I will do it! - Quest to convert U$$180 to US$49K in 60 Days

[iSEOpt]

Hikapo, unless my mathematical ability has totally deserted me then I suspect your suggestion to use 0.5:1 will give alarmingly similar results to 1:2…

Bahaha

People are now staring at me funnily at work, but that was great

[Hikapo]

Hikapo, unless my mathematical ability has totally deserted me then I suspect your suggestion to use 0.5:1 will give alarmingly similar results to 1:2…

Lol.

I don’t know if that will get better results than 2:1, but its worth trying. xD

But I am pretty sure 1:1, 1.5:1 should make a difference in his results, since he keeps getting breakeven, meaning that price has moved his way at least some before retracing.

[PipRaid]

Hi Everyone,

Sorry for the break in transmission. I hope to return next week. I am currently exploring transferring to a new broker as well. Hope that will be a two day max process.

Have a good one!

[PaladinFX]

Hikapo, unless my mathematical ability has totally deserted me then I suspect your suggestion to use 0.5:1 will give alarmingly similar results to 1:2…

Even worse … I fear they might actually be [I]identical[/I] !!!11!!

lol, Cheers,
P.

[PipRaid]

Hi Pipraid, I am very supportive of your goal.

I just wanted to know if you had tried using tighter stops and targets, as it seems like you are getting too many breakeven trades.

Instead of 1:2,

try 1:1.75, 1:1.5, 1:1.25, 1:1, 0.75:1 and finally 0.5:1.

Tally all your results using these different ratios, you should be able to tell which ratio works best for your system. Hope it helps, I cannot wait to see you propel to your ultimate goal!

Hi Hikapo,

I am sticking with reducing the size of my stops, using a 1:2/2.5 risk/reward ratio, but will lock in on profits as the trade progresses in order not to come out empty handed on positive trades.

[medisoft]

What I’m doing is to divide my trades in two parts. The risk is equal, because the entry and stop levels are the same, and the lot size is divided by two, so is like splitting the trade in two.

Then, when there are some profits, I take profits on one of the trades and move the other to the BE. That way I can let the other part of the trade run until it touch the target or retraces to BE and exits with zero loss. If the price retraces, then I got one of the trades with some profits.

Because my broker offers multirebate, I lock the price not at BE, but at BE+3pips, because it is a requirement to have at least 3 pip difference from entry to receive the rebate, that way, if I locked 3 pips on the second trade, and it retraces to BE, I exit with 3 pips on that second part, plus the first part, plus the 1.5 pip for each trade from the rebate, and that increases the profit.

Maybe you can do something like that. Or maybe if you are looking at the chart all the time, place only one trade, and close half of it when you see signals of indecision like doji candles (in smaller timeframe) or strong support/resistance levels, and move the stop for the remaining trade to BE and trail it closely. If the trade continue to your target, you can move the stop near the last point of congestion (where you see the doji candles) and lock a considerable amount of profit right there, and repeat until you are stopped out or reach your target.

Hi Hikapo,

I am sticking with reducing the size of my stops, using a 1:2/2.5 risk/reward ratio, but will lock in on profits as the trade progresses in order not to come out empty handed on positive trades.

[PipRaid]

What I’m doing is to divide my trades in two parts. The risk is equal, because the entry and stop levels are the same, and the lot size is divided by two, so is like splitting the trade in two.

Then, when there are some profits, I take profits on one of the trades and move the other to the BE. That way I can let the other part of the trade run until it touch the target or retraces to BE and exits with zero loss. If the price retraces, then I got one of the trades with some profits.

Because my broker offers multirebate, I lock the price not at BE, but at BE+3pips, because it is a requirement to have at least 3 pip difference from entry to receive the rebate, that way, if I locked 3 pips on the second trade, and it retraces to BE, I exit with 3 pips on that second part, plus the first part, plus the 1.5 pip for each trade from the rebate, and that increases the profit.

Maybe you can do something like that. Or maybe if you are looking at the chart all the time, place only one trade, and close half of it when you see signals of indecision like doji candles (in smaller timeframe) or strong support/resistance levels, and move the stop for the remaining trade to BE and trail it closely. If the trade continue to your target, you can move the stop near the last point of congestion (where you see the doji candles) and lock a considerable amount of profit right there, and repeat until you are stopped out or reach your target.

Thanks medisoft!

This is an advantage with my current broker which may cause me to stick around for a bit more. Will see what works best.

[DanielFxTradingCircle]

Im not a major fan of trading systems.

But if you do this. You should be on the news.

[TradingArcade]

Wow, even more ambitious than my target of $100 to a million in 15 months. :o
Good luck !

[hcfoo]

How much balance left now?

[PipRaid]

How much balance left now?

All in my last 3 or so posts!

[PipRaid]

Hello Folks!

We continue our quest this week, at Day 14. Trades, trade results and balances will be posted as usual.

PipRaid

[system]

This idea as crazy as it might look, theoretically at least is very plausible. With the power of compound interest and having a consistent mechanical system… - Not far fetched.

I wish you the best.

[PipRaid]

This idea as crazy as it might look, theoretically at least is very plausible. With the power of compound interest and having a consistent mechanical system… - Not far fetched.

I wish you the best.

Thanks GicaEric!

[PipRaid]

Buy nzd/usd 0.8255
stop-> 0.8215
limit-> 0.8400

[PipRaid]

Snapshot of open positions:

[PipRaid]

@PipRaid

Snapshot of open positions:

Stop at break even.

[PipRaid]

Buy nzd/usd 0.8255
stop-> 0.8215
limit-> 0.8400

(First long stopped at break even. Re-entering trade)

buy gbp/jpy 132.20
stop -> 131.80
limit -> 134.20

[PipRaid]

Snapshot of open trades:

[PipRaid]

limits revised:

nu - > 0.8358
gj -> 133.22