Btw…
$5,000 DEMO account.
Nearly 100% in 3 days…
Yes, I am a full time trader, ask away 
Nice going. always nice to watch a bit of success!
Hi Aussie.
just one question. The market does only three things.
- Moves up.
- Moves sideways.
- Moves down.
volatility controls range of movement over set time, like turning the volume up or down.
So why does back testing only prove what happens in the past but not the future? The markets cant move in 3D.
My point is back testing a minimum of 100 trades would give confidence & understanding of your strategy especially through periods of draw downs.
I myself traded like you but in the end I got my arse and confidence kicked hard.
All im saying is by investing time to back testing your strategy/approach to trading will turn your trading from a hobby to a business.
Most businesses fail even with a good strategy.
I really dont want to put a downer on your thread, but hope you remember what im saying when things blow up.
Back testing is hard work when done correctly, also boring at times, but necessary to move forward. I believe there maybe the very rare individual who has the right strategy with the right mentality to succeed without some form of back testing.
I for sure am not one of them.
Enough said. Good luck my friend.
The above response was for quote.
[QUOTE=“Tyrone Archer;610452”]Hi Aussie. just one question. The market does only three things. 1. Moves up. 2. Moves sideways. 3. Moves down. volatility controls range of movement over set time, like turning the volume up or down. So why does back testing only prove what happens in the past but not the future? The markets cant move in 3D. My point is back testing a minimum of 100 trades would give confidence & understanding of your strategy especially through periods of draw downs. I myself traded like you but in the end I got my arse and confidence kick hard. All im saying is by investing time to back testing your strategy/approach to trading will turn your trading from a hobby to a business. Most businesses fail even with a good strategy. I really dont want to put a downer on your thread, but hope you remember what im saying when things blow up. Back testing is hard work when done correctly, also boring at times, but necessary to move forward. I believe there maybe the very rare individual who has the right strategy with the right mentality to succeed without some form of back testing. I for sure am not one of them. Enough said. Good luck my friend.[/QUOTE]
Hey Tyrone, appreciate the post mate,
A few reasons i don’t like backtesting
- In a ever changing economic environment how can the past predict the future.
- you can not back test fundamentals
- As always, in my trading, my life, my work, why focus on the past when you can focus on the present- lets face it we all have a LIMITED amount of time on this earth. Backtest for 3 hours a day or play in the present for 3 hours a day?
I agree - there a very successful systems out there BUT they ALL are constantly updated- to suit the present… And most of them have 20+ computer geniuses working around the clock on them. Im only one guy, and not a computer genius.
The point I’m getting at is I’m slowly turning into more of a fundamental trader then a technical. And, you can not backtest fundamental movements.
Please feel free to post mate, its good to hear other prospectives.
[QUOTE=“AussieXXXXnoob;610340”]In regards to Risk. I have 5k as a portfolio and only playing with $200 atm If i blow a $200 acc well i have lost 4% of my account. Usually per trade i risk 20-30% however my risk to reward is 1:3 so i stand to double up on my trades. If my maths is right this means im risking less then 1% per trade… I know this probably isnt logical but it what is working for me, and as we all know, especially you experienced guys, if it makes money then your doing it right, right?[/QUOTE]
AdamJn,
First off, congrats on full-time mate! A dream for most of us 
I realize the risk strategy above is a bit backwards, but, do you think this is the same as trading my 5k account with a 1% risk per trade?
Also, given this is what i am doing, at what point would you advise i pull from my original $200 and add to my true balance?
Ie, my account is now at $464.00
I need a system for risk in which i know when to pull funds out of a high risk account, if im risking to blow up a $200 account should i pull at $600 ?
What is a decent risk : reward in what i am doing?
Sorry if this doesn’t make much sense lol.
Cheers
[QUOTE=“BlueHenry;610444”]Nice going. always nice to watch a bit of success![/QUOTE]
Thanks mate force be with you blue henry!
Ive been reading your log, hang in there mate, we are all in the same boat lol
Interesting posts so far…keen to see how long you can keep this up.
I do agree its almost impossible to back test fundamentals. If your strategy is just off purely fundamental analysis, then maybe your on to something here. As a pure technical analyst, this is not my territory so I cant comment. It will be interesting to see how it goes this year. Your doing well so far.
From now on ill try post my entries here
Going to post my updated strategy / system for you “system guys” in a couple of hours
Ok Fellow Retailers, --MARKET OPENS IN LESS THEN 7 HOURS-- hope you guys are as pumped as I am !
Strategy this week / updated trading Strategy,
Technical Indicators (as attached)
Moving Average - confirm on 5 / 15 m charts
Alligator - confirm on 15 / 30 m charts
MACD - confirm on 5m - 1hr charts
Fundamentals
Wait until after major fundamental releases - go with the trend, confirm with technicals to attempt to avoid over bought or sold.
I want to stay in trades this week for anywhere between 1-24 hours. When i started this log i was more of a scalper, I want to give intra day a shot this week.
Set SL at no more then 20% of account. This week for me, is all about correct entry’s.
I will be watching all AUD crosses, my personal opinion is AUD will drop, lets see some positive fundamentals come out of other currency’s and see what happens. Ill post here when i trade, i have not yet looked at my calendar so unsure at the moment,
HAPPY TRADING!
Original goal… 100% / month. System : ADAPT TO THE MARKET - REALTIME.
FEB $200 initial
MARCH 1 month - 400 - ACTUAL - $424
APRIL 2 month - 800
MAY 3 month - 1600
JUNE 4 month - 3200
JULY 5 month - 6400
AUG 6 month - 12800
SEPT 7 month - 25600
OCT 8 month - 51200
NOV 9 month - Quit my day job
Btw
Under no circumstance will i be buying EUR or USD < will sell at any opportunity.
Who knows what the Russians are doing.
Sell AUD/JPY at 93.030* As said in a earlier post we have been expecting this. Im fairly confident its confirmed. Lets see
*edit
My only concern is support is at 93.
It took a bit to crack 92.900 - 93 resistance last week, so wether or not that has now formed into a support, only time can tell.
If it does break past 92.800 ill be sitting on my sell for some time, keep you all updated.
[QUOTE=“AussieXXXXnoob;610799”]Btw Under no circumstance will i be buying EUR or USD < will sell at any opportunity. Who knows what the Russians are doing.[/QUOTE]
Wow good point about the whole discrepancy between the US and Russia bro! I didn’t even take that into consideration :-/
[QUOTE=“PlPSTAR;610942”] Wow good point about the whole discrepancy between the US and Russia bro! I didn’t even take that into consideration :-/[/QUOTE]
Im noob myself… Noobs read this… Just saying… “Bro”
Ouch, ok
AUD/JPY
Sell .2 @ 92.909
Sell .1 @ 92.959
Sell .05 @ 93.031
BUY .35 @ 93.110
Im now hedged -$70
I love being in a sticky situation. That happened fast.
Will keep you updated on how i attempt to turn a bad trade into profit !