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CarrieW

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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.
 
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AlwaysCurious

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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.
 

CarrieW

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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

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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.
 
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CarrieW

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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...
 
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CarrieW

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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

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@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:
 
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CarrieW

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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

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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:
 

CarrieW

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522fxdemo.jpg



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?
 
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^eagle^

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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:
 

CarrieW

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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.
 

CarrieW

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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.
 
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^eagle^

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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:
 

CarrieW

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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^

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[ame=http://www.youtube.com/watch?v=qaRIlbEZQLI]YouTube - It's Peanut Butter Jelly Time!!![/ame]
 
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^eagle^

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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:
 

CarrieW

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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^

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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.
 
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CarrieW

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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.
 

CarrieW

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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.
 

^eagle^

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Hey I found this site and this is the real deal on forex trading.

Still learning the ropes. But this guy knows tech trading like n o other guy I have met on the net. He makes my current strategy obsolete.

And best of all its FREE!

MP6140 FOREX and Indexes School - Stock Hideout
 
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FXDISCIPLINE

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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
 
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MJ DeMarco

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forexbob

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just for now, taking a break due to health. but have been running some bots.
lately started to trade manual.

grtz,

robert
 

qwerety

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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...
 
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kurtyordy

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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.
 

^eagle^

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I just blew up a $200 account trying something new. looking back it was stupid. Wasnt looking at longer term trend. So that leverage can be a double edged sword.

CongraTS
 

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