Unemployed but working the platform.
I just keep plugging away. My account equity is up about 15k from where it was at one point last week. FYI, this is my history from when the market opened on Sunday.
There are my best earners of the week. Basically whatever I could get on a screen shot on my mobile device.
I set a few trade orders that included the NZD and the AUD, but when push came to shove, I went with the major currencies such as JPY, USD, CAD, and EUR. Not that I don’t trade others, I just find that some of those weaker / less traded currencies haven’t given me the success that the major ones have.
Wow this is amazing, all in profit.
What’s your strategy? If you don’t mind sharing?
Another good start to the trading week. Since the market opened on Sunday afternoon, I have accumulated the following in trades I have closed…
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Strategy… Good question. I’ll be honest, if I didn’t have a large account, I wouldn’t be able to make the money I do. I also carry a major deficit on my open trades and have for years. FYI, my current open trades are at -260k. I know, you probably think I am nuts crazy stupid etc etc… I can say that I know what I am doing - or at least I think I do!!! LOL…
Right now my equity is much greater than the amount of $ I have deposited into my account. So, I am ahead of the game. I have also made big strides over different periods of time and I am still moving in the right direction.
Back to the question about strategy… In addition to having significant $ in my account, I am an fairly aggressive opportunist. I look for major fluctuations. I usually focus on the major currencies - although sometimes trade others. I often try to make trades that have both short term potential but also make long term sense. This way, if I get into trouble soon after opening some trades on a pair, I can sleep knowing that the probability is that things will change as time goes on.
I have been using a 1.0 leverage for most of my trades. When I open a trade I generally open 2 to 6 of them at the same leverage of 1.0.
I have been taking a lot more of my profits when I see them or set TPs. Last night I had a couple of trades in which I placed TPs before I went to bed. When I woke up in the morning, both trades automatically had closed, each with over $500 profit! I had been patient on some EUR/JPY trades that were not doing well. In the morning, the EUR shot up like crazy for a short time and I made more $$! See here:
As you can see, the ones with green were closed by TPs and the ones with red were closed with SLs. With the SLs, I could have made a fair bit more on them. Instead of simply closing them manually, I set SLs a little below where they were at and they came down and automatically closed at lower profits.
Always a tough decision when you have trades that are winning. Do you close and take the money? Do you set TPs higher up? Do you set SLs somewhere below where they are at - if so where? Do you do a combination of some of the above? Or do you let the trades run wild and do nothing? Always tough decisions. Due to heavy fluctuation and the fact that I trade 1.0 or higher, I have been closing trades and taking profits far more often than not. I find that it tends to be the best option a lot more often than not. I can live with closing a trade or trades and making some decent profit then after, that seeing the pair go in my direction a lot more which would have yielded greater profits. On the contrary, nothing upsets me more than having some nice profits on the table, choosing to wait, and seeing the pair go back to where it was opened and losing the chance at the $$. Having said that, once an open trade reaches a point where you can set a stop-loss at or above the level of entry (so that you can’t lose if it returns to where you opened it), I am all for it. Anytime you can lock a trade so that you can’t lose anything in the immediate future in my mind it is a win-win. My rule of thumb is to place my SL exactly 1 pip above my entry level.
Questions??
The past few weeks have been amazing. I have the following situation right now. If the EURJPY keeps rising, I will make a really nice profit again tonight…
If the pair reaches the 128 mark, it’ll get me over 3k. Right now I could make nearly 1k if I close my seven 1 lot trades!
I decided to take whatever profits I could on these trades as I was concerned about losing them. Not the best but I re-entered more trades similar to those and also a couple of USDJPY shorts. Buy and Sell orders only.
This is my 1-week history (June 22-29). Obviously I can’t display all my trades or even a sizable portion of them on the screen. I closed 87 trades altogether in those 7 days.
I have been on a really good run lately, with successful trades day after day and week after week. Until today… I finally for caught “with my pants down” a little. I opened some long USDCAD trades as the pair dropped. Then the pair plunged even further. I have 2 choices: dump the trades and take a loss or wait and see if it retracts. I hate taking losses so I will likely wait it out… I could close those trades and still call it a very successful week and month of June.