Just a quick update, another trigger has happened today, and this is on the XAGUSD. This is a metal trade - silver to be precise. At the moment, this is to see if the stratgy works on here, and how it all plays out, but thought that I had better mention it.
The trade was open as a buy @ 32.21985.
Happy trading
Monday, October 17, 2011
EURCHF triggered
Late on Friday night, we got the trigger to buy the EURCHF - Again, I am not sure whether this will go to profit or not, but the trade is such that the rules say to follow it! Stop loss is 150 for this, and 3% risked.
I only bought this this morning, so some of the move might have already happened - we will have to wait and see, but time will tell us.
So, we have bought the EURCHF at 1.23965 - so at the moment of writing, it has gone into loss of 45 pips, but the good news is that it is massively oversold, so I would expect to see a bounceback.... although what I expect, and what the charts says does not always mean that what you expect will actually happen.
Should be an interesting trade to see what happens.
It should be trailed quite closely though, as the chart is turning...
Happy trading
I only bought this this morning, so some of the move might have already happened - we will have to wait and see, but time will tell us.
So, we have bought the EURCHF at 1.23965 - so at the moment of writing, it has gone into loss of 45 pips, but the good news is that it is massively oversold, so I would expect to see a bounceback.... although what I expect, and what the charts says does not always mean that what you expect will actually happen.
Should be an interesting trade to see what happens.
It should be trailed quite closely though, as the chart is turning...
Happy trading
Friday, October 14, 2011
Another week down
So, another week has passed, and so far we have had 2 trades which have been taken and profited, and zero losers.
while on the surface of things, it looks a little bleak - only having two trades, what is important to remember is that overtrading is the worst thing that we can do. Forcing trades=losing trades.
I am actually glad that we have had no trades this week - I know it sounds strange, but the way the markets are moving we are best being out of them at this time - we are looking for high probability trades that have next to no risk. At the moment the system is working. This is the nature of this particular strategy - one thing though, With my broker I can trade gold and silver - these have been added to my watch list, so do not be surprised if I start talking about these - they will work exactly like any currency pair.
I have also set up a bit more of an agressive system that trys to get in a little earlier which will ramp up the profits. Backtesting it, it looks promising, but forward testing is the real litmus test. This is found on
101percentforex.blogspot.com
This is only a demo, and I am not really paying heed to money management - I am only taking small positions, and seeing what the win ratio is - not the risk reward at the moment.
Happy trading, and will see you next week!
while on the surface of things, it looks a little bleak - only having two trades, what is important to remember is that overtrading is the worst thing that we can do. Forcing trades=losing trades.
I am actually glad that we have had no trades this week - I know it sounds strange, but the way the markets are moving we are best being out of them at this time - we are looking for high probability trades that have next to no risk. At the moment the system is working. This is the nature of this particular strategy - one thing though, With my broker I can trade gold and silver - these have been added to my watch list, so do not be surprised if I start talking about these - they will work exactly like any currency pair.
I have also set up a bit more of an agressive system that trys to get in a little earlier which will ramp up the profits. Backtesting it, it looks promising, but forward testing is the real litmus test. This is found on
101percentforex.blogspot.com
This is only a demo, and I am not really paying heed to money management - I am only taking small positions, and seeing what the win ratio is - not the risk reward at the moment.
Happy trading, and will see you next week!
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!
Wednesday, October 5, 2011
Another money maker
Well, the trade closed after the trailing stop was hit with a profit of 231 pips. We got out of the trade at 1.0524.
It is quite difficult getting all the info, as I do not have access to my charts, and what I can access is really quite limited.
Anyway, we have increased our bank by 8.8% in total. Our last trade hit 4.6% which for one trade at our conservative trading, is great - 3% with a stop loss of 150!
If you wanted to be a bit more aggresive, you could double your lot size to 2 micro lots, and you woudl have increased your bank by 16%! This however does come with a downside, as you would have to increase your risk (to 6% per trade) or halve your stop loss... neither was attractive on this trade, as I believed that there was a good chance that this could have gone against us quite a lot. However as it is, I am very happy with the results so far. I hope the above shows just how versatile you can be with your risk, but there are pros and cons to both. I think that in the first trade, there was a big move downwards in one period, and it dropped by about 100 pips, so it could have left you out of a trade that went on to make a nice profit... of course, it does mean that your risk reward is increased, but if you get more losing trades... It all adds up in the end.
Happy trading everyone, and I will start back up next week. The rest is a holiday (albeit a working one at the moment!)
It is quite difficult getting all the info, as I do not have access to my charts, and what I can access is really quite limited.
Anyway, we have increased our bank by 8.8% in total. Our last trade hit 4.6% which for one trade at our conservative trading, is great - 3% with a stop loss of 150!
If you wanted to be a bit more aggresive, you could double your lot size to 2 micro lots, and you woudl have increased your bank by 16%! This however does come with a downside, as you would have to increase your risk (to 6% per trade) or halve your stop loss... neither was attractive on this trade, as I believed that there was a good chance that this could have gone against us quite a lot. However as it is, I am very happy with the results so far. I hope the above shows just how versatile you can be with your risk, but there are pros and cons to both. I think that in the first trade, there was a big move downwards in one period, and it dropped by about 100 pips, so it could have left you out of a trade that went on to make a nice profit... of course, it does mean that your risk reward is increased, but if you get more losing trades... It all adds up in the end.
Happy trading everyone, and I will start back up next week. The rest is a holiday (albeit a working one at the moment!)
Monday, October 3, 2011
Away for a couple of days, but the trade is still going strong
Well, the USDCAD has now run up gains of about 200 pips, so we are well into profit which is great news.
Unfortunately I am on business in the Czech republic, and I can not access most of my accounts (and even Blogger is now showing up in Czech, and I do not know how to change it... I can not read it!)
No big drama, the trailing stop will kick in so I won't lose much cash if it were to go against me, but that is ok in any case as we are well into proift and have added at least another 3% to the bankroll. I just wish I could see my charts to know whether I should be in another trade... You just watch, i will come back to the UK, and will be telling you how I should have been in loads of trades and would have earned X amount of dollars ;). The annoying thing, is that I could see a change in the markets... whether that led to a trade setup, I do not know though, but hindsight will always be 20/20.
Any way, I might not be posting this week because it is tough trying to get the information... although, I may post something about Forex in general at some time this week... just to get it off my chest.
Happy trading all!
Unfortunately I am on business in the Czech republic, and I can not access most of my accounts (and even Blogger is now showing up in Czech, and I do not know how to change it... I can not read it!)
No big drama, the trailing stop will kick in so I won't lose much cash if it were to go against me, but that is ok in any case as we are well into proift and have added at least another 3% to the bankroll. I just wish I could see my charts to know whether I should be in another trade... You just watch, i will come back to the UK, and will be telling you how I should have been in loads of trades and would have earned X amount of dollars ;). The annoying thing, is that I could see a change in the markets... whether that led to a trade setup, I do not know though, but hindsight will always be 20/20.
Any way, I might not be posting this week because it is tough trying to get the information... although, I may post something about Forex in general at some time this week... just to get it off my chest.
Happy trading all!
Subscribe to:
Posts (Atom)