Alpari Demo Managed Account讨论

All I can say is that I'm in for the long haul 😀. I did close one trade at the 1.6000 level just to pop some profit in the bank but the rest are still running.

What you could do is stick an ATR on your daily/4-hr chart and set a trail based on that (daily is around 150 pips). I don't like offering this sort of advice as I may get you out of your trade too early or too late. There are two areas you might look for problems; at the next bar highs/lows around 1.5400 and then 1.4300 if you are still in your trades.

Learning to hold on to these long-term trades is the hardest thing to master in FX but once you have it you won't look back.

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hoedha posted:
    all your trades are very good calls peter..you believe in trend and it pays you with a lot of pips as i see you have 700+ pips running in your demo..very good...i think i found the best place to learn how to trace correctly.. :)

peter, do you have any thread that discuss your method in this site or in FF?
thanks..

one question, do you stick to one timeframe or do you often look to shorter timeframe?i see here that some of your trades were based on daily timeframe, but on the last one you based it on H1 TF...how do you manage multiple timeframe-trading like that?

Sorry fella (?), I missed this post.

No I don't have any threads as there is no method as such. It's all about the trend, S/R locations, position sizing and patience. There aren't too many new traders who would understand what I do and experienced traders are all off doing their own thing so couldn't care less about me.

Multiple TFs are key to what I do. The main trend is found on the Daily chart, the S/R levels are found on the Monthly, position sizing is 1% or less and patience is just a very nice girl friend 😁 who really helped me start to make money.

Once I have the S/R levels marked I just keep moving down the TFs looking for chart patterns and any clue that price is respecting my levels. I can't explain it but is something that comes with time. Stick with it and it will all fall into place eventually.

There's no quick fix in this marketplace.

i'm learning to trade for long haul too peter..because i'm not very successful in lower timeframe/daytrading and i have a lot of things to do in day time..that's why i choose to trade daily..it's just that i'm still starting it for a very little time..so i still have to pick up things here and there and waiting for them to fall into place..this place, is one thing i need to pick up to my brain, and you are really helpful so far peter..thanks for that..

for the UCAD, since i based my S/R on daily, i even put the TP at 1.03 level..hope the price will get there,,sooner or later..hehe..hopefully this week or this 2 weeks...

oh ya, don't you trade GBPUSD?there's a good classic pullback setup on GU 4H. Price broke the resistance, and then it pullbacks to the line again, and then took off...i'm on this trade..

AUDUSD maybe you could look into too..it's on along term uptrend..it's now on a serious S/R level, and i think if it broken, we can wait for typical pullback trade...

I've two trades running on AUDUSD that I entered on 27 & 30 Oct, check the open trades in Alpari_Demo2.

I'm not a big fan of GBPUSD as, living in the UK, all I hear is bad news so I would carry a negative mental approach to Sterling. I know you should simply trade the charts but, heck, I'm human not a machine. 😭

may i know why did you close your last AUDUSD trade?for about 25 pips profit?

one more question peter,why dont you remove your 2 pending orders on UCAD?i dont think price will ever come back to 1.08 in any time soon...

btw,do you have any instant messenger peter?can i add you?

hoedha posted:
    may i know why did you close your last AUDUSD trade?for about 25 pips profit?

Basically, both the EURUSD and the AUDUSD were at major Resistance levels so I wanted to protect the small Aussie trades from taking too big a hit. The two larger trades had good profits locked in anyway. I also moved my trailing stop a bit closer on one of these positions in case there was a strong rejection during the night.

I often have long-term positions running and once they have profit locked in I will take short-term trades if I see an initial pullback from a S/R area and play these small trades back to those levels for quick gains. With the Aussie ones it appeared that there was some hesitation so decided to take some profit there.

All I do with these smaller trades is keep topping up the account while I'm waiting for the main trades to progress further or for a larger retrace to hit my trailing stops. If price then moves through the S/R area I then assess whether or not to add more long-term trades or sit with what I have.

If you're trading a small account, it's a nice way to keep the scoreboard moving along but you mustn't be too ambitious or greedy with these types of trades. It's too easy to give money back to the market if you're not careful.

hoedha posted:
    one more question peter,why dont you remove your 2 pending orders on UCAD?i dont think price will ever come back to 1.08 in any time soon...

btw,do you have any instant messenger peter?can i add you?

Couldn't be bothered. What I'll do is just change the order price to a new level - just done it as price might be pulling back.

I've adjusted my stops on one of the running Loonie trades to match the new stop on the new trade.

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may i ask peter, you put an sell limit order on AUDUSD. Do you think AUDUSD will soon running out of gas to continue its uptrend? when will you close your current buy order AUDUSD?

thanks..

hoedha posted:
    may i ask peter, you put an sell limit order on AUDUSD. Do you think AUDUSD will soon running out of gas to continue its uptrend? when will you close your current buy order AUDUSD?

thanks..

My take profit on these AUDUSD trades is 0.9366, around the last rejection. The reason for the Sell order is to try a new approach to my trading. Up till now I have only traded with the trend and stayed away from the retracements back to Support (assuming an uptrend). What I'm looking to do is pick up small contra-trend trades at key points at S/R levels.

On average there is a 50/50 chance that price will pull away from Resistance simply due to the amount of Sell orders that could be waiting there. I'm extending this to any pair I trade on this demo account so be advised that this is experimental and should be tested on demo with minimum position sizes before trying it in a live account.

I'm setting a fixed Stop and Take profit with all these trades and if I see further selling pressure at other points on the charts then will stay short until I see a solid level of Support, at which point I'll go long again.

In addition, I need to reduce the positions that I hold on this demo account to more closely reflect the style of trading I employ on the real account. If this type of short-term contra-trend trading proves of value I will apply it to the real account.

hmm...great...so...in short...you are trying to trade the retracement counter-trend too??hmm...i've been there and was not very succesful in that (my fault off course...) but i like to see how it works for you peter..i dont say it's bad, i just havent mastered that yet...for now i'll just stick to trend trading..one of the reasons is because my account is so small..lol...

have a nice trades peter...

Small loss on the AUDUSD short - I couldn't be around for the news release and when I got back to the computer I found I had missed a winner just by the amount of the spread. My TP was set at .9325 and on my chart the Bid hit it but the Ask missed. Maybe if I'd been around I could have closed before price retraced all the way back to the stop.

C'est la vie!

Next.

Well, in combination with the news release and the spike up I got taken out of this one. But as we can see there doesn't appear to be enough buying momentum in the Asian session to maintain the uptrend. Price is just about holding at the upper line (0.9363) so I'll have to wait until the morning before assessing what to do here.

I don't like opening trades at this time of night (10:30 GMT) as I'm not going to be around to monitor it and I like to have some idea of price action at these levels.

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This is what I love and hate about FX. First, what I love; you get proven right, ESPECIALLY when you decide NOT to trade. Second, what I hate; nearly every time you're proven right it's when you're in bed.

Looking back on this trade, which is around 100 pips below the level mentioned in last night's post I spotted the mistake that took me out of this. Because I've not been able to stay fixed to the screen I realised, when I got to study this after my stop was hit, that the lines I first drew when deciding how to tackle this potential retracement had been set before I checked for news releases.

Consequently, although I had originally decided on a 25-pip stop for this I then decided that a 50-pip stop should give me some breathing space. The trouble was that when I got back to the computer I placed my orders, based on the lines I'd already marked (but forgotten to change), and had to leave the trade unattended.

So, having been sidelined by a careless mistake I decided that although I was still looking at a potentially profitable short back down to Support, it would make sense to stay out of it until the morning. This is just the sort of thing that tests your resolve to keep trading - but it does get easier to accept this the longer you trade. Promise!

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Fantastic peter, all one needs is S & R indeed...

tradert posted:
    Fantastic peter, all one needs is S & R indeed...

Yeah, ironic isn't it. Called it to the pip almost and didn't trade it. You can't do this without concentrating on what you're doing.

I watched a 1-hr pin forming on this pair and stood aside (this is the 4-hr chart, btw) and price didn't quite get back to my entry point at the .9270 level. Once I miss a trade like this I don't jump in with a Market order, I'll wait and look for the next opportunity. This might come at the .9317 level, although it looks as if price is edging back down again so this Buy order might be good.

I have a tight stop (1%) just below the nose and will take a Short trade if the Pin fails.

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your trading record to date is impeccable. keep it up peter, i'm so envious. i haven't had time for Forex lately, just doing options.

hope to find time for Forex soon.

Well, for anyone who is learning to trade and is watching this stuff I feel it's as important to see the dumb trade decisions as well as the good stuff.

There is an important lesson to be learned here; it's that there are times when you simply cannot read the charts the usual way. You will find that decisions that could be made in minutes a week or so ago suddenly become harder to make. The charts don't make sense and after a couple of losing trades your thought processes go haywire.

Today was a classic case. I was annoyed with the losing trade on the AUDUSD and decided to sit it out and go look at the other charts. It was obvious that the EURCAD trades were in trouble but I let the stop take me out and then planned my next course of action. It's clear that although the 1.5652 level had held as support the main thrust of this pair was down. On that basis I allowed price to run up a little more and then placed a Sell stop at the point were the previous Shorts failed. The idea was to catch the downtrend whenever price headed down again. So far, so good.

Price never reached the Resistance area I'd been watching and I was in. Price moved down towards my target at 1.5652 and then started climbing again. Normally I would have left things alone and closed the trade with the stop, as per normal, but today I did something that I rarely do. I moved my stop to break even way earlier than is my usual way of working and was taken out far too early.

As a result, here's another 100-pip trade I lost out on. OK, I made a couple of pips but in my mind I count this as a loser. So, two serious errors of judgement in two days, time to walk away from the charts and re-assess things.

This is not meant to be negative; I hope that anyone who reads this will realise that it doesn't matter how long you've been trading, every now and then you get out of synch with yourself and the market. If you find yourself fighting to do things that had become automatic and seem to be in contradiction to all the stuff you've done before then walk away from the screen for a day or two. The market is always going to be there.

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Regarding moving stops to break even too early. I thought you might all like to read this thread over in FF. I started the thread way back in Jan 2007 and I should point out that virtually all the early replies were from some of the most experienced traders around FF.

It really is an important read and I've just gone back to read it all again. I would like some feedback on this, and any of my other posts, as I've no idea if anyone is reading this stuff. If there's no interest I can save myself some time 😉.

https://www.forexfactory.com/showthread.php?t=12273