TC, get back on the horse man. I was looking forward to more of a climb here. For the sake of the greater good, can you talk numbers, leverage, and at least discuss some of how you approach?
Jump back in the game and make it happen. Start again with 1k.
[QUOTE=âRC000E;767766â]TC, get back on the horse man. I was looking forward to more of a climb here. For the sake of the greater good, can you talk numbers, leverage, and at least discuss some of how you approach? Jump back in the game and make it happen. Start again with 1k.[/QUOTE]
Maybe you can take up the challenge?
Hi babypipers,
What had been a week break turned into 3 months.
But it was true that I have only taken a week break and started trading again the GBP/USD with my previous balance of 2000 on monday 4/25
I traded for 2 weeks and the results were not good at break even. up and down up and down⌠etc.
WTF⌠what happened to my edge?
I stopped trading and started re-evaluating my strategy for the next 3 months. It was 3 months of rigorous backtesting, forward testing with F12 button, Strategy tester testing, and going live forward testing with 0.01 lot.
There were some trading and non-trading mistakes that I had to overcome that many of the traders still keep doing over and
over again like;
entering trades late, trading non-setups, not cutting losses
AND
taking a trade - at night for sleepless nights
to round up my profits to the nearest whole number
before leaving home
This will be my 2nd attempt in achieving the million. The timeline is still intact but probably will take a little longer due to losses and break I had.
I will use this thread as my trading journal and post some of my winning and losing trades so that I get to review my trades more often.
============================================================================
THE TRADE:
I will be trading GBP/USD in 1 min chart instead of EUR/USD.
Trading hours are from 7am to 12pm (E.S.T)
Daily goal is 30-50+ pips
Trade goal: Get in the trade earlier for maxium profit and smaller losses.
Let the trades begin! Not today⌠tomorrow 8/1/16
TC,
Well there are such threads that only want to gain some attention of the reader, nothing more. There isnât any outcome to this thread as well. If such targets are possible then we would have seen many rich traders.
I wondered what happened when you disappeared so long time Blow your account or give it up? Good luck with your second run.
Iâm not a pessimistic individual and donât have 20 years of trading experience but $1m in 14 months with $1000 capital is near enough impossible. Maybe if you had $50,000 capital to start with I could understand, however I wish you luck and will follow your progress. Kindest regards
Trade result for 8/1/2016
Here are couple of my trades I took (pics came out blurry, just look for the red dotted line for entry and exit)
Trade 1
As soon as I entered, it went to my favor for 7 pips but I was looking for bigger move and got out at 8.8 pips. I could of close the 7 pip and re-entered but it could of just went lower. I was hoping for 10+ move but I had to get out
Trade 2
Same, it went into my favor for 6 pips as soon as I got in but waited. Didnât get the lower move but closed with a 4.2 pips.
And 3rd trade for insignificant 1.3 pips
8/1/16
$2,000 + $143(7.15%) = $2,143
Not a good trading day.
Today was a very slow day for Monday considering itâs a GBP/USD pair. Didnât get too much trading because it was too slow.
Lessons to consider: On a slow or ranging day, take the profit when itâs presented to you without greed.
TC,
Only 91 days to have a million with 7.15% a day You call that slow ??
Greetings, TC
Yes, I wish I can do it in 91 days! 3 months of hardcore trading and you are right, itâs way too fast. But since Iâm not compounding everyday that wonât happen, that will be too risky.
What I meant about slowness was GBPUSD movement on Monday, by the time I woke up til I finished trading, the pip range was only 30 pips, now that is very slow for GBP pairs.
=)
TC,
Trade results for 8/2/2016
Trade 1,2, and 3
Trade 1 +2.1 pips
Trade 2 +10.1 pips
Trade 3 +9.6 pips
Trade 4, 5
Trade 4 - Really a bad entry shorting at the lows. My rule told me to get out after a few candles at -0.5 to - 1 pip but I didnât want a loss ended up swallowing - 15.4 pips
Trade 5 - Came right back with +20.7 pips. The entry was crap buying at the highs but overall trend was up so waited for the trade to go on itâs way.
Trade 6
Last trade before heading out with 4.7 pips
8/2/16
$2,143 + $333.70(15.57%) = $2476.70
Overall gain 23.84%
There were some trades that I should of definately took but I was afraid to take it and thatâs what live trading is, missing the big ones and taking the small ones.
Taking a loss for -15.4 pips was a good move. Although it hurts but saved from becoming -40 or more
Lessons to consider: Get out of the trade when the rules are telling me to get out
Consider taking trades only with the overall trend to avoid a potential loss
TC
Trade results for 8/3/2016
I have made 13 trades today. 10 winners and 3 losers.
I will post some of the trades that were significant.
Trade 1
Wow talk about starting out the day with a wrong foot. Overall trend indicated to me was short but took long. Did not exited at +3pips at the 200EMA and settled with -23.9 pips.
Lessons to consider: When there is a strong down trend indication, better to WAIT for a set up with the down trend no matter how much it goes up first.
Trade 2, 3, 4, 5, and 6
So after the first loss, I felt hopeless but I canât give it up now!. I waited for an hour to let the market to come down and with the first sign of momentum to the upside, I scalped it like crazy for next 5 trades for +22.3 pips in total (+6.6, +8.2, +2.5, +4.2, +0.8)
Trade 7, 8, 9, 10
Trade 7 - Another loss of -13 pips going long. I had entered the trade too late and should of let it go and also bad entry buying at the top.
Entered next 3 trades (trade 8, 9, 10) (+10.5, +4.4, +2.4) with +17.3 pips ending the day with positive.
Lessons to consider: If you have entered the trade too late where itâs against overall trend, forget it!
8/3/16
$2,476.70 + $23.30(0.94%) = $2,500 (perfect!)
Overall gain of 25%
Todayâs market was in sideways motion in 60 min chart. Looking at the higher time frame helps but also confuses in triggering the trade. But there were plenty of opportunities shown in the 1 min chart that I can trade. If it werenât for the 2 lousy trades, I would have had $400 gain or about 16% for the day but we make mistakes and itâs very important how to manage to get out of the trade.
TC
New to the site and this thread, but just following, keep on, Tc!!
Welcome Trader Jon!
Trade results for 8/4/2016
Trade 1,2,3
Started off with -9.3 pips again but took the next 2 trades for +9.9 pips (4.4 and 5.5) to get to a plus
Trade 4
Ok, for this trade, it just took forever to get it going. What really pissed me off is when it came down positive for three times at +6, +7, and +8, I waited out for more but it kept going back up every time. Then the 4th time came down with +10 pips and decided to take profit but I as soon as I did that, it went down another 9 pipsâŚ
I donât know, maybe itâs just one of those trading things⌠How did I know precisely to get out of that trade for me to see it goes even farther? Or when I have waited for an entry, decided to get it and that is the precise place for lows for short and tops for buy⌠perfect! A genius? Or as soon as I decided Iâve had enough and close a losing trade, it turns around in my favor the moment I close it getting the maximum loss I can get⌠perfect timing. How did I!!!
Lessons to consider: Just learn to live with it?
8/4/16
$2,500 + $141(5.64%) = $2,641
Overall gain of 32.05%
This week so far hasnât been too good. Iâm just left with a scrap to trade in the U.S session after having European session getting all the moves and constantly feeling unsure whether market is going to continue with breakout or reverse.
TC
I think an excellent result so far
I calculated the average compounded profit but couldnât post it by a new browser update that was not working
The second day it was 11.28% and 59 days to target
day 3 7.72% and 84 days
last 7.19% and 90 days
I wonder what your average is going to be but the good start now will give you an big advantage.
Do you use the same indicators? It is hard to see but did you add a BB?
Yes of course, MACD, Stochastic, EMAâs and BB. BB has been in the chart from the beginning.
Iâd like to have good daily average returns but I need to stop making those silly, dumb mistakes.
TC
Trade results for 8/5, 8/8, 8/9/2016
8/5 82.4 pips at $90.44
8/8 48.9 pips at $48.90
8/9 17.7 pips at $17.70
I was only doing 0.1 lot per trade because I was in a drawdown since friday and did not want to risk more than I should. Just because of this, I was not able to trade full lot and thatâs a shame, total waste of time. I should have closed it to re-coup my losses and then some with my regular trade size, that would have been more quicker.
Lessons to consider: CUT YOUR LOSSES AND DO NOT CARRY OVER TO NEXT DAY.
You would actually be less productive getting profits with holding a losing trade because
1) Can't trade with full standard lot where you are actually losing money.
2) pschycologically it becomes tough to handle placing a trade with an on going losing trade.
8/5
$2,641 + $90.44(3.43%) = $2,731.44
8/8
$2,731.44 + $48.90(1.79%) = $2,780.34
8/9
$2,780.34+ $17.70(0.64%) = $2,798.04
Overall gain of 40%
Trade results for 8/10/2016
So I managed to get out of the losing trade at -33.2 pips. I had several chance to get out of that trade at -9.7 pips then -13.8 pips and -20.5 pips but did not decided to do that hoping for it to go farther up, my greed kicked in. But then the market was turning so I had to get out no matter what and did not want to deal with it anymore.
The trades I took after I got out, I was able to take 70+ pips to re-coup my loss and ended the day with 40+ pips
This is the 60 min chart. I took many short trades in and out during the 80 pip range bars coming down.
Lessons to consider: Losing trades will happen time and time again. And the sad thing is, many traders including myself keep making the same mistake of not cutting losses short/early again and again. But remember, by cutting the losses and focusing on next trades will keep you from turning a negative day into a positive day, or even save you from blowing an account.
8/10
$2798.04 + $405.56(14.50%) = $3,203.60
Todayâs gain 14.50%
Overall gain of 60.18%
During the last few days, 8/5, 8/8, 8/9, I had made 149 pips but only made $149 at 0.1 lot size because I was holding on to a losing trade. If I hadnât been holding it, It would have been $1,490 at 1 lot, which I have greatly missed out on.
Simple lesson to take home⌠CUT YOUR LOSSES AND START OVER. (Sorry guys, Iâm going to keep saying this until I donât do it anymore.)
TC
Trade results for 8/11/2016
I have made several scalp trades of (4.5)(0.3)(6.2)(3.2)(5.8)(4.4) pips.
Nothing to be noted for. Finished with +25.1 pips
60 min chart
8/11
$3,203.60 + $251.74(7.86%) = $3,455.34
Todayâs gain +7.86%
Total gain +72.77%
Another slow day at the markets. Just waiting for tomorrowâs action
TC,
Getting profit of 1 million with this tiny amount is not possible as far as my concern, it can be dangerous if you will do forex with big lot size and will do forex with greedy mind, so be careful and perform positive trading with small profit target for efficient survival.
