I haven’t had a chance to read any posts since last night; wanted to do a quick analysis and post results before running off to an appointment – and will get myself up-to-date with the thread this evening.
Here are my present results (Longs and Shorts) employing the [B]MasterGunner99 Methodology®[/B] (MG99M) with a $20,000 initial balance Demo Account beginning Sun 2/10 (I even did the math this time; although it looks more complicated than simply subtracting entry from current price … on my platform, TradeStation, this is the easiest way – by starting with each pair’s current $ position and then deducing the # of pips):
Approx. New Equity = $2460; Approx. # of open pips = +967; # of closed pips = -100
Today, 2/14, went Long (22,460 units) NZDCHF @ 0.7858
[I don’t understand why the pairs with USD counter-currencies aren’t $2.00/pip given that their initial position sizes were 20,000 units each – is it some rollover rate factor? Notice that NZDCAD is $2.00/pip, which makes sense given the virtual parity between the USD and CAD …]
Since the beginning of this year, I’ve traded solely on my phone. Yesterday, I was at the car dealer. They were checking on a leaky tire I had. 4pm rolled along and I grabbed a pen and a Sports Illiustrated and wrote down my orders on the back page over some advertisement. Then entered them on Oanda’s mobile app.
Nice, guess I’ll adjust and go mobile myself. Trading on the run is certainly a big plus to doing what you want in life - that’s the point of trading, right?
Sstrnod, you’re doing awesome, now don’t change anything lol!
I got in the green yesterday and am looking forward to staying there as well.
Nice work. Can’t wait for more people to start embracing this and showing their results.
Thanks for the tip on NZDCHF. I went long as well. I overlooked it on my analysis by mistake. I scroll to fast sometimes.
That is looking to be a strong bull run. Let’s see how the week ends up.
I got you beat me little in pips. Up 1422 pips in open trades. My equity is back on the rise. My balance took a 5% hit for the week. Sitting at 39.33% for the year.
Good observation, Pippatron. I was aware of the GBP weakness helping me out, but missed the NZD strength – which certainly explains why the GBPNZD short makes up about 1/3 of my positive pips/equity.
I wasn’t sure how to answer your question – so I’m glad MasterGunner did. What he said makes sense to me.
Thanks. This is a completely new perspective for me, like being a “portfolio manager” and primarily focusing on the bottom line – or, in our case, the open equity. And congratulations on your performance, and many thanks for your efforts in this thread!
Yeah, that NZDCHF is encountering a little resistance right now – at the same level as the prior swing high – but I believe it’s rather unlikely to be held and get pushed back so far like it did then (with six pin-bars throughout an eight-day period).
Looking forward to your insights into managing trade exits; have an enjoyable weekend regardless, and don’t forget to keep up the (new weekly?) tradition of posting a celebratory “MasterGunner was here (with some beautiful thing)” photo from your mobile …
Well waiting for price to show you which way it’s going is on the right path. For me actually I’m long so I hope it wont…lol, but only because I saw a couple of other AUD pairs that gave me more reason to go long. However one reason not to go short is that you’ll pay interest and if you hold few days, that can start costing. I don’t know if that matters to MG or not.
Thanks for quick reply. I see where you are coming from;
Main trend is up and the high I’m showing is start of a possible retrace of that trend.
My thoughts are that price is at the 38.2 level of the down slope, just watching for now, no trade until I can see a definite direction, maybe next week was my idea.
btw when you say I’ll pay interest if I go short do you mean the swap for holding a trade over a day or so or something else?
I’m with Alpari UK and they charge it on a daily basis also but they only charge when you go over the day cut-off and so far it’s not been too much, but yes it will add up as we hold for longer. Something to consider I think.
Last year I held a trade for 200 days on GBPUSD and I made 220 pips. My spread cost me 2 pips and my swap cost me the equivalent of 80 pips. I’m with a UK “spread betting” firm (Capital Spreads) whose swap charges are ridiculous but everything gained is tax free. Had I used another broker (eg Alpari UK), my spread would have been 3 pips and my swap around 20 pips. So MG99, you may ignore swap yourself, but trust me, if you hold trades for a while with the wrong broker and with a significant amount of money, it will eat into your profits. I’ll try out Oanda again to see what impact that makes, I didn’t like their demo accounts years ago, maybe they have changed.
Why not try out Alpari UK? I am with them on their spread betting with mt4. Like you I am in the UK.
I tried Oanda out last year and didn’t like the way I kept losing a connection, Alpari UK’s connection now not a problem. They allow minimum of 10 pence per pip trades on their SB accounts, great for small accounts instead of the usual £1 per pip offered by most.
Here’s how I’ve been employing the methodology: determine your overall bias first, and then wait for a signal to go that direction only (i.e., don’t trade against your bias; go with your bias or wait until your bias changes – if it does).
On this one, as depicted in the chart below, I’m bullish and will go long at one pip above the high if a bar closes above the 23.6% Fibonacci retracement level (around 1.0399).
[MasterGunner might wait longer if this breaks up to close above the prior highs … but I’m not sure.]
While I can hold trades for weeks, it’s never exceeded 47 days. If you ask me, if you held onto it for 200 days just to nab 220, then it is what it is. I don’t know the methodology behind why you did that. But if it’s a profitable edge, then that still is the cost of doing business.
I’m in so many trades that I’m receiving and paying interest all the time. I imagine it just cancels itself out in the end. And if not, then like I said, it’s the cost of doing business.
With Oanda it seems the interest/swap is paid or earned daily no matter how long one holds a trade…even if it’s only an hour.
