Elite Trader's Gambler's Anonymous ETGA

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Do you know, I am a terrible goal setter, as I like to react to price without any constraints.

Do you realize that I have never experienced a losing day? And that I have been able to hold the unrealized drawdown to about 4%? Yes it reached a max of 17.1% but I was double over-exposed then. I regret that.

My goal is as the daily injection of profits roll in, which will increase the annual profits I will hold the drawdown under 17.1% and by the end of the year, I should get a 1:4 risk to profit ratio.

That one time max drawdown of 17.1% forces me to trade and not kick back, so maybe it was a good thing :) But remember every rose has its thorns...More trading = more risk....but in this system more trading = more and more "Not Gambling". ....Time is on our side.

The key is to control the exposure at the right time.

Michael B.
 
Electric,

I always thought when it was HOT! and all your positions had you close to the current price...you could double up the exposure and go-for-it!

But, I can see that when it turns you are left with heavy positions at the top...Is this the rose-thorn thingy?

Wifey
 
Exactly,

This is not to be confused with defensive trading however. I like to call it "Not Gambling" Timing and there is a difference. I view defensive trading as taking money completely off the table and standing aside. That will never happen with this system, that I can imagine right now.

There are times to be double exposed and I will demonstrate it. Note: AS THE POSITIONS GO AGAINST US THE EXPOSURE GOES UP GEOMETRICALLY. The only guide is historical range and support and resistance to help us make exposure decisions. I hope to discuss more about the VALID use of support and resistance, in the future.

Michael B.

P.S Today we experienced an "average down" trade in AUD/JPY @ 84.26. I also managed to get off a trade in the GBP/CHF and re-entered with a good "tail". This will give us higher than "just interest" profits today by a few bucks(5 or 6 bucks).
 
As a prelude to the discussion to the "VALID" use of support and resistance, I want to introduce this to the Journal:

Support and resistance are "BANDS" OR "ZONES" not precise "pip perfect points" on the charts.

Michael B.

P.S. Now for your chartists, I would like for you to draw you channels that will go diagonally and then add these horizontal bands (not lines) where you think the support and resistance bands might be. Feel free to post and comment about your charts. Also, try to imagine how you could apply those bands to this system...Step by step we are growing....and you can discover discretionary ways for you to pull the trigger (this is not necessary for this non-discretionary system to be profitable, so skip over this if it is confusing or not interesting to you).

P.S.S. Remember that Retail Spot Forex is a political and Fundamental Animal, so we must consider the "climate" at the time...(also what the big banks are doing is so important, I cannot stress this enough) If I could only have a Bloomberg terminal, but patience grasshopper, those days are coming! (what would be outrageously kewl, would be to have a network of phone #'s to dealing desks at the major banks :))
 
Electric,

Dream on...I only know of one guy here in ET that has that capability...and NO, I will not mention his name...No Pm's please

Wifey

Shhesh Electric has made $661.60 on $5,215.13 and he thinks he is "Big Time" lol...Electric you have 3 years minus 42 days to go...and if your still surviving then, you can get in at entry level!. Would please go take out the trash now...
 
ELECTRIC,

You just broke 7 post per day on average. Do you ever shut up? Just get to the business of trading and I will post the spreadsheets.

Everytime you post someone gets an email! These folks do not want to be interrupted, only if its important. You have run out of things to talk about and now you are trying to teach support and resistance in RETAIL SPOT FOREX.


This is a Journal, not Kindergarten.

Wifey.
 
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