The Active Forex Traders Discussion

[CarrieW]

first off I have told you before I am a female. maybe you dont fully understand what a woman is but please stop calling me man and dude.

second off your still spewing shit on the wrong thread.

thirdly you need to read the posts (all of them) and post once not 5 posts in a row you look like a tard.

forthly if you bothered to read the threads mj has already chimned in on this previously, in this thread and on others related to this subject.

fifth I never made a blanket statment that coveres EVERY MONEY MANAGER your just being a d%$#@.

sixth there are threads on this forum just for people like you so why dont you go on over to one of the forex failure threads and leave THIS ACTIVE FOREX TRADING THREAD ALONE!

Now this is like the bazillion time I have said this. you dont walk into a conversation thats several years old and on track for something else hijack it and turn it into your own "factual" interpretation of how bad any of us are and how we dont belong here on this board.

your a douche and an a**hole imo and I will be drawing mj's attention to this thread, I am surprised he hasnt jumped in before now.

I know for a fact mj wants me here and posting about forex I have had conversations about it with him before and also had conversations with him about people like yourself.

I will continue to post undates and answer questions in this thread about active forex trading, I will be ignoring all further comments from "the douche" err I mean stressfree.

 

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[stressfree]

sorry i am still laughing at your premise that money managemet is a J.O.B. LOL, ROFL:

As far as salaries are concerns, both portfolio managers and analysts make a salary plus a bonus. All in most junior analysts make somewhere between $100,000 and $250,000. More senior analysts average $400,000 annually. Portfolio Managers make in the millions, usually a performance bonus, and a % of assets under management. Some of this bigger more well known PMs make $10-$25 million a year.

Still keep trading your own account..i am sure in 500 years time you will get to those numbers...

 

[stressfree]

Well I hope he does...the fact is your whole attitude and premise is not fastlane... How can self employed day trading FOREX of all vehicles, be Fastlane? NO WAY! You jusyt can't seem to accept that.

If he wantrs to ban me for pointing this out so be it........but you are the one ranting, swearing and talking complete non-sense. So lets' see how he wants to proceed. I doubt he'l ldo anytihng. Either way I am happy. (you remind m,e of a little child running to "teacher" every time some big boy says somethng you do not like...It's very childish)

your a douche and an a**hole imo and I will be drawing mj's attention to this thread, I am surprised he hasnt jumped in before now.

 

[stressfree]

I will continue to post undates and answer questions in this thread about active forex trading, I will be ignoring all further comments from "the douche" err I mean stressfree.

"in the land of the blind the one eyed man is king."

You'd be better off going to babypips or forex factory people for forex help. But my serious advice is avoid it. The brokers are non regulated and will screw you sooner or later. The Net is full of "blow hards" who make 500%+ per annum, low risk, etc....Until you invest with them.Your money.

 

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[CarrieW]

if i wanted to be an employee maybe id take your advice.

just because they make a great SALARY doesnt make them any less of an employee. they work for someone else they answer to someone else and they trade someones plan or they get FIRED.

If I wanted too invest/handle other peoples money obviously Id have a large amount of opm to use. thats what these people do. most of them make money on commission for how much $ people invested with them. that is not being a profitable trader. getting a bonus cause you have 30 people under you doing work for you doesnt make you a profitable trader. it makes you an employee with a job at the mercy of the board to decide how much you deserve.

Hell I can give myself a performance bonus and a salary. does that make me more successful? no does that make me an employee YES.

my brother in law is a surgeon he makes over 500k a yr. does that make him a successful investor? no it makes him a dr. AN EMPLOYEE OF THE HOSPITAL WHERE HE WORKS.

just about every person who holds a job makes more money then I do. even the chick working the drive thru at mcdonalds. what does that mean to me? NOT A DAMN THING. when she can no longer stand for 8 hours a day and can no longer work I will be sitting here trading MY MONEY MY WAY WITHOUT ANSWERING TO ANYONE.

when that fund manager f's up and gets fired whos is going to be paying him then? I seriously doubt even with all those $$$ he earned as AN EMPLOYEE he could live off of it sure but doubtfully he would invest it and risk his hard earned dollars. he was a manager of people not an investor.

To me your actually viewing this backwards. I may have more money if I went and worked as a trader for a large company prbably do well get some bonuses but then I would be a good employee and earning a great paycheck not creating money from nothing. I have wasted more then enough time on you. hopefully someone else with more patience will chime in here and help me out.

Investing is very fast lane. becoming a day trader/investor isnt a JOB its a calling, a passion. it is not even close to being on the same planet as flippin burgers for 8bucks an hour. (even if right now 8bucks an hour is more then I get, my income will increase exponentially and in the long run I will end up with way more then the burger flipper)

 

[CarrieW]

if you are so pro forex trading why don't you go on the forexfactory and baby pips forums?

This forum is about business building not gambling on the forex market.

this part of the forum is about stocks/options and currency trading. Do we not know how to read either?

 

[garyfritz]

I agree that trading your own money, sitting at a screen 8 hours a day, is a job. It might pay well and if you like it, great. But unless you're trading a BIG account with BIG returns, it's just a job.

Money managers definitely have a job. But nothing says a fastlane can't involve a job for a while. MJ had a job building limos.com. The difference was it started throwing off so much money that he was able to sell it and retire.

When I was managing money, I was on track to make $500k in 2002, and it would have gone to the moon from there. If 9/11 hadn't blown a hole in the market psychology and my trading approach, I could have worked for 2-3 years more and retired with several million in the bank. That meets MY definition of fastlane.

 

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[Jonleehacker]

So Stressfree, you're fastlane strategy is to point out the problems with other people's strategies?

Not seeing how being a h8tr is adding any value to this thread, the forum, or the fastlane concept in general.

If you want to be show people the way, I think leading by example rather than attacking will serve you better.

 

[DiemTrader]

i have never gotten how to backtest. I have never done it I have no idea how!

yesterday was a not great day at trading. real life got into the way, at one point yesterday I was up to 111 but due to distractions with real life I wasnt able to close trades and take profits and everything retraced and I ended the day with just a few cents more then where I started.

as of today before trading balance is 99.68.

still plugging along over here.

I use ibfx metatrader 4 if someone could explain to me HOW to backtest Id like to mess around some with that...

Carrie,

Here is a tutorial and a few links on backtesting in MT4:
MT4 backtesting video tutorial.avi - YouTube

MT4 Backtesting Threads @ Forex Factory
MT4 Backtesting | Alan's Forex Blog
MetaTrader History Data Importing and Converting Tutorial for Quality Backtesting

Personally I have moved to Forex Tester (Forex Tester - professional forex training software, simulator and backtester) due to it's flexibility and the ability to step through trades bar by bar to simulate live trading with your psychology involved.

 

[^eagle^]

please do not feed the troll thanks. This is why I left forums like babypips, too many trolls.

 

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[CarrieW]

wow ok maybe I am not interested in backtesting. lol it seems way to complicated for me.

I looked at a few of your links and since past performance doesnt predict future results I am going to have to pass on spending the time to figure that out.

thank you for taking the time to post it for me I hope someone else gets use of your information.

 

[outsourcery]

Carriew,
I thought I'd chime in given the ridiculous comments by stressfree, whom I assume is either a kid at school, or a comfortably employed nobody who thinks that all it takes to run a business and make the 'big bucks' is a big attitude. Life will sort him out sooner or later.


Back testing is useful for 1) Confidence building (discretionary trading) or 2) Feasibility testing (largely automated systems). If u need to do either of those things, forextester is a simple effective program. It's not so useful if you trade off changes in economic data however....

I've been trading my own book for a few years now, and it can be done. The only reason I am posting here is because I got tired of seeing uneducated comments from brainfree. For intraday trading, fx markets are 50% momentum, 50% *new* fundamental data. If you understand sentiment, understand data expectations and consequences of varying data, then it is not hard, but it is still stressful.

By far the hardest thing about making a buck, is maintaining discipline. If you can't trade with 100% attention, don't trade. You're just giving away your money, even if your approach is a good one.

Ultimately trading FX is still a job, I cannot argue that point. However, it SCALES better than any job, and SCALES better than 99% of small businesses. You can always access as much credit as you need, and you only need 1 staff member, plus you can liquidate and step aside if conditions become hostile. The only problem is that it requires an extreme level of self discipline, more than most people are capable of maintaining for any period of time.

I know several traders that manage small private funds, and do very well for themselves. You don't need to be warren buffet (or soros) *lease* a ferrari and or a yacht. If you know what you're doing, you have a recession proof source of income that will give you time to build other businesses as well.

You don't need secret sauce recipes from the web either, its all about hard work and self discipline (like most things in life, that don't involve a lottery). Know the data, know the markets, know yourself.

Good luck!

 

[CarrieW]

Just to keep things going here I feel I have to post that I am now currently down to 63.80 So much for finally figuring out what I was doing wrong lmao!

Still pluggin along but atm I am out of the market I should have backed off $17 ago lol. I will sit out tommorow as well and start again sunday when the markets reopen!

time to watch for a bit and reread my trading strategy again and figure out why and how I managed to enter into so many trades that went so horribly wrong lol. I didnt make any specific mistakes that I am aware of So hopefully I will have an idea of what went wrong before sunday.

Hopefully I can rebuild my balance back up I really dont like the idea of having to start over with a fresh account. I will do it if I have to but Id rather pull out of this hole and trade myself back into profit rather then replenishing my initial deposit.

wish me luck!

 

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[garyfritz]

That's the right idea. If something goes wrong, pull the plug and stop the bleeding until you figure out what happened. If you go back through your trades and find lots of cases where you broke your rules, you know what to do. If you determine you traded correctly, no dumb errors or loss of discipline, it might just be your method is having a bad streak. (Are you sure your method WORKS long-term??) Though if you take a 30% hit in a week, I suspect your method uses way too much leverage. Especially for an inexperienced trader who is trying to figure things out.

I had a bad day too. My method includes some fairly sophisticated position-sizing logic. It risks more on good-performing pairs. Today I had on a large position in USDJPY, my best performer. Then the UBS news came out. USDJPY spiked over 50 pips in a minute, went 2 pips past my stoploss exit and knocked me for a loss, and a minute later it dropped 40 pips. D'oh!!

Because I'm trading this aggressively, and because it was in my heaviest-weighted pair, I took a BIG loss -- almost 12% on a single trade. Ouch!!! Someone who didn't know what I was doing (not naming any names ) would say that proved *I* didn't know what I was doing.

The reality is: on average, the losses in this system are only 2x larger than the average win -- which is fine considering it runs at about an 80% win rate. (80% * 1 - 20% * 2 = 0.4, a very healthy positive expectancy.) Furthermore in a 1000-trade backtest, this system only hit its stoploss 5% of the time. Those full-size losses only happened in a heavily-weighted pair 0.4% of the time. So this was a freak event that happens about once out of every 250 trades. The 12% loss hurt, but it's a necessary evil to produce the results I want. By the time a loss like that happens again, I'll have made FAR more than the 12% loss -- and I'll have made it BECAUSE my position-sizing algorithm uses sizing that can occasionally cause a really large loss. Because of that algorithm my average trade is +0.5%, **including** the occasional 12% loss.

So if things continue working the way they've worked for 1000 trades, I'll make up the 12% loss in about 2 weeks. Last month I had a series of 3 losses that totaled a 12.4% loss. I had a nice string of wins and made it back in a week.

So I say "ouch," and move on.

 

[CarrieW]

well lol I guess I know exactly what I did wrong. the trades would still have lost just not as much as I did lol.

I got cocky, basically and the market is always there to put me back into place. I have actually learned this lesson before but appearantly I didnt learn it well enough to not do it again!

I am going to go through the dumb mistakes I made figure out why it is that I did them and hopefully I wont repeat this again.

I have never done testing on any method myself so I have no idea. I wouldnt even know where to begin. basically I have read and read several books on the subject as well as learned like 4 or 5 different strat's and kinda combined things from each one that I liked and am just basically trading and seeing what happens. well I have rules I am supposed to be following but apparently Idc about my rules or I wouldnt be breaking them!

I guess I need to make myself reminders and put them all over around my moniter! maybe then Ill listen to myself!


the only way we prove "somebody" right is to give up. I have no intention on doing that so he who shall remain nameless will always be wrong. lol

did you see my link about the trader who lost 2billion dollars and is under arrest? now thats a bad day!

 

[garyfritz]

Yeah, it was news about that a**hole that spiked the USDJPY and handed me my head today, grumble...

Carrie, the #1 most important thing in trading is to have a method that works. Discipline is also paramount, but faithfully following a method that doesn't work will still drain your account.

It sounds to me like YOU DON'T KNOW if your method works. You tossed together a couple of things and you "hope" they work, so you're trying them out with a real (if small) account. That is NOT A GOOD IDEA. Coming up with a winning method is NOT easy, and you're not likely to do it by combining a couple of random strategies.

You need to MAKE SURE the method you're trading works. There are basically two ways of doing that: backtest it, or trade it in realtime. Or, my preference, do both.

Backtesting it means you look at how it would have performed historically. That gives you a large-scale view, reasonably quickly. I prefer to do it with computers, but that's because I know how. You don't, and it sounds like you're not planning to learn.

But you CAN backtest by hand. Go back over the last month, or 6 months, or year of charts. Apply your rules 100% faithfully. Trade through those old charts just like you were trading today's charts, and keep track of your trades. If your method requires any kind of discretionary decisions, try to hide the future bars so your decisions aren't swayed by "seeing the future." When you've gone through, say, 6 months of charts, go back through your trades and get some stats -- like charting the account level you would have seen over time. Look at things like your total wins/losses over the period, the drawdowns, etc. A spreadsheet is a good tool for this.

Then you can look back at the last 6 months and say "oh s***, I would have lost my shirt, glad I didn't try to trade that with real money!" or "well it made money by the end of the test but I probably would have chickened out during that nasty drawdown." Or, if you're lucky, "wow, looks like it worked *great*, let's see if I can trade it like that in realtime!"

The other choice is to do what you're doing: trade in realtime, either with play money or real money. That gives you practice in managing your trades in realtime -- which is *different* from doing it in a backtest, trust me. It also tells you "does this method make money," but it does it veeerrrryyy sllooowwwlllyyy. It would take you 6 months of real trading to find out what you could have found out in a few days of hand-backtesting.

My suggestion: go back and hand-test as much as you're willing to do. If that test shows that your method seems to work over time, THEN start trading it in realtime. If you've got a winning method, you still need to learn the discipline to **follow your rules** in real trading. Start out with play money -- or a tiny account like you're doing, which is so small it's basically "play money." If that works out, if you do a good job of following the rules and making successful trades, THEN you can start trading with bigger size, and be pretty confident that it should work just about as well as it did in your tests. If it doesn't, either the bigger money scared you and wrecked your discipline, in which case you slap your hand and keep practicing -- or your method quit working, in which case it's "back to the drawing board" ...

 

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[CarrieW]

well I have never backtested it. I did however trade on demo accounts for several months and did very very well with it. so idk. it seems that as soon as I switched to real money things changed.

I had the demo account set up with the same amount of money i used when I went live with the same leverage and everything. so the numbers and lots and trades were basically identical. I did well for awhile on the live accounts and ended up making some really stupid trading mistakes. I traded during very volitle news announcement and lost my shirt literally.

since then I have been going up down on this account this is the lowest i have been on this account. I have been trading it for at least 6 months. (highest was 267)

so idk what to do any suggestions would be appreciated. I am not too keen on going back to a demo account. I would rather blow up the smaller accounts and have real time data to use and learn from. its only a hundred bucks I can reup it anytime. I think i get better experience from the live account.

 

[garyfritz]

From 267 to 63.80 is a WICKED drawdown. That's a 76% drawdown!! Yikes. You wouldn't want that to happen with a real-size account!!

You've been trading **this exact strategy** for 6 months? No changes?

In that case you've already done a "backtest," and you've got a good idea for how the method works over a 6 month period. It sounds like you're satisfied with how it works -- your results on the demo account were great. Are the losses you've been seeing entirely due to dumb mistakes and lack of discipline? Is it just a matter of saying "dammit, quit doing that and trade it like you did on the demo account!!" ?

Would trading **by your rules** have lost you all this money?

If not, if this was entirely due to dumb no-discipline mistakes, then you know what you have to work on. Developing good trading discipline is often one of the hardest things for a new trader. You need to figure out what it will take for YOU to decide to do what you KNOW you're supposed to do. (In my case it was my wife saying "we'll fund this account ONE LAST TIME, then *when* (not if) you lose it, you're done! Go get a job!" 6 months later my $27k account had grown to $188k. )

Figure out what it will take to motivate you to follow your rules COMPLETELY. And then DO IT. Until you do that, you're probably going to keep blowing up your account.

 

[CarrieW]

yeah same stratagey and basically the only things that i have changed have been some of my rules such as stop loss and expections of the trade, and yeah thats what lost all the money lol.

stupid idiotic mistakes!

honestly I really do know better idk why its so easy for me to ignore the rules that I spent so much time researching and reading to create.

it really is a matter of ego. this last drawdown from 98-63 is all ego. the largest drawdowns were all due to broken rules. ive been bouncing around from 100-80 for a few months now but it seems every time I do make money I get cocky and give it all back.

maybe I will have learned my lesson this time lol.

 

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[garyfritz]

That's what trading discipline is all about.

Until you quit saying "I'm so smart, I know what's better to do now, so I'll ignore my rules" and start saying "the rules say to do this? then do this, no argument," you'll keep doing what you've been doing.

For me it was "This trading system is *stupid*. I KNOW it's stupid, **I wrote it**. I'm smarter than it is." As long as I said that, I lost money. As soon as I said "No thinking, no argument, just follow the rules" I started making money.

You have to figure out how to squash your ego and just do what the rules say. It may feel dumb at the time but it will feel a lot better when you start making money.

 

[^eagle^]

That's what trading discipline is all about.

Until you quit saying "I'm so smart, I know what's better to do now, so I'll ignore my rules" and start saying "the rules say to do this? then do this, no argument," you'll keep doing what you've been doing.

For me it was "This trading system is *stupid*. I KNOW it's stupid, **I wrote it**. I'm smarter than it is." As long as I said that, I lost money. As soon as I said "No thinking, no argument, just follow the rules" I started making money.

You have to figure out how to squash your ego and just do what the rules say. It may feel dumb at the time but it will feel a lot better when you start making money.

Last week was like that for me. Had my worst week yet. I didnt follow my exiting rules as I was occupied in another venture and did not focus on my trading. the end result was a losing week. But I have set up my swing trading on about 20 currency pairs plus gold and silver and a few stocks. Looks like Walmart might be ready for A quick short. If it gaps down on monday Im in.

 

[garyfritz]

So I say "ouch," and move on.

OUCH!!

Yaknow that thing that has only happened once every 250 trades? It just happened AGAIN, 2 trades after the LAST time. issed:

USDJPY, my heaviest pair, just barely grazed my entry stop, then turned around and knocked me for a full-size loss. And this one I can't blame on a news spike.

That puts me into a 25% drawdown, and undoes almost 2 months of good results. *wahhhhh*

 

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[CarrieW]

so hey eagle,

do you use the same technical analysis when your looking at stocks and gold and oil that you use when your trading forex?

eventually I want to get into stocks and other paper trading other then forex(I am obviously concentrating on forex right now) I havent even so much as looked at a stock chart since the game I did in 2003. I didnt know anything about trading at all back then. I am wondering if I start looking at stocks if I will be able to know what I am looking at and be able to anaylise the charts with the knowledge I have gotten from forex.

I have reworked my rules somewhat with STRICT profits and stop losses in effect. I will do my best not to break my rules again. hopefully I learnerd my lesson.

so far today i am up to 65.58. currently sitting out as things are retracing atm. i think I am going to wait untill 6-7pm to start trading again today unless I see some really awesome set up I cant ignore.

it doesnt sound like much of a gain but Im trading at .01 per pip so its 178 pips so far today. I am working on figuring out what my target pip per day goal will be.

one of the rules I have been ignoring is that target pip per day. once I hit it I am supposed to stop trading. and like I said in a previuos post its hard not to be greedy.

I do believe that in my head I am like ohh its only $1 its n ot greedy to want more. But when you look at it from a pip standpoint 100pips is quite good and I should be happy to gain 100 pips a day let alone in a single trade.

I need to figure out what is reasonable for a target. each day.

any thoughts guys?

 

[CarrieW]

yeah that damn jpy I really dont like that pair lol. it just moves SOO much. I am seriously considering dropping it. I do really like my screen set up with 6 pairs tho Idk what one to replace it with.

currently I am trading eur/usd aud/usd usd/jpy usd/cad usd/chf gbp/usd

 

[^eagle^]

havent traded much in the way of stocks since the leverage is much lighter 20:1. but I just look for obvious set ups. these are swing trades on higher timeframes so I cant account for the lower timeframes. Im finding that the Banks and brokers know where everyones stops are and they got enough money to push the market where they want it. I got screen shots to prove it. Since I havent been working with stocks all that much I am hesitant to give out any advice. as you need to have a good understanding of fundamentals. when fundamentals and techs line up its almost a sure bet.


Those interventions really mess up my techs. I just ignore the interventions and wait for things to turn back to normal.

Didnt open my walmart trade. Just didnt get enough info on the fundamentals to make an informed decision so I stayed out. so far it looks like I made a good choice as it did gap down but then covered its gap for the day.

 

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[CarrieW]

well I am a bouncy ball lol. I was up yesterday to 72 and kept trading (when will I learn) and now I am down to 57!

I am now having magin issues and cant trade all 6 pairs at once. lol

I think I am going to reup my account on friday back to 100 and try try again! I am going to keep trading untill friday and I will probably refill over the weekend.

 

[Udine]

Just a short hello from a Dutch guy in Northern Italy.

I have just signed up with the FastLane Forum and introduced myself.

I have chosen FX as my vehicle to get out of the rat race as I want to use the "fast fx profits" to build "slow cash flow passive income streams".

I have created my "own system" and have been testing it for the last two days on demo. The demo trading is for building confidence and checking I have all my trading rules correct.

Later I will show the detailed statement for the first two days. I will be testing it for a month and in the meantime I will open a live account. This for when I am fully satisfied with the test, I do not want to waist time to go live.

Now I will get up to speed and read the thread and see if we can help eachother to get on the Green pip Road.

Green pips to all and have a great weekend.

Udine

 

[Udine]

I have read some posts with regards to testing a system. There exists a Trading simulator EA for MT4 that you can easily install and use during the weekend to backtest your system. I have been doing this with quite some success.

If anybody is interested and it is allowed I will post this free Trading simulator.

I copy here two (IMHO) important posts , with regards to system testing.

System analysis:

1. is it easy to trade in terms of complex analysis and technical indicators? YES
2. is the system consistent for an average of 200 pips/month (one pair = 50 pips/week = 10 pips/day)?
3. can I fit it into my risk profile?
4. are there periods of uncomfortable drawdowns?
5. long term, intraday or scalping?


For me all the factors are important but I want a system that is consistent. It is better to be consistantly average, than ocasionally brilliant. I will rather pick an average 200 pips/month system than one that will produce 800 pips in one month and lose 1000 in the next.

If you have a consitent system you can gradually increase your risk (within limits) because you have a positive expectancy.

The question that you must ask yourself is can I trade +200 pips a month using this system ... or 50 pips a week? not across multiple pairs .. one pair (comes down to 10 pips a day per pair)

Mark your charts and decide for yourself whether it is possible. Then make a decision whether you want at least try it or prove to yourself that it works OR it does not work.

You dont need 54.287.434 pips per month to be successful as a trader. You dont need to be the next Soros. You need to make 200 pips consitently per month.


Here from the James16 Group: 100 pips per month

Here is an example of why trading smarkt can be the door to success. At the start of the month you decide on one or a set of pairs you want to trade. Your goals is 100 pips for each pair for the month.
The first and all trades you take, whether it happen on the first of the month or the twentieth will be the best set up your system can give within reason. No fudging, no borderline trades for that pair until you reach 100 pips.

Now this is going to help you in several ways:
1. if your system is not viable you are going to know it very quickly
2. if it is viable you are going to build confidence and train yourself not to shotgun trades
3. if your system is any good at all you will have at least 4 or 5 winners form the first set of trades

You trade like this until you have the 100 pips per pair.

For 20 trading days a month, not counting sundays, that is 5 pips per pair. That is not hard if you take only your best set ups regardless of how rare during the month they may be. Once over 100 pips you cannot drop below that 100 you have banked.

Lets look at the numbers:

With a 10.000 account risking 3 percent per trade with a 30 pip stop on your trades will allow you 10 mini lots.
Trading 6 pairs at 100 pips each for the month will grow your account to 16.000.

Now why not try 50 pips or even 25 pips. 25 equates into a 1.500 profit.

The main point is this: you can grow your account quickly and at the same time trade in a conservative manner. The best of both worlds !!

Now go test your system !!!

At the moment I am testing my system and so far so good.

I only trade EU & GU from Frankfurt open until London close.
RF (Risk Factor) of 5 %
SL (Stop Loss) @ 200 pips (5 digit broker)
TP (Take Profit) @ 100 pips
TS (Trailing Stop) @ 50 pips. I have an EA for this. This sometimes keeps my out of trouble, but also kicks me out of my trades early, but I do not mind as my main goal is to preserve my account

These two days of testing I am averaging about 9 % / day. As soon as I figure out how to attach the detailed statement I will post it.

Have a good weekend and to some backtesting.

Green pips.

Udine

 

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[Blacktye6000]

Carrie,

Even if Stress is right and there has never, in the history of trading, been a consistently profitable forex trader, then all that means is you have the opportunity to be the first one!

Don't let other people's beliefs determine or even affect your reality. Van Tharp says that we don't trade the market, we trade our beliefs about the market. If he believes it is impossible to make money, that's the experience that he chooses to have, you don't need to be affected by it.

Remember it wasn't all that long ago that only birds could fly and the world was flat.

Life just is, then we tell ourselves a story!! You can tell yourself a good story or you can tell yourself a bad story…

We are bound by our own filter system!!!!!!!!!!!!!!

 

[Udine]

Detailed statement

As promised I would attach my detailed statement, so her it goes. I only removed the account number and the name.

BTW I trade on the 5M timeframe.

View attachment System test day 2.pdf

Green pips.

Udine