Cut my position size in half because I'm fresh out of my ulcer medication.

Kenny Rogers returns to the game as THE GAMBLER!



/cue the music

__________________
aka jbfx

After a series of small losses.

I got on a good trend trade. And my new equity close all script kicked in, and stopped all trading until I was able to reset it.

So I know my close all script works, and I was able to make some coin.

However, I only was able to take half as much profit because I had cut the position size in half.

Perhaps now I can upgrade my Johnnie colors, and sip some of the good stuff.

Account #1 Summary (Post Date):

Deposit/Withdrawal: 20 000.00
Balance: 36 721.67
Equity: 36 721.67

First spike up in Balance at around #360 was due to the $10K deposit, so I can't take credit for that.

The next drawdown phase at around #385 which I lost all of my profit for the year, and got below my initial deposit of $20K.

The final 2 spikes up are the HOME RUN trend trades that I had managed to catch. Without those 2 huge trades, I would be in trouble. Perhaps I have been lucky to have gambled on the right side of the trend.

Attached Images

DetailedStatement-11132008.gif (5.1 KB, 151 views)

__________________
aka jbfx

Malcolm Morley from Oanda Interview returned 1,400%+ over a 2.5 year period. Simply incredible.

I would be blown away with myself if I could return 100% on my initial investment by the end of this year. It's definitely a lot harder than it looks.

On my demo account, my EURGBP test trades already double the account (same ones I took on RAS beta testing that I closed early). The psychological difference between demo and live is vast. I let my demo trades just keep going and going, and if there is a monster trend, you make so much money. These demo trades on EURGBP are already going on 10 days, I doubt I will ever get to this point on a live account. The piker in me would already locked in the profit, and left the potential profit on the table.

The way I see it, if someone else can do this, then it is possible. And if it is possible, then why not by me.

__________________
aka jbfx

It's Friday, and all quiet on the Western Front.

Getting some downtime this weekend to get my demo testing back in order. I'm going to take down all of my FXDD demo accounts because I'm not really happy with their (broker's demo server) performance.

Probably not going to trade again until next Wednesday at the earliest. Hoping to sit back until I can get in on a big trend to ride on.

On the Euro, we are sitting right on the consolidation base at low 1.2's as was seen in 2006. The Pound is taking a cliff dive off the face of the Earth, I have no idea where it is going. The Swissie is going to hit heavy resistance at 1.20 formed back in 2006/2007. This seems like the most tradeable and safe bet to go with at the moment (selling the 1.20 resistance). I don't even bother with Yen right now, that carry trade unwinding has a mind of its own. The divergence between the Euro and Pound is intriguing, it's the reason why my demo EURGBP trades are doing so good. I have no idea why the dramatic discrepancy in price action, but eventually, I know Pound will need to gain against the Euro because of their proximity and economy. And how do I capitalize on that? That's the $$$ question.

__________________
aka jbfx

If the Swissie doesn't reject the 1.20 very hard, it will enter into heavy resistance range territory of 1.22 to 1.28.

I pulled up a weekly chart on USDCHF, and you can clearly see that there is a lot of past consolidation in those areas. I usually draw 2 horizontal lines to create a "zone" to trade with.

Basically, if you pull up a weekly chart on any of the Majors, all of them are sitting at a major support or resistance zone. Either we will see a fast rejection, or we will chop around until it has build enough momentum to break through. I doubt it will be a clean fast breakout for any of the currencies.

__________________
aka jbfx

Wow, huge gaps coming out of the weekend.



I'm lucky to be sitting on the sidelines and not be on the wrong side of this hole.

And I think I'm going to stay away from trading the Exotics for awhile. EURJPY bid/ask was 11 pips apart...hard to make any kind of money dealing in this kind of spread.

Legendary Jim Rogers said there is going to be short term dollar bull, but long term dollar bear. He stated he is unloading his dollar in this strength.

__________________
aka jbfx

I knew I should have traded those gaps though. Back in the stocks/futures trading days, there are always gaps at the open, and the old timers would always trade into the gap because they always say....gaps always get filled.

And Part 2 of that lesson was, after the gap gets filled, the price action usually snaps back to the direction of where the gap was created.

Let's see if Part 2 comes to reality.

Still sitting on the sidelines, waiting for the long term H4 trend to show itself.

I'm planning on funding another account to trade some short term, high risk, high reward strategies. It's going to be wild and fast paced. Probably next year.

__________________
aka jbfx

Part 2 was right.

Too bad I was too chicken to test that theory on the gaps.

__________________
aka jbfx

Firebird? Martingale? 10point3? Blessing 2?

I really don't think it makes any difference which one I choose, all of them will fail in the long term because they cannot survive in all market conditions. Some will favor trend, while others will favor the range. These EA's will do spectacularly well in their own specific market condition that is based on their designed logic. Unfortunately, it is very difficult to tell if the market is going to range or trend before it happens (random?), if we had this information beforehand...we would be very rich.

Maybe I'll just throw a dice or flip a coin to see which one of these EA's I choose. Then it's up to the market to see if it can beat the mouse trap. Either I make a great return on my investment or it goes to nothing.

__________________
aka jbfx

Back into the game.

Going to take a small manual trade here on the Euro long, hopefully to close out in a few hours with small profit. The price has formed into a triangle, and can break out either way. I'm hoping for a small spike up (either a head fake or a genuine up move) so I can lock in some profits. Definitely not a trend trade here.

I have a window of 4 hrs before the London Open, where it's going to really start moving. I'm hoping to close before that. Keeping my fingers crossed.

Going to check back in a few hours. Cya!

__________________
aka jbfx