Adrian, Your posts are not on topic anymore than the others... Please try to stick to the Journal authors theme as he requested. (from one humble guest to another ) Lets review: If you have any questions about how to trade currencies please post them. Note: This is not for those already trading currencies who want to advance or question my particular, specific trading methods or systems. This section is for those beginning forex only. No advanced trading tactics will be discussed. Questions of that nature will not be addressed. This will just be a place to go for people who are interested in forex but who lack perspective. Michael B.
Thank you ElectricSavant for repeating the guidelines setup by the originator of the thread. I ask that we all be scrupulous about remaining on-topic and, as always, no personal attacks. If, for whatever reason, one gains no value from this journal then please move on, simply go to another thread (or start ones' own). Do not hang around here and complain. Thanks.
I thought my earlier question was on topic. However after sKaLpZy scolded me, I realized that perhaps I was asking about his methodology instead of how a beginner might think... He felt he wanted to share his thinking in this beginners Journal, and I did not immediatly realize that I was off topic. As for the others here, I cannot speak for them. I feel that no matter how experienced I am, there is always room for review. sKaLpZy is a very talented writer and I enjoy reading his posts. Carry on.... Michael B.
ElectricSavant, My post was not directed at you (other than the first sentence). I realize now the wording might be misconstrued so I've edited it, as I was speaking to no one particular member, but all members reading the thread.
Folks, Not to kiss A** or anything...I just want to thank Magna for his service to the community and the thankless job that his duties entail. I could not do it, with my short temper and my inability to let things go. It's tough to be a Savant. I hope that sKaLpZy can let "by gones" be "by gones" and be mature enough to move on and continue with his most excellent entertainment. Michael B.
Current market: 1.2960. One little detail I left out about the price dropping "to the low 1.2800s." When Hell freezes over.... Uh... What happened?? Why a sudden 130-pip spike? Anyone got any clues? I'm -62 on that last short I opened at 1.2896. The Coin <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=741827>
thanks for your detailed reply skalpz, another one for you; say i make about 20 trades per month, no trade lasting longer than 24 hours, and about 4 trades max on at one moment, and im comfortable with risking 2% of my a/c per trade, have a 60% win rate and 1.5 win/loss ratio, what sort of position sizing technique would you recommend. this is what im thinking atm; to make things easier i was thinking of making $25,000USD = 1 lot(on paper only) and only trading $25k USD per trade (i trade about 10 pairs) and then using a delta of $2000 to add another contract (fixed ratio).... e.g a/c size (forex)..................lot size $5,000..............................(1) $7,000..............................(2) $11,000............................(3) $17,000............................(4) $25,000............................(5) my objective would be too keep drawdown low (35% tops) and achieve optimal return. what are your thoughts? thanks
Adrian, Winning, or losing, is not the principle thing. Learning from it is. What did you learn? Specifically, what did you learn that you would do differently next time to prevent the same (losing) outcome? Sam
Maybe the run up was from short covering I was there. went north @129.47 Took a few lumps on that one. I Was short from 1.2925 & bailed out.. Still Learning..Hope it runs up..sorry for previous posts.had a bad day. please dont kick me out yet i just got here What charting program is that u use?