS on the trading and stop looking around. And I think I've been a little off this path with all this posting trades.
In the future, I'll just start commenting on my views of the US economy and politics relative to the forex.
Good idea to get back to focusing on the TRADING!! Why not simply do like I do and publish your trades with MT4 Stats? It is all automatic and there is no BS or fooling the system. It will help keep things simple for you.
Keep up the good work bro!
Steve
Hi Steve,
I think that is a great idea. I will try out my new ideas on the MT4 Stats.
Again, I will be traveling for 2 weeks in September, the schedule hasn't been set in stone yet. So you will see some inactivity in the near future.
My incognito callsign on MT4 Stats will be "funkyducky".
I don't really want to broadcast the stats too much and attract too much attention, I just want to focus on my trades and not have to waste time writing down in here after every trade.
Yes, this is my real account, or what's left of my secondary account after my margin call from the cointegration signals disaster. It will slowly be built.
My new idea is using engulfing candles at specific areas. The idea seems logical in my mind as the psychology of the mass sees an engulfing candle as a huge shift in momentum. And that is the type of fear reaction that I want to take advantage of.