AHhh my man teaming up with David Icke. Pizza with AntiZionism David Icke - 9/11 - THE TRIGGER: The Lie That Changed The World - Who Really Did It And Why - London Real
@The_Baller do you mind me asking how long and how deep your worst drawdowns tend to be? I am making poor quality entry decisions in the simulator it seems and get stuck nursing them for weeks on end, not knowing if it is a blip or a reversal.
I thought about hedging to deal with this, but maybe I just need practice making better trades.
is this pair not going sideways ?
I know a few people that do this all the time - and make a lot of money.
1 Like
Worth a listen for sure.
The longest I’ve been in DD for a particular trade, probably around 3-4 weeks. Pips wise (people always put the emphasis on the pips, when it should be the $$$), it was around 500 pips, but in terms of $$$ it was £500.
I remember this one because I ended up just holding it for months and months until it closed for around £6K.
I’m not that great at entries myself, but haven’t had any major issues.
May be try going to a lower time frame, i.e. the daily to get a better entry.
3 Likes
Yes and it makes so much sense…What would be a a great rule for how long the distance of my stop order should be trailing behind the CMP? 1 weekly ATR, previous month low or open or what?
I think he is generally setting his stops just on the other side of the nearest major support or resistance point.
Edit: actually I think I misunderstood your question sorry carry on.
1 Like
I’ve been using your strategy since shortly after this thread started and so far, it’s been working very well for me. It’s such a relaxed way of trading and I like it.
There is one thing that’s always in the back of my mind though - and I hope you might have some thoughts on this.
Remember back in the middle of January 2015 when the Swiss Bank did something (can’t remember exactly what), which caused the CHF to suddenly “gap” in a huge way … like … big time.
My greatest fear is, that if such a thing happened again (on any currency pair) then it could quickly take out an entire account where the strategy includes large drawdowns while waiting for things to turn around.
I did notice though, that on the CHF related charts that I observed, the currency pairs were sitting at a weekly resistance level, so it’s possible that, using your strategy, it might have worked just as well in your favour.
3 Likes
Forgot to update this week.
Nothing much going on.
Total so far is at £11,100.73 to be exact.
For those into all these equity charts.
2 Likes
It’s always something to bear in mind, that’s why you should only invest what you can afford to lose.
That means, not investing your life savings, partners life savings, money you need to pay your mortgage and bills.
Even if you plan for every single scenario you can think of, there is always something else that could catch you out.
Personally I’ve never been affected by any gaps or flash crashes and if I was, I wouldn’t be losing 100% of the hard work and time invested, I’m always withdrawing cash on a regular basis.
3 Likes
On a side note, this was pretty interesting, Day Trading for a Living?
We show that it is virtually impossible for an individual to day trade for a living, contrary to what course providers claim. We observe all individuals who began to day trade between 2013 and 2015 in the Brazilian equity futures market, the third in terms of volume in the world, and persisted for at least 300 days: 97% of them lost money, only 0.4% earned more than a bank teller (US$54 per day), and the top individual earned only US$310 per day with great risk (a standard deviation of US$2,560). Additionally, we find no evidence of learning by day trading.
8 Likes
This Method still working for me. Been a quiet couple of weeks but the AUD retracement at the end of last week let me close a few in profit. Just need the cad to do the same now
1 Like
I always have to remind myself of this. Follow the leader not the lemmings.
2 Likes
Ok, so after a few delays, I’ve started testing this out on a 1k demo account. 1% up after 3 days, but I’m not confident that I’ve read these charts correctly.
Can @The_Baller provide some feedback on the below please? Just showing 1 of 7 positions. I currently have open (AUD/USD)
1 Like
All I can say is looks good to me.
I been short since end of August now.
First area to take profit would be somewhere here. Ideally just before.
2 Likes
Awesome, thanks man. What’s the reasoning behind placing the TP there though? Thanks again.
1 Like
- I’m happy with making a £9K return if price goes there, you can’t be greedy.
- Many many years ago, price got to that point and then reversed.
4 Likes
Right demo week two coming up, this time with what will likely be as close to real world conditions when I go live with this strategy:
£10k account
1:20 Leverage
Risk up to 10% per position to determine SL
0.5 Lots
TP depending on where I think the trend is going
Messing around in the platform though, it seems lot size is irrelevant if I specify a SL percentage. Is that correct or have I missed something glaringly obvious?
Thank you.
1 Like
How are you determining your SL?
If you are determining the SL position based on a certain location on the chart/number of pips away from your entry then you simply adjust your Lot size to achieve your required risk % - in your case 10%.
0.5 Lots may not always be the case to achieve your 10% risk.
1 Like