Just butting in quickly for monthly progress update.
Stacked for time, but will be here.
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Congratulations on the new arrival.
Congratulations for making it here brother.
From now on, you’ll need approximately 9 years and 363 more days to become a consistently profitable trader…
Good job and keep it up!
I’ve read this thread multiple times since I first came across it and as a result of the success it brought me I decided to sign up to the forum to post.
I started trading live in March of this year, which might seem foolish but I had been learning and on demo for circa 18 months prior.
My starting balance was £5500. For context this was money I could afford to lose as I have a full time job which pays reasonably etc.
Between march to early June I lost £1319. Not great but people have it worse. Plus I didn’t really care too much as I wanted to see if I could make a small side income from this and if it didn’t work it didn’t work
Then I stumbled across this thread in early June and things changed…for the better.
My balance has increased from 4181 to 5195 in a month. Plus I haven’t taken a single loss since 1st June.
I think what worked well for me was the much smaller position size and wider SL. Plus I’m a firm believer in simplification, if I can put a position on and chill then I’m happy to sit in dd for a decent amount of time.
Thanks for creating the thread, I hope there will be more updates although I appreciate you’re probably especially busy currently!
Hey pizza boys, anyone in EURCAD LONG?
@The_Baller Thanks for your awesome helpful advice. It has totally shifted my mindset.
I am looking to sit exams to get certified and boost my CV.
FCA has guided me to this link and the Activity Number I’m after is 13 - Giving personal recommendations on and dealing in derivatives.
https://www.handbook.fca.org.uk/handbook/TC/App/4/1.html
What’s the most appropriate exam for UK standards, widely acceptable, boosts CV the most for this case?
GBPCAD chikou Span is about to penetrate the Daily clouds today. It has already broken the weekly and Monthy resistance
GBPUSD looks like a long-term buy if weekly candle closes beyond the cloud today
USDCHF monthly is very likely to close beyond support
No problem.
It all depends on what your end goal is.
You could do this;
or this;
or just something else, plenty to choose from, all depends on where you want to go.
Thank you.
Still going, slowly but surely.
Been a long, drawn down last few months, and still going!
Close to the £30K mark.
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Sorry for chiming in late, hope you’re still going strong.
A £1319 loss isn’t bad for your first crack, I remember when I lost £700 in 20 mins on oil the first time around.
Nice to see your balance getting closer to break-even!
That’s exactly it, this isn’t rocket science, just the pure and simple methods.
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Yeah still going strong, balance has just tipped over breakeven and that’s considering I took my first loss since 1st June which cost me 5%, this didn’t hit a stop I manually closed it as I completely cocked up the direction. The bigger picture is more important and at the end of the day I’m still up.
Also embracing dd and viewing it in a different way, I no longer care about the smaller moves just thinking long term.
Cheers
Woow! very interesting thread. Not actually sure about the Real Accounts the OP is managing, but honestly I don’t give a f%$!.. I try to focus on the actual system,
Not yet backtested, but if you have the balls and patience to stick to the plan, perhaps it can work. Not for every trader, as many don’t have what it takes to sweat for a few days while the trade develop.
Just wanted to post a few screens that I have plotted based on some of the trades the OP has taken in the past
- NZD JPY 3 SELL trades - 0.5 Lots each
Signal in the weekly: Ichimoku span is under price, SL also give by it. Not sure if this is the correct way to set the SL.
EDIT: Just realized the Signal Arrow is misplaced, It has to be more to the left of the picture, so I wouldn’t know where to set the SL. If it’s above the price, I think it’s way too much Risk.
Here we can see the 3 trades in the short term (1H timeframe)
Same logic applied to the to a different pair
- NZDCAD. 5 sell trades. 0.7 Lots each
Some things I’m trying to figure out:
-
Is the SL level set just above the Ichimoku Span or with more gap? I think if we based the SL on price, the risk is just to high.
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Why open and close trades instead of letting the same trade run? We are paying extra commisions or spreads because of this.
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What’s the logic behind taking profit? Any rules or guidelines?
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Do we trade all pairs, or does this system fail in some of them?
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Are there any ther filters in order tio decide if we take the trade or not based on the weekly Ichimoku Span.
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What do we need the monthly timeframe for? I read for support and resistance, but I feel that if we use this levels, the risk is waaaay to high, compared to the size of our operations. Honestly, I can’t see anything in the monthly. Maybe
I thought Chikou Span should be both above or below price, but naa; The latest trades from the OP respect only the weekly C. Span. They are on the other side for the monthly, like in the EURJPY Buy
This was like finding pineapple in my pizza! Everything made sense before finding it.
Monthly and Weekly both will show S and R levels. Guess we will only use the ones which are nearest to the price at the moment of the trade.
OP’s long time no see!
We are currently living the hard times for traders who follow the trend following Philosophy. Markets are reversing or showing lateral movement lately.
How you doing OP? you taught us in the good times, and now you abandon us 
when we more need you, when we need the important lessons in psycology and drawdown management.
Hey Baller, long time no see!
Hope you and the mini-Baller (and Mrs Baller, of course!) are well?!
What’s been happening trading-wise since early August, when we last heard from you?
Are you continuing with this ‘£10k Gamble’, or have you called it a day?
Given the ongoing unpredictable markets (and I don’t see that changing anytime soon, what with more lockdowns and the US election), are you still using the main strategy explained here to trade? If so, on what timeframe/s?
And if you’re still using it, what are your results like now?
I’m a newbie to trading, and appreciate all the help and advice I can get! I did much of the Babypips course a few months ago, and have been dabbling in a bit of scalping on a demo account just to get the hang of things. However, I’ve been reading this thread over the last few days, and I much prefer the sound of your strategy as, due to having a baby to look after, my time is extremely limited and full of interruptions! (And yeah, she’s already placed a few trades herself! 
)
Many thanks for all your inspiration and advice, it’s very much appreciated!
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I’m obviously not the baller but I’ve been using this method on a real account with real money and I’m up 56% since 1st june. It works, but its not for everyone. I’ve had a position in dd for around 2 months and some people just can’t deal with that.
Thanks very much for your reply!
Great results! So are you plotting S & R on the Monthly and Weekly charts, and entering trades on the Daily ones?
Yes to plotting monthly and weekly.
I personally enter on the weekly. I rarely take notice of anything below the weekly.
As a side note I’ve not had a stop hit in the entire time using this strat, my only loss was a 5% loss which I chose to close and in hindsight I could’ve kept it open and just waited for it to turn around.
I’m trading on a 6.5k account and risking between 5-10% which sounds like a lot, however, as demonstrated previously the likelihood of you getting pinged out is so low.
I personally also want to vouch for this strategy. I have been testing it on demo since I came across this point in September and have now hit an increase of 50% on my initial demo capital. My plan is to stick to demo til the end of the year then reassess if this is something I want to carry on with going forward.
It’s worth noting that although I’m up 50% from a 5K demo account, I am currently in about £800 DD from 5 trades. Last week I did not even bother looking at the trades until Friday because i knew it would take that long for the trade to swing back in my favour. I’ve also been in the same trades waiting for TP to hit since September.
Overall I have slowed down in recent weeks (got to 40% in about 4 or 5 weeks) but the strategy seems to be working.
Hope I was able to help someone the same way this thread has helped me take a healthier more laid back approach.
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Thanks for your reply! Good to know it’s been working for you too.
Are you also entering trades on the Weekly charts?