Quote from riskfreetrading:
FxJake:
Nice trading, and you are very patient!
Some questions:
1. Who is your broker?
2. What size of lot do you trade (regular 100K lots?).
3. What size of account if you can share?
4. How about money management?
5. What is your average/typical holding period?
Riskfreetrading-
Thanks for the kind words, I have not been keeping this journal, but will get back to regularly posting.
To answer your questions:
1. I use a variety of brokers, including the usuals, FXCM, OANDA and toying with the idea of using FXDD. I have traded with MB Trading, Gain, CMS and several others in the past.
2. I actually use mini lots regardless of the size of the account I am trading. I always request mini lots when opening an account, as I find the position sizing a key component of good money management.
For example, if my risk spreadsheet suggest that I should risk 7.2 standard lots, I would much rather risk 7.2 standard lots precisely than round down to 7 standard lots.
3. Over $500,000. I do trade much larger accounts for other people, however.
4. This is the reason I make money. I know of no other way to stress this other than to say this - someone could take the exact same trades I take and not make nearly the same amount in real $ (or worse, they could lose money overall). Money management is the name of the game.
Trading is nothing more than calculated risks - and money management is one way to make these risks explicit.
5. This varies, but the average would be about 2 days. Right now the average may have crept up because I have had a few trades for over 1 week, but most trades hit the first profit target (or are stopped out) within 2-3 days. The very best trades hang around for more than a week. Most of the losers will happen overnight.
I am sorry it has taken so long for me to post the response to your questions, I will post here more often, beginning with tomorrows AUD trade.
-FXjake
