I see that your draw down is very low and you profit factor is very high. Obviously a good place to be! Given that you have 500:1 leverage you must be very certain of tour entries given that your profit factor is so high and you enjoy 84% good trades. What system do you use?
The objective is always to maximise % profitable trades, as well as proportion of pips won to pips lost.
I follow a purely technical approach where I look for convergence of support or resistance, and then observe price action for signs of failure. This gets me into moves as they begin, which allows for big gains for very low levels of risk.
As such, this is not a 'system' per se, but rather an 'approach' or 'methodology'. However, I believe it his a highly teachable approach for anyone who is committed to a learning process. The expert at this is The Complete Trader - do a search on YouTube and check out the videos of actual live trades as they were made.
By the way, my stats would have been even better, except that I tested an EA on this account which went into major drawdown. Never make that mistake again!
I checked out the video clip on The Complete Trader. I must say it looks impressive! As I am new to trading and very much in need of assistance I am considering joining his tuition classes. I see that he trades live with his scholars and offers the first two weeks for free. Sounds very fair to me! Have you had any dealing with him and if so could you provide me with feedback?
I have indeed, and I still trade with him as I never stop learning! There are not many so-called mentors out there who show you how to trade live, rather than using historical data which can be made to show you anything. It must be pretty nerve-racking to trade with people looking over your shoulder, but he does it. In my opinion (and experience) there is no better way to learn. He covers everything, including money management and training the mind.
As you say, you get to trade with him live for a couple of weeks for free so you can decide for yourself if it has any value for you, and if you want to stop you can do so at any time, no strings attached. It costs me $99 a month, which is way lower than anyone else I know of who is any good, and I always cover that in a few hours of trading with him.
I would recommend anyone to give it a try, as long as you are serious about trading properly. I think my stats speak for themselves.
Ouch - messed up with moving my stop to break even (input price 1000 pips away!), to find a massive drawdown the next day. Good trade management can always save the day though. Back to normal trading next week. 😉
I apologise - I have no problem making it public, but I keep getting 'harassed' privately by folks wanting to know how my system works. For those who want to know, you should contact my mentor - just check out the YouTube videos for The Complete Trader.
My trading for the last week has been based around a silly mistake made on Wednesday last week. I always place market entries rather than pre-orders, as the success of this trading approach is partly due to the need to recognise price failure in key trading zones. You cannot do that without being there to observe price action - a pre-order means an assumption about future activity is being made, and we all know what assumption is the mother to ...
In any event, I placed several pre-orders last Wednesday, and then again Friday, followed by a mistake on a stop loss placed on a hedging trade which got taken out, and was only able to get out of the resulting situation yesterday evening. Although this did allow me to increase my balance, my trading volume increased massively beyond what I am normally prepared to use, I had a big unrealised drawdown due to the missing hedge, and the risk vs return was not acceptable to me. Have a look at the history and you will see what I mean.
No problem, but he doesn't use a website. Just email Paul at [email protected] He doesn't do much advertising as he likes to keep it small and personal, although I believe they are working on a website but just as a resource for his members. I know he is starting a new trading room for beginners to his approach soon.
The new trading room's practice account is TCT4 - Iain has moved on to managing live accounts. So far we are up 11% in 4 days in difficult trading conditions. Drop me an email as Iain describes above if you are interested ([email protected]) - no charge for 2 weeks of intensive learning and trading together.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.