I started a thread on ET three months ago and initially got slated for my lack of forex jargon even though i explained i was fairly new to it. I have a trading startegy that i have stuck to (although fine tuned) and it is has consistantly made regular profits. yeah yeah i appreciate we are living in odd times and my profits could have been much higher had i held my positions for longer periods (i take measley profits), but the fact is that i have tripled my capital (£2000 to £6000) in 15 weeks as planned and my 'system' works perfectly for me. In fact i RARELY lose because i never gamble and stay focused. I will continue to use my system and compound my profits taking me closer to my target of week 31 (£25k). I am not looking for a 'pat on the back' as one trader here put it. I'm just sharing what i have learned however obvious it may sound to seasoned traders. My ultimate startegy in to get to week 42 (£48k) and take my 'measley' £4k per week .......... every week. I'd just like to say thanks to 'cabletrader' who gave me some solid and constructive advice in my early stages. Hope you are all doing well.
this is AWESOME...why in the world would you be interested in a micro account from the other thread??????...hey, 4,000GBP per week is a lot of cash/money!!!!!
thanks! i pretty stoked about how its going. the micro is for a friend who has been demo trading and wants to dip his toes but is terrified of losing even though i am guiding him. he wants to be able to trade with confidence on his own without coming over to my place all the time. i think he needs to know what losing feels like because he is a gambler by nature and my strategy has no room for that. i must admit it is VERY difficult not to hold my postion longer than i do but i'm really dedicated to it. like i said in the beginning of this thread i only take VERY small profits and my market maker must love me, but i cannot imagine deviating from it. boring to some, but very satisfying to me. don't get me wrong though, sometimes i make multiple trades in a day which is great and helps me compound all profits quicker and hence reach my target faster, but its hard not to get greedy and enter into positions that are more risky. it's getting much easier to stay focused now i've experienced the benefits of being totally ruthless in all trades. i still pinch myself sometimes when i see my bottom line and the consistant successes i've had. the next 15 weeks are vital, but if i get to my target i cannot see why it shouldn't continue ........ although the seeds of doubt are still there!!! hope all is good for you
Hey super, Great job so far, I am fairly new to fx trading, although been trading futures for years. I have spoken to Cable as well and he is a great help. I am a scalper turned intraday trader, to me there is a difference. I trade off 15, 30 min charts. Basically using simple IB bars , how about you?
hey, thanks. i'm a struggling bar owner and desperate to get out of it. ....overheads!! and not so good for family life. i agree cable is a sound guy ..... thanks again cable. i trade GBP/USD 5 min candlestick charts and identify trends using 14 day SMA and 14 day EMA. not really sure how scientific that is but its just part of my system. when i identify a down trend (not hard right now lol) i wait for my entry signal (when the last 5 min period is down on the previous up period, then enter at the low point of the last down period ..... does that make sense?). i then wait for a 4 point profit (measley!) and exit (sometimes 2 sometimes 6, but no more). some may think i am mad exiting there and many times i could make more, but i like my strategy and 90% win ratio. there are some scary moments of course, but it works for me even though i allow my position to weaken more than i allow it to strengthen. i know it sounds mad, but i'm comfortable with it and the proof is in the pudding that it works for me and profits are regular. i trade GBP/USD 5 min exclusively and have fine tuned my system depending on market volativity, but the overall strategy is the same and looks to be successful in 10, 30 min etc periods although i have never tried it out. you know i read this back and even i think i'm nuts not holding my position for longer :/ maybe when i reach my big target i'll give it a go, but once i'm there (please god!) i dont see the need to deviate from a winning strategy. ........ or is that inevitable?? as you can see i am no expert, have much to learn and my style may seem very simplistic to a seasoned trader, but it works for me. how's it for you?
Nice job. Congrats on the success. You sound like your off to a great start. One of the only ways I believe ppl can start making money consistently is if they have a solid strategy/system. You seem to be doing it right so far. Just remember. Even if you have a drawdown...odds are you're going to make it back. Just keep your head in the game and keep taking those losses. PS...do you trade in both directions or primarily one? This CableTrader sounds like he needs an ET medal or something. One of the FEW traders on here who are actually helpful/supportive. Glad we still have a few ppl on ET like that. I commend him on that.
oh, i forgot to mention that if the current period hits the high of the last before hitting the low (entry) i dont trade it. got a feeling i'm teaching people here to suck eggs! :/
not to bad on this end. I get what your saying, Just my 2 cents I know you have what works, as long as your making money thats good. But with the pair you choose you could get more than 4-6 pips on the 5 min. I Usually trade of the 15/30 min like I said with inside bars. But I am a scalper by nature and I too use the 5 min to scalp fx. I trade the g/u and look for the trend and then draw s/r lines on it and trade from there not very mechanical but it works, but I usually have a stop where it would break on of my trendlines and then take profit around 10-15 pips atleast on the 5 min. If it goes my way immediately I start to bring the stop down incase of reversal. Here is a picture. You will notcie the red arrows are the shorts, the black lines are lines I have drawn in during the day to note where s/r levels have been, so when you see the red arrow, it would be a short and the stop would be a few pips above the black line. Opposite for blue arrows which not buy, and the stops are a few pips below the black s/r lines . Look at the trades your selling yourself short if you only go for a few pips, you can get atleast 10 plus. These are the trades I look for when I am waiting for my longer term intraday plays to set up, I do not hold overnight.
you've tripled through in a period of weeks........... DONT DO ANYTHING DIFFERENT (unless your strategy starts losing you money) STAY DISCIPLINED TAKE YOUR SMALL GAINS DONT GAMBLE even if its a bunch of small wins those equal big gains over the long run.... stay trading how you are if its successful that matters ALOT... if 90% of people fail at trading then your system puts you in the top 10% (if it proves itself over time) so STICK TO YOUR GUNS and just keep doing what you're doing... if you start deviating then you open the door to start losing.