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CarrieW

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and there goes the audusd below my sell... oh well LOL. you cant win them all right :)
 
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loop101

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Yes I took TP...

My TP is simply a fixed 5 pips = 1 % of my account.

daily target 2%

cheers,

Udine

Hello Udine. I found some of your posts on FF and then rediscovered them here, lol. If a (combined) 10 pip gain increases your account by 2%, can you say what % of your account you are taking each position with, and what leverage you are using? For example, are you putting in 100% of your money at 10:1 leverage, or maybe 2% of your money at 50:1 leverage, etc.
 

loop101

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and there goes the audusd below my sell... oh well LOL. you cant win them all right :)

Hello Carrie, I was curious when you (and others here) say they are betting 1% on a trade, do you mean that you are using 1% of your capital, or do you mean that your stop loss is set to trigger when you lose 1% of your capital?

I use to have to do a few calculations to determine how much to bet, based on how much leeway the stop loss needed, the max $ drawdown I could take (2% capital), and the current leverage my account was set at. I had not heard anyone mention these calculations, so I am guessing you are just taking a trade with say %1 of your capital.
 

CarrieW

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I am way above that. but yes. at least for me. if I say I am risking 5% its where my stop loss is would be at 5% or 1% or whatever...
 
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mt_myke

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Hello Udine. I found some of your posts on FF and then rediscovered them here, lol. If a (combined) 10 pip gain increases your account by 2%, can you say what % of your account you are taking each position with, and what leverage you are using? For example, are you putting in 100% of your money at 10:1 leverage, or maybe 2% of your money at 50:1 leverage, etc.

This is always a source of confusion. There's really TWO leverages at play. One is what I call broker leverage, this is generally fixed and is 50:1 in the US for major crosses. That means regardless of what position you take, the initial margin for the trade is 50:1, or 2%. You can't change this per trade (at any broker I've dealt with), it's a property of your account. Usually you can request to have this lowered, which forces you to make less risky trading decisions. On the other hand the ideal is infinite leverage, which would be zero margin, so most traders get the maximum available/allowed leverage from their broker.

The other leverage we can call effective leverage. This is the size of your position vs the size of your account. For example, let's say you have a $10,000 account and take out a 0.1 lot trade, which is also $10,000 (and ignoring margin completely for simplicity). That's a 1:1 trade...every percent change in the trade represents the same percent change in your floating balance, up or down. If you take out a full lot it jumps to 10:1, now every one percent change in your trade is a 10% change in your account balance. I generally advise people to rarely if ever exceed 2.5:1 but they also rarely listen :)

In real life it gets more complicated. Your effective leverage should be calculated across your total accounts. Also your total account balance can be an abstraction. For example many traders don't start out with a lump sum but instead transfer money into their account as they are able to generate it from a job or other sources. Let's say you plan to put $1000 into your account 10 times this year, for a total of $10,000 at the end of the year. So you make the first deposit and have $1000 in your account. You could open a 0.25 trade which is $25,000. That's an initial margin of $250, leaving $750. That's a crazy 33:1 effective leverage. However if you calculate it against your year-end goal of $10,000 it's only 2.7:1, which is much less extreme. As long as your trading strategy is such that your stop would have been less than $750 even if you had the whole $10,000 in your account then it makes no difference that you only have $1000. This is a tricky example, and worth rereading until it makes sense.

If this was helpful for anyone please leave a Like so I can gauge what kind of interest there might be for this kind of material. Thanks.
 

CarrieW

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Everything gapped down at open.
 

mt_myke

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CarrieW

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I am such an a$$... I knew I didn't want to trade just yet. I posted it. Open gapped down and kept going so I entered trades. They we're good for a few now are way way neg lol. It a pullback/retracement that I saw coming. But yet I traded anyway smh lol. I will never learn I swear. Letting them go cause Its still going to go down later this week.... Grr. I do so well then screw up royaly lol
 

Virus

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What platform do you use for trading Carrie?

I used to trade CFD's a few years ago but took a hit so backed off for a while.
 
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CarrieW

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I use mt4 platform thru fxcm. It's spot forex.
 
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mt_myke

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Hit 200 pip TP, not bad for the first trade in over 2 years. Unfortunately my live account (which was transferred from FXDD to IBFX when they shut down retail operations, and then from IBFX to FXCM when they in turn shut down retail as well) may be lost in limbo for the moment. Don't think I'll get it funded this week...will see. As always, no hurries.

https://www.mql5.com/en/charts/2940683/eurusd-m15-forex-capital-markets
 

CarrieW

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Did you get emails from fxcm in September? Everything switched for me automatically. They sent me login info and I got right in.
 

CarrieW

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Yep it's Wednesday ;) my trades are going back my way. It retraced Mon and tues just like I said. And by tonight into tomorrow it will be on it's way down again. Now I just need to make me listen to myself Lmfao.
 
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P3HSB

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Yep it's Wednesday ;) my trades are going back my way. It retraced Mon and tues just like I said. And by tonight into tomorrow it will be on it's way down again. Now I just need to make me listen to myself Lmfao.

I got into a short position on GPB/USD last night. How far down are you looking to TP @CarrieW?
 

CarrieW

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I m trading 2 pairs now. aud/usd and eur/usd I usually dont put targets. I monitor my trades and let the market tell me when its done... I just have to learn to listen to my gut more
 
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P3HSB

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I m trading 2 pairs now. aud/usd and eur/usd I usually dont put targets. I monitor my trades and let the market tell me when its done... I just have to learn to listen to my gut more

How do you go about managing your trades at night when your sleeping?
 
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CarrieW

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Lol sleep? What's that? I can't/don't sleep very much or very well. The way I have my trades set up I can withstand anything that happens overnight no matter what way it goes. I wake up every so often and check and manage on my phone if needed. Usually it's not done moving until around 7-730am so I usually just wait till morning, or like last night I tp and placed another pending order which I am about to close now... The EUR is still going against me from my Sunday nights trade. I have taken profit on the aud. I have confidence the EUR is on Its way. If I had left my trade,open Friday I would have had profit... That was my first sl in a long time and proved to me why I hate them so. No matter what I have to see what's going on in the movements. Static sl for me don't work...
 

leecx

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Hello, new member on the forum. I've been trading demo for the past one year, recently became profitable.

What exactly do we discuss on this thread? Been looking back a few pages and there aren't any strategies or anything...

--

Anyone trading using price action? I'm a more technically focused trader, with some notice of fundamentals but they don't really affect my trading that much, I just use the news to determine the general bullishness or bearishness of the market.
 

loop101

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Hello, new member on the forum. I've been trading demo for the past one year, recently became profitable.

What exactly do we discuss on this thread? Been looking back a few pages and there aren't any strategies or anything...

--

Anyone trading using price action? I'm a more technically focused trader, with some notice of fundamentals but they don't really affect my trading that much, I just use the news to determine the general bullishness or bearishness of the market.

I purchased and am trading the "Advanced 3 Ducks" system by "Capt Currency" at the babypips website. From what I saw from his free version, it was exactly the type of system I was coming up with. Except he not only finished it, but traded it full time for 11 years. He also spent a lot of time and effort making his course materials. Because it is a private system, I can't really discuss the details. Now that I have studied it, it appears to be legit, and I am in the process of getting use to using it. Since it is a discretionary system, there is no way to know how much money it "should" make, but I am guessing it will be profitable overall. The system basically just requires you to spend 30 minutes each night putting in limit orders that are active for the next 24 hours, a very low-maintenance system once you get use to it.

Another method I am interested in, is the "make 5 pips a day" method that Uniden(sp?) spoke of here and at forexfactory. He seems to be trying to be super-accurate by only going for 5 pips each day. What makes these systems interesting is that if you are fairly certain your trade will immediately be profitable, you can use extreme leverage. I use to call these systems "tightrope" systems, because if you make a mistake, you are usually dead. For example, If you can double $10 ten times, you have $10k. I'm currently refreshing my tick and 1M data to see what time windows might offer the best chance to make 5-10 pips, as Uniden claims he does. What I hope to find is a series of rules that can define a very precise trade, such as "during the first 30 minutes of the London session, if the price moves 15 pips in one direction, it is 80% likely to continue another 5 pips, before losing 10 or more pips".

Whereas the "duck system" will probably at best provide a "normal" return, a "tightrope system" has the potential to turn a little bit of money in to a lot of money (at the risk of all the money).

Discussing trading on a website is usually perilous. There are always "vague experts" who will make grandiose claims of trading skill, naysayers who say the markets are completely random, thieves who will package and market any good ideas you present, "vendors" who sell systems they wont trade, "followers" who just want to follow someone else without having to think, and a whole cast of other archetypes. I've been online since 1983, and on the internet since before it was called the internet, and these same types of people are always there. I've seen multiple people turn $5k in to $100k, just to lose it again. I've lent people money and helped them develop their systems, who later went on to run $100M funds. I've seen an endless number of scammers. The one key thing that is useful with websites, is that you have to start somewhere, and there is good information out there.

What I like about this thread, is that this is basically Carrie's thread, and while I do not agree with her methods, she is out there actually trading, and reporting on what she is doing. There is a limit to how much you can learn from someone else's experiences, but since she is trading real money, she is learning a lot, so there is a lot for others to learn here. She rightfully has little patience for people who come in to this thread and start making noise without any substance.

My only advice to her, is to maybe open an Oanda account so she could trade with smaller amounts of money. That would enable her to keep trading even after taking some losses. For example, I am testing the 3 Ducks system in a $100 account. Because it is real money, I am a lot more focused, yet my screwups last week only cost me 6 cents. If you are trading, you are taking losses, but if you are still learning about the market, ideally those losses should not cause you to have to stop trading.

leecx, you may want to use the news to determine when *not* to trade. One of the reasons I got the 3 Ducks course, was because he was an advocate of knowing when not to trade. If you can eliminate news-based price spikes, your chances are generally better (unless you are trading the spikes themselves). An interesting side-effect of avoiding news, is that it makes most historical charts useless. For example, if you only trade on (hopefully) news-less days, you should not consider old charts that contained news events. Yet how many people do that? How could they? The sure sign of a scammer is that they will have a trade for every occasion, never will they say, "Actually there was an interest rate announcement that day, so I would not have been trading at all."

I once went to a brutal karate school, who's students wont a lot of tournament trophies. When asked how they won so many trophies, they said it was because they participated in tournaments whenever they could, and that the trophies were just a byproduct of participating without losing. From what I have seen in the markets, they work the same way.
 
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CarrieW

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I think you were thinking of udine?

in this thread, way back(I think twice actually this thread is soo old lol) I have discussed the strategies I use for trading. Well at least the things I have read that lead me to trade the way I do... and then my posts here explain the rest. (as much as I can lol)

heres one http://forex-strategies-revealed.com/files/user/FxTradingStrategy.pdf its so old & its now free. (I think I paid like 39.99 for it lol) and theres some different things I read in old rapid forex stuff(not the blog but several books by brian campbell n robert baranski you can find some of that free online also but its a dig I can give you specific titles if you want to search)

sadly I cant find most of the rapid forex e-books online anymore to share but thankfully I have them in a cafepress book (not available anymore either) as a matter of fact I think its about time to dust it off and reread it ;)

just for the record (I thought I was fairly clear on this but I guess not) I already trade with like the smallest amount of money ever LOL... I dont know if anyone has ever traded longer with a smaller amount of money. I seriously doubt it haha.

the account that I have now. the one that got switched over to fxcm had $57.67 on 9/21/14 now I have $229.12. (I have an open trade yet and I have ran the thing for myfxbook about a dozen times but it wont update n their site grrr) I have been live trading since 2009 and I have deposited less than $600 into live trading with over 2400 trades (last deposit being 2/3/2012) I am trading the smallest lots that the platform and account will allow me to go. it is still more than I should be risking but only because I let them move so many pips against me and such a high $ amount in relation to my account size and I trade without stops. but the bigger my account gets the less risky the same trades become ;) So as the account gets bigger (like 4-5x what it is now) I will start increasing the lot sizes, but not until then. it should even out to where I want to be eventually.
 

loop101

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I think you were thinking of udine?

in this thread, way back(I think twice actually this thread is soo old lol) I have discussed the strategies I use for trading. Well at least the things I have read that lead me to trade the way I do... and then my posts here explain the rest. (as much as I can lol)

heres one http://forex-strategies-revealed.com/files/user/FxTradingStrategy.pdf its so old & its now free. (I think I paid like 39.99 for it lol) and theres some different things I read in old rapid forex stuff(not the blog but several books by brian campbell n robert baranski you can find some of that free online also but its a dig I can give you specific titles if you want to search)

sadly I cant find most of the rapid forex e-books online anymore to share but thankfully I have them in a cafepress book (not available anymore either) as a matter of fact I think its about time to dust it off and reread it ;)

just for the record (I thought I was fairly clear on this but I guess not) I already trade with like the smallest amount of money ever LOL... I dont know if anyone has ever traded longer with a smaller amount of money. I seriously doubt it haha.

the account that I have now. the one that got switched over to fxcm had $57.67 on 9/21/14 now I have $229.12. (I have an open trade yet and I have ran the thing for myfxbook about a dozen times but it wont update n their site grrr) I have been live trading since 2009 and I have deposited less than $600 into live trading with over 2400 trades (last deposit being 2/3/2012) I am trading the smallest lots that the platform and account will allow me to go. it is still more than I should be risking but only because I let them move so many pips against me and such a high $ amount in relation to my account size and I trade without stops. but the bigger my account gets the less risky the same trades become ;) So as the account gets bigger (like 4-5x what it is now) I will start increasing the lot sizes, but not until then. it should even out to where I want to be eventually.

Yeah, it was udine! I'm never good with names or faces. I thought I had read that at some point you stopped trading until you could deposit more money, and thinking that if you used Oanda, you could keep trading until you only had $1 left. Apologies if I misunderstood. I've only used Oanda, and they have their own ways of doing things, so I often get confused by the requirements of other brokers. If your return is 400% since September, you are doing great!
 

CarrieW

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Myfxbook link is in the thread a page or so back...
 
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CarrieW

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I didn't "open" my account. It was assumed.
 

mt_myke

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I didn't "open" my account. It was assumed.

Seems the retail FX industry has hit hard times. I stopped trading live about 2 years ago. I had a tiny balance left in my FXDD account which I never bothered to fully close out. At some point that got transferred to IBFX when FXDD got out of the retail FX game. Then about a half year later, IBFX also shut down and transferred my account to FXCM. Not sure how many retail FX broker-dealers are even left at this point. Many moons ago I was even involved in trying to start one up...still have the paper stock certificates for the company...but that project is long dead as the guy leading it was caught up in the fallout of the MF Global implosion, and pretty much disappeared after saying his home and office computers had been confiscated...
 
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CarrieW

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A lot less today then a month ago lol. That chf shit threw a bunch into bankruptcy
 

CarrieW

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I am not liking how much this eur/usd trade is against me. Lol. I have faith my overall mindset is right but damn its so hard to watch.

Banked a lil more on the audusd last night.

Biting nails over here lol
 

P3HSB

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I am not liking how much this eur/usd trade is against me. Lol. I have faith my overall mindset is right but damn its so hard to watch.

Banked a lil more on the audusd last night.

Biting nails over here lol

Ouch!

I have 0 positions open atm.

I've decided to stay out of trading for this week due to the "Non-Farm Employment Change"
 
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mt_myke

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I am not liking how much this eur/usd trade is against me. Lol. I have faith my overall mindset is right but damn its so hard to watch.

Banked a lil more on the audusd last night.

Biting nails over here lol

The bull target is 1.20, are you prepared to hold short another 500 pips? Yearly support at 1.11 has held, quite well so far...

eurusd-h4-forex-capital-markets.png
 

CarrieW

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Yes I am holding short, no going back now lol. It is going below 1.10.
 

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