@midwest introduction

Community Introduce Yourself
1

Hi I am called midwest because my regular is already used, I wonder if it was by me…

I have been a BP supporter and reader since I started trading a year ago and completed most of the educational material. But apparently with my 1st post not enough of the rules and was stopped out for a few hours… this is my second post.

I’m basically a scalper and short term day trader. Still a rookie I trade in a sim account until I’m satisfied that I am consistently profitable. To that end I keep pretty good records.For example over my last 1,283 trades I have a 74% win-loss ratio, pretty good ugh. Not so the proof is in the pips or rather the $$$ and my expectancy is -0.13 cents.

So what does that tell me besides I am losing money on every trade? It tells me to stop chasing losers expecting them to turn around.

Happy trading mates.

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Welcome to the forum, Midwest.

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Thank dianajs for the welcome, I am relatively new to trading and Forex both with now about a year fo sim account trading experience. I have about 7,000 trades under my belt to date. I have one account that get is graded daily for my progress and a few sandbox accounts I play in. I trade with a fund that after completion of their program will fund my account with real money. I can not say enough ABSOLUTELY great things about this program and the funds founders. And no you can not invest in the fund or get a brokerage account as it is not a brokerage house.

I am an avid indicator tester and strategy tester. Mostly now discovering that it’s not the indicator or strategy but the trader and there mental state when trading to be successful.

My short term goal (maybe toe more weeks) when funded is to take my monthly earnings to fund my account at Oanda and watch the miracle of compound interest work at a 50:1 leverage. I use 100:1 now so there will be some adjustment involved. One of my biggest tools is money management something we call the Benjamin Formula which takes 90% of the gambling out of any trading.

I am considered to be an aggressive-analytical trader and that is quite accurate. So my aggressive nature and pathe thru my course has been hampered a bit do to pride of not cutting my losers and moving my stop loss both very bad things for traders to practice. I don’t trade a naked chart but almost by only using pivots and A CCI with ±100 and ±200 lines off higher time frame charts deping on the market sentiment and overall session volume.

I my goal is to earn from .5% to 1% of my account daily. Since I started when I found it extremely difficult to earn 3 pips per trade I now have no problem meeting my daily account goal and normally go way beyond the my daily target to 5% to 10% attained. Back when I was scalping I would earn much more than that but I didn’t like the risk so I stopped scalping. Currently I just do day trading, swing trading and long term trades as the market allows. No more scalping unless I need to dig out of a self made hole… LOL

So wrapping this up I’m in the final stage of what is called the prefund level and should e funded in about 2 more weeks. My current stats are a win-loss ratio of 77% but unfortunately some of my aggressive trading ignoring my rules and the Benjamin Forumular my expectancy is negative 10 cents which with about 200 trades in this account for every positive 100 pips day it will only move the expectant not more than 2 cents. So as this prefund levels moto is “steady as she goes” that what I’ll be doing.

Some of the seniors here think that trading a sim account is not trading at all and to some extent that is true. However when you are tracked daily to get funded, it is as close to real money as you can possible get because only you are responsible for earning the pot of gold at the end of the rainbow, which id a real payday!!! to be a funded trader and money manager… for me.

I have been a member of BP since I discovered Forex and have completed most of there courses. It is a good basic education but for me I needed more so I going the best program in the word bar none. This fund has changed my life, renewed my faith in our system and put me on a path to a better way of life.

Well that’s my story and I’m sticking to it.

The following is the trading plan I wrote about a year ago, no it’s not a strategy as that is quite different. It has changed only slightly in that I no longer trade they Sydney, seldom Asia sessions Euro open and in the early am about 4 CST then I close out before the NYO when I see the market wobbling for the am reversal but I’ll get back in the NY after about 8am my time until around 10am my time when I see the volume peter out. I was blessed that it was selected to be on our home page.

Trading plan: short version to earning income. Methodology shall conform to Ben Franklin compound interest principle. The goal is to add 1/2% of the account amount for every day that is traded. To be increased to 1% when warrants. Money management according to solid Forex rules of not risking more than 2% on any particular trade and not more than 5% of the account on any group of trades. A trader shall open two USA sectioned accounts one for buy’s and one for sell’s to accommodate trade management with both at 50:1 leverage. Trading hours shall be at peak trading times. If particular exchange is slow in volume then hours will be shortened. Sydney-Tokyo not longer than the two hours from Tokyo open. Euro-London not more than two hours from London open. NY not more than four hours from NY open. End game is to leave a trading legacy for my family and hopefully teach them how to trade.

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Yes I did that many many years ago traded a £5000 account down to £3100 over six months and since I won quite a lot, I went back through my trades and found that if there had been a Zero spread, I would actually have been around £1500 UP !

I had paid over £3000 in spreads alone !

That was when I decided to stop going for little pips !

After that I decided to spend the money on bigger stops and go for larger moves.

IF you win 50% of trades,

On 100 pip bets, your “Spread loss” can be 4-6%
On 10 pip bets, your “Spread loss” can be more like 40-60% ! - Hence I suggest your negative expectancy !

All you can do about it is to trade with a broker where you get the tightest spreads - oR Bet larger movements.

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Thanks for the reply, I should qualify what I mean by scalping as I have found it means different things to different traders.
For most it simply means trading on the 1M or 5M chart and placing corresponding hedging type trades in a channel.
For others it means doing the same on higher time frames in a channel.
Some channel trades like to trade up the inside trend and back down the trend with in the channel.
All with a small lot/position size of 2-3 pips and some with no SL… bad move as you can always set it far enoug away to be out of the but still supply a safety net of sorts.

We have one trader that does a Youtube channel called “Trader in the Street” he is very good at what we call the wobble. He plans the trade, places his initial buy or sell and then when the PA moves he starts to build a position. I and another trader friend are doing a study and practicing this wobble trading technique. I am pretty good at it and in a fairly volatile market (definitely not for flat dead markets unless you like to watch paint dry) and can earn about 50 pips an hour without a great deal of risk. That said if you miss a signal and get a break out your screwed into trend leaving trades stranded. So I practice but do not use in my graded account.

Now where a scalper can really multiple the risk is what I’ll call rapidly fading in a position with depending on the account size 20 at 1,000 and 50 at 10,000 before our system stops you from entering any more trades. Then if you miss a signal and leave trads hanging with PA moving and ticking away at 1 pip or two per time frame you are really screwed. This where i got into trouble.

We do have several trades that use this system of rapidly fading in (I like to refer to it as a minigun approach) that are extremely successful and profitable fully funded traders earning as much as 4,000 pips daily but as I said the risk is also exponentially increased.

Another cool thin about being funded we have supper great spreads and the charge are very low to our account. The fund deals directly with major Banks for out quote system. The banks want the deposit so we benefit from really, really great spreads.

So yes I did the same as you changed my targets so I can get a minimum of 1:1 ratio but I target a 3:1 ratio. Now Im overcoming the issue of not letting my trades run until target or the trend is exhausted. But this too shall pass.

BTW great win-loss ratio.

As a PS, I am testing the channel method on running up and down both side. Besides just looking at a chart and drawing my channel ines I will use the CCI with a 100 and 200 ± line and no middle line, what left is the channel. If you line up the 100 line with the channel lines and it goes past it you have a break out confirmed… just incase you can’t rely on what your looking at emotionally and need a push from an indicator.

Peace and great profitable pip hunting to you.

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Welcome to the forums! Thanks for sharing so much about yourself. I’m looking forward to hear more about your trading journey here in the forums. Good luck and see you around! :slight_smile:

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I am always glad when experienced people join the community! I am looking forward to reading more about your trading.

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@dianajs, very nice comment and thanks. As for the experienced part I’m not sure that a year really qualify in the Forex learning curve. I do put maximum effort into learning and trading and I am a firm believer in paying it forward setting yourself up to be ready when opportunity presents itself.

BTW, my little logo is the word for tranquility one of my many aims.

Peace & Tranquility

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Also peace, safe, secure :slight_smile:

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@eddieb, very kewl beans to learn that, maybe we should define the culture they each came, could be we are both correct! Enjoy eddieb and profitable piping to you!:grin:

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That is a very nice logo.
As for the experience, there are total newbies here with a lot less experience with you, and people who have traded for many years with a lot more experience than the both of us. I think the important thing is for there to be an exchange of ideas and, sorry to repeat myself, experience.

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You are most welcome here on this platform. We always appreciate the successful traders as they share their good experiences which are quite inspirational for the other members. I would like to say that you need to do some paper work for your trades before entering and leaving them. Hope it will help you all.

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@Girzer, thank you for the welcome. Paperwork I’m so not good at… I do plan my trades and learning more on that every day along with a fair amount of practice.

Speaking of practice I was watching some of the Funds older videos from January 2015 when they started recording and saving them to a library. Like most live online instructionals there is a chat box. This was also the early days for the fund and only about 20 participants were in the room. Many of these then students are now online acquaintances and very, very successful trades.

Good teacher, good students, lots of homework and lots of practice! has made the fund very well off and the traders a rather wealthy lifestyle!

Thanks for the post Girzer