Hi Peterma,
thanks for this! Great article by Stefania Spezzato…
Yes, you told me that I was wrong and yet I kept my positions… Such is life… But what I really liked is that you never talked down.on.me, you.were always respectful: this is what makes your opinions different from Miss Croft’s… She barged in here and started calling me and Tomi (Turbo) idiots and liars… That is no way to win friends, no matter what…
Anyway, let’s just move on…
Geez, you guys and girls give a dyslexic bloke a headache. But great to see such an open debate.
This statement concerns me as it clearly shows a lack of understanding of converting pips to profits and demonstrates clearly how marketing has got to you. First a 1 lot trade on a $5000 account is using leverage at its extreme. It’s excessive and will set you up with delusions of live trading. My cricket and golf coaches taught me you play as you train. Trade you demo as if it was live and use correct position size each and every time. At this size of 1 lot, a 35pip move against you would represent 1% of your account. The moment you put a trade on you are going to suffer excessive unrealized drawdown simply because of spread widening. You need more than ballz of steel to ride those times out.
Next in order to make the equivalent of $472 on the EU, I would have only needed a 36 pip win. Thats 3.5 times less than your UT trade. It’s all relative bro!
This is a solid foundation and practiced by many (including myself) of the more contributing members heres. However I believe that’s a more short term even a intra-day trading strategy. In my thread I also talk of directional bias as a starting ground but you must be open to trade in the here and now. Which in the end, means taking opportunities in both directions. I know you spent a lot of time on the GBPNZD and am therefore surprised that you have moved away from this pair. But if the TRY is your choosen pair, live it, breathe it, love it.
What has this taught you? MissCroft has put a name to it and it’s a hyperbolic trend. I also remember turbo posting an image along the lines trends are like trams, there’s always another one coming.
We’ve all been there. Remember when I jumped onboard donchain channels. Very promising strategy but it took my time away from whom I am and accordingly set me back.
Two steps forward, one step back. Actually this week I started my first week trail over at TopStepTrader as per one of Lexys recommendations and traded E6 futures for the first time. Had a blast using the NinjaTrader platform. Might be the answer I need to rebuild my capital. Be nice to trade with a %return goal instead of a %growth. Pretty tight rules to adhere to but, that might give me a bit more discipline.
That’s tuff and just plain stupid. This forum need more of you and less of me. I can’t say I disagree with much of anything you have contributed. The mod’s will get over it. I haven’t been booted off yet!
I wanted to highlight this as also very true. Just because I might be critical of your swap to this pair doesn’t mean it’s not right for you. The descisions we make are made because of what’s right for each of us. Not because it’s what others do.
Unforunately, this is true. However many of us don’t have the same opportunities as others. That’s why we end up here. Does not mean we don’t posses the raw characteristics to succeed. We just have to desire it more.
Hell, I couldn’t teach anyone to boil water little known trade as I do. But I have put my technique out there. I’m here to learn and I have documented my journey for reference. Yet I have found that those that do know better seem reluctant to share that knowledge. There are exceptions and I’m sure there are many of us thankful for that.
Just want to add in that haven’t recieved any changes in margin requirements correspondence from my broker IC Markets against the TRY. However have had changes during the US elections particularly the MXN, both the Greek and British debacle and once against the Russian ruble in 2016. Like Manxx, I would take these correspondence seriously as at the end of the day, our broker takes on board our risk and has to manage that risk. Their team is far greater experienced at that than what I will ever be.
Congratulations on starting the TopStepTrader trial, I hope it goes well for you, I really do!! Promise to drop by and share your success story if you make it through to a funded Combine account!
All really good points there, Bob. I worked my way through different position sizes to see how they ‘feel’ emotionally… So for example if UsdTry is choppy but makes a small move I will enter with a 1k just to.test the waters… If there is more meat to the move butI cannot wait for the perfect set up or I want to ‘top up’ a bigger win with less risk then I will go for 5k positions; if, as this pair does (in both directions) a move.blossoms quickly with hundreds of pips within 10-15 minutes, then I do not.hesitate to build up my position higher and close when the momentum starts to wane. I had one or two false starts on bigger positions but cut my losses quickly… So that is how I am learning to use different sizes as a measure of my.confidence in price moving in one direction, when to press the accelrator and when not to. Also, rebuilding losses usually involves psychologically a smaller position approach or staying out of the market for the rest of the day, avoiding revenge trading. I am making good trades both ways on this pair, and also some bad trades, but certainly it looks positive overall…
Politicians should know that when you point the finger of blame at someone else, 3 of your fingers point to yourself.
The Lira has been falling steadily against the dollar for a decade, or hadn’t he noticed that?
Hello everyone, slow start to the week, made money but less than usual because the pair was consolidating in the earlier part of the day.
Has anyone else traded this?
Good morning… Just a little update to say that this pair has made a reversal but has taken longer to fall than it did to rise. . Also, the broker that I used increased the margin requirement to 180.00 for this pair, which means that I can leverage much less… I made some good short trades and had to scale down on my position size.
Demo account total is at 4020 from the initial 5000, having swung down to almost 3000 and up to almost 7000: this equity see-saw is the stuff of bad position sizing and looks terrible.
I am going to open a new account that allows for stop losses and entry orders, which again will allow me to establish how much I can risk on each trade each day.
I will enter both long and short entry orders just to cover all eventualities, given that even the current downtrend will probably experience upswings - what Elliott Wave traders would clearly see as maybe a five-wave move.
I am enjoying some holiday time this weekend so
let me wish you all a pleasant day too.
G’day bro. Good to hear your sticking with this pair. And I never thought I say it but good to hear you less here on BP’s as well. To me it means you’re focusing more on the important things in life like family, work and speculating and less on 1st world problems like being active here.
Can’t say I like what’s happening to your account balance. Sounds like (which you have identified) you’re still struggling with MM. It’s the vain of my trading as well. Maybe if your start journalling some of your trades here, collectively we (meaning many of your online friends here) can help identify flaws. There are many aspects to consider. Are you trying to day trade, swing or position? How do you identify a stop level and therefor position size? What are your risk parameters? How do you manage a losing trade? How do you manage a winning trade? What happens if you get caught in volatility? What percentage is your trading costs (spread,swap and commissions)? All questions I have to ask myself on a daily basis.
Well, gave it a shot but not for me. I need to learn to trade futures and a more diverse portfolio. In their practice account they start you off with $150 grand. Without much effort made 4 grand in 4 weeks just trading the 6E (euro). Size does matter but. The $150 grand combine would cost me $500AU a month and would take probably 4 months to complete. I’ld rather invest that money into my trade account. You know, add a little, make a little, wash, rinse repeat. I did give the $50 grand combine a go but the drawdown got to me as it immediately increased my position size 3 fold therefor my relative drawdown also increased and I wasn’t able to keep within the parameters. They have a relative drawdown of 4% max. Fact is I’m not that good. So for now I’ll stick to specializing on the EURUSD and let the boxes rule.
What I did pick up on but is that “larger” moves always start with and finish with increased volatility and liquidity. And general occurs only once per hour as each new market/exchange session commences or closes/overlays. This makes a lot of sense to me because from my understanding, 80% of the bank’s daily trading volume occurs in the first opening hour of each market/exchange. Although we can’t see this “volume” in forex, the charts do leave evidence behind that it is happening. Remembering because I trade tick charts, an increase in candle body size indicates volatility and a sudden increase in the rate of candle formation indicates liquidity. Combine the two and all one has to do is identify falsey from breaks. That’s easier said than done.
Well, that’s me for the night. All the best for the week ahead bro. Hope to hear more from you about your trades.
P.S. Still think you nutz to specialize in this pair. Although I would normally not advocate system bouncing, for you I would stick to a known major (maybe NZDUSD) or possibly look at Turbos High 5 method. But that’s me, you be you and you’ll be A.O.K.
exotic pair is like trying to tame the incredible hulk.
are you sure you want to invest your time to take down the hulk? H U L K that is incredible…
Hello Bob, well that’s a valuable reply , thanks for the TST update…it is a hard one to crack and not cheap to begin with…
I am a bit nuts trading thr UsdTry - like Alphavoc says, it is like taming the Hulk - but I got to know this pair well and I need to stick with it for consistency (it has a lot more directionality than some of the Majors). Anyway, journalling may be too much but I will reduce the number of trades I expose my account to, which will make it easier to account for them each day.
Keep it simple; find an edge; smooth out the equity curve: these are my objectives.
Have a good one, Bob, and thanks for looking out for me.
[QUOTE=bobbillbrowne;
The $150 grand combine would cost me $500AU a month and would take probably 4 months to complete. I’ld rather invest that money into my trade account.
[/QUOTE]
My sentiments exactly
Hey Pip Me . I wasn’t sure if you would still be trading this pair. I said earlier my hubby traded it for a while…3 or 4 months I think. Traded manually…never any automated trading. I’m not sure how long he had the trades open for…he’s a swing trader as I’ve mentioned before.
Good to know… Trading is definitely an individual(istic) kind of sport…
I forgot to say …in another thread you mentioned a mentor. From a purely personal perspective…unless a close family member, forget it. Hubby had a “sort of” mentor in the early days and it did more harm than good. It set him back a good few years. My situation was different in that my husband was there, he was “free” ; I already had evidence that he wasn’t a complete blithering idiot:) and best of all, during the learning process, I could yell at him whenever I wanted.
And, by the way, out of choice, we both began with very small starting capital…I thought I"d just mention it as you were talking about starting capital in a couple of threads. :)
Thanks FF…
Aaron dedicated this to all his followers of the Chat With Traders series:
I guess that not many of us have family connections with traders… so it is who you know, outside of that…
In my case…zero. HAHA
Thanks for that detail… there is hope for me too, then.
Always!!!
Okay peeps./…
Opened new account and created a simple strategy (it may well have no edge but that is what demo trading
is for: testing) based on what I have been doing but more clearly defined according to what I can achieve manually.
TradingStrategy(USDTRY)FebtoAug2017.pdf (53.9 KB)
Doing this every day will help me with having a consistent approach - whether it will be consistently good or bad
it remains to be seen, but at least I will have something that keeps me accountable to myself.
Cheers.
PS: I am also journalling trades (like Bob had suggested (and Manxx, and everybody else)) using
an app called Trading Diary, which I had purchased a couple of years ago but never really used…
It allows you to add screenshots of the trades, so that you can also review the trade data visually
as well as through the usual data.
By the way, I trialled a similar system from August to November 2013 called ‘Seven Majors’, as I recorded here:
http://forums.babypips.com/forextown/56880-testing-new-system.html?highlight=Seven+Majors+system
Some forum members gave it a thumbs down and I myself at the time became discouraged with it
for no reason other than self-doubt too early on… Let us hope that this time I will be more focused and give it enough time to truly prove whether it is any good over a long enough sample period.
Thanks everyone.
I don’t disagree.
Looking at the funded accounts’ scaling-plan, I find it [I][U]very[/U][/I] hard to see any significant advantage of the “$150k Combine” over the “$50k Combine”.
I do know two people who each successfully got started, with some trading skills but no capital worth talking about, by taking the “$50k Combine”, which they both passed within a month at a cost of only $165.
