Very good advice. I traded forex 5 years and changed then to ES, or rather the big S&P 500 contracts as Emini did not exist yet. Was the best thing I did to improve my profits.
1.8% Profit per Day Compounded over 220 Days
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Very good advice. I traded forex 5 years and changed then to ES, or rather the big S&P 500 contracts as Emini did not exist yet. Was the best thing I did to improve my profits.
Pocketed my profits from EURAUD @ 1.5745 and am now long NZDUSD with a take-profit target of 0.7230.
Target hit, so entered a GBPJPY long position @147.10.
Since everyone who practices any sort of buy-and-hold approach to trading currency pairs will be forced to constantly watch their profits alternate between appearing and disappearing as rates ebb and flow, and given the fact that I will probably always have a preference for: (1) pocketing profits on a daily basis; (2) generating gains in a matter of minutes as opposed to hours or even days; (3) avoiding significant drawdown; and (4) escaping being stuck in positions or trades overnight… I am likely to combine the “swing for the fences” style I currently have under consideration with the guerrilla trading style that has always been my bread and butter in order to come up with a hybrid in which I rely on the former to inform me as to when and where major shifts in sentiment are likely to occur, but still employ the latter to dictate the precise moment I enter or exit positions.
That was terrible timing on my entry! But I just created a 1-minute chart specifically designed to get my entries and exists as “perfect” as possible from now on. I should have waited to get in @ around 146.82, but going forward I’ll be properly equipped to make such decisions. (I’ll probably have to exit this trade at around break even.)
https://www.barclayhedge.com/research/indices/ghs/Hedge_Fund_Index.html
Yeah. No telling from the site their drawdowns though and let's face it, drawdowns more important than percent profitable at some point for those who manage high millions to billions, plus once one gets to certain amount of billions gets far more riskier due to unable to hedge fully. Since so few or if any funds actually hedge from what I can tell actually makes it harder for those that do, but that part of the fun, isn't it?
Stating facts as many have already said you would own the world if you are so smart, has nothing to do with being smart. Since few have studied about managing a Hedge and there are some on the forum who do manage/trade Hedge funds, at some point, gets increasingly harder to just get filed on stocks at a price that is decent and don't move the market, and why there are Dark Pools. I think it is interesting to read what others do, but easier to make 1.8% on 5k account.
Some of my trading is very long term commodities, so cept for rollovers in futures, I might stay in a trade few to several years, use scalping to make something till huge moves happen.
You doing well, this be the year you break out for consistent profits. But it never gets easy till you go to automation.
NOTES TO SELF:
The current structure of the following currency pairs makes them prime candidates for shorting if and when time is right…
EURAUD - 1.5821 (but only if it intends to remain range abound)
EURUSD - 1.2272
NZDUSD - 1.7258
The current structure of the following currency pairs makes them prime candidates for entering long positions if and when time is right…
USDJPY - 106.18 (but only if it intends to remain range abound)
USDCAD - 1.2828
USDCHF - 0.9413
The current structure of the following currency pairs makes them prime candidates for shorting if and when time is right…
EURAUD - 1.5821 (but only if it intends to remain range abound)
EURUSD - 1.2272
NZDUSD - 1.7258
The current structure of the following currency pairs makes them prime candidates for entering long positions if and when time is right…
USDJPY - 106.18 (but only if it intends to remain range abound)
USDCAD - 1.2828
USDCHF - 0.9413
I’ve taken NZDUSD off the list given that, from my point of view, its day-of-day trend just turned bullish. Also EURAUD is hitting new highs, so it's off the list as well.
NZDUSD fell anyway, even though the day-to-day trend is now bullish, so I entered a long position at 0.7237 to pick up a few pips profit, and have reentered a long position once again now that the rate has pulled back to 0.7236 in the hope of picking up a lot more.