My first live positions ever, today, 24th Dec. 2013, with FXCM

Trading Discussion
82

Hope it was a nice trip that you guys did and not a “work trip” like I did. Although, I am looking forward to go in Dubai and somewhere in an Island called Maldives sometime this year to see my cousins that I haven’t seen in 14 years! I know, its crazy my fault really…I have so many families live outside of US including Australia… I just needed time to do it… but I will one at a time eventually…

My career is starting to take off and I think it is time for me to take a little break for now in BP forum for a few months or so to really focusing on my career and ofcourse my personal life too :slight_smile: …I am not getting younger you know :wink: lol…just trying to balance it all…

I tell you that I really enjoy being part of your thread and bouncing ideas with you. I think it is because you are always agreeing with me LOL (I think that’s what it is :wink: )… Truly, I really enjoy talking with you here…and I will take all your kind words/comments with me wherever I go as my motivation for myself as well to keep going … I know you really worked hard on your system/strategies and I have no doubt that you will also get there just stick with what works for you and continue on…

Ohh and one piece of advice… [B]ALWAYS[/B] keep your woman happy because if she’s happy…you are happy :wink:

Take Care and until next time…Good-luck with everything xoxox

83

Dear PipNRoll,

you are an international woman of mystery! Consultant, trader, high-flyer, and advisor to us all! You will be missed… I sent you a private message just now with some info.

I will try to keep my woman happy… I posted a thread a few months ago, to which you contributed, where I discussed how hard she found my trading, in that she did not like the idea of ‘gambling’… But, in time, she has accepted it, and is happy for me… I try to compensate by reducing the time I spend on it, although sometimes, like last night, I had to stay up late to get all my figures done. She is very understanding, and I try to spend the rest of my time with her, because she is worth more than a bunch of pips (and that is an understatement)!!!

Take care, PipNROll!!

84

Hi,

For those who would like to use MyFXBook but are on MT4 there is an equivalent that actually appears much the same and includes details of all your trades, a summary of performance ie. % loss and % gains, and there is a graph of performance at the end.

Its found within MT4.

Go to the ‘Account History’ tab, Right click in the ‘Order’ column, Select the period you want to see from ‘All History’ to ‘Custom’ period, the pop up closes, right click on the ‘Orders’ column to reopen the pop up, select ‘Save as Detailed Report’. Your browser will open and display the report.

I hope this helps someone.

85

Thank you , Geordie, although I do not use MetaTrader…

I have now started posting on my new thread (the “Forex4 System”), so please avert your gaze from this thread

and peer into the new one…

Thank you

and

Happy Trading.

86

Hello traders! An update on my trading! Since over-leveraging my trades in February, and experiencing a mini-crash (after a 34% growth), I experimented briefly with a troubled system of my own making, and, for the last three weeks, went back to manual, discretionary trading: by so doing, I have made a 10% profit, and kept my drawdown steady, keeping a 2:1 leverage, with only 1k invested in each trade, and my stop/limit ratio always as 1:1. I am much happier now, and I am making much better progress; I would like to thank two people, particularly, and they are PipNRoll (BabyPips FX Honorary Woman) and JasonRogers (of FXCM), for giving me the belief in my own abilities and for encouraging me not to be beaten down from my mistakes. Happy trading.

87

Here is my FxBook,

just to show my progress:

Error | Myfxbook

You can see how, after my over-leveraging and failed ‘Forex4’ system throughout February,

my account has now started steadily rising, slowly but surely, since the 5th March, so even

if the account took a dive, it is now recuperating the losses.

Happy trading.

88

Your link didnt work :frowning: maybe delete that “s” in your http…see if it works…

89

I am sorry, PipNRoll…

I have taken out ‘https’ altogether…

Let me know if it works (I tested it, and it seems to, even though it says ‘Error’ in the link text).

Cheers

90

Sorry, but it still says I must log in to see this.

91

PipNRoll and Geordie: thank you; I have made it public now… Take a look…

92

Up 5% nice :slight_smile: [B]ONLY [/B]26% more to go then you are back up to breakeven. Next, maintaining not to lose again and maybe get a few profits :slight_smile:

Keep it going…you are doing fine…

93

Oh, PipNRoll…

You approve?

:7::7:

sings a song

94

LOL…too cute…

95

Erm…

Ahem…

blush

Thank you for looking over my FxBook…

And, yes… you are right, about everything…

:5: :5:

See ya

96

Thanks for sharing. One thought is that many of your trades appear to have a 1:1 reward risk ratio. I’ve been told to only trade when the RR is greater than this, but it means that I either get fewer trades or a longer wait. I’ve been trying to go for these long term trades and its frustrating to watch a trend flatten just after I place a trade, but my stop is larger on these trades and with patience they seem to come through. I’ll let everyone know how I do.

97

Hello Geordie (from Newcastle?)

I am not an expert like PipNRoll, so all I can say to that is that…it works for me… I tend to manage stops manually, anyway, as well as profits… if a trade sits in congestion for ‘a while’ (a flexible concept, which varies depending on the context), I will take a smaller profit, or let it sit in the red until something happens…it just depends…
Good luck!

98

Hello traders!

A quick update:

after a DISASTROUS February, where my P/L was -31.55% (due to over-leveraging), my account has been steadily growing:

  • March 2014: + 5.28% ;
  • April 2014: + 7.85% .

These figures are from MyFXBook, which I have just updated, so they are ‘hot from the press’…

It seems that my risk management has been much better and it has been paying off… The smoother profit curve means that
by this time next year I will (hopefully) not have had an account graph that looks like a roller-coaster!

Thanks PipNRoll, for being my mentor(ess) and guiding star, and to everyone for their support and guidance, that is all the forum members and the redoubtable Jason Rogers of FXCM.

Cheers.

99

Great work! You’re tracking the equity now right? You mentioned in the past that you closed out your trades, so your balance and equity are the same, but I just wanted to be sure, in case you still had some open positions. :22:

100

[QUOTE=“PipMeHappy;624749”]Hello traders! A quick update: after a DISASTROUS February, where my P/L was -31.55% (due to over-leveraging), my account has been steadily growing: - March 2014: + 5.28% ; - April 2014: + 7.85% . These figures are from MyFXBook, which I have just updated, so they are ‘hot from the press’… It seems that my risk management has been much better and it has been paying off… The smoother profit curve means that by this time next year I will (hopefully) not have had an account graph that looks like a roller-coaster! Thanks PipNRoll, for being my mentor(ess) and guiding star, and to everyone for their support and guidance, that is all the forum members and the redoubtable Jason Rogers of FXCM. Cheers.[/QUOTE]

All about keeping that leverage under control. :slight_smile:
Congrats on turning around though.

Piece of advice…just because I’ve been down this road many times before… (I.e big loss, make consistent gains, big loss, make consistent gains)… For me, one thing which lead to a break in my consistency was getting over-confident. I let my ego get in the way, and paid for it more than once.

The market doesn’t like ego. :wink:

101

Hello Jason,
after your previous posts about this earlier on this thread, I do now keep an eye on my equity… However, the figures quoted are from MyFxBook and I think that they relate to the overall profit/growth, although I am not sure whether they only look at the account equity or balance (I will check).

I no longer just day-trade, as I am trying to allow certain trades to develop over longer periods, so my equity and balance are not always even by the end of the day… For the past two-three months, I have kept the number of negative equity overall to roughly 10% of my overall available margin, so when the account margin drops to below 90% I take a break from putting more trades on and just manage the open ones.

After the Easter break and a quiet couple of weeks of trading, I am now just sitting out the existing open (‘floating’) positions, which have an overall negative equity (-70 pounds, with an account size of +550 pounds): with last week and this week seeing an economic calendar laden with high-impact event risk (ECB rate decision, FOMC rate decision, BoJ monetary target, RBA rate decision, USA NFP, and so on), I am using the volatility to try reducing the balance-to-equity gap on my account; in other words, instead of punching in and out some new trades, any positive moves provided by the renewed volatility on some pairs may be used to reduce the amount of debt (=negative equity) rather than actually cashing in some profit…

I have kept my debt consistent for the past two months, always sitting to about 10% of my overall available margin, so that my account balance and equity have been neck-and-neck the whole time… However, I just want to sit quietly through this week, also to see which way risk trends will go… Pairs like EUR/JPY, GBP/USD, and EUR/USD are screaming out for market conviction and everyone is watching what seems to be an inevitable breakout and possible trend reversal on these and other pairs… While I could take short-term trades, which I have done, I will choose to watch the bigger picture and just see what this week will bring, especially after the market will have time to digest the very positive USA NFPs from Friday afternoon and the general implications for risk-on/risk-off scenarios.

I promised to myself that I would keep it short, Jason…

exactly…ahem

Cheers.