The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

HOT TOPIC The Active Forex Traders Discussion

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
I know everyone is wondering what I am doing with forex.

I was coming here from time to time an following along here and there lurking... I was not going to post at all anywhere in the forum untill I opened my real account.

obviously I havent yet. None of the reasons why will be seen as anything but excuses so I wont even go there lol.(if u care to know drop me a pm or something)

bottom line is I am still very much interested in trading still. and have every intention of continuing.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

AlwaysCurious

Contributor
Jan 16, 2008
274
57
26
GMT +1
no
no
no no no lol

I understand what your thinking and I dont believe you are right lol.

I have actually read that link before.

my stop loss is a certian number of pips(depending on the trade type) it doesnt matter what size the account or my trade is. I am scaling everything down by the exact same math. its identical just smaller.

well it does but only in that im risking 5% on a smaller account rather then the ideal 2%. but if I stuck with 2% it would be identicial.
Let me try to convice you :smxF:

Let's assume your broker gives you complete freedom over position sizes to scale with your account size, then you can always limit your risk to 2% by adjusting your stop loss (SL) accordingly. These 2% always translate to a certain ammount of pips determined by your account (more precisely it is determined by your free margin). Until now, we both agree.

But don't forget the spread, so with the very beginning of every trade you are some pips behind already. In effect your SL has come closer. The smaller your account size, the smaller is the ammount of pips until your SL level. You see, there is a difference if this initial calculated SL was 100 pips away, or just 10, when in both cases the spread is 2 pips. In the first example you still have 98 pips room, in the second you only have 8 pips left. Now, it is a fact that the less room your trade has to breath, the more likely is your SL to be hit playing against your win/loss ratio. That's why the spread is directly responsible that a better funded account has better chances to survive in the long run.
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
but u have to remember that the pips change accordingly too.(depending on lot/position size) so 20 pips is 20 pips wether it is equal to $20000 2000 200 20 2 or .20.

u are always behind the same spread all be it in different dollar amounts.
 

AlwaysCurious

Contributor
Jan 16, 2008
274
57
26
GMT +1
Yes, but even though it is the same ammount initially, it is still more likely for a trade with a tighter stop to fail than for one with more room. So there is a difference in your chances, first it seems small, but in the long run it plays against you.
Maybe some native speaker can explain better. In the meantime I am looking for a link with some example calculations.
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
but you see the stops are exactly the same a set number of pips.

there is no earlier/tighter stop.


going to figure out a real math example. will post it asap.

100k 5k=5% $50pip 5 pips is $250 bucks 20 pip sl is $1000.
$100 $5=5% .05cent pip 5 pips is .25cents. 20 pip sl is $1.

the spread is 2 pips. that leaves 18pips for the trades to move. BOTH TRADES

I dont believe there is a language barrier. I understand completly what your trying to say, your just wrong...
 
Last edited:
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
Just posting a small update.

some of the reasons I havent opened the trading acct yet are financial related.

I am so happy to find out about--

Social Security Online - Economic Recovery One-Time Payments Information Page

I am 99.9% sure that I will be able to take this $250 and open the account!

please everyone keep your fingers crossed for me that nothing happens before I can open my account!
 

AlwaysCurious

Contributor
Jan 16, 2008
274
57
26
GMT +1
@Carrie, yes, your figures are correct, still I am not wrong :smug2:

Last try: There are two different ways to limit risk, first to adapt the position size, second to adapt the stop loss. You correctly explained how to adapt the position with fixed stop loss. I on the other hand tried to explain, that with a bigger account you increase your odds by enlarging the SL level. That way the relative costs of the spread decrease and your trades have more room giving you the chance to ride bigger waves on higher timeframes. So with a bigger account it is better to not only adapt position sizes.

BTW good luck when going live. I'm very interested in your proceedings. :thumbsup:
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
I agree with what u just stated.

the issue we have now it that there is no reason to adjust your stoploss.(obviously if you move your stop loss it changes duh) If your trading style calls for 20 pips then u can do that with $100 or $1000 or 100k same if its 50 pips its 50 pips reguardless of the trade size or value.. the size of your position an your stop loss is what counts not the size of your account!

If you dont adjust your stop loss then its equal to the same amount of pips. now those pips have a different monitary value dependant on your lot sizes and pair traded.(which if your sticking to your 2% or 5% rules then the stop loss limit is set in stone then no need to change for a smaller or larger account)

Of course if you adjust your stop loss your calculations are going to be off(more riskier or less riskier). we are talking about your comment that stated it was not worth while to have a smaller size real account that you dont learn anything or something to that effect.

and that is why I pointed out that if you stick to your rules (for stop losses and position size) a small account is just a smaller mirror image of a larger account.

it is exactly the same just a miniature version...
 

webnetking

New Contributor
Apr 20, 2009
33
4
9
46
Malaysia
I have about 4 years experience in forex. Still finding good strategies though. :)

I want to get to know people who have good trading strategies or tools.

Maybe we can exchange each other.:hurray:
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga



Im confused by my calculations tho.

nominal roi is .21052 or 21% ?(not bad for 4 days)

annual roi is 19.20995 what the heck is that lol 1920%?

is that right?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

^eagle^

Contributor
Read Millionaire Fastlane
Mar 17, 2008
820
99
69
Florida
Thats awesome carrie. Is that a mini or micro account cause you are leveraged to the hilt if its a mini!

You go girl!try to figure out your optimal lot size after every few trades. Bring it up a notch.

.25, .26, .27 .....

You'll get there that much faster.
Hooray for compunding.

I'm still demoing a scalping style that I will be taking live in a week or two.:banana::banana::banana:
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
right now im in a mini account I have the leverage set at 400:1 lol. $250 initial investment(ibfx u can set any amount of deposit for the demo as well as any size lot. you dont have to pick from the available list)I am trading in the demo exactly as I would be with my real money (im opening my act with 250)

But I am using strict money managment rules to limit my losses to no more then 5% per trade untill I grow my acct size. (once i hit a certian threshold I will drop down to 2% per trade)

max at risk per trade is $12.50. usually less. the strict stop loss is set at 50pips but most times I move that closer depending on where my fib retracments land. and I also do manual trailing stop as it moves up to lock in at least some profit.

I actually have a plan that tells me by account size when to increase the lots traded.

I have been trading .25 of the mini lot. it is equal to 10c a pip abouts.(depending on the pair)

also what I have been doing is having multiple entrys on the same trade. so I am compounding profits that way too. once I get a certian amount of profit and the value is more then 50 pips from where i started if all still looks to be going my way I will add another .25 lot at the new entry signal.

the only thing that I want to add is that I closed out several positions overnight that I should/could have left open on wednesday. I already had a decent enough profit that I didnt want to risk losing it by being greedy so I closed them out instead of watching for my exit signals.
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
how are you scalping are you using japanese candlesticks?

I am currently learning how to use those to enhance my trading.

I do also have a scalping method but it was more complicated then the strategy I am using now. once I am live and trading this intraday one that I am using right now I will start practicing with the scalping and also the longer term trading.

I want to be able to use this method in my sleep before I start messin around with something new lol.
 

^eagle^

Contributor
Read Millionaire Fastlane
Mar 17, 2008
820
99
69
Florida
how are you scalping are you using japanese candlesticks?

I am currently learning how to use those to enhance my trading.

I do also have a scalping method but it was more complicated then the strategy I am using now. once I am live and trading this intraday one that I am using right now I will start practicing with the scalping and also the longer term trading.

I want to be able to use this method in my sleep before I start messin around with something new lol.

I am scalping on the one second time frame with the one minute trend. 2 to ten pips profit then out. Hit rate is above 95% I cant share exactly what it is because of copyrights.

Been playing with a swing trade method but scalping is where its at. :coolgleamA:
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga


nominal roi 44%

annual roi 1610%!

I had a few losing trades but ended up coming out on top! this morning I took my profits because they were impressive and there are 3 news announcments comin out in 1.5 hrs and im going back to bed lol.

so as there is news coming out and I wont be here watching for my exit signal I exited my positions early or I may have had slightly more profits out of those trades.

Still going!:hurray:
 

^eagle^

Contributor
Read Millionaire Fastlane
Mar 17, 2008
820
99
69
Florida
[ame=http://www.youtube.com/watch?v=qaRIlbEZQLI]YouTube - It's Peanut Butter Jelly Time!!![/ame]
 

^eagle^

Contributor
Read Millionaire Fastlane
Mar 17, 2008
820
99
69
Florida
Looks like you got a great system. If you have time could you share it over at the forum I mod.

http://www.forexnirvana.com

Love to have you there as well as here. We got to keep this thread going for future forex traders. Looks like we representin' Forex in MJ's House.:coolgleamA::smxG:
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
Im gonna check out the forum before I start posting... lol.

I am thinking of wiping the slate clean so to speak in my forex account.(restarting again from $250)

what do you think?
 

^eagle^

Contributor
Read Millionaire Fastlane
Mar 17, 2008
820
99
69
Florida
Im gonna check out the forum before I start posting... lol.

I am thinking of wiping the slate clean so to speak in my forex account.(restarting again from $250)

what do you think?
If you plan on pulling out your initial deposit then by all means. Good practice.

I let my hard Stoploss get hit this afternoon. I need to stick to my session (3am-5am EST) I am 100% in that session but every time I venture out of it I lose.

shut down for today until london open. Need to stick with that. My JOB forces me to stick to that. Funny. My Stop loss hits have both been on mondays. Thats my day off from my JOB. Can someone say "Overtrading"?

We need more manual traders in NIrvana. Too much EA talk. Not enough manual effort or psychology.
 
OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
I am still demo trading. I just wanted to clarify that.

in my original set of trading rules its like #1 to be in profit in demo trading for 6 wks before using real cash.

I am about a month away from funding my live account. which is why I started demoing again to buff up on everything I learned till now.

The plan is to fund with 250bucks and grow it for quite awhile before I start making any kind of withdraws from it.(size of account more then time will let me know when I can start) so I guess I will keep going then?


most of the sucess I have had in the demo isnt from trading. I am at 62% losing trades and and highly geared. the trick to my sucess so far is all about proper money managment...

with the money managment rules in place and working effectivly I can now try to figure out what I am doing wrong with my trading to be able to increase my % of winning trades and that greatly compound my profits even more.

this is why I wanted to wait before posting on other forums. especially ones where people are live trading.

once I am trading live and still in the money then I will venture into straight up forex boards lol.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

OP
OP
CarrieW

CarrieW

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2007
2,546
1,039
346
suburbs of savannah in Ga
LOL i guess someone else made my decision for me. I went to log into my demo account this am to see how my trades went overnight last night and my forex account is an invalid account number.

I think they are only active for 2 wks at a time.

so I had to restart it as of this am.
 

FXDISCIPLINE

PARKED
Dec 21, 2008
5
0
9
Folks
It has been a while since i posted , good to be back.
I have been away on a long vacation . Started regular updates this week.
How are you guys doing. GBP/usd is constrained. I expect a push higher before finally breaking down . This weeks job numbers and GDP out of UK will be the catalysts. I would be sending signals as usual

V
 
Last edited by a moderator:

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,382
110,299
3,751
Fountain Hills, AZ

forexbob

PARKED
Aug 27, 2009
1
0
8
just for now, taking a break due to health. but have been running some bots.
lately started to trade manual.

grtz,

robert
 

qwerety

New Contributor
May 26, 2008
126
4
15
Detroit, MI
just for now, taking a break due to health. but have been running some bots.
lately started to trade manual.

grtz,

robert
Exact same thing for me.

Was in the hospital a couple weeks.
Made me really change my outlook on things.
Was told to stay away from stress and now I'm deciding if I really want to continue learning and doing forex. Not sure if I want forex or if I just want what it represents to me like freedom and potential lot of money.

idk, Ive put so much time and effort into this...
 

kurtyordy

Bronze Contributor
Aug 28, 2007
2,375
281
70
42
PA
Quick update to try to inspire people to get off the sidelines and jump in to the forex pool with real money.

In less than 4 months, turned $200 into $850. Did this reading barely anything. Never successfully trading a demo account, just jumped in and swam after blowing up a $25 free account.

Not trying to boast, but to inspire. Stop being scared. If you can afford to lose $200 then give it a try. However, if you cannot afford it, stay away.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
Do you mean it will be possible to join until the end of the year for a one year course? And...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Ah, I should've checked here to find out that it was free! Although, Amazon only charged $2 for...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Pick the one you need most. Some just buy them all. :D Loving your email sequence.
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Dropping a quick note in here to say... if you are on TFL, you are part of an elite group of...
  • Sticky
MARKETPLACE Kill Bigger Incubator
I joined @Kak's business incubator in the first week of May. During our daily chats we uncovered...


Visit A Forum Sponsor
sponsor

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock