May 11 2012 at 13:37
Hello mFXbers.
I am in the process of playing with manual trading. I am tired of using EAs, they so far haven't lost me money, but at the same time haven't made any so I have decided to ditch them.
I have been trading manually on a demo account (as always, it's best to practice before I do it for real) and so far it's been good. I have been watching quite a few signals and suggestions from sites like etoro and zulutrade to trade through out the day. What I have been doing is as follows:
I see that there's a down or upward trend, now normally they fluctuate up and down as they are progressing so effectively I sit, watch and wait for a 'spike up or down' and then make my move, either buy or sell on the basis that 9 times out of 10 they return near or most times bang on the same point before they shoot up or down. Bagging myself a smooth 50 points or so a time.
The account has only got £2k in it. and in three days I've grown that to £2.5k. Will this last? Is it a risky way to go? I guess because I watch the news and prempt the market direction is a major benefit. But I just wanted to see what others think?
Closed P/L: 434.77
Won: Short Positions (won %): 25 (72.00%) Long Positions (won %): 5 (80.00%)
Loss: Profit Trades (% of total): 22 (73.33%) Loss trades (% of total): 8 (26.67%)
I am in the process of playing with manual trading. I am tired of using EAs, they so far haven't lost me money, but at the same time haven't made any so I have decided to ditch them.
I have been trading manually on a demo account (as always, it's best to practice before I do it for real) and so far it's been good. I have been watching quite a few signals and suggestions from sites like etoro and zulutrade to trade through out the day. What I have been doing is as follows:
I see that there's a down or upward trend, now normally they fluctuate up and down as they are progressing so effectively I sit, watch and wait for a 'spike up or down' and then make my move, either buy or sell on the basis that 9 times out of 10 they return near or most times bang on the same point before they shoot up or down. Bagging myself a smooth 50 points or so a time.
The account has only got £2k in it. and in three days I've grown that to £2.5k. Will this last? Is it a risky way to go? I guess because I watch the news and prempt the market direction is a major benefit. But I just wanted to see what others think?
Closed P/L: 434.77
Won: Short Positions (won %): 25 (72.00%) Long Positions (won %): 5 (80.00%)
Loss: Profit Trades (% of total): 22 (73.33%) Loss trades (% of total): 8 (26.67%)
May 12 2012 at 10:04
There are lots of ways to trade, and you will probably need to find the right style for you. I think the internet has complicated forex trading to a point the very basics are forgotten.
Heres my 0.02.
1. It doesn't matter how many you win and how many you lose. Just make sure at the end of the day, you're making money.
2. Remember your risk reward, if you win small but lose big, you have a problem. Eventually whatever you're doing will burn you account. Its just a matter of time.
3. A 3 day track record is too little to judge if the system works or otherwise. Back test it over the course of a few years, then forward test it for a few months at least.
4. Alot of systems try to make you believe they can predict the future. They can't. The best you can do is tip the odds in your favour. Your money management should take care of the rest.
5. You don't say much about your system, but I'm guessing you're quite highly leveraged, and your money management is probably quite risky too.
-K
Heres my 0.02.
1. It doesn't matter how many you win and how many you lose. Just make sure at the end of the day, you're making money.
2. Remember your risk reward, if you win small but lose big, you have a problem. Eventually whatever you're doing will burn you account. Its just a matter of time.
3. A 3 day track record is too little to judge if the system works or otherwise. Back test it over the course of a few years, then forward test it for a few months at least.
4. Alot of systems try to make you believe they can predict the future. They can't. The best you can do is tip the odds in your favour. Your money management should take care of the rest.
5. You don't say much about your system, but I'm guessing you're quite highly leveraged, and your money management is probably quite risky too.
-K
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