New hick trader

There goes the neighborhood! :stuck_out_tongue:

I’m new to trading. I’ve always been interested in it because it gives me peace just watching the bars going up and down. I can sit and watch it forever. So my goal now is to escape out of my dream job (Systems/Network Admin at a fortune 100 company), to work on my dream business (become a pipper :smiley: ).

I traded for the first time in the month of Nov. last year. I lost half my ($300) seed money in my first week, then made it back and doubled up on it over the rest of the month. This is after I took one of the courses offered at FXCM, and so got my $500 class fee back too after making the required 10 trades the first week trading. Probably part of the reason I lost so much was that I was trying to get those required 10 trades in quickly (before a month was up after the course).

I took what I intended to be a short hiatus from trading to try to get some tests required for my job out of the way, because I’m still relying on this to pay the bills. I don’t do well with tests. I’ve had countless instructors tell me that I know the stuff, yet I can’t pass the tests. I just want to move on and get to pipping! :cool:

So now in April, I’m back to trading, and find myself down the first week again. I evaluated what I’m doing, and found that I am going totally willy-nilly and not doing any real planning. I got to looking at Kowabunga strategy and found it very interesting, along with something I read around here - the inside bar.

So I’ve rearranged, reconstructed, and reconstituted the Kowabunga strategy to be what I call, Kowabunga�. It includes the inside bar for an entry/exit/reverse alert within the Kowabunga strategy. It is a more complicated strategy, but with a high probability of great entry/exit points that looks like it will collect a very high percentage of pips. I back-tested it for just April 10-12, and it is up between 100-150 pips each day (if I remember right, for the 2 days total it is up about 275 pips), with about 8-12 entries, and no losses that I remember off the top of my head. I didn’t write down my data, I just looked at it and then the wife came home. I’m looking to forward test it now, just to make sure that my backward thinking isn’t interfering with my backward tests.

The Kowabunga� is a strategy that requires constant monitoring (a few quick glances per hour), unlike Kowabunga where you can set it and forget it. I’m also testing the 20MA and 30MA on the 15 minute chart for more entry points on a trend. So far, the 30MA looks better as the prices dip every once in a while and break through it. It is nice to add to a winning position.

I have to say I like this forum from the couple of days I’ve been here. Lots of great ideas and people.

Happy pippin’!

HiTekHick

So how long are you in a trade on average? Also, are you getting most of the signals at times that you are willing to watch the market? I think if your trades last longer than you are willing to watch, or mostly occur at the wee hours of the night (when I assume you have to sleep for your job :wink: ), then you might be in trouble. This is assuming you have to watch the market, and can’t rely on any kind of notifications, like you say.

Given your situation, I think you’ll either have to go short-term, to the extent that you can open and close all your trades while you are sitting down for a “trading session”. OR, go long-term, so you don’t have to check it at all hours of the day. However, I’m guessing your system will fall apart at significantly different time frames. That’s certainly what I’ve discovered haha.

But anyways dude, I hope you can work something out. I just like to remember that even if I’m earning pip profits, I might be losing out in the real world if I’m spending too much time to get those pips!

hitekhick,

Good work on combining two systems to come up with you own.
Sounds sophisticated.

I like your confidence.

:slight_smile:

I know how you feel. I prefer family over pips.

:slight_smile:

So how long are you in a trade on average?

I didn’t look at the details on this. But I’d say generally from 1 hour to 3 depending on volatility and range vs. trend.

Also, are you getting most of the signals at times that you are willing to watch the market?

I’m up at almost any time of day and can watch it whenever I have a position open and/or use stops. Haven’t you heard? Sleep is for the weak! (I learned this from playing vid games during all the hours I wasn’t working. Of course sleep was eventually needed - that’s what weekends were for!)

[B]But anyways dude, I hope you can work something out. I just like to remember that even if I’m earning pip profits, I might be losing out in the real world if I’m spending too much time to get those pips![/B]

Wife has given me free reign on grabbing pips. She is 100% behind me to make this happen. Of course she still gets attention! I can leave the PC during the middle of the day when everything is quiet! I am also looking at getting this system working to the point where I only have to sit at the computer for 2-3 days a week. Of course I’ll be playing games while trading! But don’t tell the wife that! :wink:

Pipgod, I regained that confidence when I finally sat down and analyzed what I was doing wrong this week. Nothing will stop me from reaching my goal other than myself. That kinda bites due to the fact that I have no one to blame but me. But I’m always analyzing what I do right, and what I do wrong. They both will sharpen my trading skills to do better.

I am very good at trading, it’s just a matter of knocking off the rust. Just one of my many, many talents that God has given me.

I forgot - I did miss that 30MA trend entry at 01:15 EDT @ 1.9809. That would have been a very sweet entry! There will be more!

Welcome, hitekhick!

I have to say I like this forum from the couple of days I’ve been here. Lots of great ideas and people.

I agree with your assessment of the forums.

Please share your progress on the K^2 layout. Good luck with your trading.

I didn’t make any trades, either because I’m gun-shy of pulling the trigger on Kowabunga�, or I just fell asleep, or wasn’t near the computer when something happened. What can I say? I’m getting weak in my ol’ age. I need to get back to eating RAW food so I have my energy and don’t need but 3 hours of sleep a night/day. But on the other hand, I wouldn’t be able to sit still at the computer… That’s what working out is for, eh?

If I did pull the trigger last night and got the first entry in @ 1.9785, I would have been able to collect 100 pips this morning. Even the 1.9809 entry would have been very nice.

I’m wanting to get this system scripted so I can at least have my computer scream at me to wake up and do something, but I just don’t have the time right now.

On the positive side of things (there is one?)… I didn’t loose any pips last night! I didn’t gain either, but that’s ok. I’ve learned that my system is good, I just have to gain more confidence in it.

But now I have to run for a bit. Gotta go poke around at RL… And hope it doesn’t pip back… er… poke back. :o Dog decided to crawl up on my lap, so I have to type this on top of him. Funny dog… We call him Tootsie Pup. A Dagle mutt (Dashound/Beagle). He’s groaning because I’m bothering him typing. All he wants to do is sleep…

Speaking of which, I tend to really ramble when I’m tired. Just an FYI…

Soooo many **** words I could use for having an appointment today @ 11:30am EDT… But… I shall refrain from using them and be happy that I lost no more money this week. I’m pretty good at trading news, but I should wait to knock off a bit more rust before I try it again.

Hope those that traded the news made it good.

Enjoy the weekend folks, and see you on the flip side - pippin’ hard! :cool: