What sort of realistic target is achievable each month by using the system?
How long is a piece of string?
Everyoneās consistency, results & profit margins will be wholly dependent upon their experience, skills, competence, capital deployment & risk appetite.
You canāt measure, or accurately compare it from one user to another, especially when trading a discretionary approach.
Thereās no such thing as an average return in this game.
I know everyone trades differently and can have various profits each month but I just wantes to know what a realistic target may be. Something like 10-20% each month. Can this be done?
I wonder because I want to set myself a target for each month.
It probably could if the trader was sufficiently experienced, competent, possessed the necessary skills, was adequately capitalised & had a very good appreciation of risk.
Based on what?
Surely not someone elseās data/results.
You dont seem to understand my question.
I am not trying to copy someone else or base my trading on someone elseās ability etc etc.
I just want to know what a realistic target would be good for a months trading. I think I might stick with 10% and see how it goes.
Plucking percentages out of the air based on nothing whatsoever is a recipe for disaster.
Wouldnāt it make more sense to familiarise yourself with the approach, test it out either on a demo account or a small live test account & begin compiling a set of stats that you can accurately measure your progress against?
That is the only realistic way youāre going to be able to logically determine whether this approach suits your style, risk appetite, time & frequency allotment & forward potential.
You will then have your own very personal & realistic record of weekly, monthly & quarterly progress figures to gauge & measure your activity.
Just start not losing and thats good.
It is possible to achieve 10% monthly but i think you need to focus more in not losing than in the profit. I agree about trading demo fir three months to collect stats, then you will be able to answer your own question.
I agree , just start trading the system responsibly and then you will be able to set weekly and monthly goals. The answer to your question is not easy to answer. If I had trade signals across 6 pairs for example. Do I have the capital to trade all 6? Maybe , maybe not. Do you understand the answers? So the system maybe can generate 1000 pips a month for example. If you have the capital and proper risk management to take every trade. Good Luck !! Have a great year !
Iāve entered 3 trades today with the 3 Ducks Method. I am short eurusd euraud and eurcad . Currently all in profit . I will post the results.
Went short at
eurusd 1.3065 SL 1.3080 TP 1.2800
euraud 1.2459 SL 1.2469 TP 1.2323
eurcad 1.2890 SL 1.2907 TP 1.2761
Pretty tight stops . we shall see
Just closed all my trades for a nice profit of 5%. Audjpy cadjpy and eurjpy
The three were longs and they won about 300 pips aj and cj but ej lost 100 pips.
My trading improved a lot since dec 12 when i started checking which currency is stronger and which one weaker when i have ducks on correlated pairs.
Looking at the Eurusd pair, if 60ma moves above the price we look to buy? But already it is above 60ma on 1hr and 5m charts?? do we have to wait for it to re-cross when it takes over the 4hr chart??
thanks
You need to have all the ducks aligned.
You must start with 4h. If 4h is not in good position, then you can ignore the pair and look for another one.
You must read the Captainās ebook, 4h is to define the main trend, 1h to confirm that trend and 5m to define the entry.
Also you should read the thread, because if you are trading correlated pairs you can improve your performance choosing the best of them. I can assure you that it helps.
For example, I was trading eurusd, gbpusd, eurjpy and gbpjpy following the ducks. And sometimes they was good, sometimes not. But when I started looking which one is stronger and which one is weaker, then my trading started improving, reducing the losers a lot.
thanks medisoft, i got the ebook but was confused that on 1hr and 5m it is already above. so when the price rise above 4hr i can go long if the 1hr and 5m price is above 60ma when it break new high? I get all 3 need to be over the price for it to apply. thanks again for replying and helping
The ebook is in stages.
First you need the 4h duck, then the 1h duck and finally the 5m duck. Donāt do that in any other order.
The fact that you are right now looking at 1h and 5m ducks shows me that you are jumping above the 4h duck, and that is not following the rules.
If the 4h duck is not OK, then you must stop and look at another currency pair. At least this is what I call āfollowing the rulesā
eurusd closed +28
euraud and eurcad closed +3 each
The eurcad and euraud were not looking good.
I closed these about 24 hours ago.
Iām inside AUDJPY, CADJPY and EURJPY, all long, all free trades, all in profit, floating profit of 8.6 % of my account.
audjpy has 2 trades, the same for eurjpy. And all of them are just waiting for a new entry when the last high is broken.
HI,
May I know how u close your position? Iām in the same position with u but closed the position with a 1:2 profit .I would like to stay in the market longer but donāt really know how.
thank you.
Andy gives a couple of examples of trade management, including trailing positive open profit positions in a recent video yoshi.
There are also a few posts scattered throughout the thread from other contributors giving precise details about trailing & tracking winning positions for those interested in rolling their bets over.
Search for DoubleEchoās posts on this thread. I remember him contributing some very good trade management material directly related to this approach.
It doesnāt do any harm every now & again to have a leisurely stroll through the content within the thread. Itās not like itās overly long & there will always be something you missed first time around that will add a little more value to your knowledge.