Elite Trader's Gambler's Anonymous ETGA

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Hey, sorry about not responding earlier. This was a bad week for me, even though my analysis is bullish with the USD, i still stay bearish on the USD/CAD for emotional reasons and... well i did a few holes in the wall this week :) and stayed as far away from my computer as i could (which means about 10 feet in my small appartment).

10 pips? 20 pips? I don't know.

With 10 pips you will get more trades more often and accumulate profits faster to grow your trading size faster. But this effect may be marginal. Moves that make 10 pips usually make 20.

With 10 pips you also pay more spread more often (depending on the currency it can be marginal also), and increase quickly your bad positions size by averaging down every 10 pips.

Give 20 pips a try may be. There's no way to be sure but to try it.

Just a question, what's the TP target for your bad trades? Break-even point or do you still wish to put a profit? I'd go for the small profit.

Oups.. already went to 20 pips i see. Nevermind then.
 
Yeah Max...

I adjust everything that is affected after I draw the new line each evening. (est zone). So if there is an open order not executed it gets cancelled and re-entered. If there is a trade already executed and the target is from a line that has been deleted then I modify it to at least be 20 pips or the next line whichever is nearer, but it has to be 20 pips.

The lines are the markers that represent the entries, targets and replacements..

Michael B.

P.S. Thanks for helping me keep this clear...its hard to write this stuff to such a wide audience. By the way I have a 800 sq ft. apartment, I know what you mean. (I hear wifey typing downstairs...oh dear...)

Quote from Maxprofit$:

Hey, sorry about not responding earlier. This was a bad week for me, even though my analysis is bullish with the USD, i still stay bearish on the USD/CAD for emotional reasons and... well i did a few holes in the wall this week :) and stayed as far away from my computer as i could (which means about 10 feet in my small appartment).

10 pips? 20 pips? I don't know.

With 10 pips you will get more trades more often and accumulate profits faster to grow your trading size faster. But this effect may be marginal. Moves that make 10 pips usually make 20.

With 10 pips you also pay more spread more often (depending on the currency it can be marginal also), and increase quickly your bad positions size by averaging down every 10 pips.

Give 20 pips a try may be. There's no way to be sure but to try it.

Just a question, what's the TP target for your bad trades? Break-even point or do you still wish to put a profit? I'd go for the small profit.

Oups.. already went to 20 pips i see. Nevermind then.
More...
 
Electric,

About system #2

How far is this EUR/HUF going to go up?

I noticed the GBP/JPY is above the average price line. I guess you will be balancing next week if the positive profit in that pair gets high enough to take out a losing position from that terribly acting AUD/JPY.

Wifey
 
Its all good...System #2 just collects interest...The averaging will keep the average near enough...Balancing may or may not present itself..we shall see next week..

Michael B.
 
Electric,

You started with 5k if you stopped right now you would take an unrealzed of minus 1k...

all this..

Just to make $5.00 - $10.00 a day?

Wifey
 
We started with $5006.65

We took a withdrawel of $226.04 (to pay for your Hummer)

After one month of trading publically we currently have $5,613.62 - $1,108.79 unrealized = $4,504.83

Michael B.

P.S. Please realize that the unrealized is not realized until it is realized. got it? :)
 
Electric,

Don't you realize the obvious? The whole community is checking in on this thread to see WHEN you will get a margin call.

Why do you wake up in the middle of the night in your nightmare, yelling margin call!

You try to blame it on the B-12, I am giving you....

Wifey
 
Folks,

It does not matter how much capital you use (Thanks to Oanda) because most of this is figured out with percentages. Except for the Labor.

I believe that using other pairs will fill out the trading velocity in a 24hr. period. I am waiting for positive parity to introduce an additional pair to trade.

Stay tuned...

Michael B.

P.S. There is a method to this Journal and a reason for every word stated here, including my ALTAR-ego...This is not gambling and the thought process that has gone into this, should be opened up for all of you to read. Experienced and Novice should be able to benefit from this archive, hopefully for years to come. Please tell your friends and folks that are thinking to trade, to subscribe to ET if they have not and check in on this Journal from time to time. I will continue it as long as I can and permitted to. I have no doubt that Magna, the threads moderator, is doing a superb job to preserve this work, and I am proud to be able to be an asset to this community.
 
I think you can use some concepts from this into trading with a directional bias

Based on broad fundamental understandings of the currencies we are trading, hit your directional bias harder

Eg. if you are bullish on Eur\Usd on a 5-10 year span, buy into both the strengths and the weaknesses, and possibly trade around you position by routinely selling on retracements

If you figure your max uncle point of the downward range, your still safe while you average down your price on an expected eventual rise

I personally don't see any strengthening of the USD in the foreseaable future, so wouldn't it be more rewarding to stick to your guns that way?

That is how you clean up if you are right...
 
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