Advertisement
Redemption (de Fuze)
| Gain : | -99.68% |
| Drawdown | 100.00% |
| Pips: | -4242.5 |
| Transactions | 1889 |
| Gagné: |
|
| Perdu: |
|
| Type: | Réel |
| Levier: | 1:50 |
| Trading: | Manuel |
Discussion Redemption
Dec 03, 2016 at 04:09
Hello...
I'm not sure where I'm posting this but I've been playing with currency trading with quite some time and I would like to make it my mission to see if I can make a living out of it or at least a viable investment. I'm not claiming to be a guru or holy grail finder. I just want to get thoughts and opinion of the mass. Trading currencies can be a rolling of the dice but for those with a plan and a calculated strategy I believe it this can be a vehicle for financial success. So stay tune to see what come of this and I welcome your input and opinion.
I'm not sure where I'm posting this but I've been playing with currency trading with quite some time and I would like to make it my mission to see if I can make a living out of it or at least a viable investment. I'm not claiming to be a guru or holy grail finder. I just want to get thoughts and opinion of the mass. Trading currencies can be a rolling of the dice but for those with a plan and a calculated strategy I believe it this can be a vehicle for financial success. So stay tune to see what come of this and I welcome your input and opinion.
Membre depuis May 17, 2013
posts 33
Dec 05, 2016 at 01:47
Fuze posted:
I picked up $1542 on 12/5/2016 on Gbp/Usd, loss $322 on eur/usd. Currently short usd/chf
You said success requires a plan and a calculated strategy. What was your plan and strategy behind your three trades? sharing your outcomes is meaningless.
Dec 05, 2016 at 04:54
Dove_Services posted:Fuze posted:
I picked up $1542 on 12/5/2016 on Gbp/Usd, loss $322 on eur/usd. Currently short usd/chf
You said success requires a plan and a calculated strategy. What was your plan and strategy behind your three trades? sharing your outcomes is meaningless.
I'm just using simple support and resistance with price action at key levels. No special EA, trading guru or holy grail.
Membre depuis May 17, 2013
posts 33
Dec 05, 2016 at 11:02
Fuze posted:Dove_Services posted:Fuze posted:
I picked up $1542 on 12/5/2016 on Gbp/Usd, loss $322 on eur/usd. Currently short usd/chf
You said success requires a plan and a calculated strategy. What was your plan and strategy behind your three trades? sharing your outcomes is meaningless.
I'm just using simple support and resistance with price action at key levels.
So what is your trading plan on your usd/chf open position?
Dec 05, 2016 at 13:39
I entered the trade on the 1.0200 resistance level to ride it down to .9876 level. I risk a total of 60 pips for a return of 300. I did the same thing on the eur/usd for a reverse correlation on an earlier trader but I got stopped out. That's where I loss $322.
Membre depuis May 17, 2013
posts 33
Dec 05, 2016 at 22:20
Fuze posted:
I entered the trade on the 1.0200 resistance level to ride it down to .9876 level. I risk a total of 60 pips for a return of 300.
Your trade plan on the USDCHF trade and the price target @ $0.9876 effectively assumes a trend change. The definition of a trend change is when two swing lows are taken out (1H TF) and that is what needs to happen to get to your price target.
Trading against the trend is a low probability trade. What was your trade rationale? Setting a 300 pips target to justify the risk on the trade is not the way to trade IMO - not a viable path to long term success. There are ways to mitigate the risk on such a type of trade but I would first like to understand your rationale.
Dec 06, 2016 at 01:35
Hello, I appreciate your input. I'm sorry but I'm not a forex guru such as yourself. I just have 20 years of stock and option trading and manage around $400k of my own money. The strategy I use is that those I've learn trading stocks and option successfully. If you look at the attach gragh you'll see a triple top formation with the swing low being broken. My target is based on a special MA that I have tested along with Fib retracement. I know this may be a low probability according to your standards but this has work for me along with risk management. I've failed to see your account and how you trade. By no mean am I perfect trader in the forex market. I feel that we are all learning and it's all about risk management. I look forward to you input, till then let's see where my trade goes. Thanks
Fichiers joints:
Membre depuis May 17, 2013
posts 33
Dec 06, 2016 at 06:45
Cool. All the best on your USDCHF trade.
Membre depuis May 17, 2013
posts 33
Dec 07, 2016 at 00:28
Fuze posted:
Thank you. I didn't get your input on how I can better the trade....
Your trade set up is aggressive and the price target is premised on some kind of trend change. When a currency pair like the USDCHF had a trend run, there are two possible development, a consolidation and then a resumption of trend or a trend change. Typically to mitigate such risk, I personally would go for a two part position sizing strategy. Essentially you are selling at resistance and that means the risk to your trade is at support. That is a definition of a range bound market. The first part of your trade would be to buy back your short at support. You take some profits when your position may be at risk. Should the trend change materialised, you still have a second part. However if all it turns out is some kind of consolidation you at least have taken some profits off the table for your effort.
Dec 07, 2016 at 01:50
Dove_Services posted:Fuze posted:
Thank you. I didn't get your input on how I can better the trade....
Your trade set up is aggressive and the price target is premised on some kind of trend change. When a currency pair like the USDCHF had a trend run, there are two possible development, a consolidation and then a resumption of trend or a trend change. Typically to mitigate such risk, I personally would go for a two part position sizing strategy. Essentially you are selling at resistance and that means the risk to your trade is at support. That is a definition of a range bound market. The first part of your trade would be to buy back your short at support. You take some profits when your position may be at risk. Should the trend change materialised, you still have a second part. However if all it turns out is some kind of consolidation you at least have taken some profits off the table for your effort.
Great analysis....you bring up a great point. It's hard for me to identify when my position is at risk. I'm sort of like all or nothing but I slowly changing that to protect profits and reduce risk. A lot of time I find myself moving my stop too tight to protect profits, getting stopped out and price going in the direction I presumed. If you can offer some ideas I'm all ears. Thank you
Membre depuis May 17, 2013
posts 33
Dec 08, 2016 at 06:56
Fuze posted:Dove_Services posted:Fuze posted:
Thank you. I didn't get your input on how I can better the trade....
Your trade set up is aggressive and the price target is premised on some kind of trend change. When a currency pair like the USDCHF had a trend run, there are two possible development, a consolidation and then a resumption of trend or a trend change. Typically to mitigate such risk, I personally would go for a two part position sizing strategy. Essentially you are selling at resistance and that means the risk to your trade is at support. That is a definition of a range bound market. The first part of your trade would be to buy back your short at support. You take some profits when your position may be at risk. Should the trend change materialised, you still have a second part. However if all it turns out is some kind of consolidation you at least have taken some profits off the table for your effort.
Great analysis....you bring up a great point. It's hard for me to identify when my position is at risk. I'm sort of like all or nothing but I slowly changing that to protect profits and reduce risk. A lot of time I find myself moving my stop too tight to protect profits, getting stopped out and price going in the direction I presumed. If you can offer some ideas I'm all ears. Thank you
I think intuitively you know where your main trading issues are that you need to work on i.e. protective stop and re-entry strategy. I believe if you adopt a two part position sizing strategy it would alleviate (partially) stop out issues because of stops being too tight. The benefit of taking some profits off the table allows you to give your remaining stop more room to handle market noise.
I also believe the nature of your trading style i.e. trading at the edges require a re-entry strategy as part of your overall trade plan because when you trade at inflection points you cannot always get it right the first time. Re-entry in my experience is hard to execute as the hurdle is mainly psychological. This requires discipline and that in turn requires you to build such a trade process into your trade plan. A trade is not over until you say it is over and that means an opportunity for a re-entry.
