This one was on the USDCHF. I actually took the trade yesterday evening, but was not close to a computer to update the blog to let everyone know.
I bought at 0.92133 at 17:15 and it was closed out just a few minutes ago at 0.92200 (again I raised my stop to break even, but managed to take a couple of pips in the process.
I have started using a spreadsheet called DDSM which is an automatic spreadsheet that gives you lot sizes against risk. It looks to be very handy, as over the course of 20 trades, if you win 10 trades at 100 pips each, and then lose 100 10 trades at 100 pips each - you will come out with a hefty profit. Likewise if you lose 10 then win 10 you still come out ahead. A very useful tool indeed - it ensures that you have every chances of earning money over the long term.
Anyway, my lot size on this occasion using this spreadsheet and using past performance would have been 0.13, and the account balance would have been $1387.93! Quite a bit more than my other bank balance without using the spreadsheet... This small pip gain would have netted me $9.45,, which for one trade at a very low balance is great!
I think what I will do, is set up another account using the DDSMM money management spreadsheet to track how this spreadheet works - as anything that works well can add to the arsenal!
Happy trading!
Showing posts with label USDCHF. Show all posts
Showing posts with label USDCHF. Show all posts
Wednesday, November 30, 2011
Tuesday, November 15, 2011
Stopped out on both trades
well, I had moved the stop loss up on both trades to ensure that i did not pick up a reversal that I was actually quite worried about - knowing that both were at Support/resistance levels, so really happy with the quick in and out nature of these trades.
GBPUSD was stopped out at 1.58760 for a 24.3 pip profit
USDCHF was stopped out at 0.91400 for a 54.4 pip profit
Here's to some more porfits in the next few days/weeks!
Happy trading!
GBPUSD was stopped out at 1.58760 for a 24.3 pip profit
USDCHF was stopped out at 0.91400 for a 54.4 pip profit
Here's to some more porfits in the next few days/weeks!
Happy trading!
2 trades opened last night
So late last night, there were two trades that opened - one on the GBUSD and one on the USDCHF.
The GBPUSD was a sell order at 1.59003
The USDCHF was a buy order at 0.90856
So far they are both in profit, and what's more important is that I have moved the stop loss to break even. This is something that I will be doing more and more of - moving to breakeven as soon as possible. What this will ensure, is that I will very rarely have a losing trade.
Just a bit of commentary on the trades as they stand -
GPBUSD I am up about 50 pips os far, and it is reaching new lows over the past. It has hit some major support levels, so I will monitor the trade to see whether I will get out or not - if it were to break the resistance, then it could signal a very nice profit! I have locked in 25 pips profit on this trade.
USDCHF - Nearing it's high from September, and I am already in proift by about 100 pips. Again, there are some major resistance levels which will need to be monitored. I have locked in 50 pips aleready on this trade, so regardless of what happens, I am guaranteed a proift which is great!
If for nothing else, this does make the system look better - the more winning trades, the better (but I guess that kind of goes without saying!
What is really heartening about this though, is that in the very very choppy market we have experienced lately, we have not been in it. This is such a major factor - that if you do not knwo how to proift in a market - DON'T GET IN! There are always going to be trades in the market place, so why take rubbish trades??
Anyways- happy trading, and I will keep you posted on how the trades pan out!
The GBPUSD was a sell order at 1.59003
The USDCHF was a buy order at 0.90856
So far they are both in profit, and what's more important is that I have moved the stop loss to break even. This is something that I will be doing more and more of - moving to breakeven as soon as possible. What this will ensure, is that I will very rarely have a losing trade.
Just a bit of commentary on the trades as they stand -
GPBUSD I am up about 50 pips os far, and it is reaching new lows over the past. It has hit some major support levels, so I will monitor the trade to see whether I will get out or not - if it were to break the resistance, then it could signal a very nice profit! I have locked in 25 pips profit on this trade.
USDCHF - Nearing it's high from September, and I am already in proift by about 100 pips. Again, there are some major resistance levels which will need to be monitored. I have locked in 50 pips aleready on this trade, so regardless of what happens, I am guaranteed a proift which is great!
If for nothing else, this does make the system look better - the more winning trades, the better (but I guess that kind of goes without saying!
What is really heartening about this though, is that in the very very choppy market we have experienced lately, we have not been in it. This is such a major factor - that if you do not knwo how to proift in a market - DON'T GET IN! There are always going to be trades in the market place, so why take rubbish trades??
Anyways- happy trading, and I will keep you posted on how the trades pan out!
Wednesday, October 12, 2011
Nothing on the horizon as of yet
Well, Wednedsday is here, and we still have no trades worthy of taking - in actual fact, there is very little going on that I would be happy to get into at the moment. The markets seem to be going a little bit crazy, but my eye is firmly on the CHF at the moment.
Both the USD and GBP pairs with the CHF show some promise, but little else at the moment. It is certainly not a certainty of which way the trade woudl go if we got in right now. The CHF had a big dip and I am expecting it to rise again - how much and if it meets the criteria to trigger a trade - I am not sure. The best thing traders can do is to enter into trades without emotion.
If you have fear going into a trade, a couple of things will happen:
a) You will close the trade because it goes negative, and your initial thoughts were proved true - except that it goes to massive profitability... the fear meant that you got out of the trade against what the trading plan tells you!
b)The trade goes into profit straight away, has a little retreat and you close the trade with a small profit. Although this is not the worst scenario, again it goes against the trading plan which is bad for traders. I always say that you shoudl never begrudge the profits you make, but the whole point of being a trader is to follow your trading plan. This is your trading bible, and it is imperative that it is followed (otherwise you may as we try your hand at gambling).
Your trading plan is the one thing that puts you ahead of all the other traders out there, and the ones who follow the trading plan will be the ones who succeed in the long run. This can not be stated strongly enough.
Money management is the next level. If you have a trading plan, money management should be part of this in any case. I am going to look at putting something on my blog that can be downloaded for everyone which details what a trading plan should look like.
This is the most boring part of trading... but it is also the most important and vital thing. Ultimately, trading should not be exciting. If it is, you are opening up yourself to emotion - and most scarily greed. If this is the case, you will lose money. There is very few ifs and buts about this. As I mentioned in an earlier post - check out market wizards - this is a real eye opener in terms of mindset of traders (proftiable ones, and very successful ones at that!!!).
Anyway, here's to picking the RIGHT trades, and getting in (and out) at the right times!
Happy trading, and look out for the trading plan manual in the coming weeks or so.
Both the USD and GBP pairs with the CHF show some promise, but little else at the moment. It is certainly not a certainty of which way the trade woudl go if we got in right now. The CHF had a big dip and I am expecting it to rise again - how much and if it meets the criteria to trigger a trade - I am not sure. The best thing traders can do is to enter into trades without emotion.
If you have fear going into a trade, a couple of things will happen:
a) You will close the trade because it goes negative, and your initial thoughts were proved true - except that it goes to massive profitability... the fear meant that you got out of the trade against what the trading plan tells you!
b)The trade goes into profit straight away, has a little retreat and you close the trade with a small profit. Although this is not the worst scenario, again it goes against the trading plan which is bad for traders. I always say that you shoudl never begrudge the profits you make, but the whole point of being a trader is to follow your trading plan. This is your trading bible, and it is imperative that it is followed (otherwise you may as we try your hand at gambling).
Your trading plan is the one thing that puts you ahead of all the other traders out there, and the ones who follow the trading plan will be the ones who succeed in the long run. This can not be stated strongly enough.
Money management is the next level. If you have a trading plan, money management should be part of this in any case. I am going to look at putting something on my blog that can be downloaded for everyone which details what a trading plan should look like.
This is the most boring part of trading... but it is also the most important and vital thing. Ultimately, trading should not be exciting. If it is, you are opening up yourself to emotion - and most scarily greed. If this is the case, you will lose money. There is very few ifs and buts about this. As I mentioned in an earlier post - check out market wizards - this is a real eye opener in terms of mindset of traders (proftiable ones, and very successful ones at that!!!).
Anyway, here's to picking the RIGHT trades, and getting in (and out) at the right times!
Happy trading, and look out for the trading plan manual in the coming weeks or so.
Monday, October 10, 2011
Back to business
So, I am back from the Czech republic and I am looking forward to this weeks trades to come.
So far, looking through the different currecny pairs, there is only one which potentially has the chance to go into an acceptable trade in the near future - that is the USDCHF pair. Not a massively common one when you compare it to the likes of the EURUSD, or the GBPEUR - but I am not going to complain if I can make money from it, and neither can you. The great thing about trading on a longer time period means that we can trade on more exotic currency pairs - it gives us a lot more scope to buy and sell on things other traders woudl not and can not consider. If you look at some of the exotics, they have a pip spread of 20 pips or more - try making money off those when you are scalping!
Of course saying that, I do believe that you should have lots of strings ot your bow, so I am certainly not against scalpers... far from it. So far, I have just found nothing that could make me consistent returns - which is ultimately what I am looking for!
So anyway, back to the USDCHF...
Basically it has been trending upwards for a time, and it looks like there has been a pull back, and in the next few hours/days, I would expect it to bounce back up again. Just have to wait to get the signal that says to buy (this is going to be a buy signal if anything!)
So keep an eye out, and we will be in a trade before we know it.
One thing I would say, is that anything with the EUR would have been a good thing to buy on fundamentals. Look at the charts, and you will see them ALL rising by a good 3-4 hundred pips over the last few days (of tradable times that is). If I was able to have traded them I would have done (although not part of this strategy).
Ultimately one strategy will never catch all movements, and it is important to understand when you could or should break from a winning strategy... or at least have multiple strategies, but split your accounts up accordingly to trade monies from certain accounts, otherwise it makes it very hard to track your progress for each individual strategy..
As it stands of course, this blog is only about my own strategy, on the longer periods - trying ot catch what seems to be between 150-350 pip moves.
Anyway, keep alert, and watch for those trades - they will come eventually, and when they do we will be on board the train to happiness!! (very corny, but very true!)
Happy trading!
So far, looking through the different currecny pairs, there is only one which potentially has the chance to go into an acceptable trade in the near future - that is the USDCHF pair. Not a massively common one when you compare it to the likes of the EURUSD, or the GBPEUR - but I am not going to complain if I can make money from it, and neither can you. The great thing about trading on a longer time period means that we can trade on more exotic currency pairs - it gives us a lot more scope to buy and sell on things other traders woudl not and can not consider. If you look at some of the exotics, they have a pip spread of 20 pips or more - try making money off those when you are scalping!
Of course saying that, I do believe that you should have lots of strings ot your bow, so I am certainly not against scalpers... far from it. So far, I have just found nothing that could make me consistent returns - which is ultimately what I am looking for!
So anyway, back to the USDCHF...
Basically it has been trending upwards for a time, and it looks like there has been a pull back, and in the next few hours/days, I would expect it to bounce back up again. Just have to wait to get the signal that says to buy (this is going to be a buy signal if anything!)
So keep an eye out, and we will be in a trade before we know it.
One thing I would say, is that anything with the EUR would have been a good thing to buy on fundamentals. Look at the charts, and you will see them ALL rising by a good 3-4 hundred pips over the last few days (of tradable times that is). If I was able to have traded them I would have done (although not part of this strategy).
Ultimately one strategy will never catch all movements, and it is important to understand when you could or should break from a winning strategy... or at least have multiple strategies, but split your accounts up accordingly to trade monies from certain accounts, otherwise it makes it very hard to track your progress for each individual strategy..
As it stands of course, this blog is only about my own strategy, on the longer periods - trying ot catch what seems to be between 150-350 pip moves.
Anyway, keep alert, and watch for those trades - they will come eventually, and when they do we will be on board the train to happiness!! (very corny, but very true!)
Happy trading!
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