Hi All
I have been Posting some trades on another thread in the swing trading section
http://forums.babypips.com/show-me-money-swing-trading/50672-forex-portfolio-how-gain-consistent-profits-staying-market-24-7-a.html
But I am writing this up as more of a Journal so it makes sense to locate it here.
my results have been OK and I thought I would start my own thread because I have made a couple of changes to MG99’s original system and I don’t want to shift the focus there off his way of looking at things.
I won’t be posting many charts because I only trade off naked charts and I never have a profit target in mind just taking what the market gives me with the strategy. so charts wouldn’t show much.
I’ll post my trading plan up tomorrow as well as a recap of the results of the first weeks.
then it will be only a couple of posts a week depending on how many trades are active.
So far the most trades I have had running has been 20 and the least about 4 at any one time.
I’d like to say a big thanks to MasterGunner99 for the original Idea and the other contributor to his thread for some great comments.
Lets go Grab some Pips
DT
This is traded on a live account with a trade explorer at forex factory with this same username so the results are pretty transparent.
I will be back to update this - Other commitments have been ruling my life
Back into things by the end of the Month I hope
DT
Bad week for me. Trying to trade on minimum time away from home on a laptop I’m unused to.
Made a trade that went into loss straight away - nothing too unusual in that except by mistake I had the
trade size at 10 times usual so a loss that wiped out all the months profit in 10 minutes before I caught the mistake and closed the trade.
Four trades running at the moment listed in the file below. All in profit as at Friday close, will see on market open what the weekend did.
The screen below shows them all in a loss because it is showing the open risk to the SL not the actual state of the trade.
State of account
This Week -4.7%
This Month -6.9%
This Year 7.2%
All Time 7.2%
Trades for this week
Regards
DT
Out of curiosity, how well do your trades perform during the first week after you open them?
It’s been my experience that they perform quite well.
I’ve personally started trading week to week… I open trades on monday and close them on friday.
This does a couple of things for me while keeping me honest. It mainly helps me not to hold on to bad trades because I’m less likely to jump back in after a clear move against me has occurred. It also keeps me in taking profits on the good weeks, before a pull back and reversal takes it all back.
Also, I wonder if the use of the 4 hour chart is really helpful for you.
Don’t get me wrong, I’m still trying to figure things out as well.
Good luck this week
I’ve only been trying this out for 2 weeks, but so far so good… Let’s see how it holds up.
So far I’m batting 73% (19 out of 26) on my trades with an account increase of 37%. This is all realized profit, because every friday I close all open trades.
My risk is a bit on the aggressive side, but there is nothing I can do about it… as im trading the lowest unit value allowed by my broker.
Hi Abrsive
My first weeks my average was something similar since then it’s been a battle
I’m still positive but have been taken out quite often - maybe not wanting to see my equity decrease and putting stops too close, my average is a bit worse I am batting below 62% with a 1.2profit factor.
Yes quite often the first few days into the trade are the best, jumping onto a trade that is already moving in the right direction. but also the losers seem to get taken out early, I haven’t had any trades run longer than 3 weeks so far, that was my biggest winner.
My risk is very low, I am not aiming for big returns just very consistant income, am only running at between 10 to 20% of available margin.
Do you mean the 4 hour chart is too short for a reliable trend indicator or too long for a good entry point?
I don’t really take a lot of notice of it for the trend but is does keep me out of short term reversals on entry.
Thanks for the feedback its seems to be the best system for my trading mentality so far
All the best
DT
I think the 4 hr charts are too unreliable for this sort of trading… in fact, i would say that the daily could be used for fine tuning your entries. For me the daily is just way of checking the validity of the weekly and its the filter that confirms wether the pair is tradable or not. I look at every week as a trading block and just try to get the overall weeks direction right.
Last week was a bit of a break-even week, and I only managed a 2% gain…
I see this as an interesting week, as I’ve noticed that the daily kept me out of a lot of trades and I’m looking forward to see how well it worked as a filter. Fingers are crossed.
I hope you had a good week.