I belive so far practice account goimg well also. Not as good as this $ ma
Illion dollar man, buy profitable so far (on paper, prac. Acct. 3 mos.) and enjoyed pipschool and very insightfull. But, WHAT IS “automated trading???”
All the best, please keep updating~
Automated trading is what it says Trading by a computer program full automatically Also called robot trading. In MT 4 you can download so called experts to do this (EA programs) Be Careful with this , a lot of people think it is an easy way to lose money Don’t trust the results they show you it can be easy manipulated.
Thats all I wana know too :33:
Hey Clark, good to hear, I remember that now. You using a VPS? If so, which one if I may ask. Im in the process of going that route.
oh well… great intention…
However, please, do really strict approach on your money management. NEVER risk more than you can afford to lose. It sounds cheap, but risk management is the best virtue on trading - even in life.
Good luck!
Here is my result for 6th week
3/28 Mon $2,000 + did not trade
3/29 Tue $2,000 - 11.90% (-$238)
3/30 Wed $1,762 + 20.20% ($356)
3/31 Thu $2,118- 6.94% (-$147)
4/1 Fri $1,971 + 16.64% ($328) = $2,299
Overall from 3/28 - 4/1 $2,000 + 14.95% ($299) = $2,299
After having a losing 5th week, I had to sit down and go through some of my trades and some soul searching.
As I was looking at previous chart of EUR/USD, I noticed at many times, this pair did not move as well as I wanted to so I started looking at other pairs that had little bit more volatility. I looked at pairs that had highest volatility but those had very high spread from 4 pip plus. Then I looked at next pairs that had lower spreads were GBP/USD, USD/JPY, AUD/USD, and chose to look at the GBP/USD. Although, the USD/JPY was pretty volatile, 1 pip value was less than $10 on a standard lot(like $8) I feel like I’m being cheated per pip :D.
When I was comparing how much EUR/USD and GBP/USD pairs moved, I noticed that the GBP pair moves at least 1.5 times if not, 2 times as much as the EUR pair. I knew that the GBP pair moved more than the EUR pair before, but as I was fitting it with the setups that I’m using, it definitely gave me more advantage. A typical setup that I can capture for EUR was 7-10 pips where GBP gave 10-15 pips! And for the bit larger moves, EUR 20-30+ vs GBP 40-50+
Although, GBP gave more pips, it also meant that I would have negative pips quickly as well, so I have to have more precise entries and cut the losers quick, make decisions very quick. So this week from 3/29 - 4/1, I gave a GBP/USD pair a try.
Because I was trying to get use to the GBP moves, getting +14.95% was not too bad, but… I had one of the biggest drawdowns on this pair this Tuesday, other than blowing out the account which is 99.99% drawdown.
It was little past around noon EST and I was holding my short positions on the GBP/USD and since it was after 12 did not expect such move to happen but at 12:20 (19:20 on the chart) the chart flew up… it flew up 80+ pips in a few mins (50+ for the EUR/USD) I was like @$#%#NEWS??!@##$!!! didn’t have stops on, only mental stops and I was down 60% about $1,200 when I closed the trades!! (I would not be able to close the trade as a beginner if this happened few years back because it was too much money to click close button on my mouse!!)
At this point, losing more than half of my account is devastating, but I tried to keep my cool and just concentrated on the trade rather than letting my emotions take control. For about next 3 hours, I had gotten down a -$1,220 loss to -$238 which I would never been able to do it if it were few years back. Wow, what a day trying out a different pair for the first time, GBP got me good there.
For the remainder of the week, I traded carefully but still got bitten on Thursday.
So far I like this pair more than the EUR/USD because it moves well and fits well with what I’m doing, just got to be able to cut the losers when trade becomes invalid. And also holding on to the losers with this pair is a no no, because becoming -30, -50 to -100 pips are just around the corner.
Now, some will say why not use hard stoplosses? Yes, I have played the market with hard stoplosses before but I have gotten far better result not putting in the hard stoplosses but instead, a mental one. it does not mean I have no stoploss but I know when the trade becomes not valid anymore and I can just cut it because I’m watching the trade until I’m out.
Anyway, such a long post… apologize.
I’m excited what GBP/USD will bring this week. As of now, Monday 4/4, I have closed out for the day with + 24.18%
See you next week!
TC
Looks like luck had to interfere a bit. Not bad though. Still wish we could see your account on a display and have a better understanding instead of just seeing raw numbers.
I think this story is about trading and is a good example of how emotional it can be I like this story It is not all about the hard numbers
It looks like a Big challenge and i can only wait to see the results of this in the meantime
Good stuff TC11, I just started messing with GU a week ago, just because of the correlation with EG, they usually do the exact opposite, but GU shows a predication of sorts to EG a tad ahead of time.
EG has better Pip per $ amount, So for 5% gain, I need 8 pips, where as with GU, I need 14 pips
Ive been Monkeyin around with a chart overlay recently for referance. Its not exact, but influential in ways. Plus had an AHH HAA moment today, so thats always good. Im reaching around 25% a day,
Keep rollin TC11, !!! Brick by Brick
If u ever want to converse, hit up my messager. Goal is $50,000 by June1st
Waiting on my first, truely thought out trade, totally different, that is going to blow the lid off my trading, Might be around the 50% daily gain range. 4:1 ratio. Ill know more tomorrow. My Expert is running the plan tonight. Getting VPS also for my EA.
GET THAT MILLION TC11.
Here are my results for 7th week
4/4- 4/8 $2,299 - 13% (-$299) = $2,000
WOW, what a week. I got whooped by the great GBP this week, well… I kicked my own ass. I was up some but lost it all…
Maybe I’m still getting used to the GBP movements? or just mentally blinded?
The price action should be same just like the other pairs but with a bit more volatility? or is it just me… maybe it IS me.
On Monday and Tuesday, I was up but then on Wednesday to Friday, something has gotten me and started losing… to the point where I thought “whoa!! hold on there! what is going on? what happened to my edge?”
Later when I was going over the trades, that “something” was as follows:
I have noticed that for GBP/USD pair, all of the action has already been happened near or around the pivot point before I wake up around 7-7:30am and I’m left with a decision whether this pair would make a continuation through pivot or reversal bounce on the pivot and this was very frustrating to enter into a trade. If you check your hourly chart on the GBP, 14:00 bar, which is 7am EST in US was hitting the pivot!! if you have the pivot indicator.
Monday and Tuesday was good but on Wednesday, GBP moved quite a bit about 120 pips down sitting on a pivot. So then, since it had moved 120 pips, I ASSUMED that this will bounce off of the pivot and took a long position THAT WAS OUT OF MY RULES!! Lo and behold, it continued lower going right through the pivot!! Sh*t!! I was holding til I cant take it and switched to sell. And guess what happened… As soon as I switched, it started to go up!! I mean the timing was so precise that I just couldn’t believe it, right down to 0.1 pip.
This is where my psyche took over. I wasn’t going to take a loss for an answer! At this time, I couldn’t see what was happening on the shorter time frame charts cause I was so focused in wanting price to come down. And Lo and behold again, it went straight up, giving me a bigger loss than what I should of already done. I was done for the day.
Now, I was in a mental state of getting my money back which is not good. Started out on Thursday with a 22pip loss (wow good going TC!) but managed to finish the day with +27 pip. But on Thursday night checking the charts, it looks like it will go down to 1.4015, I was pretty sure of it(NEVER ASSUME!). I set an alarm where the price would break so I can enter short and went to sleep(WTF?!). I wanted to make extra buck before US Friday session since I lost them on wed(MONEYBACK MENTALITY).
The alarm woke me up before 3 am and the price was falling like I expected so I took a short position for 30 pips target. Lo and behold III! I perfectly caught the bottom of the move and next hour shot up 100 pips!! I was thinking wow this must be one of those very unlucky day that no one else can give me!! Luckily I didn’t hold it too long before I got out.
I’m taking next week off from trading and just going over what happened, clearing my mind a lil bit.
Things that I did and lessons learned:
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Do not assume anything. Anything can happen, don’t be bias but always ready to change
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Clear any bad emotions. That emotions can lead you to do stupid things you have never done before like WTF were you thinking waking up in the middle of the night trading!!
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Follow your rules, methods. No matter how good your higher timeframe charts look, not following my rules that had been working great will have a very high price to pay.
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Lastly, eliminate FOMO(fear of missing out). This is one of the emotions that I really hate. I hate watching trades go 20+ pips with out me and I end up entering trades way early or way too late. Just ignore the ones that does not fit my setup criteria, its ok~ there will be setups coming up if you just patiently wait for it.
see you next week.
TC,
Thanks for your support!!
TC
Quite good on papers, would be more helpful really for the people if there is something that we can really learn from your trades and the whole money and risk management. Anyways all the best for your efforts.
Yes I think this is big plan for long term business, it very inspiring many trader I think, and required good skill trading to achieved goal, I think if always share achievement history it will become one good track record and many member take benefit from your experience
If you don’t mind, can you give a screenshot of a winning trade and give insights on how you executed the trade. You don’t have to divulge secrets. Just some logic stuff. Hope this isn’t asking too much.
Absolutely Bro,
Enjoy your vacation!
Thank god this stopped in the end. Back to normal trading, win some, lose some and hope you win more than you lose!
[QUOTE=“richreed2426;767531”]Thank god this stopped in the end. Back to normal trading, win some, lose some and hope you win more than you lose![/QUOTE]
Maybe he made a million and doesn’t have time for forums? Lol