FXTopGunTrading (By FXTopGunTrading)
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FXTopGunTrading Discussion
Aug 02, 2011 at 16:00
631 Views
8 Replies
Member Since Sep 13, 2009
12 posts
Sep 07, 2011 at 13:04
Wed, Set 7th 2011: 9:00am New York
Trade Update:
Hey Traders, currently I'm waiting for the next trade signal. It seems obivous that EurUsd and GbpUsd (the main currency pairs I trade) are in a down trend and why not just short the heck out the market...lol Yeah, well we all know a trader must follow his trading plan, sticking to the strategy is key.
I never know how long before the next trade signal is generated, so I'm just watching and waiting for now.
Ben Williams/FXTopGunTrading
Trade Update:
Hey Traders, currently I'm waiting for the next trade signal. It seems obivous that EurUsd and GbpUsd (the main currency pairs I trade) are in a down trend and why not just short the heck out the market...lol Yeah, well we all know a trader must follow his trading plan, sticking to the strategy is key.
I never know how long before the next trade signal is generated, so I'm just watching and waiting for now.
Ben Williams/FXTopGunTrading
There's no greater power than the North Star : Live Free or Die Trying
Member Since Sep 13, 2009
12 posts
Sep 17, 2011 at 18:50
Sat, Sept 17th 2011: 2:50pm New York
Trade Update:
Hey Traders, this past week was a little rough and I wasn't able to open as many trades as I would like to have done but all in all, it was a good week ( profit was generated, with a low number of losses ).
As you may have notice I added UsdChf and GbpChf to the list of currency-pairs I will trade and I did such because of the down-time I had waiting for a EurUsd trade set-up.
Good Trading To All
Ben Williams/FXTopGunTrading
Trade Update:
Hey Traders, this past week was a little rough and I wasn't able to open as many trades as I would like to have done but all in all, it was a good week ( profit was generated, with a low number of losses ).
As you may have notice I added UsdChf and GbpChf to the list of currency-pairs I will trade and I did such because of the down-time I had waiting for a EurUsd trade set-up.
Good Trading To All
Ben Williams/FXTopGunTrading
There's no greater power than the North Star : Live Free or Die Trying
Member Since Jul 14, 2011
7 posts
Sep 17, 2011 at 20:01
That's great Ben
do you trade based on Price Action and big time frames ?
Thanks
do you trade based on Price Action and big time frames ?
Thanks
Member Since Sep 13, 2009
12 posts
Sep 18, 2011 at 04:15
(edited Sep 18, 2011 at 04:21)
Hi Smart_Hasan
Yes, I follow price-action on the 4hr and daily time frame based on a cross-over system that I develope. The objective for me is to capture 100 pips on every trade and just in case you might ask, yes I have tried my best at creating a shorter time frame system, yet I can't seem to put one together that's super-stable, small risk per trade and of course a small dd.
Ben Williams/FXTopGunTrading
Yes, I follow price-action on the 4hr and daily time frame based on a cross-over system that I develope. The objective for me is to capture 100 pips on every trade and just in case you might ask, yes I have tried my best at creating a shorter time frame system, yet I can't seem to put one together that's super-stable, small risk per trade and of course a small dd.
Ben Williams/FXTopGunTrading
There's no greater power than the North Star : Live Free or Die Trying
Member Since Sep 13, 2009
12 posts
Sep 22, 2011 at 15:08
(edited Sep 22, 2011 at 15:28)
Thur, Sept 22nd 2011
Hey Traders, thought I would speak a little about my trade method, so to help possibly answer a few questions you may have had but have not asked.
First, the trade method is a short term trend trading system that is geared towards forex but can be used on stocks, indexes, futures, interest rates, bonds, etc... I personally have no need to return back to trading e-minis even though I very much loved trading the nasdaq 100. The cost of trading forex is far less and the trending power of currencies is far stronger than most other markets.
Short Term Trend Trading:
My system produces trades that typically last any where between 5 to 10 days or less, and that's because I force each trade to comply within that time period; however, a large number of my trend trades are open 10, 20, 25, 30 trading days if I allow the trade to continue with a particular trend. Most times I do not allow a trade to exceed 10 days, if such occurs it's because of a larger than expected correction (pull-back) within the trend or I'm looking for a larger than normal pay-out.
As to adding to a losing position, and yes many traders believe such to be a wrong practice for any trader, I personally have always believed one thing to be certain, in regards to trading and that is, if a trading method is successful and the trader follows the trading method to the letter, then adding to a losing position to the successful trader is a no-brainer. To the successful trader (imo, of course) there is no such thing as a losing position until the loss is actually taken. To the successful trader DD is added cream that top's it off, if you know what I mean: the successful trader is not afraid of DD like most other traders and investors (they understand that DD is an additional revenue stream of money that is to be harness and channel into one's trading account).
Now let me make this clear, I'm speaking about the successful trader who has a successful trading method where the rules of the method are followed without question. The un-successful trader can't do what I just mention in the pargraph above.
Am I a successful trader? Time will tell...
More about my trading method in the coming weeks and months...
Good Trading To All
Ben Williams/FXTopGunTrading
Hey Traders, thought I would speak a little about my trade method, so to help possibly answer a few questions you may have had but have not asked.
First, the trade method is a short term trend trading system that is geared towards forex but can be used on stocks, indexes, futures, interest rates, bonds, etc... I personally have no need to return back to trading e-minis even though I very much loved trading the nasdaq 100. The cost of trading forex is far less and the trending power of currencies is far stronger than most other markets.
Short Term Trend Trading:
My system produces trades that typically last any where between 5 to 10 days or less, and that's because I force each trade to comply within that time period; however, a large number of my trend trades are open 10, 20, 25, 30 trading days if I allow the trade to continue with a particular trend. Most times I do not allow a trade to exceed 10 days, if such occurs it's because of a larger than expected correction (pull-back) within the trend or I'm looking for a larger than normal pay-out.
As to adding to a losing position, and yes many traders believe such to be a wrong practice for any trader, I personally have always believed one thing to be certain, in regards to trading and that is, if a trading method is successful and the trader follows the trading method to the letter, then adding to a losing position to the successful trader is a no-brainer. To the successful trader (imo, of course) there is no such thing as a losing position until the loss is actually taken. To the successful trader DD is added cream that top's it off, if you know what I mean: the successful trader is not afraid of DD like most other traders and investors (they understand that DD is an additional revenue stream of money that is to be harness and channel into one's trading account).
Now let me make this clear, I'm speaking about the successful trader who has a successful trading method where the rules of the method are followed without question. The un-successful trader can't do what I just mention in the pargraph above.
Am I a successful trader? Time will tell...
More about my trading method in the coming weeks and months...
Good Trading To All
Ben Williams/FXTopGunTrading
There's no greater power than the North Star : Live Free or Die Trying
Member Since Sep 13, 2009
12 posts
Sep 22, 2011 at 17:06
(edited Sep 22, 2011 at 17:07)
What I meant was, DD to the successful trader is like added cream to a good cup of coffee or like hot apple pie with ice cream. Hot apple pie is good by itself but becomes even better when ice cream is added.
There's no greater power than the North Star : Live Free or Die Trying
Member Since Sep 13, 2009
12 posts
Sep 22, 2011 at 23:04
(edited Sep 22, 2011 at 23:12)
Thur, Sept 22nd 2011
Not many traders or investors are happy about the Fed's decision as of yesterday to conduct Operation Twist. Because of the Feds and the ECB I will be holding my positions a little longer but the pay-off should be good. Anyway, I have learned a few things while trading: 1) Don't pay much attention to the talking heads on tv, 2) Price-Action is the real story where everything is built into the price, 3) Follow your trading plan, don't go off course, 4) A real Pro-Trader doesn't panic, ever and 5) Never fight the FED...
The market was down the day of the Fed's announcement, as it is today, but my guess is the Feds will come out on top and the market will rally from Oct into the new year...
IMO, the feds like the trend are a traders good friend...
Good Trading To All
Ben Williams/FXTopGunTrading
Not many traders or investors are happy about the Fed's decision as of yesterday to conduct Operation Twist. Because of the Feds and the ECB I will be holding my positions a little longer but the pay-off should be good. Anyway, I have learned a few things while trading: 1) Don't pay much attention to the talking heads on tv, 2) Price-Action is the real story where everything is built into the price, 3) Follow your trading plan, don't go off course, 4) A real Pro-Trader doesn't panic, ever and 5) Never fight the FED...
The market was down the day of the Fed's announcement, as it is today, but my guess is the Feds will come out on top and the market will rally from Oct into the new year...
IMO, the feds like the trend are a traders good friend...
Good Trading To All
Ben Williams/FXTopGunTrading
There's no greater power than the North Star : Live Free or Die Trying
Member Since Sep 13, 2009
12 posts
Sep 28, 2011 at 15:08
(edited Sep 28, 2011 at 15:15)
Wed, Sept 28th 2011
Hey Traders, just wanted to let you know that I most likely won't continue trading UsdChf and GbpChf, I will stay with my core currecny-pairs: EurUsd, GbpUsd and GbpJpy...
Trade Update: My best guess is that my open positions will remain open until Oct 15th 2011, yeah a nice wait but like I said a few post back the Feds and ECB is making this trade last a little longer than anticipated. The trades where based upon technicals and that the Feds and ECB (and a couple other agencies) would pull together and create a turn around late Sept but I can see that I was wrong on the timing and now I'm expecting a Oct rally into the new year.
Good Trading To All
Ben Williams/FXTopGunTrading
Hey Traders, just wanted to let you know that I most likely won't continue trading UsdChf and GbpChf, I will stay with my core currecny-pairs: EurUsd, GbpUsd and GbpJpy...
Trade Update: My best guess is that my open positions will remain open until Oct 15th 2011, yeah a nice wait but like I said a few post back the Feds and ECB is making this trade last a little longer than anticipated. The trades where based upon technicals and that the Feds and ECB (and a couple other agencies) would pull together and create a turn around late Sept but I can see that I was wrong on the timing and now I'm expecting a Oct rally into the new year.
Good Trading To All
Ben Williams/FXTopGunTrading
There's no greater power than the North Star : Live Free or Die Trying
Member Since Sep 13, 2009
12 posts
Sep 28, 2011 at 17:04
Wed, Sept 28th 2011
Trade Style Update: Short Term Trend Trades
The trade method is a technical trading method based on a set of multi-moving averages that functions as a cross-over system that analyzes the structure of price and it's buy-sell pressure: This Is A FX TopGun Trend Trading System.
Trades can remain open 10-20 days or less (some times a little longer when looking for a big move) with a potential high drawdown occurring during retracements from the Trend of between 250 and 550 pips per open position (Max Open Trades: 5 to 7 max). Efforts are made in an attempt at keeping drawdown (DD) to within 7.5% to 12.5% or lower of current balance but can at times reach 25/35% during major retracements from the Trend.
Trend Trading is very different than short term trading, some trend trades are quick and fast while others are slow and take time to fully develope.
Welcome to FXTopGunTrading.
Trade Style Update: Short Term Trend Trades
The trade method is a technical trading method based on a set of multi-moving averages that functions as a cross-over system that analyzes the structure of price and it's buy-sell pressure: This Is A FX TopGun Trend Trading System.
Trades can remain open 10-20 days or less (some times a little longer when looking for a big move) with a potential high drawdown occurring during retracements from the Trend of between 250 and 550 pips per open position (Max Open Trades: 5 to 7 max). Efforts are made in an attempt at keeping drawdown (DD) to within 7.5% to 12.5% or lower of current balance but can at times reach 25/35% during major retracements from the Trend.
Trend Trading is very different than short term trading, some trend trades are quick and fast while others are slow and take time to fully develope.
Welcome to FXTopGunTrading.
There's no greater power than the North Star : Live Free or Die Trying
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