My Trading journey.
Discussion
russ_a said:
This thread reminds me of the one from a few years back. There was a guy who was spread betting on gold or silver. Betting large amounts hoping to make a few small returns throughout the day.
He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
I seem to remember it was back in the days of the Compaq iPac and people had dreams of sitting on the beach doing a few trades a day making thousands a year!
Without a doubt there is no system that can be taught (in a week) that will make money in the long term.
And on that note:He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
I seem to remember it was back in the days of the Compaq iPac and people had dreams of sitting on the beach doing a few trades a day making thousands a year!
Without a doubt there is no system that can be taught (in a week) that will make money in the long term.
PLEASE DON'T TAKE THE TRADES I SUGGEST. AT BEST I AM AN AMATUER, AND AT WORST AN IGNORANT FOOL.
I am not interested in purporting to be anything, just a guy giving it a shot on a public forum. If I win it's probably just luck, and if I fail so be it. It's my money, and my choice. I am well aware that I could be rediculed for the rest of my PH days, and I am thick skinned enough to take it on the chin.
I have no interest in teaching, investing others money, or reporting I have discovered "The Holy Grail Of Trading".
Now let me just ring that guy from Nigeria back, as He's told me a long lost relative has left me millions.
Regards
Mr Fox.
Mr fox said:
Poss. short on GBP AT 15772. Stop is 15823(50 pips away).
I am "NOT" going to take this trade as:
1) I'm done for the AM, and don't want to go back in....YET.
2) The stop is quite far away.
3) It may take till after 4pm to come to fruition(harder for me to keep track on 200 tick).
BUT if this was the only trade availiable on the day then I most certainly would take it.
Hi Mr.Fox,I am "NOT" going to take this trade as:
1) I'm done for the AM, and don't want to go back in....YET.
2) The stop is quite far away.
3) It may take till after 4pm to come to fruition(harder for me to keep track on 200 tick).
BUT if this was the only trade availiable on the day then I most certainly would take it.
Interesting thread for a few reasons..
Why does it matter how far your SL is? Risk is risk. If I risk 2% of my a/c and the trades loses then I obviously lose that 2%. From that, the SL could be 10, 20 or 100 pips. Pips are meaningless without a position size.
R11ysf said:
Errrm, I think Walm has covered your last point.
With regards to why I was suggesting that Mr Fox trades more often when times are good the reasons are many. Firstly, his trade this morning was 20 pips. In Forex. That is not a " big sweep" or even close. It is a small scalp. Therefore if you are going to scalp then you need to increase your number of trades and expect a lower proportion of winners but more of them. If you are going to trade once or twice a day then you need to be aiming for a bigger winning trade.
Scalping in massive size once or twice a day for a small profit (in tick terms) will struggle to be profitable in the long term.
By definition a scalp on fx is less than 10 pips imo. With regards to why I was suggesting that Mr Fox trades more often when times are good the reasons are many. Firstly, his trade this morning was 20 pips. In Forex. That is not a " big sweep" or even close. It is a small scalp. Therefore if you are going to scalp then you need to increase your number of trades and expect a lower proportion of winners but more of them. If you are going to trade once or twice a day then you need to be aiming for a bigger winning trade.
Scalping in massive size once or twice a day for a small profit (in tick terms) will struggle to be profitable in the long term.
20 is certainly a fairly small amount but given GBPUSD daily range has been the lowest in 4 years or so, I think 20 is a good target depending on how/why you're picking entries.
Mr fox said:
And on that note:
PLEASE DON'T TAKE THE TRADES I SUGGEST. AT BEST I AM AN AMATUER, AND AT WORST AN IGNORANT FOOL.
I am not interested in purporting to be anything, just a guy giving it a shot on a public forum. If I win it's probably just luck, and if I fail so be it. It's my money, and my choice. I am well aware that I could be rediculed for the rest of my PH days, and I am thick skinned enough to take it on the chin.
I have no interest in teaching, investing others money, or reporting I have discovered "The Holy Grail Of Trading".
Now let me just ring that guy from Nigeria back, as He's told me a long lost relative has left me millions.
Regards
Mr Fox.
Hi Mr Fox,PLEASE DON'T TAKE THE TRADES I SUGGEST. AT BEST I AM AN AMATUER, AND AT WORST AN IGNORANT FOOL.
I am not interested in purporting to be anything, just a guy giving it a shot on a public forum. If I win it's probably just luck, and if I fail so be it. It's my money, and my choice. I am well aware that I could be rediculed for the rest of my PH days, and I am thick skinned enough to take it on the chin.
I have no interest in teaching, investing others money, or reporting I have discovered "The Holy Grail Of Trading".
Now let me just ring that guy from Nigeria back, as He's told me a long lost relative has left me millions.
Regards
Mr Fox.
Wasn't for an instance suggesting you was trying to take peoples money. It's just the fact that this thread reminded me of when lots of people lost money following him.
Dubai said:
Mr fox said:
Poss. short on GBP AT 15772. Stop is 15823(50 pips away).
I am "NOT" going to take this trade as:
1) I'm done for the AM, and don't want to go back in....YET.
2) The stop is quite far away.
3) It may take till after 4pm to come to fruition(harder for me to keep track on 200 tick).
BUT if this was the only trade availiable on the day then I most certainly would take it.
Hi Mr.Fox,I am "NOT" going to take this trade as:
1) I'm done for the AM, and don't want to go back in....YET.
2) The stop is quite far away.
3) It may take till after 4pm to come to fruition(harder for me to keep track on 200 tick).
BUT if this was the only trade availiable on the day then I most certainly would take it.
Interesting thread for a few reasons..
Why does it matter how far your SL is? Risk is risk. If I risk 2% of my a/c and the trades loses then I obviously lose that 2%. From that, the SL could be 10, 20 or 100 pips. Pips are meaningless without a position size.
All IMHO ofcourse. I'm sure the proffessional traders will be along soon to give you a better, and correct explanation.
Regards
Mr Fox.
R11ysf said:
...
I have just stated twice that when your "system" is working you need to maximise profits there and then because one day it will not work. That is fact.
Agreed Apologies for getting the wrong end of the stick- definitely got the implication you were putting bragging rights on myself and the OP going bankrupt within the next year I have just stated twice that when your "system" is working you need to maximise profits there and then because one day it will not work. That is fact.
Besides... I'm stopping with the currency trading from now and moving over to stocks. I sense some trouble brewing.
Dubai said:
By definition a scalp on fx is less than 10 pips imo.
That's a new one on me. Who's definition is this? I thought a scalp was just a short term outright trade. No limits on number of ticks or otherwise. What if you buy it and it jumps 40 ticks before you can get your exit order in. Is it no longer a scalp?Either way, 20 ticks in this environment is a small, short term trade and if that was my target then I would be doing more than 1 trade day.
R11ysf said:
Sarnie said:
If I'd made £5k by 10am on Friday morning, I'd give myself the day off too
Others might 'make hay whilst the sun shone' but how long before a you take a huge greedy gamble and lose the lot?
I'd prefer to take the £5k and enjoy it and come back fresh on monday for another go. £5k a day is bloody good money
And that my friend is why you are not a trader Others might 'make hay whilst the sun shone' but how long before a you take a huge greedy gamble and lose the lot?
I'd prefer to take the £5k and enjoy it and come back fresh on monday for another go. £5k a day is bloody good money
To continue Mr Fox's football analogy trading is very similar. Do you think that a striker scores a goal and then comes off? Or does he try and score a hat-trick? Sometimes you hit form and can do no wrong like Messi this season so you try and score 5 against a crap team. Sometimes you will go from being brilliant to terrible and no-one can explain why (Andy Carroll / Torres) and when those periods happen you will be glad of all the extra goals you scored.
Yes, some people prefer to take every showing of their edge. Others want to make their money then protect it. Both ways work.
russ_a said:
This thread reminds me of the one from a few years back. There was a guy who was spread betting on gold or silver. Betting large amounts hoping to make a few small returns throughout the day.
He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
My thoughts too - that was one of my all-time favourites on here.He posted a pseudo system of sorts and the thread gained quite a following. Quite a few people on here lost a fair bit of money following his scheme. I think (but I could be wrong) that he setup a little fund with PH contributions and lost the lot!
mr fox, sincerely best of luck with it.
I do think trading is one of those things that to all of us looks not too hard, until you do it with real money.
I work in the retail trading industry and we always try to be realistic when dealing with some people's expectations.
These US figures released every quarter paint the picture of winners and losers with the main US brokers.
http://www.fxstreet.com/news/forex-news/article.as...
Hi Chaps,
First of all thank you for all the e mails of support, and requests for info, but as I stated earlier I am an "amatuer trader at best", and have no desire to teach, or invest on your behalf, but if i can offer support to anyone wanting to go into this field I most certainly will do.
As I stated earlier next week is the last week that I will post my trades on the forum, and I'm sure some of you may be thinking what was the point of this thread. Well the short answer is to "prove" that if someone as thick as me can achieve success(relative) in a field as hard as this, then "you can achieve anything you want to".
There was a couple of posts that did get me thinking, and I was discussing with a friend at the weekend about trading, and he asked "why take a trade where theres risk involved". To which I responded that, every trade I take I 100% believe it's going to come to fruition, or I would'nt take it, and if it fails(which some do), then I analyse why it went wrong, and put it down to a business expense.
So after much deliberation(with myself) I decided to "challenge" myself to see "how much %age it is possible to return in a week". Is it possible for 30%, 50% or how about 100%. I know that this notion "may" sound crazy to some people, or have any statistical relevance, as it could be a fluke, or a complete disaster, but like a poster asked "why not make hay while the sunshines". So I am going to take as many trades as possible which is goig to consist of 2-3 medium rist day trades, and maybe 2-3 high risk scalps. If I lose 10% of my trading account then I will admit it was a stupid thing to do, and revert back to lower risk/higher probability trades. Trading will start from 5am till 8pm.
I look foward to all your comments, and advice.
Regards
Mr Fox.
First of all thank you for all the e mails of support, and requests for info, but as I stated earlier I am an "amatuer trader at best", and have no desire to teach, or invest on your behalf, but if i can offer support to anyone wanting to go into this field I most certainly will do.
As I stated earlier next week is the last week that I will post my trades on the forum, and I'm sure some of you may be thinking what was the point of this thread. Well the short answer is to "prove" that if someone as thick as me can achieve success(relative) in a field as hard as this, then "you can achieve anything you want to".
There was a couple of posts that did get me thinking, and I was discussing with a friend at the weekend about trading, and he asked "why take a trade where theres risk involved". To which I responded that, every trade I take I 100% believe it's going to come to fruition, or I would'nt take it, and if it fails(which some do), then I analyse why it went wrong, and put it down to a business expense.
So after much deliberation(with myself) I decided to "challenge" myself to see "how much %age it is possible to return in a week". Is it possible for 30%, 50% or how about 100%. I know that this notion "may" sound crazy to some people, or have any statistical relevance, as it could be a fluke, or a complete disaster, but like a poster asked "why not make hay while the sunshines". So I am going to take as many trades as possible which is goig to consist of 2-3 medium rist day trades, and maybe 2-3 high risk scalps. If I lose 10% of my trading account then I will admit it was a stupid thing to do, and revert back to lower risk/higher probability trades. Trading will start from 5am till 8pm.
I look foward to all your comments, and advice.
Regards
Mr Fox.
Hoofy said:
Mr fox said:
It varies from trade to trade, as this has to be worked out and put in a technical place.
Regards
Mr Fox
Oh, I get you. Regards
Mr Fox
Do you trade wheat at all? Would be interested in your analysis. Also AUDUSD as it's something I'm looking at more these days.
;-)
.
Hoofy said:
Mr fox said:
No I don't trade wheat, but expect some "big" moves in audusd or audgbp this coming week.
;-)
.
Oh, ok. Up or down? ;-)
.
;-)
"this time next year Rodney we'll be millionaires".
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