The Forex Portfolio - How to Gain Consistent Profits by Staying in the Market 24/7

[Beginer22]

Dear MG,
very impressive. If I get out of my GU trade with at least BE, in general I will be in positive side. Thank you for sharing your methodology. Now, if it is possible, could you please share which pairs are you in trade, mentioning L or S direction? Can you also inform when you open new position and closing old position here, in your thread. Such information would be good support for newbies like me and to conduct early health check.
thanks in advance,
Beginer

[Beginer22]

Dear MG,
sorry me again. What is your current look at GU?
thanks in advance,
Beginer

[mastergunner99]

I really appreciate that you are doing this thread. Let’s face it, trading is a very enjoyable activity for many of us. I’ve stayed away from swing trading up until now in favor of day trading, largely thinking that I wanted to day trade to feel more involved with the market. That was totally wrong. This is a very enjoyable way (and obviously profitable for those who get good at it) to approach trading and can keep you as active as you want I think. I really need to be doing this more actively in my demo account. Thank you for sharing and taking the time to be responsive with this.

You are welcome.

[mastergunner99]

Dear MG,
very impressive. If I get out of my GU trade with at least BE, in general I will be in positive side. Thank you for sharing your methodology. Now, if it is possible, could you please share which pairs are you in trade, mentioning L or S direction? Can you also inform when you open new position and closing old position here, in your thread. Such information would be good support for newbies like me and to conduct early health check.
thanks in advance,
Beginer

No. I won’t be doing that. It is far too much a commitment with time to update every trade I have.

[mastergunner99]

Dear MG,
sorry me again. What is your current look at GU?
thanks in advance,
Beginer

Bias is short. Current candle clearly shows direction of price.

[sstrnod]

MasterGunner,

You’ve mentioned the necessity, of course, of having an [B][I]Edge[/I][/B] in order to be consistently profitable long-term.

I do love the simplicity and ease (and small time commitment) of analysis inherent in your methodology, [I]especially[/I] the aspect of caring not a whit about spreads or stop-hunting.

Aside from (1) the other traits of a disciplined trader (money management, particularly position size as well as cutting losers short and letting winners run; planning your trade and trading your plan) and (2) the potential hedging somewhat inherent in your methodology – which seem to me to contribute to an Edge – [I][U]do you have something else you’d consider your particular Edge (that you’re willing to share)[/U][/I]?

I’m guessing [B]your specific Edge[/B] is simply the experience and application thereof of reading price action – being correct “enough” in your bias and therefore correctly identifying/taking advantage of price movement in that direction (maybe more times than not, although one can still be right less than 50% of the time and be profitable with a very good reward:risk ratio – as you are proving).

[BTW, one thing I’m noticing: I’m now in 5 profitable trades where the bearishness of the GBP is a common factor. So there’s also an aspect of amplification, in addition to hedging, in your methodology. And when you’re correct on the relative strength of one currency, you can really let 'em run – whereas when the opposite is true, you’d better be able to pull the trigger and cut those quickly.]

Thanks again!

• Shain

[taylor0583]

MG –

I’ll echo the sentiments of gratitude. I’m new to the babypips site but that I’m not new to losing money in trading (not limited to forex). Part of my problem was my lack of discipline to stick with a methodology that fit my lifestyle and relied on the trend & price action, not a mess of indicators. I’ve followed this thread from the first post and I’m glad that I have because it’s taken away that sick feeling I get in the pit of my stomach when I see I’m 50 pips down in a trade. If I’ve got the “correct” bias, position sizing, money management, and enter on a solid PA signal, I feel confident that I’m in a good trade. It may not always work out the way that I want, but now I don’t feel like I’m just giving away money to the forex machine.

sstrnod – thanks for the painstaking analysis a few pages back. It’s nice to compare notes and see what’s going on in the minds of other folks working with this methodology (I’ll be interested to hear MG’s answer to your question above).

I’ll continue to use this method trading only daily charts…and even if my equity doesn’t immediately grow I’m pretty sure my patience and discipline as a trader will.

[mastergunner99]

I think instead of just briefly spatting out an answer about the edge, I’ll sit down this weekend and right a proper post about it.

[mastergunner99]

Glad you are finding some value taylor0583. Having a calm demeanor helps to control your emotions while making decisions in the market.

Quite honestly, I find it tedious and boring to even spend the 20 minutes to adjust my portfolio. The process is so automatic and I am able to trust my decision making that I know that despite the immediate outcome I will still come out ahead in the end.

[fortnight]

Possible tweezer alert on daily EUR/CAD… If I’m following the MG philosophy correctly, wait a day or 2 for the drop to confirm.

[mastergunner99]

Possible tweezer alert on daily EUR/CAD… If I’m following the MG philosophy correctly, wait a day or 2 for the drop to confirm.

I’d want that to close below that low point, before changing my bias. Assuming it actually does drop.

[sstrnod]

I’d want that to close below that low point, before changing my bias. Assuming it actually does drop.

Agreed, my bias on EURCAD is bullish as well.

I assume by [I]“that low point”[/I] you’re referring to the lowest retracement price thus far (around 1.3339 on my charts) …

[mastergunner99]

Agreed, my bias on EURCAD is bullish as well.

I assume by “that low point” you’re referring to the lowest retracement price thus far (around 1.3339 on my charts) …

Yeah, that’s what I’m referring to.

[sstrnod]

*** [B]EDIT UPDATE:[/B] Please ignore this post with [U][I]incorrectly calculated values[/I][/U] and see post # 414 instead; apologies ***

Using the [B]MasterGunner99 Methodology®[/B] (MG99M) – aside from one stupid mistake that cost me a 100 pip loss – here are my current open positions (in a Simulated Account) as the 2/13 trading day ends (all are POSITIVE!):

AUDUSD (Long) +009 pips
NZDUSD (Long) +008 pips
EURGRP (Long) +022 pips
GBPAUD (Short) +294 pips
GBPCHF (Short) +125 pips
GBPCAD (Short) +088 pips
GBPNZD (Short) +586 pips
AUDNZD (Short) +016 pips
NZDCAD (Long) +030 pips

TOTAL = +1179 pips!

Why didn’t I do this with real money! LOL.

[mastergunner99]

I wouldn’t rush going live yet if you’re not ready for it. This is a methodology that is long term and provides long term positive results. Make the transition when you’re monetarily and mentally ready, not on the basis you had a good early start. Imagine if you would have sustained initial losses. That’s when it requires a true test to maintain your edge.

I have to say, you adapted quickly. And I’m really impressed with the results. If you’re following my methodology surrounding appropriate risk you should have over 10% in open profits.

A positive equity is what I always strive to maintain for that will result in continued growth of your account.

The next step is now taking profit appropriately. It can get tempting to pull out, but any one of those could be your next and possibly first 1000 pip trade.

[mastergunner99]

On that basis I haven’t shown a good example of taking profit. I’ve closed out some trades, but they weren’t ones I’ve posted. I would prefer to wait to post an example from start to finish, but if you’re okay with it I can post an example of putting in stops on winning and losing trades.

Everyone has full permission to discredit the examples as there is no way that I’m willing to do to illustrate when I entered the trades.

[Sweet_Pip]

The next step is now taking profit appropriately. It can get tempting to pull out, but any one of those could be your next and possibly first 1000 pip trade.

That’s where I’m at with a couple of trades. I’m up +124 on one, and +98 on another. I recall you saying that you put a stop in when you think (or price action indicates) that the trade is going against you… but I’m thinking that it will still be in profit if it hits correct?. I really don’t want to let a profitable trade become a loser so I have put a stop in on one of them at what I understand is a logical place…like below/above a pullback. However that would only be +20 at this point…far cry from the +124 is it now! Still I guess thats how the pip bounces

[mastergunner99]

That’s where I’m at with a couple of trades. I’m up +124 on one, and +98 on another. I recall you saying that you put a stop in when you think (or price action indicates) that the trade is going against you… but I’m thinking that it will still be in profit if it hits correct?. I really don’t want to let a profitable trade become a loser so I have put a stop in on one of them at what I understand is a logical place…like below/above a pullback. However that would only be +20 at this point…far cry from the +124 is it now! Still I guess thats how the pip bounces

what pair are you talking about?

[Sweet_Pip]

what pair are you talking about?

I thought you were following myfxbook…lol. The NZDCAD & NZDUSD longs respectively.

[sstrnod]

FYI, I shorted the EURNZD depicted in the chart above a little late this afternoon, at a lower price than I would have preferred; ideally, would have entered a Sell Stop one pip below the prior bar’s low, but not available at the beginning of the day’s trading). [Yet another great advantage of this methodology: I’m not bothered by having missed out on a dozen little pips during entry, since we’re shooting here for dozens of pips!]

It’s the first time that I’ve used a closing bar below a 50% retracement level to help influence an entry, along with the confluence of other price action indications (like those 6 pinbars on the way down, with 7 of the 10 bars being red).

[Notice also how “streaky” the prior swing high was, with 9 straight up-bars, followed by 9 straight down-bars. May the current streak continue …]

My bias on this pair was and continues to be bearish since – before it began “intermediate-term” ranging (with slightly ascending highs) the past seven months – that range was entered from a downtrend, which I would expect to continue with an eventual breakdown below the low level of the range, around 1.5506, hopefully as an extension of this particular (for now) “short-term” downtrend.

P.S. – Already up +43 pips on this pair since entering the Sell Market order right before beginning to write this post.