Thanks very much Kevin!
To be honest I didn’t have much consistent joy with the NNFX method, and the indicators I had played with - and I played with quite a few. I believe there is something in it, but it really must be all about getting the right mix of indicators and settings.
I decided, based on being too late for small moves and not catching any big ones either, that I’d focus on something more ‘immediate’ for entries, take the small wins where possible and if they run longer, leave them; hence the dual trade approach (from NNFX). I use @The_Baller methodology for W/M trend and S/R levels combined with price action on 4H or daily, and wider stops than NNFX.
Obviously, being relatively new, this could all be b@lls long term - but seems to be working so far.
I intend to revisit the indicators, to combine what I’ve learned about the long term trend and major S/R, see if I can’t improve further combining the best parts of everything I’ve tried.
I still listen to the podcast and watch the NNFX vids though
Thanks for the thorough response Ben. It is much appreciated. I’ve gone through most of the NNFX material, but I haven’t put together an algorithm yet so I can’t say how successful or unsuccessful it will be. I’m currently in the process of back testing some indicators and I do want to put the entire algorithm together to give it a shot. I like the idea of using indicators for trading. It simplifies things. My only reservation is if nobody can predict where a currency pair is going, how can an indicator? I guess that’s where the algorithm comes into play and hopefully the majority of the time it gives you good trades. Back testing takes forever though and if only a certain mix of indicators will work well together its going to be awhile before I can use it.
Like you I started a dual approach to trading, utilizing what I learned from NNFX and The Baller’s approach. The Baller’s approach is easier and more laid back. Two things I really appreciate. I’ve only been using his strategy for a couple of weeks, but so far so good except for a few trades where I entered right at support which was dumb. The downside to The Baller’s approach is you have to be willing to accept a good bit of draw down if the trade doesn’t initially go your way, but who can argue with his results. They are amazing. With his approach they other problem I run into is if the trade goes my way I’m not sure when to exit. If I can only win a few pips that’s fine, but if its going to run I definitely don’t want to exit to early.
Thank you again for creating this journal. You, The Baller, and another guy name Nic all seem to be doing very well. Even though you think the journal is for you, it serves as motivation and inspiration to the rest of us. It lets us know that there are consistently profitable traders out there and their doing very well. Keep up the good work and thanks for sharing.
Currency Pair: GBP/JPY
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: -400
Trade 2: -400
Comments:
This was a total surprise - must’ve been a total mistake with a stray entry order figure, it triggered and I remember thinking, what is that?! I tried it out and nursed it as long as possible but it wasn’t to be. Nevermind, slightly annoying to pay such a price for a trade that never fitted my system but that’s how it goes… Learn from it and move on…
Currency Pair: EUR/NZD
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: +70pips
Trade 2: 0 SL
Comments:
Already taken profit on this T1, forgot to add to my journal. T2 looking shaky on the chart below - anticipating this reaching my 0SL having taken profit on T1…
Currency Pair: AUD/CHF
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: +45 pips
Trade 2: +53 pips
Comments:
Decided to take this one off the table an bag the pips after last weeks loss. I’ll look to reenter with an entry order as I still think this has legs for a downside continuation.
dude, out of curiosity, how many winners that pound yen short loss erased?
i see ur targettin few pips compared to what ur risking, and that indicator is deceiving most of the times in my opinion.
just looking at ur chart using only price action, they bought the crap out of it on the lows, and this might be just a short pulllback to a fib let s say and continue up. so make sure to not keep the trade open for 2 long. anyways, wish u a lot of luck with this way of trading, u gonna need it.that s a bear trap.just checked my charts, i d suggest u close it if ur trading real money…i m not trying to be a jerk, i just know how much of a toll big losses can have on u.
Yeah thanks man, appreciate the sentiment, it’s closed now but the point was that the entire trade was c0ck up from the start; I never intended to trade at all. Sounds ridiculous but it was an old entry order I must’ve put on days previous which I’d forgotten about. I’d never have taken the trade based on the chart we can now see.
The lesson is cancel straight out of something which isn’t in line with my strategy - esp fk ups like that one
Anyway, my account t is still at +6% and next week we go again. I’d rather make that mistake now with a small account and learn than in 6months when it would really hurt.
Hope you’ve had a more positive week than I anyway @1odi
dude, my advice if ur paper trading, is to start with a balance that u plan to trade in real, and trade that like real money, with the lot sizes tha u d trade in real. see how much u can grow ur account doing the same thing over and over, being ripetitive is the key of consistency. ofc repeat something that works. as for the wide stops and small targets, i really don t like that way of trading for reasons i ve already explained i think in another thread, but if this is how u make money, who am i to say any different…so keep at it, record all ur trades, write down the reasons why ur taking them, the results just so u can go back and see where it didn t worked and why etc…i know it seems rubish but it s what all should do, but most don t, so they keep repeating same mistakes time and time again expecting different results. anyways, whatever works for u bud. cheers
@1odi its a real account, not demo, I demo’ed for 6mnths, learned loads and decided to fund a small account to keep things interesting and to get the ‘real money’ psychology’ out the way.
I’m using this forum as my journal which has definitely helped. Hence why I’m really happy that I’m profitable and will consider upping my account balance if and when I’m confident I’m consistently profitable. I can even absolrb the odd big hit and live to fight another day
So far so good
Currency Pair: AUD/CHF
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: +40 pips
Trade 2: +25 pips
Comments:
As per my previous AUD/CHF trade a few entries above this in my journal, having taken profit on the initial move I decided to place an entry order hoping to catch a continuation. Let’s see if there’s enough steam to get this over the T1 finish line…
Currency Pair: GBP/USD
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: +25 Pips
Trade 2: 0 SL
Comments: Lots of news and economic pressures with Brexit and US trade war - couldn’t resist the chart though. Fingers crossed…
EDIT: Manually closed T1 for profit as high risk news due later. Moved T2 SL to entry for a zero risk punt…
Currency Pair: GBP/CAD
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: +50 pips
Trade 2: 0 SL
Comments: Again, a risky one considering the Oil situation and Brexit… Same rules apply, room to move on the W1 and price action at structure confluence…
Currency Pair: USD/CAD
Long/Short: SHORT
Pips Gained/Lost:
Trade 1: +17 pips
Trade 2: 0 SL
Comments:
This is an entry order set two days ago ( on Sunday as usual ) price action looks good. My only concern is the volatility seeing as USD news due later. I’ll have to keep an eye on it, structure looks good though so fingers crossed.
EDIT: This hasn’t really done much, took a little off for T1 and will go now for the risk free T2.
) price action looks good. My only concern is the volatility seeing as USD news due later. I’ll have to keep an eye on it, structure looks good though so fingers crossed.