Demo Account (DT)

I’m starting a demo account and will be looking for 3% return per week. I’m not going to get into the system I’m using as the rules have not been finalized as of yet. My goal is to take small consistent profits and not swing for the fence. My system will allow up to 3 trades per day and will stop after 2 losses. Position sizing will be based off 5% risk. I plan to post results of this test at least once per week. If conditions are choppy we will not trade.

Starting Balance= 3547.36

can anyone reccomend a software that can automaticaly cancel all pending orders not triggered once one of any pending order gets triggered…the purpose of this kind of system is to give lower risk and higher reward,and more chances of great trading opportunities it also would minimize spending too much time on the PC and human factor(emotion)…this would make the system more mechanized,i would be using a mathematical way of risk that would guarantee profits overtime…is there such a trading software or script that could do this…for you PROS…this trading system i believe could be the best for me…thanks to you guys who showed great support in this site…could add me to yahoo or email me using the same screen name i have here(

I use GFT platform and they have OCO orders that will do what your asking.

Order cancels order (OCO)
After entry into the market, a limit for profit order and a protective stop�loss order can be placed. When either the limit or the stop order is executed, it will automatically cancel the other order. This allows you to automatically execute specific trading strategies to limit losses and protect profits without having to constantly monitor the market.

Well choppy action across my screen. This tells me to step back. Thus far we have taken 3 trades
USD/CHF + $45.72
USD/CAD + 37.81
GBP/USD + 8.00

Looking for about 106. If we don’t get it no biggie I’ll not continue until I get some chart direction.

Week I

We had 9 trades with 5 winners and 4 losers. Total Max up was 2.59%, total down draw 1.03%. Gain 1.60%
Total pip gain 20, Pip loss 33.

Total gain 53.95

Closing Balance $3,601.31

Here are a few models I�m using. I�ve broken down my account as follows.

/15=11 lots
/20=8 lots
/25=7 lots

3500* .03=105/10=10lots
/15=7 lots
/20=5 lots

3500*.02=70/10=7 lots
/15=4 lots
/20=3 lots
/25=2 lots

I will then try to apply the above into my trade based on what I believe to be the risk level I wish to take. If I hit my daily goal, and lets face it finishing the day up is a nice goal then I stop trading. If I see that I�m doing well. I�ll reduce risk level to the .02% range. If I plan to hold I�ll also reduce position size and allow the risk to still be with in parameters. This is how I was able to show a negative pip value for the week but still bring in a little money. I�m still trying to refine this concept and have a ways to go. I also do not need hundreds of pips to be profitable but the key is consistent wins. I�m not going to run out and trade 17 lots as I�m not even close to that level yet. I also think a smart concept is to reduce size after a string of hits. The get even mentality most likely has blown out thousands

I forgot to explain the numbers

3500(account size)*.05 (risk)=175 (Max risk or 5% of account)/20 (pip stop)=8 lots (Max lots traded rounded down).

This is a simple look at the markets. Well in this example we have GBP/USD. I have circled the candles that I thought had some significance. Then I just put floors in. For this example notice we have 4 floors to climb. These floors are simply support or in this case resistance. Now once price can climb up a floor we assume what was resistance is now support. We never really no anything for sure but here is a step through using simple trendlines on a 5min chart. Zero indicators and trendlines are drawn off candlewicks.

So price tested the first floor and was rejected. This means we place a trendline down off last swing high. One might look for 2.0181 breach a signal to get long.

Price triggers and moves into the first floor. Now we need this floor to hold. We�ve drawn another trendline. If a few retests aggressive traders might buy the support and sell the resistance. Last candle into the 1st floor was worth a few pips.

Here is a nice move out into the target zone or 3rd floor. Once again we place another trendline. We are bull back down to the first floor. Notice how the floors are doing a pretty nice job of confining price. Interesting action here as price was rejected with each test of the 3rd floor. We would enter on break up over 2.0202 area.

So price did pop nicley. Anyway I did not get this one as I was not home. I won’t bore ya with the step by step play…

are u using some sort of retracement(Fibonacci maybe)?

No, it is $8 per pip so on GU is 8 [U]mini[/U]lots

kiwipipper, I’m not using fib retrace.

tonymand. sorry for the confusion .8 lots. This week I’m using model 2 or .03%

Demo account got crushed this week. Note to self, “insure I check any open orders before going to bed”. This happened in 2 positions and when I woke up I was down a few hundred. One thing for sure I posted a note on my PC to check orders window before shutting down… Imagine if this was live? I’d really be ticked.

Balance currently down @ 3,096.00