JDavda posted: My biggest trade was 1700 pips shorting EURNZD. It was back in 2014 when the Euro was falling apart. The best part was that it was collecting a nice swap while I held for just over three months.
But it actually messed me up pretty bad. While it was one great trade, this was early on in my trading and set the wrong mindset for me. After that, I gave back all the profits and a significant chunk on top of that chasing 1000 pips trades. Since then times have changed and there is a lot more of this grinding type action in the markets. I find it much more tougher to get the big trades these days and now look for much smaller pips.
The only place I think you might be still able to get a good return with fair risk is in equities. Perhaps Gold if it does another leg higher, but timing is so important in these type of trades if you want to make sure your risk is controlled.
an interesting story of yours and a good post overall... The markets nowadays are tougher for everyone, scalpers and trend traders - everywhere including stocks, little value left in most of them. Mr Soros had a much easier life in the 60s... At the moment imho fx is still the best even if they cut rates like mad 😡... what about trends in GBP this year? - very juicy for a leveraged trend follower 😎...😉
There were lots of good trends since you've started, like GBPUSD mid 2014 to 2017: from ~ 1.70 to ~1.20. Fetch your calculator and see how much you'd gain in cash selling every weekly bar (or at least a green bar). Even with your 0.01 lots per bar it would be ...? ... There is nothing wrong with scalping thou...
Your post has made me take a trip down memory lane. I did have some good trades in GBPUSD.
Didn't trade it much in 2014 because I was mostly shorting the euro. I got a great short in the middle of 2015 that I rode down to 1.50. In 2016 I wanted to short 1.50 but then Brexit happened. It hit 1.50 during the vote but the pair was fluctuating over 150 pips per minute. So I didn't take that trade. I had losses in 2016 trying to short the run up to Brexit.
I don't know what happened in 2017. To this day that rally makes little sense to me. Luckily I didn't trade that pair much at that time, I would have been on the wrong side of that for sure. The last good trade I had in the pair was a short in April 2018 that I held till July I think... These are probably my best trades, but again, have had many losing trades in between trying to catch that trend and chasing big pip moves.
Probably should trade GBPUSD more.. it certainly trends better than EURUSD. I find a low risk position can often be put on at the European open or on a bounce at the NY open which could turn out to be a runner.
If you don't stay humble, the market will make you humble
That chart looks good in hindsight but momentum is slowing in a major way. Which makes it hard to stick with a directional bias with conviction. There was more money to be had there on carry than direction.
I'm speculating that swing traders didn't do well in that pair. Anybody that sold breaks since the second half of 2018 would probably have gotten stopped out or faked out.
there is always some major pair combination that is in trend. my best was 800 pips with a 40 pip stop loss.in 3 weeks. gbp/cad. always like to be like a surfer;fall of with many small stop losses and catch a big one.;that pays for losses.one trick i do is once getting a trend is get to breakeven after 100 pips.i think the trick is using previous daily;weekly; and monthly lows or highs as stop losses.
To be profitable an investor needs to consider ALL available information and manage their risks appropriately.
a) As Michael Steinhart stated in a 2004 speech, among his top trading rules:
4/Make good decisions even with incomplete information. It is a good idea to gather as much information as possible before entering any single trade, but the available information will never be complete or perfect. Investors need to be trained to work on the facts, figure out what does matter, and take the right trading decisions before all others gain awareness of the situation. They then need to have the courage to put sufficient money behind the trade to achieve a meaningful outcome.
Apart of 'number of pips in a closed trade' there is another statistical measure which separates a scalper and a trend trader: the 'Sharpe'. It relates to risk as you know. Usually, in forex, a scalper has Sharpe below 0.1, whereas a successful trend trader's Sharpe is above 0.25. In my little fx projects I try to get Sharpe of at least 0.5, but it's not easy - I need to improve 😳. I know some fx trend traders who consistently return Sharpe above 1. I have never met a fx trader whos Sharpe is 2 or close to this number let say over 500 trades - this would be absolutely outstanding in any investment/trading field... Anyone here?
I made 20705.3 pips on my Caesar account. That is what count, single trade even though it might be impressive does mean nothing as in context with other trades it might even be loss when you sum it up. Imagine opening 2 trades with opposite direction at the same time, you got very big winner with lot of pips which you can post here, but as a sum of both trades you will face the loss - if you close them both at the same time, it might be possible to close both with profit but that would reuqire closing them at different times and not much market move,
togr posted: I made 20705.3 pips on my Caesar account. That is what count, single trade even though it might be impressive does mean nothing as in context with other trades it might even be loss when you sum it up. Imagine opening 2 trades with opposite direction at the same time, you got very big winner with lot of pips which you can post here, but as a sum of both trades you will face the loss - if you close them both at the same time, it might be possible to close both with profit but that would reuqire closing them at different times and not much market move,
what you said is absolutely right, but the trader who started this thread had a specific question. It's like in sports, f.e. tennis - you may play on the ATP tour, getting to semi-finals many times and winning a lot of money, but never reaching or winning in major finals like in the Opens... Trend traders do discuss/show their longest trades in pips - because for them one of the most important qualities is to run a trade from start to end! Thus the question asked in the beginning of the thread is a rightful one... Scalpers may not appreciate this topic but they should not dismiss it.
I like your Caesar trading, a good number of pips - it would correspond to a bloody long trend (2-3 years) 😄...
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