Hey... if timing didn't work for you then you made a wise decision. To each their own. I do plan on opening a longer term account this year where I will buy with the intention of holding for a long term period using percentage stops instead of stops based on technicals. So yea... I do hedge in case I never succeed in trading. Just like you, I have one account where I am positive I can make money in the long run and another where if and when I learn I can make a lot, or I can lose it and not be affected much (though I don't intend on letting that happen). Also, to calculate how long it takes to double your money you don't need experience. Use 72 formula... a little shortcut. Take 72 and divide it by any interest rate. That will tell you how long it will take you to double any amount of capital based on any interest rate. This is derived from a simple growth formula... and is an approximation which only works for smaller values... but still fun. Anyways i'd go over derivation but there is a chance you probably know this already and arn't interested. I'm just a nerd...
Interesting debate kidPWRtrader & Minelli ... the learning by sharing idea in action... took your advice and ordered me a couple of basic investment books ... I guess it is never to late to learn .... "The problem I see with the FX autotrade type deal is that 1, it is really risky, and 2, you will never make longterm profits if you don't actually learn the underlying methods." I agree with your point 1, but think/hope to mitigate that risk by spreading it over a series of signals ... Don't agree with your point 2, you can make money with other people's expertise, you don't need to be an trader to make money in stocks, fx or other ... it is all about using the approach that fits you ... "I'm just a nerd..." If you're 19 and already have that financial insights, then I wouldn't call you a nerd, .. clever is a better word.. let's see what this week brings ....
I'm glad that you decided to order some books. At the very least, I'm sure you won't feel too bad about being empowered and knowing when a financial advisor is talking truth or bs. Luck for next week...
daily statement of 21May2007 - see attached. We had again a very bad day today: -145 5 closed trades: -10 & -9 fxmaster.net EURUSD -11 ForexFighter-KO GBPUSD -50 & -60 ATRChannel GBPUSD 3 open trades balance: 5784 (-3.6%) equity: 5727 (-4.6%) not happy.
daily statement of 22May2007 - see attached. We had a neutral day today: +11 3 closed trades: +64 Quants-MP40 GBPJPY +17 ForexFighter-KO GBPUSD -58 ATRChannel GBPUSD 4 open trades - floating P/L -123 balance: 5795 (-3.4%) equity: 5672 (-5.6%) :eek: The big loser the last 7 days was ATRChannel GBPUSD ... the other 3 signals did kind of OK.
Let me look at my crystal ball...okay I think the next post will tell us how great a day fx245 had. ATR Channel was HUGE today. My portfolio was up $366 (+88, 82, 100, 41, 55). I will update my blog at the end of the day. Hendrick - are you feeling a little better today A nice day like this helps on all those ugly bad days...
You seem not to grasp the comment. It doesn't matter how many pips a system made he last 12 months. Experience teaches that "successful" tracked systems (Collective2, timertrac) fail with amazing regulariuty. You would be amazed at how few of the successful timertrac.com systems that topped the charts 1-2 years ago are lagging or extinct. The reasons that systems fail even with a live track record, is that most of them never really worked in the first place (re-read comment above), the market geometry changed, etc.
Reread my comment on the top of page 3. I have reviewed over 1500 systems the last 12 years. Your approach is not a good one.
Minnelli's crystal ball is right !! follow that man ! daily statement of 23May2007 - see attached. We had a HUGE day today: +200 5 closed trades: +58 & +87 Quants-MP40 GBPJPY +82 ForexFighter-KO GBPUSD +88 ATRChannel GBPUSD -80 fxmaster.net EURUSD 4 open trades - floating P/L +238 balance: 5995 (-0.1%) equity: 6234 (+3.9%) The only loser the last 7 days now is fxmaster.net ... the other 3 signals are doing just fine.
dear rcanfield - only time will tell if this approach will work - in fact I see no reason why it couldn't work just fine. thanks for your feedback and input !