My Trading journey.
Discussion
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
+1Others 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
I dont want to burn myself out by sitting infront of a screen 8hrs day, but just want to pace myself. It is a fun thing I'm doing, and with anything that I do. Once the fun stops what is the point in continuing.
MP85 said:
Mr fox said:
This model works over stocks/indicies/index's/currencies even comodities. I prefer currencies, and also I am limited in using currencies as thats what Fxcm mainly deal in, but that does not stop me from going through charts of all the former, and just sitting there, and back testing the strategy.
As I'm doing my homework I have all the relevant info I need before I sit at my laptop. As you know the markets work 24hrs so while I'm asleep some moves have happened, some when I awake, and some when I'm away from the screen. So I just take the nearest one. I could put market orders in, but TBH I like to see whats going on.
As an earlier poster said it is all about grasping psychology.. FEAR and GREED. You have to master these.
As for statistical importance that to me is irrelevant, as I'm too thick to work in a bank, cant read more than 2 pages of a book without falling asleep, and have no intention of plagarising someone else's work, and going into teaching.
With regards to work time if anyone had the choice to work for a few hours or even minutes a day, why would you say no. Now I can relax for the rest of the day.
Regards
Mr Fox.
You keep mentioning psychology - are you trying to convince us that you are making thousands based on "phsycological" analysis paired with following the statistical trends? quote]As I'm doing my homework I have all the relevant info I need before I sit at my laptop. As you know the markets work 24hrs so while I'm asleep some moves have happened, some when I awake, and some when I'm away from the screen. So I just take the nearest one. I could put market orders in, but TBH I like to see whats going on.
As an earlier poster said it is all about grasping psychology.. FEAR and GREED. You have to master these.
As for statistical importance that to me is irrelevant, as I'm too thick to work in a bank, cant read more than 2 pages of a book without falling asleep, and have no intention of plagarising someone else's work, and going into teaching.
With regards to work time if anyone had the choice to work for a few hours or even minutes a day, why would you say no. Now I can relax for the rest of the day.
Regards
Mr Fox.
No, because what I'm actually doing is taking "one big risk" everytime I trade, and go into the trade knowing it could go wrong, and I could loose money, and this is a "FACT" I have accepted, and I am comfortable with... That is the only psychology I need to go forth.
"Surely, that would be the demise of anyone?"............... Yes it is, and unfortunately, for me to make money from trading there are going to be people out there loosing money.
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.
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.
JPJPJP said:
OK, it was 10 minutes later than his post, but let's track Mr Fox's GBPUSD trade
entry at 1207 UK time at 1.57967 short, stop loss at 1.58230, profit target at 1.57767, 20 pips
will report on the outcome as it unfolds.
lol. entry at 1207 UK time at 1.57967 short, stop loss at 1.58230, profit target at 1.57767, 20 pips
will report on the outcome as it unfolds.
I dont know which chart your looking at but, it hasnt triggered yet.
and even if you look at the AM trade that was reported as I took it.
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.
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.
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".
birdcage said:
Paying money for a trading course is like joining a cult or believing in god, madness..Utter madness
Would'nt you agree that your statement seems to be quite broad. With all due respect may I ask..
What other way is there for people to learn to trade?
And may I ask what you do for a living?
Regards
Mr Fox.
Hoofy said:
Mr fox said:
On 200 tick chart.
What does that mean? You look at a tick-by-tick chart?Hope that helps
Regards
Mr Fox.
Hoofy said:
Mr fox said:
A 200 tick chart is formed after 200 transactions/trades are placed, or on normal charts you need to be looking at a 5 min chart. All analysis is done on a 5 min chart, as are the executions.
Hope that helps
Regards
Mr Fox.
Ah, right. I thought so but just wanted to check as I don't know many people (retail traders) who trade off tick charts (due to the spread).Hope that helps
Regards
Mr Fox.
Regards
Mr. Fox
Easy enough to prove, though...
Just video the account info (you can omit bits by being selective with the viewing area). Example: here's my Betfair account: http://screencastle.com/watch/756c01b9d17aed8118ae...
Actually that was a question i was going to ask, but in the Tv/Video section, as I would like to know how this is done, and also how to link it via video to set up a for a youtube postings.
Hoofy I see you live near London. Can you set the above up quite easily.
Regards
Mr. Fox.
long GBP now at 15836 SL 42 pips.
Phew! Was about 8 pips away from being stoped out and losing 42 pips, and this is where your psychology kicks in big time, as as your feeling the pain you just want to close the trade, and minimise loses, but you have to be strong in your convictions, and stay with the trade win, lose, or draw.
It still could go against me, and I could get stoped out, and if I do, so be it. I guess drinking too much Vino whilst doing my analysis last night meant I slept in, so when I came to the screen and when i saw what trades I had missed due to sleping in. I decided to jump right in at the first oppertunity I saw rather than waiting a little.
Phew! Was about 8 pips away from being stoped out and losing 42 pips, and this is where your psychology kicks in big time, as as your feeling the pain you just want to close the trade, and minimise loses, but you have to be strong in your convictions, and stay with the trade win, lose, or draw.
It still could go against me, and I could get stoped out, and if I do, so be it. I guess drinking too much Vino whilst doing my analysis last night meant I slept in, so when I came to the screen and when i saw what trades I had missed due to sleping in. I decided to jump right in at the first oppertunity I saw rather than waiting a little.
ATM said:
Mr fox said:
long GBP now at 15836 SL 42 pips.
Phew! Was about 8 pips away from being stoped out and losing 42 pips, and this is where your psychology kicks in big time, as as your feeling the pain you just want to close the trade, and minimise loses, but you have to be strong in your convictions, and stay with the trade win, lose, or draw.
It still could go against me, and I could get stoped out, and if I do, so be it. I guess drinking too much Vino whilst doing my analysis last night meant I slept in, so when I came to the screen and when i saw what trades I had missed due to sleping in. I decided to jump right in at the first oppertunity I saw rather than waiting a little.
I dont like the look of this trade but I wish you good luck. It looks like it could go either way to me.Phew! Was about 8 pips away from being stoped out and losing 42 pips, and this is where your psychology kicks in big time, as as your feeling the pain you just want to close the trade, and minimise loses, but you have to be strong in your convictions, and stay with the trade win, lose, or draw.
It still could go against me, and I could get stoped out, and if I do, so be it. I guess drinking too much Vino whilst doing my analysis last night meant I slept in, so when I came to the screen and when i saw what trades I had missed due to sleping in. I decided to jump right in at the first oppertunity I saw rather than waiting a little.
I DO THINK it will come to fruition, and as precaution I have tightened my stop to reduce my risk.
Dubai said:
blindswelledrat said:
I just so wish I could say things like this and know what I was saying.
It's my job to trade intraday FX so this topic is very interesting for me.This is my view of GBPUSD. This is an H1 chart but a very similar picture on the M15 (15 min) chart. Price has repeatedly failed to beat this level with several pullbacks.
I'm a huge fan of camarilla levels and until I see an hourly close above 1.5842 I wouldn't be interested in any longs.
It's been tighter than a rat's ass this morning so I'm hoping the U.S session kicks the week off.
Regards
Mr. Fox.
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