Hi I have been paper trading a 50,000 account which now stands at almost 250,000.This is after less 3 months with most trades made in the last few weeks.

Method :

I use breakout chart patterns, heiken ashi candle sticks and bollinger bands.They give me direction, momentum and volatility.
I am medium term swing trading.
I do not risk more than 1-2 % on a trade.
I have a stop loss always, and I place the stoploss at point I know my anticipation of the market is wrong.Usually above or below squeezed bollinger bands.
So,My position sizes vary according to market conditions and placement of my stop losses.
I make my self aware of general fundamental situation, interest rate movements etc, most news I discount,rumours I pay attention to and look for market confirmation. I let the market tell me most information.
I analyze with H4, D1,W1,MN.chart patterns , and momentum to find trends
entry and exits with M1,5,30, H1.Positions are made during price congestion and sqeezing in these time frames.
If the market moves in my direction I move stop losses to last point of resistance and support.
Losers are kept less than a day if you am wrong you find out fast.
Winners can be kept for days,weeks or months

As of today the account has a booked loss of around 6500, and an open profit of nearly 180,000.

these are my thoughts and strategy.I'm interested in hearing others.

Attached Files

jan5.htm (26.1 KB, 708 views)

Can all of us see "Investor Password" for that account to verify what you said is true?

Regards.

Can you post your chart with explanations?

Yes - this is nice on a demo but with a "REAL" broker, you would need $70,000 in margin just for your current open trades. Also, remember that the psychology of trading is most important. Therefore, who would want a system that is in the negative for days on end waiting for it to get into profit. This is like the early "Steinitz" system all over again. Easy for us to see with you tremendous losses in the interest column.

Do yourself (and all of us) a favor:

Find a system that gives you good entries rather than worrying about spending days and days in the RED.

Cheers and good luck.

Very impressive. That is how I would trade as well. Swing. I like the fact you have a lot of patience in holding. Very good job.

If you don't mind, tell me more about your position sizing and risk. Also, it looks like you are adding onto your existing position, tell me more about your thinking there.

Your strategy looks sound ,running your profits and cutting your losses .It seems you are looking at longer time frames for overall market strength.

I suggest you start making live calls and signals on this forum .

OILFXPRO

"Yes - this is nice on a demo but with a "REAL" broker, you would need $70,000 in margin just for your current open trades. Also, remember that the psychology of trading is most important. Therefore, who would want a system that is in the negative for days on end waiting for it to get into profit. This is like the early "Steinitz" system all over again. Easy for us to see with you tremendous losses in the interest column.

Do yourself (and all of us) a favor:

Find a system that gives you good entries rather than worrying about spending days and days in the RED.

Cheers and good luck."


This is not a mechanical system.I used discretionary trading.I have concentrated on my entries and more importantly plan my exits every day.The report does not show you where my current stop losses for these trades are .They are based on resistance between smaller time frames.So if I get closed out I am still in profit.

All consecutive trades are made after the previous trades were successful.All Trades were managed separately (even of the same currency) each having it's own position size and stop loss.
I keep adding to a position because a new scenario has emerged where I can enter and the long term view is still the same.Once a set of positions of a certain currency is profitable they share the same stop loss.

Yes I have open risk in the market but even If I get stopped out I am profitable.I take losses in the interest rate only because I am profitable in my speculative trades and the market dictates I stay in that position.

I am never in the red for days.All losers are stopped out fast.

I had reasons for taking these particular trades.I have checked the fundamental climate but I am highly technically orientated. I know the reason I am in these trades.
I took these trades because
the BOE started reducing interest rates.
The carry trade was unwinding because of the credit crisis.based on other analysis to do with the correlation between VIX, S & P 500 with the carry trade.

I had followed these particular pairs for few weeks.All of them are correlated and based on swiss, yen strength over the cable, I took the euro trades after I saw pattern that it's over bought.

The charts confirmed all this and entries were pinpointed using small time frames. All the analysis is long term.

My position sizing varies according to the risk.I risk 2 % , but the number of pips vary, some of these trades had risks of 20 pips and have gained an average of 500 pips.I only look at pips gained and where I am in the market relative to where I entered.I don't look at the money gained on each trade.I get stopped out at a point in the market I know I'm wrong.

The trades where I gained a loss were because I was careless and didn't place proper stop losses immediately , or got married to an idea and reentered after being stopped out.I have accepted this as a lapse of discipline that shall not be repeated.The booked gains were also what I consider bad trades as they were closed to early , they were highly leveraged and moving in the direction I wanted with a stop loss but I closed them early due fear, but If I had kept them the account would be a lot more profitable.But hey it's all a learning experience.

I don't plan to take any more trades till these trades are closed out.
All this requires lot of discipline and understanding of trading psychology. I have experienced this first hand, I have gone bust with a real 5 figure account with an ECN.But I knew where I went wrong and now I 'm now risk averse.
All these trades are highly leveraged with low risk. I don't care about small losses of 1-2% when I am confident of making good trades.I don't mind losing money but I mind bad trading.

I'm not here claiming I have a holy grail. I have just found something that suits me, I am as surprised by the results as anyone else, I wish it were real money . I use simple indicators and stepped into the market when I feel the odds were in my favor.I just changed my behavior.I got busted out by bad money management and psychology not bad ideas. Trust me how and why you exit are much more important than your entries.
You have thousands of indicators for that , I choose ones I like and suit my personality.

I have read about forex for 3 years looking at charts, lurking in forums like this one , reading dozens of books on trading, putting real money and going through the emotional experiences and lessons.

I have found success only now

I will post charts soon that will clarify things more.I intend to make this account into a million. I am interested in finding out how long and how many trades it will take.

Good Trading
Vin

there's no TP and not fix lot size right ? ...When u r double your lot and why ?

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Forex Indicators Collection

There is no take profit because, I can't predict the future, and I wanted to hold my winners as long as possible. I however have a mental take profit at major support levels, Once I am around this level I start tightening my stops but still go with the trend. I think a lot of these moves are long term and that even I get stopped out it will be a retracement and I can get back in later.

The strategy is simple I am relying on long term momentum and chart patterns. entry and exit in shorter time frames by using volatility.

When u r double your lot and why ?
I don't understand what htis means

I like your descriptions. I especially like the fundamental aspects, although sometimes that can go awry because they you have to take into account the reason the interest rates are lowered or risen (ie economy strength). But it looks good, too bad it is not the real account, as you know, all the demons come out and play when it is the real thing. Looking forward to your journal posts.

I've known a lot of trader who got rich trading the long term swing, that's what paid for their houses, they only play the short term for fun and boredom.