Free Trader (by alexre) Quick Stats
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alexre

Member Since Jul 31, 2009  28 posts alexre Jul 31 2009 at 17:13
Can't really say I made it in the forex market , but still trying my best.

I'm more or less on break-even, and didn't get a margin call for 3 years, so I consider my self lucky.

If it moves up and down, and I can sell and buy it, I'll trade it!
Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Dec 29 2009 at 14:02 (edited Dec 29 2009 at 14:02 )
Man,

As far as I'm concerned you're already half way there. You know rule 1. Stay in the game. Well done. Now we need to work on the strategy.

alexre

Member Since Jul 31, 2009  28 posts alexre Dec 29 2009 at 14:13
Thanks Elkart, I really appreciate it.

The problem I'm having now is move from the break even state to the profitability state - hope I'll get there.

It's really frustrating to know you're almost there, but still not enough. roll

If it moves up and down, and I can sell and buy it, I'll trade it!
Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Dec 29 2009 at 14:23
We'll you want to work on it? See if I can help a bit?

What time frame are you on?

alexre

Member Since Jul 31, 2009  28 posts alexre Dec 29 2009 at 14:27

Elkart posted:
    We'll you want to work on it? See if I can help a bit?

What time frame are you on?


Sure. I guess it can't hurt.

I'm on the 30m, 1H, 4H.

Working with RSI to spot overbought/oversold areas, checking with higher time-frames for entry and lower time-frames for exit.

If it moves up and down, and I can sell and buy it, I'll trade it!
Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Dec 29 2009 at 14:30
K,

Does RSI use volume in it's calculations?

Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Dec 29 2009 at 14:38 (edited Dec 29 2009 at 14:42 )
I'll tell you why I ask. In fx the volume figures are from the broker.Where in equities volume is from the central stock market, so there's one single figure. In stocks, everyone's RSI will have the same reading, in fx everyone's a different one. If it uses volume I mean, I have no idea really. Don't use them.

Any volume based or influenced indicator is thus out. Can't be used. Higher time frames is a must though, but I can see you don't over trade.

cateful

Member Since Dec 19, 2009  87 posts Fill or Kill (cateful) Dec 29 2009 at 14:43
good stuff. I would add that you may want to work on your winners.

Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Dec 29 2009 at 14:52
Going to have to quantify that FoK. How to do that?

cateful

Member Since Dec 19, 2009  87 posts Fill or Kill (cateful) Dec 29 2009 at 15:20
oh I meant his average loser is bigger than average winner, and his worst trade is bigger than his best trade. The problem with this is he has to be right more than 50% of the time to make money. This is very hard. He simply needed to make his winners bigger and losers lighter, so that he can be right only 30% of the time and still make a lot of money. This becomes important when he hits a losing streak. There are a number of systems here on myfxbook that make money by taking many small wins and occasionally hits a big loser. I'm not a fan of this. Somewhere along the line they will hit a losing streak and they will be wiped out. These systems function like an insurance company, they collect small premiums here and there and pay out when there is a claim. But insurance companies have reinsurance companies when they have a run, what do these systems have? Nothing. So I think a good trader needs to make sure he can survive even if he runs into a cold period.

Also I was going through the history page and I noticed he has a few big losers. He held his losers too long. He also did some trades in european crosses GBPCHF which was a carry pair mostly until last year. I have no experience trading this pair but if he's trading carry, why not pick an easy and more liquid pair such as the australian dollar.

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EURUSD 1.17314 GBPUSD 1.2991
USDJPY 104.284 USDCAD 1.33057

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