The Legend of The Gambler - page 43
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I'm looking around the different forex shops, and I really believe I will be moving to mbtrading or strictly to futures on Interactive Brokers by the end of the year. I really don't need the metatrader platform because I'm trading manually and using my eyeballs on price action, and the spread is just horrible on IBFX relative to the other shops. I'm losing 1-4 pips on each transaction. My AUDUSD is 5 pips spread on IBFX, while on mbtrading, it is around 1.6 pips. I don't mind paying a little higher like 1 pip, but they are not even competitive at all. When you are trading size and throughout the year, this adds up to thousands of dollars per year.
Why you don't try Alpari Russia? spreads are very stable including news, and AUDUSD is around 2.1 pips. Of course if you don't hate metatrader yet
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I don't try to publish Alpari, but is one of the best metatrader brokers I have live tested.
^I will only trade with an US based broker. Nothing against Alpari. MBTrading is very close to me, so there is another incentive for me to move my money there. I'll evaluate my options until end of year.
Hmmm...looks like I created myself a dilemma. I'm in a pretty good hedge with my long EURUSD and my short AUDUSD. Damn.
Although it is looking like a move up for the EURUSD first, and hopefully followed by a reveral for the AUDUSD. Yes, this is my dream scenario, but trading is usually not that easy. LOL.
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.
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.Banked this average down trade for 16 pips. Nothing special.
EURUSD
Bought @ 1.4227
Out @ Open 1.4243
Final P/L @ $16 (including spread)
I might put the trade back in if it goes back down, we'll see.
Hm... Good luck with this one. Should take some time for it to climb up though.
I still have 2 open trades on this Friday, 1 short AUDUSD and 1 long EURUSD. At this moment in time, it is up 45+ pips combined.
I can close both trades right now, and bank those pips. But I'm really in an research and exploratory mode. So I will let it run until I can really see the their behavior and my emotions.
Sticking to the plan.
Wow, my AUDUSD already hit TP (So I'm removing my pending AUDUSD trade since it didn't fill). So I'm going to add another EURUSD cost average trade since price has dropped back down.
I opened a 2nd trade on EURUSD to cost average my other open EURUSD position.
EURUSD
BUY@ 1.4224
SL @ 1.4200
TP @ Open
Current Price @ 1.4208
Current P/L @ -16 (not including spread)
It is getting close to hitting SL for my EURUSD orders. Oh well.
So I entered 1 AUDUSD trade, and placed a pending AUDUSD trade for the pullback countertrend.
AUDUSD
SELL @ 0.8423
SL @ 0.8725
TP @ 0.8315
Current Price @ 0.8427
Current P/L @ -4 (not including spread)
AUDUSD
SELL LIMIT@ 0.8575
SL @ 0.8725
TP @ 0.8315
Current Price @ 0.8427
PENDING (NOT FILLED YET)
Here goes! My countertrend trading has very bad RR ratios, I'll be risking 300 pips to make much less pips. This is because as time goes on, I will keep reducing my TP to get out of the trade. It is exactly the opposite on how I trend trade. I figure I will reverse my who way of thinking if I trade countertrend because of it reversing nature. With the pending trade in place, I will further risk another 150 pips to cost average down.Hit the TP!
AUDUSD
Sold @ 0.8423
Out @ 0.8315
Final P/L @ $108 (including spread)
AUDUSD
SELL LIMIT@ 0.8575
SL @ 0.8725
TP @ 0.8315
Current Price @ 0.8427
CANCELLED. NEVER FILLED.
So the pending order was removed since the original order hit TP.
Hm... Good luck with this one. Should take some time for it to climb up though.
Well, hopefully, my SLs don't get taken out. It is only a few pips away, so I'm being realistic. Yes, it looks like the EURUSD is building a good base to launch from, but the market will go where it wants to go.
If both hit SL, then I'll still be up overall because the AUDUSD has already been closed at TP. Although I'm hoping for a dramatic reversal away from my stops.