Posts by Rubn

Im out of all positions.

I will hold positions over the weekend.

If today wasn't friday I would be buying more right now.

When you're right on something, you can't own enough. True, true, true.

In this way, you don't need (in my opinion) a great % of trade's success rate, just need average rate because when Im wrong I only lose 5% but when Im right, and I mean really right, the profits are very handsome.

Or lose nothing (Paper profits from first order - paper losses from second order = breakeven trade ) if the market shows me that I was incorrect in my analysis.

About my money management method: Basically I am willing to risk 10% of my account in any given time but I enter in the market in little positions (testing the market first) the first order to "test the waters" usually is 5% of my account, then if the markets goes in my direction with volume backing up the movement I will enter a second position to complete my entire line, another 5%, its a pyramiding method that I've been using since I started trading 5 years ago. One thing to note here is that I normally move my stop loss to breakeven as soon as the market goes a nice sum of pips in my way and USUALLY before I complete my entire line (10% of my account) I lock in some profits, hence never risking really (in real number terms) 10% of the account almost at any given period of time. In this way what I look to do is sacrifice some paper profits by risking in the second order the paper profits showed in the first order that now has the SL at breakeven or locking in some profits) with the promise of double up the reward if the market continuos to go the way I expected in the first place.

Had my opportunity to complete my entire line a few hours ago and I took it, basically the price came down a little bit and then showed a nice No Supply bar, I entered on the break of that bar's high and it went up, up and away from there.

I locked in 150+ pips in this one. Im going to let it ride as high as it can before any major correction. The trade is showing 220 + pips as of right now but I don't feel like closing it, I wouldn't mind if the price retraces and hits my stop loss for a 150 pip gain. This wasn't the perfect trade because my entire line is 10% of my account, that is the amount of risk im confortable with, my method is average up (pyramiding) till I accumulate my entire line (10%). But the market shooted up overnight and I wasn't able to enter the second 5% buy order.

I moved the stop loss again, now I've locked in 120+ pips in profit with this one.

I can feel the urges to get back to my live trading account but I need more time testing the VSA/Wyckoff methods in fx markets. So far so good.

Also, I've locked in some 70+ pips in profits from my GBPJPY long.

Today Im about to finish the 2 books written by Jesse Livermore for the second time this year. Really good inspiration to me. After that im going to re-start my continuos studies in Volume Spread Analysis and Wyckoff method. Nice couple of months.

Nice trend going on the beast GBPJPY. VSA got me buying all the bottoms almost to the pip.

"It is simple arithmetic to prove that it is a wise thing to have the big bet down ONLY when you win, and when you lose to lose ONLY A SMALL EXPLORATORY BET, as it were. If a man trades in the way I have described, he will always be in the profitable position of being able to cash in on the big bet" - Jesse livermore about pyramiding

GBPJPY is a true beast, really amazing.

Patience.

Basically I like to see "climatic action", then a test and then a no supply/no demand candlestick in the right place (that is, above the "creek" or the "ice" in Wyckoff terms) for me to enter. It is not so complicated to understand VSA and until now it is working in a market where you cant get true trading volume (in forex you get "tick" volume, and represents activity), the complicated part in my opinion is the psycologic part of trading and the money management rules of your system. I need more demo time before I use my real account with this strategy but things are looking good so far.

All positions closed.

Im waiting for new positions, I like this method of posting in here to keep a trading diary.