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Yikes…the market hasn’t opened with IBFX…not until 3 pm my time (Pacific). This will just be a watch and see sort of thing…I am so close to the edge it would take a gnat fart to push me over. So it is up to the forex Gods for now.

If it heads up without going to 200 I will be fine, if it gets to 198 I’m dead…or even 199.50. I am still open on a lot of trades and if I closed them all I’d have $2000 in the account. Maybe that is what I should do, but knowing me, I’ll wait to see if the “good thing” happens. I can’t fund my account until next week…and then it would be a week before checks cleared.

My demo account is doing well…ha.

Todd

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So I am slowly being wiped out…thought there was a slight chance I would be saved. My last $9k is now being taken out by this drop… I have only $6k left now with negative margin.

I don’t want to watch this so I am getting out of here for now. There is nothing I can do except close everything and then I would have about $40.

See ya…

Todd

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Its been an exciting night, first bad news for JPY then hours of up,
then good news for GBP hour later and more up.

I sure hope you held out as this is some pretty exciting up.

I think I made $10 LOL! I think microlots are too funny. I think I just closed one at 144 pips profit for a whoping $3!

Tomorrow I’ll get some real money in my account, and sorry I missed the last nice leg up, this morning.

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We’ll see if it holds up. I have a $10,000 balance…brought up from $6,000. My equity is low because my draw down is still over $2,000…my margin is only $1,700. So I could get creamed if it starts to go back down. I thought the run would continue…so I am in more positions than I probably should be in…

It is still all the previous longs that have me brought down. Some of them are closing, but many of them are up much too high…

Todd

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I have one long at 203.44 a microlot :slight_smile:

I hope you had a chance to unload some longs for a profit.
If you can imagine I think today could be one of those 700 pip range (mostly)UP days.

I made $20 in the night, 200 pips at 10 cents each!
See if I wasn’t a cowboy, I would NOT have lost the second 80%
And I really hope you did some serious recovery with those wild up moives.

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I’ve got a call to do this morning. Ive got 3 microlots at 203.59
203.50 and 203.44. I just sold my 203.19 amd entered and order at the same price.

I think we can learn from that last move down and if you had any in range you would have done well on them.

I think we should push above 204 pretty soon at which point if that holds, things will be looking up for some bigger moves up.

I’ve got to figure out which credit card has available credit on it.
They rejected my debit card BUT took my money and wouldnt credit it to my account because the name on the card was "management marks"
stupid bank and stupid forex broker DOH!

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Elijah,

I remain very enthused about your equity building trading! Yep…I suffered through last week’s 700 pip slide, as well. I did not blow out my account, but I did suffer about a 25% loss of equity. (Regardless, one day’s trades, do not a trader make, to paraphrase an old addage.) I had as many as 70 trades that were filled, and at one point, I had 12 danglers threatening my account and my sanity.

However, I escaped total annihilation by partially incorporating some of the features of the following tweaks. I am curious what you think of the following tweaks to your system in order to avoid oblivion in the future:

  1. Decide just how much you are willing to risk per trade, and set a [I][U]catastrophic[/U][/I] Stop Loss…say, 1000 pips, for example.

  2. Enter enough room in spacing the trades to cover both TP and dealer spread + a coupla extra pips to ensure that only one trade can be filled and profited at a time before the next subsequent trade is triggered. The number of danglers should be greatly reduced, thus less threat to equity.

  3. Scale in the TP and scale out the SL going up the trading ladder. For example, if we view the pending trades starting from bottom up, the trade closest to current price is the lowest rung on the ladder. This trade would make us the most profit in an upward move, and the least loss on a market move down (compared to the other trades above this level). Conversely, the pending trade at the top of the ladder has the greatest potential for loss and the least potential for profit. I believe we need to weigh the trades accordingly. We could put say a 100 pip TP and no SL on the trade closest to current price or the lowest rung on the ladder. The next pending trade up the ladder would have say an 80 pip TP and 300 pip SL. The next trade up would be something like 60TP and 250 SL. Optionally, we could construct the grid with ever-decreasing smaller investment amounts, the farther the pending trades stretch away from the current price. This scenario would be repeated each rung up the ladder resulting in ever-decreasing TP and ever-increasing SL (and maybe ever-decreasing investment amounts).

Please provide your thoughts regarding these modifications. Be brutal if you need be.

Lastly, does thinking along these lines qualify me as a certified lunatic?

Bob in Wisconsin

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Whoops! TYPO! My 3rd trade illustration above should have a ever-icreasing SL. The correction should result in an ever-increasing SL, say 350 instead of 250.

Sorry, y’all.:mad:

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It seems like there is no end in sight for service calls.

Bob sounds like lots of great ideas.

I made about 360 pips today pretty good. What is sad is my lot size of 1K instead of 10K. I didn’t even have time to check credit cards.
The ones with the most available credit should glow or something :slight_smile:

But I do feel good trading this system on a microlot basis maybe 5 microlots would be better after I get some money in there.

My commercial bank contacted me about some new deal with chase and cut off times on wire transfers. It seems now I can wire for free going out all the way up to 6pm. And they are changing the conversion rates and are talking about being able to lock some price ( on some yen,gbp, or whatever you want) through chase. I will share more details about this as I learn about it.
But immediately I thought there has to be a way to jip them 100% for sure everynight for some certain amount. My dad said I would have to have hundreds of thousands of dollars to really get over on them (as I would be at 1:1 NO leverage). All my money is tied up in Real Estate in case you have guessed or I haven’t actually said.

Its a rental market these days as home loans are MUCH harder to get
and you NEED some money down!@

GJ wise…I am buying all the way down to 197.99 I doubt we will get back to even 200 though. I have my lots spaced pretty far apart.

Iv’e got 3 up high at 203.59 .50 .44 next buy down is 203.19 then 202.99.
I am leaving 1/2 of my orders open and setting tp’s on the others.
So a few times I am catching 70-150 pips. I am still willing to scalp them for 2 pips 20 cents LOL. I forget I am not playing with any larger amounts of real money like before, until I wiped out my account.

Maybe I’ll have some free time tomorrow.
I’ve got an appreciation dinner tonight and they will have a fat check for me so I am out for a bit.

231

I have decided to put forex away for a week. While I wait for my new funding of my account I am going to cool it for a while. My other demo accounts are doing very well, although I am still holding a large draw down playing this strategy on my main demo. But the balance can hold it, for now, and my other trades are doing OK (that loonie is driving me nuts though…)

So I have put everything on hold and closed it all down so I am not even tempted to look. I figure this live account is either going to tank or the GJ will rise and not call the margin on me…if it does rise I will come out ok and will proceed from there.

Wish I could contribute to this forum. It seems all I do is just yak about my woes and my “situation.” I love to trade!!! And love this market!! I am very sad I have lost this money as I feel rather silly that I did, but I am happy to chalk it up to experience and start over again. Maybe I have now joined an exclusive club of sorts. I wonder how many professional traders have blown an account…a real one!

I want some sort of safety valve for this system though. I like what Bob is talking about but I am not sure if I understand it fully and wonder if it is too complicated for me to justify a small return potential. I liked the idea of setting up some sort of shorting system to run alongside the longs.

The “system” I use that has been so successful for me (before I started trading rrram’s system) has basically been to set up entry trades as a pair moves in a trending direction. In this case, as GJ goes down, I would set up a sell stop every 50 pips or so (this number could be adjusted…since the pair moves so wildly). As the next entry trade triggers I put a BE stop on the first one (which is now 50 pips in the green). As the next one triggers I move the SL up 50 pips on each open trade. If the BE gets hit, as it would many times with the GJ, I would re-enter trades as it fell again.

It may make more sense to make the interval larger…like 100 pips, or 75. As the pair moved down you could periodically cash in, or just leave them all in for insurance. I’m not sure how you would determine when to exit the shorts, as the whole point of the shorts would be for insurance and not so much for profit…or maybe they could be for profit…not sure.

Anyway…I wonder if Elijah has thought about the shorting idea he mentioned earlier. I will not trade this system live again until I have some sort of fail safe system in place that will make what happened to me before impossible, or much less likely.

Anyway…some thoughts.

Now that I have lost over $60,000 in real money I have to figure out a way to eventually get that back…trading forex is the only way, but I am in no rush. Working at McDonalds won’t do it, even if I am a manager :smiley: . Or, I could just get out of the forex business and figure I would have to die 6 months or so sooner than planned…I’ll run out of money that much quicker. :smiley:

Where is everyone? Did they get scared away??

:eek:

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If anyone is out there that is following the GJ I’d love to hear what you think about what it is doing. Seems like a little pennant has formed on the one hour with a flat bottomed triangle…but the bottom is moving down, not stable. It IS tightening up though, like a spring. Seems since it has come from a short up trend it may be getting ready to break to the upside, but the push seems down.

Wondering what anyone else things.

Yeah, yeah, I said I was giving it a rest. I am not watching my trades, just looking at the chart now and then. I am not going to focus on it…

233

Pipsquito,

Face it man! You’re addicted to trading! LOL!

BTW, I enjoy your posts, so keep 'em coming!:eek:

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Yeah…I think you are right…I try to tell myself I am not an addict…I hate Vegas…hate to gamble…so it isn’t that. I think I love applying skill to something that can make a lot of money. I like “knowing the secrets” etc. etc. But you are right, I am obsessed with it!! And it isn’t the money…not directly (although that is nice) it is applying know how and getting something in return.

It is cool stuff I think.

Also, I have been an artist all my life, so this is very left brain for me, something I am not used to exercising. So I find that refreshing.

Thanks for your comments about my posts. Sometimes I wonder if I am verging on narcissism.

:smiley:

235

Iv’e been killing them all week, I put in another 300 from my debit card and need to get ALL the cc’s in order so I know what I have available on which one.

Ive got 600 in my account now + 2 days of profits, over 400 pips
at a tiny 10 cents per pip. I should have done mocrolots before and
worked my way up to 5 micros or 1/2 a mini so 5K lots maybe.

I want to be able to buy without regard to margin at the prices I want.
I have been playing conservative.

I refinanced one of my mortgages yesterday and had to pay the over 2G in interest before they would renew my loan, so looks like I could be a little on the broke side until I yank some $ out of p2p.

My dad maxxed out his p2p account at 25K and is making an insane $667.50/day in interest.

I’ve got to go look at some land this afternoon. GJ still sailing up up up on some good news ALL day for GBP and USD! 210 is on the horizon!

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You have the burning desire. Desire is what precedes receiving of ALL things.

BY becoming obssessed aka as KEENLY FOCUSED yields tremndous results
when you have that burning desire, keen focus and right thinking.
Thought are things. And they are the things which are the “cause” in your life. And to top it off if you ENJOY it, it isn’t much like work
AND if you can make money at it. It is a no brainer. With no risk there is no reward. And obviously the greater the risk the greater the reward.
This is gambling. But you gamble when you get out of bed, and drive the car,
and walk down the street.

ATM I am feeling really good about GJ and expect another leg up while I am away. MY position got flat. I got a few more in high at 203.67 and .59
buying long every 30 or so pips and trying to take larger profits at 40-50 pips.
I had a bunch of them I was going to hold into Wednesday and earn a whopping 15 cents interest, but they ALL sold out on that run up.

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Only to find all my longs sold out at hit their tp’s and I am flat again.

I have a new loss leader at 203.69 and am buying at .59 .49 thern every 20 or 30 pips down after that into 200’s then I am going down every 100 pips to 197.99.

I’ve made am awesome 700 pips this week so far too bad I am only playing 10cents a pips ARG!

Resistance at 204.00/10/20 it seems, hopefully some news blows us through 204!

238

I am still holding remnants from last week…with longs all the way up to 207.79 or so…actually my loss leader is 208.20! I got knocked down even further with last night’s dip. My account is less than $2,000 with a drawdown of about $890 with all those old trades still hanging around (actually it may be less than that now…I have not seen it since this morning, but I don’t think it went up to 208.20 to flatten me out!!)

rrram2, how are you flat? Did you open a new account? I have not been able to play this move up at all as every time I put in a trade it rejects it with “Not Enough Money”…how sad!!!

I couldn’t switch to micro midstream like you could.

Thanks too for the very nice note about “burning desire” being the cause behind effect…focused intention is indeed the path to manifest desire. Thanks for the words…

Best…Todd

239

MOre good news for GJ and up up up.

THings are sure looking up now eh Todd?

FOrget that no trading thing. Aside from refunding my account, which happens every once in a while.

240

Looking to get into the 210’s before Month End.

It is sad I have 1000 pips for the week @ .10 cents a pip.

I need a full time secretary!

One who can take commands and trade forex wouyld be a side benefit.

I can teach a monkey to trade GJ.

I could have made more pips last night but I didnt feel like getting up and entering more orders.

I have never got flat so quick so many times in a row. Not much fun without all the drawdown! LOL

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Yeah…I am flat now…I didn’t realize until today that when I got the margin call it took out many of my TMTH longs! I suppose that is what happened to Elijah too.

I sure admire your spirit, Elijah…trading this thing all the way up with dimes!! I couldn’t do it…I had my tail between my legs just hoping it wouldn’t wipe out the rest of my account. Of course the lowest I could trade was 1 mini lot and that was just too much with a $3,000 balance.

Anyway…I ended up with $3,500 …down from $68,000…not bad, eh? :smiley: And yes, the darling GJ DID go back up!! I wish I had had $100,000 in the account so that I didn’t get called, I would be rolling in pips now…

Oh well.

Everything is so choppy right now…expected some big moves in the GU, EU, etc. last night and got nothing but trades triggered then going in the opposite direction. Jeesh. The GJ did well though. Pesky critter.

Well…I will trade this system demo, but I doubt if I ever go live again except maybe for fun in a micro account. Unless of course some sort of short system is put in, or something that will prevent a blow out. I don’t want to put in SL’s…that would be too time consuming for one thing, and I am not interested in losing MOST of my account instead of ALL of it. Running short trades as insurance seems the smartest way. I’m not sure how that would work…but if we assume she will always come back up, why not set up shorts that BE SL as she heads back…just to keep the draw down to a minimum?

Todd