Not exactly sure what happened, I lost, but price didn’t get to my s/l went 23 pips in the opposite direction and closed me out.
sounds like a margin call. And if it only takes 23 pips ffor yo to get a margin call, then you’re not adhering to any sound money management.
23 pips for me is 13.80 my account was worth 98.00 no matter how unsound my management was there shouldn’t have been a margin call after 23 pips.
Anyway a loss is a loss so I’m done with this thread, streak over.
14/15
11 Demo
4 Live
Later
-Jordan
I assure you it was a margin call, you just don’t understand how they work. 23 pips may only be 13% of your account, but because you’re risking so much per trade 13% is all you had available as free margin. We tried to tell you this was going to happen, but you would not listen.
However, I do applaud you for posting your results, including the loss, on the forums! Most people wouldn’t admit they lost and would have just quietly disappeared.
Hopefully you, and other new traders that read this thread, will learn from your mistake. If that happens then this really wasn’t a loss at all!
If you don’t mind try to explain a little more, I’ll call alpari tomorrow to get more detail.
This is what I understood from trading with GFT (global forex trading) you make a trade the money you have to put up for margin will depend on their price and wether it’s standard or mini. With Alpari 1 mini lot is 13.94 usd, so times 6 is 83.64 my balance was at 98.00 so I covered margin. (assuming these basics are the same everywhere) When ur account equity reached 25% of the money you had in margin, you were margin called, and i am probably mixing all this up but if you wouldn’t mind explaining, I assume free margin is what ever you don’t have tied up in a trade so it shouldn’t matter.
thank you
-Jordan
Hopefully I’ve got these numbers right, if I got them wrong let me know.
Your account balance was $98, and you where trading 6 [I]micro [/I] lots. I know you said mini lots but the numbers work out on micro lots, so I think that’s what you meant. If not tell me and I’ll try to refigure it.
When you placed this trade you used 6 micro lots, so your trade was worth $.60 per pip. You say that your used margin was $83.64, so that leaves $14.36 in free, usable margin.
Once your trade went down 23 pips it had a value of $-13.80 (23 *.60). One more pip down would have been $-14.40, which is more than your $14.36 in free margin, so the broker closed your trade.
I wish you would have let us help you before this happened, but just mark it down as a learning experience and move on. 
Your system still sounds like it could be very profitable, if traded with proper money management. 14 wins and 1 loss is great!! We may be able to help you learn how to trade this profitably, but you have to tell us what you’re doing.
Lol, thats actually kind of awesome, I guess they do work differently than GFT. Thats only three days of trading lost. Well had I gone with a smaller lottage I wouldn’t have made as much but my trade would have been green.
Lets see if I can explain this system…(I might be on to a new one though).
They don’t. Margin calls are universal, all brokers calculate them the same way.
And why on earth would you move on to a new system?? It appears this one works!!
You’ll never find a system that’s right 100% of the time, and you don’t have to. One of my systems has had 22 losers and only 7 winners this year, yet it’s earned me a 29% return since January.
So I’ll call this system “Drive to the mail box”.
I’m shooting for 10 pips on the daily chart, one trade everyday, on the open of every new candle and I’m only trading the EU. I figure watching just one pair I can gain a lot more insight to its action, than I would watching 7 of them.
Most every candle you see has moved at least 15 pips on one side and many more on the other. I’m entering off of more of a feeling I get home watched the chart for a little and which ever direction I see rushing movement in thats the direction I take. Like last night the EU rushed a bit in the buy direction so I bought had I been aware of this free margin thing Alpari has going i would have figure it with 100 pips and bought the according lot amount, and been out of this trade in green. I know it sounds like I’m dwelling on it, I just want you guys to know what I’m doing works. I think I’ve explained it as much as I can I’ll quote what I described to Lavaman.
“My streak system: basically what I’m doing is trading very near the open of every daily candle, candle opens not session opens, I’m only trading the EU Only I figure if I trade just one pair I could learn it’s pattern gain more and more insight on it and develop a feel for it to increase my chances for success trade even more along with trading from the candle open. ( I think the open for every EU candle is 10:00pm or 22:00 GMT (5:00pm CST for me) i enter my trades right around 11:30pm or 23:30 GMT (6:30pm CST)) I am out of every trade right around 1:00am or 01:00 GMT (8:00pm CST) with my 10 pips, having risked 100 pips, which the down draw hasn’t even come close to that so, sometime next week I will calculate the down-draw on these trades and hopefully readjust my stop-loss. So when I enter a trade on this system I’m going one way or the other, I go one way, but I’m thinking with only 10 pips I could go either way, I just go the way I feel certain that it is heading next.”
"You are so right the beginning of the Asian session is a big help, the first couple hours are pretty steady not much movement, an hour and thirty minutes after the candle opens is when I enter mainly because thats when i get home from work, but that time seems to work for me, I do have one indie it’s some kind of cross macd, I can give it to you if you want, I just use it for trend, you can pretty much tell trend by looking at the chart, the indie is more fro reassurance. So where ever the price is at 6:30, I consider my indicator and surrounding candles and take the direction I feel the candle will move the most I find that candles with little shadows on one end hit those points early into the candle before I get in. So basically what I’m doing is catching the bus to my mail box lol get it? As long as I can watch for days like march 18th 09 I think I’ll be fine even on that day it was in a big trend so I would’ve chosen the right direction for my ten pips. and the madness happen much later into the candle. I wonder what the hell happened though.
So thats it. Thats my streak system love it or hate it, or kinda like, but we’ll see where it goes."
So
TF : Daily
Indicators : None
Entry : Direction of rushed movement
Exit : 10 pips after entry
S/L : 100 pips (Keep FREE MARGIN IN MIND, that bastard)
Tell me what you think guys, not much but it’s powerful.
-Jordan
(Edit: Hey I don’t understand, if they figure margin calls like this people wouldn’t be able to lose their whole account right? there were times on GFT where I had about 100 dollars and they’d call me at like 5 bucks.)
Pssh I’ll always be on the hunt for a 100% winning system like trying to find a cure for cancer, until they found it and hid it from us…maybe, but you know what I mean.
Long live the 100% winning system.
-Jordan
That’s a daily breakout system, it’s a pretty common trading style.
If you could lower your stoploss to something reasonable, and trade no more than 2% of your balance per trade you’d probably have a winning strategy on your hands.
The 100 pip stoploss for 10 pips profit is not going to work in the long run though. It’s going to lose more times than you think…
On to the new System Then!
–sigh–
Holding out for perfection is going to cost you. At the rate I’ve been increasing my account since I started trading I’ll be a millionaire in a few years, and I’ll have done it with my imperfect trading methods!!
You, on the other hand, will still be hunting for that holy grail perfect trading system…
Hopefully you’ll come around and join me.
Honestly Phil, I’m 20, I would like nothing more than to quit my job right now, all I would need is 1700 monthly and I would be so content with the fact that slowly but surely I could grow that 1700 into something much more, but no one handing out instructions on how its done, so I’m running around with my head cut off. Eh I’ve always wanted to do this, I didn’t know until recently but I have. Even losing is fun for me just knowing that everyday will be different there’s never any reason to become numb, much like I am at my curent job. But heyill spend a life time, I mean I certainly hope not but its worth it to me.
The holy grail is within you, son.
Sorry to be blunt, but that’s a load of crap. People are handing it out right and left on this forum. We tried to hand it to you, but you wouldn’t take it.
As Lavaman pointed out in his Yoda/Mr. Miyagi way, it’s all up to you. We can’t make you do it.
There is no special knowledge that is being kept secret from you. Just hit the tab that says “School” at the top of the page, go through the whole thing, then start reading the forums.
Congratulations, you now have the same forex education that I have!
Open a forex account with $10, and add an additional $10 per week to it. Learn the NickB trading method and start trading, risking 2% of your account balance per trade. In 7 years you’ll be a millionaire (taxes not included :)).
If 7 years is too long for you learn to trade some other methods to speed it up.
There you go my friend, you now have the real Holy Grail.
Yeah seven years is definitely too long id like to stop working pretty soon and be able to buy my sister a car next april or at least be able to pay the note. You guys think adding a large sum to the account every month is a bad idea plus whatever I make trading?
Might as well just give me all your money than if you’re just going to throw it all to the wind.
If you treat it like a race you’ll blow out fast. Put together 6 months of consistent gains while following a trading plan with money management that will allow you to have a losing streak. If that proves profitable THEN consider adding a bit more to the account. I promise this will save you money in the long run.
Thanks for referring me to to NickB’s system, even if I don’t like it, he’s speaking my language.