Not THAT quiet!! it’s high leverage, to put it simply is maximum ‘stake’ on 50:1 leverage.
It’s just under 2% profit this week. I’ve traded around 6 hours I think, not too bad a return.
Or maybe I’m a contrarian indicator suggesting you should add to your long… 
Looks that way right now.
Interesting thread to watch.
Best Regards,
Matt Jones 
.
Well, after triggering my order silver spent most of the day mocking me and then the fed adjusted their discount rate and charts went crazy closing the day as a bearish doji.
Nice when it works out like that. The trade is alive and the outlook seems good right now at least. We will see.
If I wasn’t such a careful trader I’d strongly consider going long USDCAD now too.
Silver trade was stopped out today for a 3% loss.
On to the next trade.
Depends entirely on what the market is willing to give.
Tomorrow I will see if there’s anything on the weekly charts of interest.
Been shoveling snow off of the garage roof for three hours today. A bit tired now and hungry.
Weekend charts have been checked and USDNOK and USDCHF look interesting. Of those I’ve chosen the USDCHF.
On the chart we can see price stalling and reversing away from the 1.09 PPZ.
USDX shows two bearish bars ending last week
MACD divergence
2 bar reversal formation rejecting 1.09
Plenty of space to run = nice potential R
Chart:
I’ve placed a short order at 1.0715 with a 200 pip SL, 3% risk.
Let’s see how this goes.
USDCHF hasn’t triggered but I’m keeping the pending order.
I’m also adding another pending order, this time on CADJPY.
Entry at 87.05, SL at 88.45 and 3% risk. If both trades trigger my maximum allowed exposure will be reached and I’m looking at a potential 6% loss. I have to admit I’m considering switching it down to max 2% per trade, not entirely sure I’m comfortable with 3%. Two winners may sway me though…
Here’s the chart:
Sometimes life displays some irony.
The USDCHF was triggered… price reversed [B]exactly[/B] at my entry level. Since then it has been going up and we’ll see if it was a mistake trading against the daily hi/lo pattern.
CADJPY has behaved much better and thanks to that trade my floating p/l is in the green. I have moved SL on this pair to BE so total risk is now reduced to 3%
I’ve also made a decision - after these positions have played out I will reduce my position size from 3% to 2%. I’ll be more comfortable with that.
I may have a look at the charts later but first some household chores… Blast that equality between the sexes.
I just closed both trades, USDCHF for a loss and CADJPY for a nice profit. This brings February into profit and money addition is now allowed.
I’ll post in more detail tonight on why I closed them out, etc.
Ok, that post will have to wait til tomorrow, time flies…
I see Gold and Silver are a bit interesting after a quick glance at the dailies. Well, no trades for me tonight, it’s off to bed!
As February 2010 is drawing to it’s trading close I’ve calculated my trading performance for the month. In spite of two losers and only one winner, I grew my account by 2.93%. Below my target but I’m still quite happy about it.
Through compounding since inception of my trading I now have:
((1.0552 (jan) x 1.0293 (feb)) x 100) - 100 = 8.61% organic account growth to date.
To that I add my deposits after each profitable month to get my total account growth. That number however says nothing about my trading performance and is of no value to post here.
Managed 3 PIPS had a busy week - drop parent at hospital, parent gets new knee, visit parent many times, squeeze in a little trading. Percentage wise barely 1%
Sounds like a good result relative to the time you had available. Parents do take priority over money. Any day.
Great patience Magnus, nice job!Your 2010 journey is off the ground.:)Love your account building plan as i have stated in other threads.
Quick update.
I’ve decided to switch to 2% risk for all my trades. 3% felt like a bit too much. After all, priority no 1 is capital protection and only after that comes profits.
I’m also now measuring my performance not only in % but also in R units.
Updated version of my trading plan:
[I]Rules and Goals
[/I]
[ol]
[li][I]Main goal for 2010 is for the trading account to show a positive balance by 2010-12-31 as compared to it’s balance on 2010-01-01[/li][/I]
[li][I]General goal is to achieve an average of 5% or more account growth per month consistently over time[/I][/li][li][I]Only time frames allowed for trading are daily and weekly. Monthly and 4H may be used for directional bias[/I][/li][li][I]Risk will always be 2% of account on every trade[/I][/li][LIST=1]
[li][I]No more than 4% of account may be at risk at any one time[/I][/li][/ol]
[li][I]All chart analysis is performed on a FXPro demo[/li][/I]
[ol]
[li][I]FXPro daily candles are used for daily bar cut-off[/I][/li][/ol]
[li][I]All trades are entered at the break of the setup formation[/I][/li][li][I]Stop Losses are always used and are always placed a small distance beyond the high/low of the setup formation[/I][/li][ol]
[li][I]Stop Loss is moved to Break Even when the trade has moved enough into profit that a retrace to the entry point would suggest the potential failure of the setup[/li][/I]
[/ol]
[li][I]Charts and trades are checked/managed only once per day, in the hours before FXPro starts a new daily candle[/I][/li][li][I]Exits are performed by trailing the SL behind S/R levels for trades with the trend, and with fixed full TP for counter trend trades[/I][/li][ol]
[li][I]No partial exits and no scaling out[/I][/li][/ol]
[li][I]Additional funds will be transferred to the account after every net profitable month[/I][/li][ol]
[li][I]Break even months are counted as profitable[/li][/I]
[/ol]
[li][I]Setups are based off of technical analysis alone.[/I][/li][ol]
[li][I]News/fundamentals etc is entirely ignored[/I][/li][li][I]Setups are chosen based on Pring/J16 methods[/I][/li][LIST=1]
[li][I]Only the absolutely best are chosen[/I][/li][li][I]A guess/estimate is 0-5 trades per month[/I][/li][li][I]Every trade has to be able to offer a reasonable expectation for at least more than 1R[/I][/li][li][I]Screenshots of entries and exits will be taken for all trades and posted in my trade records (and sometimes in my babypips thread)[/I][/li][/ol]
[/LIST]
[li][I]A rough outline of the chart analysis:[/I][/li][ol]
[li][I]Location[/I][/li][LIST=1]
[li][I]Relation to PPZs, trendlines, round numbers[/li][/I]
[/ol]
[li][I]Pring chart patterns present[/li][/I]
[li][I]Trend or range[/I][/li][ol]
[li][I]Trend[/I][/li][LIST=1]
[li][I]with the trend[/I][/li][LIST=1]
[li][I]same time frame[/li][/I]
[li][I]higher time frame[/I][/li][li][I]zoomed out lower time frame hi/lo pattern[/li][/I]
[/ol]
[li][I]counter trend[/I][/li][/LIST]
[li][I]Range[/I][/li][/LIST]
[li][I]Candle formation quality[/I][/li][li][I]Confluences supporting the setup:[/I][/li][ol]
[li][I]Moving averages such as EMAs 50, 100, 150, 200, 365[/I][/li][li][I]Oscillator divergence, such as MACD, RSI etc[/I][/li][li][I]fibonacci confluences[/I][/li][li][I]Etc[/li][/I]
[/ol]
[li][I]Space to move / expected minimum price target zone[/li][/I]
[/LIST]
[li][I]LITS[/I][/li][ol]
[li][I]First LITS trade may only be taken after six consecutive months of profit[/li][/I]
[li][I]Max six LITS setups can be traded per year[/I][/li][LIST=1]
[li][I]Entry on the break level only[/I][/li][li][I]Maximum total account risk for a LITS setup is 5%[/I][/li][li][I]Can only be traded on the following pairs due to spread[/li][/I]
[LIST=1]
[li][I]AUDUSD[/I][/li][li][I]EURGBP[/I][/li][li][I]EURJPY[/I][/li][li][I]EURUSD[/I][/li][li][I]GBPUSD[/I][/li][li][I]USDJPY[/I][/li][/ol]
[/LIST]
[/LIST]
[/LIST]
Very well done Congrats… Ken
Thank you Ken!
I’m going to read your Motivation thread btw, it’s high up on my lengthy to do list.
Nothing tradeable for me tonight.
I’ve criticized DailyFX before and I can’t help myself from doing it again today.
Today, they opened a EURGBP position (the one that shows as open in the screenshot) which was, as they phrased it in an email: railroaded. (aka SL got hit)
Look at the other two positions they’ve got open and notice the fact that they are running them without a stop loss. Potentially they’re looking at a limit-less loss by trading like that. :eek:
Both trades were opened with stops but when price fell and the stops were about to be taken out, they removed their stops and declared that they were anticipating a major correction and that they would hold the positions without hard stops. If that’s what we’re supposed to do - then why place a stop to begin with…?
Well, look at the entry price and then if you’re interested, look where price closed on both pairs today Monday.
This is what happens when discipline is not what it needs to be. Remember that these guys are supposed to be professionals. I think I’ll just manage my money myself thank you very much… My equity is up for 2010, theirs is down, not to mention the drawdown they’re in…
I think the lesson here is twofold:
- Don’t trust the so called “pro’s” - there’s no guarantee that they actually deserve their title
- DO NOT trade without a stop loss - if you do then your potential loss is limit-less
edit: perhaps I should clarify that I’ve never traded on their advice and seeing stuff like this proves to me that is a wise decision. Trust in yourself and in nobody else.