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Starting from scratch.
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xgavinc

Biedrs kopš May 11, 2011  20 ieraksti xgavinc Mar 29 2012 at 07:40

   paddleplus posted:
   Hi
Wow! you are doing your home work. I just have a little sujestion on charts. Those small time frames will put a lot of stress on you.
You might start of with H4,D1 charts. To much noise in small time frames.
Pip On
Paddleplus


I trade 15min, it's a good balance between scalping and trading, I find the larger the time frame the larger the capital required to maintain money management rules (in my case) and usually equals less trade executions. A must for your bookshelf is - statistics (nothing major required, just intro stuff), as well as probability theory (this will help a lot when it comes to money management and position sizing and placement).

As to Brokers, I am with Alpari UK. Low spreads, no commissions, and extremely helpful (touch wood - I usually praise companies on good service, only to have them turn bad the next month, so let me rephrase - 'extremely helpful and friendly thus far' ;-))

Platforms are more dependent on broker than personal choice, most brokerages make use of MetaTrader and proprietary platforms linked to specific account types. I would suggest picking your broker first, then see what platforms they offer.

Side note: You WILL use an EA eventually, don't think of it as an automated trader, think of it as a helping hand (auto stop loss, close out runaway negative orders...) whatever the case, it doesn't have to only open trades to be useful.

For every loss there should be at least an equal and opposite profit.
boxbreakout22

Biedrs kopš Nov 07, 2011  12 ieraksti W.Wagner (boxbreakout22) Mar 30 2012 at 10:25
Some tips for you:

1. Do not open Real account becauese first you need:

a) Your own Trading Plan
b) MoneyManagement Rules (For Example: Do not Risk of 50% from all your money because you think it will be Win trade today)
c) Your (or not your own) Strategy with trading rules. It means you know Why you Open some Order,
this Order must be with Take Profit and Stop Loss
d) Your trading rules must be the same all time. (This means you can not Open some Orders because you have free time right now and wont to make some money)
e) Open Cent Account with $10 (Balance: 1000 Cent) and try it minimum 3 Month with your Strategie/Trading Rules.

If after 3 month you will be in Profit (Example: +15, +10, +20%) you can open Real account $1000 and trade with the same Strategy/Rules

If you want more as 1 Strategy - register 2 Accounts and wright down all your Rules for every Strategy and do not brake this Rules.


I pay for this Tips more as $10.000 real money some years ago. (My first real accouts goes 0...)
Hope this help you to :)


www.forex-trading-software.ws
dhauer

Biedrs kopš Mar 09, 2012  14 ieraksti dhauer Mar 31 2012 at 00:33
Well guys I had responded to these last few posts with a long detailed response but I deleted it by accident so I will keep it simple this time.

a) Just finished writing my first draft trading plan and will be posting it here on Monday for everyone to review
b) Money management is all detailed in the plan and will be capped at 2% risk per position
c) All entries and exits are laid out clearly and simply within the plan and the 4H MACD strategy originally authored by Phillip Nell
d) All entries are defined precisely and no live trades will ever be entered on a whim. If I feel like gambling I will trade demo or play some poker.
e) This I will not be doing as I don't feel I can properly trade my strategy from a micro platform, I will however trade my exact strategy in demo and will use a forward testing method. My trading plan will also take in to account and draw downs on my capital in both demo and live trading.

When I am comfortable I will open a live account but not until then. I'm figuring this is at a minimum of 90 days out from now.

stevetrade

Biedrs kopš Oct 28, 2009  1224 ieraksti Steve B (stevetrade) Apr 05 2012 at 12:22
It sounds like you've done some good research there it will be interesting to hear how it turns out for you.
Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
dhauer

Biedrs kopš Mar 09, 2012  14 ieraksti dhauer Apr 06 2012 at 21:31
Looking more and more like I will have to move this thread over to another forum as this one does not seem to allow me to add files to it. Have a completed first draft of my trading plan finished that I was planning to upload but I get error messages every time I try. Also have results from the first week of forward testing my strategy I had intended to post but I'm having difficulty uploading any sort of files.

Finished the week well though with four total trades, three of which were profitable and one that hit my SL. The losing trade should not have really been made as I didn't follow my own strategy and took a flyer (lesson learned). I'm sure this will be a lesson I have to learn a few more times the hard way but hopefully not too many.

Final tally for the week on demo:

Starting Balance: $50,000.00
Ending balance: $52,641.23

P/L: $2,641.23
Total Pips: 93.7

dhauer

Biedrs kopš Mar 09, 2012  14 ieraksti dhauer Apr 06 2012 at 21:37
Okay it appears I can now upload files so here is the first draft of my Trading Plan. This was completed based off the template put together by Tim Wilcox in 2005 and can be found at the link below.

Keep in mind I have not checked this for spelling and grammatical errors so anyone who has a comment about a word being misspelled please feel free to save it. As far as targets and the like I realize that they may be a bit on the high side but they are mine and until I prove to myself that they are out of reach I will stick with them.

Other than that I am continuing to read and educate myself on everything market related and will just keep plugging away. I'll also be updating this Trading Plan as I see fit and will post all updates in a timely manner.



http://www.trade2win.com/articles/886-trading-plan-template

dhauer

Biedrs kopš Mar 09, 2012  14 ieraksti dhauer Apr 07 2012 at 01:36 (labots Apr 07 2012 at 01:38 )
Really starting to hate how this things causes errors when trying to attach files. Pissing me off!




Pielikumi:

dhauer

Biedrs kopš Mar 09, 2012  14 ieraksti dhauer Apr 09 2012 at 00:07
Looking more and more like USD/JPY is setting up to be the first buy of the new week. Currently it's sitting about 30 pips above support. RSI is at 33 and change and the MACD has a nice rounded top, the only downside is the reading is a bit lower than I'd like at .11. Looking for the confirmation in the next 2 4H candles.

Little bit of news coming out of Japan in about 5 hours so will look to see if that has any affect and help get the push higher going.

Will post the details and chart if I end up pulling the trigger on it.

dhauer

Biedrs kopš Mar 09, 2012  14 ieraksti dhauer Apr 09 2012 at 13:13
Taking a pass on the USD/JPY trade. Market is just floating along sideways at the moment so not a lot of reason to think it's going to head one direction or another at this point. Long term I think the dollar is headed back closer to 84 but for now we wait. Biggest reason I decided to hold off though was that my MACD reading was short of where I would have wanted it to be. Looking for something below -15 and in this case -11 was as far as we got.

Might keep eyes peeled for a sell opportunity later in the week on this pair around 81.75 or so but it will have to be a no brainer to go against the trend upwards. At this point none of my other pairs are lining up for any action either so we will remain in a holding period. Better to make no trade than to make the wrong trade just for the sake of trading.

xgavinc

Biedrs kopš May 11, 2011  20 ieraksti xgavinc Apr 16 2012 at 10:24
Hi Daniel,

Busy reading through your plan, and have some comments you might want to consider.

I'll quote you / give ref, then add my comment.

'2% total account growth per trade' - This seems backward, should be 'maximum risk 2% equity', growth will follow. If you are going to concentrate on growth over risk, you are looking for trouble. Manage risk first and let growth follow.

1.5 makes no sense, make it simpler like 2% of equity over initial capital (so if your total deposits were $1000 and equity now stands at $1040, you can withdraw $20, leaving you with $1020... if equity is bellow $1000 (due to draw down / open trades), then you have negative income (cannot withdraw funds).

2.2 should be 98% (remember RISK RISK RISK ;-))

3.3 should be 15min, not 5min... 15min is 'clean data' - you trading average 2 trades per day? stay off 1min and 5 min, that's scalper territory ;-)

6.4 can go to 20% max

6.5 The ratio will only work if all your trades closed on equal negative and positive amounts (eg. 5 winning trades of $10 and one losing trade of $60 is bad, regardless of your ratio).

6.7 should be 2% of equity, not capital.

7.2 Based on your strategy I would not trade news at all, refer to 5.1 C. and ensure your positions are closed before major news events (medium and high impact)... by the time you get the result of a 'negative' news result, it's too late... the market would have reacted before you even knew there was bad news.

7.3 see 7.2

8.2 put RSI on Month / Week chart as well, RSI on Month / Week of 80 and on 4H of 20 will see your trades whipsaw. ;-)
Also, I would say RSI 40/60 on Month / Week chart and 20/80 on 4 Hour or max 30/70.

10.1 Take your demo performance and halve it for live. Factors such as re-quotes, adjusted live swaps etc don't fall into the demo range (the broker will adjust settings based on actual events, protecting themselves as well, demo servers are set and forget. So an amazing result over a month on a strategy with demo, could potentially kill your live account in a week. (remember, on demo it's you against the server... on live it's you against me, millions of other traders, and the man on the street exchanging his money for holiday... and in certain cases your own broker... it's a different ball game.

10.2 you will be banned more than you will be trading :-D

I see no terms like 'hedging' or 'diversification'... every entry must have a backup, what is yours?

Hope this will give you some more tips and hints to improve on your strategy. Remember, your strategy is never complete, it matures and changes over time... now when I look back, I think, well, what the heck was I thinking back then!, that would never work! and see how my changes have made improved results.

Keep us posted... it's great to see the progress.

Regards,

Gavin

 

For every loss there should be at least an equal and opposite profit.
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