# FX banter



## willoneau (14 April 2020)

Looking to see if any traders are interested in discussing currencies as they unfold ?
was great when in front of platform. (fx chaos thread)

Being held accountable might just improve our trading?


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## willoneau (15 April 2020)

I have started this week with a demo account with the aim of becoming a consistently profitable trader and when I have doubled the account going live.
I will be using a KISS strategy with strict position sizing and money management.


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## willoneau (15 April 2020)

I intend to update my starting Capital each day before I place any positions for the day.
As of this morning after yesterdays trading my account was up 2.8%
my Risk per trade is 1% at this stage.
I will be following 6 currency pairs at any one time which may change, this can give me a total possible Risk per day of 6% if I have positions on in each pair.
I will be scaling out of my position as price moves in my direction.


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## willoneau (15 April 2020)

3.4% profits yesterday
trading AUD/NZD, GBP/AUD, GBP/USD, USD/JPY, USD/CHF, EUR/CHF.


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## willoneau (15 April 2020)

GBP/AUD indecision and possible trend change to the long today.


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## willoneau (15 April 2020)

Entered new position in AUD/NZD and moved my open position to SL.


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## peter2 (15 April 2020)

I am following along but don't have the time to ask questions and contribute suggestions. 

My initial concern is that you may be risking too much per day. Be certain that you're comfortable with the numbers as you may experience a few losing days soon.


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## willoneau (15 April 2020)

Thanx for the reply peter2 will keep informed, suspect that will happen when trend changes direction.


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## willoneau (15 April 2020)

I think when I trade live and Capital increases I will have to lower my Risk size down from 1% per trade. This will help keep my emotions in check.


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## willoneau (15 April 2020)

willoneau said:


> GBP/AUD indecision and possible trend change to the long today.



I have decided to half my Risk if my S/R line is broken and setup occurs for today in opposite direction.


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## willoneau (15 April 2020)

Short USD/JPY and move open positions to SL.


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## willoneau (15 April 2020)

short EUR/CHF,  stop is high than open position at BE so lowered stop to it's position.


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## willoneau (15 April 2020)

willoneau said:


> Entered new position in AUD/NZD and moved my open position to SL.



Stop hit , closed position.
I will reference return to weeks starting Capital as it changes daily.
return = 0.31%  (not including the 1R profit when scaled out to BE)
decided to include all positions, open and recent as complete trade.
So return then is 1.35%
now flat and waiting for setup.


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## willoneau (15 April 2020)

willoneau said:


> Short USD/JPY and move open positions to SL.



shop hit and position closed,
return = 4.68%


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## willoneau (15 April 2020)

Am currently at BE for USD/CHF from yesterday. watching price move back up to my entry.


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## willoneau (15 April 2020)

willoneau said:


> Am currently at BE for USD/CHF from yesterday. watching price move back up to my entry.
> View attachment 102306



Position closed, return 1.04%
entry risk is 1% the 0.04% is the difference between yesterdays Capital and the 1% risked compared to weeks starting Capital.


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## willoneau (15 April 2020)

short USD/CHF.


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## willoneau (15 April 2020)

short USD/JPY


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## willoneau (15 April 2020)

long GBP/USD


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## willoneau (15 April 2020)

willoneau said:


> long GBP/USD



close = -1R


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## willoneau (15 April 2020)

willoneau said:


> short USD/CHF.



close = -1R


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## willoneau (15 April 2020)

long GBP/AUD, 0.5R (0.5%Risk)


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## willoneau (15 April 2020)

willoneau said:


> short USD/JPY



close = -1R


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## willoneau (15 April 2020)

long AUD/NZD.


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## willoneau (16 April 2020)

long GBP/USD


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## willoneau (16 April 2020)

short USD/JPY.


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## willoneau (16 April 2020)

short USD/CHF


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## peter2 (16 April 2020)

How about posting an update at the EOD with a few comments about the days price action. You can focus solely on your trading during the day and then review your activity at EOD. 

*5T: * 2W +1.3R,  3L -3R  result  -1.7R  
Huge moves after the US retail sales number knocked me out of a few trades. Must keep an eye out for the US news. Don't start trades before the news or reduce risk before news. 
Tried to pick a few bottoms and ended up with dirty fingers. My results are better when I trade with the hourly and 4H trend. 

Stuff like this is more educational than short posts that have none.


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## willoneau (16 April 2020)

willoneau said:


> short EUR/CHF,  stop is high than open position at BE so lowered stop to it's position.



target reached for 1R profit and open position lowered.


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## willoneau (16 April 2020)

peter2 said:


> How about posting an update at the EOD with a few comments about the days price action. You can focus solely on your trading during the day and then review your activity at EOD.
> 
> *5T: * 2W +1.3R,  3L -3R  result  -1.7R
> Huge moves after the US retail sales number knocked me out of a few trades. Must keep an eye out for the US news. Don't start trades before the news or reduce risk before news.
> ...



Sure no probs peter2 will see what I can do , was just showing how I was trading.
Will have to review next day before I place a position.


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## willoneau (16 April 2020)

peter2 said:


> Stuff like this is more educational than short posts that have none



Maybe a chart pic would help explain.


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## willoneau (16 April 2020)

this is my current EUR/CHF open and closed positions.




if anyone else interested in what I am doing besides peter2 but don't want to ask a question a like will let me know.


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## willoneau (16 April 2020)

willoneau said:


> long GBP/USD



target reached 1R profit.


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## willoneau (16 April 2020)

willoneau said:


> short USD/CHF



target reached 1R profit.


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## willoneau (16 April 2020)

willoneau said:


> long GBP/AUD, 0.5R (0.5%Risk)



closed position
-0.076R

1am now bedtime.


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## peter2 (16 April 2020)

Charts are good. Now I can see that your swing trading Heikin Ashi charts. 
I like them also because they reduce the noise a little. They're awkward in that they don't portray the actual OHLC prices. 

People will follow along with more interest when you include regular updates on your progress.


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## willoneau (16 April 2020)

peter2 said:


> Charts are good. Now I can see that your swing trading Heikin Ashi charts.
> I like them also because they reduce the noise a little. They're awkward in that they don't portray the actual OHLC prices.
> 
> People will follow along with more interest when you include regular updates on your progress.



Hi peter2 I am glad you noticed the Heikin Ashi chart, I only use it and ATR.
I am not really swing trading, actually trend trading it only looks that way.


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## willoneau (16 April 2020)

Ok yesterday's result is 1.03% realized return.


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## willoneau (16 April 2020)

We all trade the markets with our beliefs, if our core belief is wrong then becoming a consistently profitable trader is practically impossible.


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## willoneau (16 April 2020)

Ok , so far live trading (demo) I have had three consecutive day's of profit.
2.85%, 3.51% and 1.03%
but at this stage of forward testing it may be a wining streak.


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## willoneau (16 April 2020)

At this moment I have only 1 open position, short EUR/CHF.


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## willoneau (16 April 2020)

willoneau said:


> We all trade the markets with our beliefs, if our core belief is wrong then becoming a consistently profitable trader is practically impossible.



but what is your belief?


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## willoneau (16 April 2020)

First entry of the day, EUR/CHF short.


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## willoneau (16 April 2020)

willoneau said:


> but what is your belief?



As a trend follower my core belief is - *next trade I put on has a 50:50 chance of being a wining trade.*


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## willoneau (16 April 2020)

Every thing else I do is to create positive expectancy and control emotion.
That's all there is to trading and becoming a consistently profitable trader.


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## willoneau (16 April 2020)

USD/CHF - short.


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## willoneau (16 April 2020)

GBP/USD - long.


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## willoneau (16 April 2020)

USD/JPY - short.


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## willoneau (16 April 2020)

Any other FX traders here today?


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## peter2 (16 April 2020)

USD/CHF short
GBP/USD long
USD/JPY short

These three trades make you short the USD x3. You're risking 3R (3%) account in one currency.
Have you considered any limits?


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## willoneau (16 April 2020)

Hi peter2, limits as in?


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## barney (16 April 2020)

willoneau said:


> Any other FX traders here today?




Hi Will …………  Was going to get back to you last night but we had a power blackout. Been a good couple of days so you must be doing something right!

I like @peter2 idea of documenting each trade. Humans are visual so maybe just a quick screenshot of your entries would be good …. I'm sure there are lots more FX lunatics lurking in the wings so definitely keep posting your trades!


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## peter2 (16 April 2020)

I limit the number of trades in one direction in one currency to two. If I see weakness in the USD I'll look the short the USD with two stronger currencies. My limit is two.


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## willoneau (16 April 2020)

peter2 said:


> USD/CHF short
> GBP/USD long
> USD/JPY short
> 
> ...



What about -
EUR/CHF shorts ?


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## willoneau (16 April 2020)

peter2 said:


> I limit the number of trades in one direction in one currency to two. If I see weakness in the USD I'll look the short the USD with two stronger currencies. My limit is two.



I am aware of the correlation, I trade 6 pairs
USD possible 3%
GBP possible 2%
AUD possible 2%
CHF possible 2%
NZD, EUR and JPY possible 1%

I guess I could remove one USD pair for either NZD or JPY pair.
Not sure about EUR as may be correlated to GBP.


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## willoneau (16 April 2020)

barney said:


> Hi Will …………  Was going to get back to you last night but we had a power blackout. Been a good couple of days so you must be doing something right!
> 
> I like @peter2 idea of documenting each trade. Humans are visual so maybe just a quick screenshot of your entries would be good …. I'm sure there are lots more FX lunatics lurking in the wings so definitely keep posting your trades!



Thanx barney, been very quiet here but at least peter2 has shown an interest. Which is not surprising as he has as wealth of knowledge.


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## willoneau (16 April 2020)

barney said:


> Hi Will ………… Was going to get back to you last night but we had a power blackout. Been a good couple of days so you must be doing something right!



Still not convinced it isn't a wining streak.


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## willoneau (16 April 2020)

willoneau said:


> I am aware of the correlation, I trade 6 pairs
> USD possible 3%
> GBP possible 2%
> AUD possible 2%
> ...



Will take a look at which pair to substitute.


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## peter2 (16 April 2020)

It's not a problem until you get hit by a sudden adverse price movement (news) and then, wham, you're down -3R in the blink of an eye. Of course if the news is good you're +3R or more, in an instant. 

I'm showing an interest to encourage you to keep going. I like that your charts are simple and uncluttered. If you're trading in the direction of a larger time frame trend that's great. 

I hope you've got a written trade plan that helps keep you on track and looking for the same setups every day. 

FX trends can last for a long time so winning streaks can get huge. It's important to get all that you can during this period. However price can stop trending and trade sideways for a frustratingly long time also.


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## willoneau (16 April 2020)

Thanx peter2 for your encouragement as it helps as I sit in front of screen.


peter2 said:


> It's not a problem until you get hit by a sudden adverse price movement (news) and then, wham, you're down -3R in the blink of an eye. Of course if the news is good you're +3R or more, in an instant.



I am aware and curious to see how it pans out as I don't take notice of news and can be down 3R and why I always have SL, just hope slippage not too harsh.


peter2 said:


> I hope you've got a written trade plan that helps keep you on track and looking for the same setups every day.



Simple plan I try to follow to the letter.


peter2 said:


> FX trends can last for a long time so winning streaks can get huge. It's important to get all that you can during this period. However price can stop trending and trade sideways for a frustratingly long time also.



EUR/CHF is an example of that for me at the moment.


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## willoneau (16 April 2020)

long AUD/NZD.


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## willoneau (16 April 2020)

USD/CHF , GBP/USD and AUD/NZD closed -3R


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## peter2 (16 April 2020)

All part of the experience. 

Do you have a daily loss limit?  This prevents us from revenge trading or over trading when the market behaviour has stopped us out a few times. 

When day trading US stocks I have a -2R limit / day. No more trades if I hit -2R overall or have three small (<1R) losses. Last night the US market went sideways for hours and I took three small losses. That's it for me. Close up and come back tomorrow. If I hit -4R in a week, that's it for the week. Use the SIM platform for the rest of the week to work on improvements.


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## willoneau (16 April 2020)

Revenge trading implies loss of emotional control but daily limit is something to look at.
My belief is that the next trade has a 50% chance of being winner so I will not know the outcome until it is closed so taking every trade even if on losing streak is necessary.


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## willoneau (16 April 2020)

peter2 said:


> Do you have a daily loss limit? This prevents us from revenge trading or over trading when the market behaviour has stopped us out a few times.



My belief is that over trading is taking more trades than the system indicates and revenge trading is when trades are taken when no entries are signalled.


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## willoneau (16 April 2020)

peter2 said:


> When day trading US stocks I have a -2R limit / day. No more trades if I hit -2R overall or have three small (<1R) losses. Last night the US market went sideways for hours and I took three small losses. That's it for me. Close up and come back tomorrow. If I hit -4R in a week, that's it for the week. Use the SIM platform for the rest of the week to work on improvements.



I don't believe FX should be traded like stocks, one obvious reason is that you can trade both directions with FX.


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## willoneau (16 April 2020)

long GBP/USD.


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## willoneau (16 April 2020)

short USD/CHF.


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## willoneau (16 April 2020)

USD/JPY, target reached 1R profit.
Now I can try to skew my results into positive expectancy.


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## peter2 (16 April 2020)

willoneau said:


> I don't believe FX should be traded like stocks, one obvious reason is that you can trade both directions with FX.




Oh my! Enjoy your hobby.


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## willoneau (16 April 2020)

peter2 said:


> Oh my! Enjoy your hobby.



Peter2 please explain your comment? as I hope it just a misunderstanding?


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## willoneau (16 April 2020)

long GBP/AUD.


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## willoneau (16 April 2020)

peter2 said:


> Oh my! Enjoy your hobby.



I only trade Aussie stocks, never traded US stocks. So if you can trade US stock short I stand corrected and a little wiser.


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## willoneau (16 April 2020)

peter2 said:


> Oh my! Enjoy your hobby.



not helpful or educational?


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## rnr (16 April 2020)

willoneau said:


> not helpful or educational?




Hi @willowneau,

At the time of writing this reply @peter2 is the only person that has made an attempt to give you some guidance on this thread (p.s. to other Forum members please do not take this comment as criticism in any way, shape or form).

@peter2 said, (giving you valuable info to consider),
"When day trading US stocks I have a -2R limit / day. No more trades if I hit -2R overall or have three small (<1R) losses. Last night the US market went sideways for hours and I took three small losses. That's it for me. Close up and come back tomorrow. If I hit -4R in a week, that's it for the week. Use the SIM platform for the rest of the week to work on improvements."

To which you responded,
"I don't believe FX should be traded like stocks, one obvious reason is that you can trade both directions with FX."

and @peter2 responded to your comment,
"Oh my! Enjoy your hobby."

I openly acknowledge that we all make mistakes and we all have our short-comings however just maybe, just a thought from the way I see it, you should actually thank @peter2 for prompting you to do some more research so that you are now aware that you can short sell US stocks AND you can short sell a reasonable number of Aussie stocks using CFD's which would make @peter2's post very helpful & educational.

Cheers,
Rob


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## willoneau (17 April 2020)

Thanx Rob for your reply,
I do appreciate everything anyone has to say and I think I might not have really said what I meant. I didn't know US stocks could be traded short as for Aussie stock CFD's I have traded some but I personally see them as another instrument with their own characteristics IMHO.


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## peter2 (17 April 2020)

Since I'm not trading tonight because I'm in an 'ornery mood I'll try to explain my post.



willoneau said:


> I don't believe FX should be traded like stocks, one obvious reason is that you can trade both directions with FX.




After three losses were posted I asked if you had a daily loss limit. This is a technique to ensure that a trader doesn't have such a bad day that it's hard to recover. I then provided an example that I use when trading intraday. I got the impression that you dismissed the advice because I mentioned trading US equities.

The advice applies to all intraday trading activities regardless of financial instruments traded. I was disappointed to see that you were unaware that intraday trading equities involves going long and/or short. I trade with the intraday trend of the index whether it's up or down.

If you dismiss general information like this so easily then I'd call your trading activity a gambling hobby. I assume you're gambling for enjoyment, not profit and sincerely hope you do enjoy it.

Since then, you've started more trades and my count is ~8T tonight. If you're risking 1% each then you have no daily limits and will very likely blow yourself up very soon. 

Then this post.


willoneau said:


> USD/JPY, target reached 1R profit.
> Now I can try to skew my results into positive expectancy.




Every single trade result contributes to your expectancy. If you have too many losing trades you can't be profitable. You don't wait until one trade gets into profit to skew your results into positive expectancy. 

Expectancy = (W% x AW) - (L% x AL)  This is calculated using all your results. 

ps: Thank you @rnr


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## willoneau (17 April 2020)

peter2 said:


> If you dismiss general information like this so easily then I'd call your trading activity a gambling hobby. I assume you're gambling for enjoyment, not profit and sincerely hope you do enjoy it.



I apologize if I gave the impression I was dismissing the advice you gave as that was not my intention.


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## willoneau (17 April 2020)

peter2 said:


> Every single trade result contributes to your expectancy. If you have too many losing trades you can't be profitable. You don't wait until one trade gets into profit to skew your results into positive expectancy.
> 
> Expectancy = (W% x AW) - (L% x AL) This is calculated using all your results.



I will try to explain what I meant by the comment,
I believe and hope that my winning trades are 50% but I will only know in hindsight.
When my trade reaches 2R I take off half a position giving me 1R return which if I have a 50% win rate would cancel my 1R loss. What I meant by the skewing was how the remaining open position closes.


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## willoneau (17 April 2020)

I am not a gambler, it is why I am trading demo to see if my line of thinking will work in the long run before I risk actual capital.


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## willoneau (17 April 2020)

I will only blow up if I have one hell of a losing streak, the start of each day I adjust my position size to suit the available realized capital (anti martingale).
Or heaven forbid Black Swan.


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## willoneau (17 April 2020)

peter2 said:


> USD/CHF short
> GBP/USD long
> USD/JPY short
> 
> ...



Currently getting hammered by GBP/USD and USD/CHF which hi lights exactly what you are talking about



disregard EUR/CHF.


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## willoneau (17 April 2020)

I intend to close all my positions that are open tomorrow at some stage as I do not want to hold positions over the weekend.


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## willoneau (17 April 2020)

I have removed GBP/USD and substituted it with GBP/JPY.
giving me CHF 2, USD 2, AUD 2, JPY 2, GBP 2, NZD 1 and EUR 1.
So thanx to peter2 for pointing it out.


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## willoneau (17 April 2020)

peter2 said:


> When day trading US stocks I have a -2R limit / day. No more trades if I hit -2R overall or have three small (<1R) losses. Last night the US market went sideways for hours and I took three small losses. That's it for me. Close up and come back tomorrow. If I hit -4R in a week, that's it for the week. Use the SIM platform for the rest of the week to work on improvements.



I understand the idea of maximum daily drawdown, but at this stage I am unable to see how to incorporate it in my trading style.


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## barney (17 April 2020)

willoneau said:


> I apologize if I gave the impression I was dismissing the advice you gave as that was not my intention.




Its a common problem on Forums that posts are often misinterpreted for a variety of reasons. Hopefully the thread will continue on in good spirit. 




peter2 said:


> until you get hit by a sudden adverse price movement* (news)* and then, wham, you're down -3R in the blink of an eye..




Agree.  The importance of (News) to our Trading account is super important.  The quickest way to blow an account is disregard it.  

The good old stop loss may not save you … in fact it could compound the loss depending on which "FX Broker" you use  Me being a "poor b@stard" always used to use Bucket Shops so the slippage was large and meaningful lol … 

A quick glance at FF news  before getting serious is a good habit to employ.

https://www.forexfactory.com/
​


rnr said:


> At the time of writing this reply @peter2 is the only person that has made an attempt to give you some guidance on this thread (p.s. to other Forum members please do not take this comment as criticism in any way, shape or form). Rob




I thought I had offered something Rob  ... I had suggested listening to Peter

Cheers all.


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## willoneau (17 April 2020)

barney said:


> A quick glance at FF news before getting serious is a good habit to employ.
> 
> https://www.forexfactory.com



Thanx barney, I will take a look into it
What is usually the process when regarding the news?


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## willoneau (17 April 2020)

Yesterday was a busy day and very educational and I am learning more as I go along.
I thought hard about peter2 and daily limits but still working on it. One thing I am going to do is lower my SL as position moves in my direction as I have been leaving it until target reached at this stage. By moving it down to BE then waiting for my target the trade will be scratched if it turns around in stead of a loss.
Yesterday's return was 1.03% but mainly due to the large EUR/CHF position I closed.


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## peter2 (17 April 2020)

A daily loss limit is one that applies to your trading style. It shouldn't cramp your style. It's only there to prevent a disaster. Your daily readjustment of trade risk is another technique to ensure you won't have a large DD.

An intraday scalper won't have a limit on the number of losers but may have a $ or % limit.

If your trading style requires you to start many trades, cull the losers quickly and let the winners run then you may decide to use a $ or % limit. The limit should allow you to trade normally but prevent a really bad day.

If you average 6T/ day and you're comfortable risking 3% / day then each trade should risk only 0.5%. Have few winning trades early in the day and you're allowed more later on if they setup again. The numbers you use should be comfortable to you. I would be concerned if you're happy risking 10% or more per day though.

*Whoa*:  Don't move your iSL unless you've researched the effectiveness of doing so. The FX markets are littered with the corpses of traders who moved their SL too close to the market action. Any of the major FX price providers can move any FX market 25 - 40 pips whenever they want to. They do this around session opening and closing times when the volume is much lower. They do this to catch the inexperienced retail traders who don't know when the major sessions open and close.

The impact of news can be HUGE. Just before very important news announcements the volume dries up as the market makers pull their bids. They don't want to get caught if the news is not what they're expecting. Prices can get very volatile immediately after important news as the market makers reinsert their bids. They're trying to scalp against each other and get as much of the retail volume as possible.

So how do we retail traders adapt to this? We have to know when the news is scheduled. We have to know if someone important is speaking because they may say something that spooks the market. We can decide to manage our open trades differently if news is scheduled soon.

If you're trading daily time frames then there's nothing to worry about. If you're trading 1hr charts or lower then you've got to take precautions (if you don't want to gamble on the news). If I've got above average profits in a trade that might be effected by news I'll exit all or half before the news. Sometimes I've let them go and they've been boosted by the news while some have been slaughtered. The important aspect is to know what's scheduled in the markets you're trading.


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## willoneau (17 April 2020)

peter2 said:


> An intraday scalper won't have a limit on the number of losers but may have a $ or % limit.



It never dawned on me that I was a scalper but looking at the number of trades I am making it makes sense. I have been thinking about the wide swings and 0.5% trading Risk is making more sense. You suggestion of a dollar daily risk would work well and force me to stop and re assess what I am doing or if it is just the market condition. The iSL was an observation when going back over my trading results this week and something to look into. I remember tech/a saying that he moves to BE as quick as possible in one of his threads.
The use of news is something very new to me, I know about it and how it is important just need to figure out how to interpret it in a way to help how I trade. After you mentioned about trading below the 1hr chart I wonder if using the 4hr chart tighten any open positions would help with the effect of news?


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## willoneau (17 April 2020)

Moving my Risk to 0.5% also helps with my emotion and capping my daily DD to 3% will also stop the urge to over trade or revenge trade as peter2 mentioned.


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## peter2 (17 April 2020)

We seem to have an ongoing mis-communication. I did not suggest that you're a scalper. In fact you are definitely NOT a scalper. From what I've seen (and it's not much) you're trading swings in the direction of a trend, as you say, a trend trader. 

The daily limit is one tactic to prevent a trader from having a really bad day. If you lost your first 4 trades how would you feel? Would you be unaffected by the losses?  Every trader will have a bad day. This could be from making poor decisions or it could be just a crappy directionless market day. 

If we limit our losses on these bad days then we survive to trade on the good days. The good days will come but only if you trade consistently and with discipline.


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## peter2 (17 April 2020)

re: Trade management. tech/a trading style is to move his stop to BE asap. That's *his* style. I've tried it but it doesn't suit me. This idea clashes with my beliefs about support/resistance. When I try it I don't apply it consistently and the results suffer. My results are poor because of my poor application not that the technique is flawed. The technique is perfect, it's just that I can't apply it perfectly. 

I don't know if you'll profit from applying the technique as I don't know you. It's worth researching by going back through your results and seeing how it effects the P&L. 

Moving your exit stop closer to the market will reduce your W%. How would you feel about that? 
Everyone is different, that why we state that we all have to find a trading style that fits our personality and our beliefs about market behaviour.


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## willoneau (17 April 2020)

A reminder to myself to keep accurate records as I trade during the session.


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## barney (17 April 2020)

willoneau said:


> A reminder to myself to keep accurate records as I trade during the session.




I think that is where screen shots come in handy  … If you are in the middle of an FX assessment/trade that you may want to revisit/critique later on … just hit the screenshot and come back to it when you have more time


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## willoneau (18 April 2020)

Review,
well too good to be true, yesterday's loss was 4.68%. Lucky I reduced my risk to 0.5% could have been worse, emotions got the better of me. 15 losses 7wins overtraded, got it in my head that I wanted no losing day's this week and found out my main trend direction wrong and took wrong side every time.
One of the few good points I can take out of it was that I never broke my iSL. I now need to look at how I determine the trend direction and how much it lags, I never changed my entry criteria just was wrong side. But the silver lining is that I start next week with 3.7% in profit.


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## Warr87 (18 April 2020)

Loving it @willoneau . A profit of 3.7% is still good. Don't need to say that this kind of profit in a week is very good. FX has a history of bringing most to ruin, but others with a ridiculous profit by any standard.

I will be watching. Life has got the better of me with my FX demo account as I had more important things to deal with. I am still interested in FX and will be watching to see how your journey works out.


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## peter2 (18 April 2020)

Great.  Why would I say great? Because I hope you learned a few things from the bad day. 

1. Bad days - we're going to have them, they're unavoidable and we never know when
2. Ego is a problem - no losing days this week
3. Emotions are a problem if you let them be.  
4. Trend indicators always lag. This can be both an advantage (pull-backs) and a disadvantage (deeper pull-backs or trend changes)
5. Money management is important. You're still in the game. 

Thanks for owning up to your bad day. It's important to acknowledge them and I know it's hard to do it publicly. This is evidence of a growing maturity for a trader. This adds to your trading experience and should make you more determined to avoid days like yesterday in the future. 

It takes time to improve so don't think you'll be able to fix everything next week. I suggest you focus on one problem that you noticed yesterday. Next week try to avoid repeating that mistake all week. 

After that bad day I think you're doing OK.


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## rnr (18 April 2020)

willoneau said:


> Review,
> *I never changed my entry criteria just was wrong side.*




Hi @ willowneau,

Surely your entry criteria *must* include the direction (long or short) for the trade your about to take. Therefore you need to alter your entry criteria.

Cheers,
Rob


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## willoneau (18 April 2020)

rnr said:


> Hi @ willowneau,
> 
> Surely your entry criteria *must* include the direction (long or short) for the trade your about to take. Therefore you need to alter your entry criteria.
> 
> ...



Hi rnr , what I meant by my entry criteria was the trigger.


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## willoneau (18 April 2020)

peter2 said:


> Great.  Why would I say great? Because I hope you learned a few things from the bad day.
> 
> 1. Bad days - we're going to have them, they're unavoidable and we never know when
> 2. Ego is a problem - no losing days this week
> ...



Yes ego was a big one mostly and the trend indicator second, now I have to control myself and as you say focus on one problem. In the past I would start playing around with my strategy and end up with a completely different system, hard to get off the hamster wheel.


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## BlindSquirrel (20 April 2020)

Any other USD bulls feeling it?


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## InsvestoBoy (20 April 2020)

BlindSquirrel said:


> Any other USD bulls feeling it?




I bought some AUDUSD 0.6 June puts last week, but I'm not feeling it.

I wouldn't read too much into the volume/OBV data from FXCM...


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## Mueller21QQQ (4 May 2020)

what trading platform it's better to use?


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## willoneau (17 September 2020)

I thought I would kick this thread back into life, I have spent this week putting together a simple pivot system and trading it in a Demo account.
A daily system with a profit target for the day and stop target to pull the pin if having one of those days.


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## willoneau (17 September 2020)

At this stage I am trading AUSUSD, GBPUSD and USDJAP.
My trading day starts at near the end of Asian market and mainly the London market, I want to be out before open of US market.
My R/R is one so I am after a winning % greater than 50.
After 4 days of demo trading today was the first day were I hit my daily target, 11/4 win/loss and all positions closed by 5:30 pm (WA time).


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## willoneau (17 September 2020)

The system is rules based discretion and simple so I can place positions quickly.
Daily target is 5%, with and bet sizes about 1%.
Main thing for me to control is my emotion and the consistency to follow my system.
With a low starting Capital 5% doesn't seem to have any play on my emotion but as Capital grows I will have to see how it effects me and scale down to keep my emotions in check. Also at this point only demo trading so emotions easier to control but still wanting to go live once I have proven to myself I have consistence to follow my system and it has positive expectancy.


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## willoneau (17 September 2020)

Here is an example chart for today with also a mistake trade were my stop entry was too close to market.


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## Warr87 (18 September 2020)

i've been looking for something to work on AUDUSD but want it coded/completely mechanical.

hope this works for you


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## willoneau (18 September 2020)

Hi Warr87 , will wait and see as demo trading until happy with it.
The plan is to double my Capital in demo then start again live with same Capital allocation and double it again.


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## willoneau (18 September 2020)

After reading the comment by Peter2 in another thread about the edge being mathematical I went over my trades and can see were I can tighten my entry stops to get the win/ loss ratio back out to about 2:1.


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## willoneau (23 September 2020)

Quick up date , went live yesterday in FX with small starting Capital. Concentrating on EURUSD at the moment .


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## Cam019 (23 September 2020)

willoneau said:


> Quick up date , went live yesterday in FX with small starting Capital. Concentrating on EURUSD at the moment .



What time frame are you trading @willoneau?


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## willoneau (23 September 2020)

Hi Cam019, 15min, hourly and daily.


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## Cam019 (24 September 2020)

willoneau said:


> Hi Cam019, 15min, hourly and daily.



Intra-day, swing, or trend following?


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## Cam019 (24 September 2020)

willoneau said:


> Looking to see if any traders are interested in discussing currencies as they unfold?






willoneau said:


> Concentrating on EURUSD at the moment.




Since you are concentrating on EUR/USD, let's discuss it. To me, it has been a very interesting pair to watch over the past month. It has been consolidating right under a key psychological level of resistance - 1.2000. After wicking into that level with a shooting star candle it proceeded to break structure - now creating lower lows and lower highs. Before the shooting star it was still creating higher highs and higher lows. A break in structure - very important! We also have the additional confluence of the 8/21 EMA cross two days ago. Needless to say, I am short EUR/USD.

I trade on the daily charts, but I look to the hourly to get a more precise entry.


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## willoneau (24 September 2020)

Hi Cam019 , I also saw that break and am going short too. I am swing trading in the direction of the longer trend, am looking at 25/50 EMA on the hourly for direction. Entering using the 15 min when I get my signal.


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## willoneau (24 September 2020)

I am trying to take a chunk out of the market each day.


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## willoneau (24 September 2020)

Waiting to see if continuation down or a pull back into the box.


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## willoneau (24 September 2020)

If it continues down I will be looking for resistance 1.15 to 1.14
If it goes though that support  then will be looking at 1.115 to 1.125


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## Cam019 (25 September 2020)

willoneau said:


> I am trying to take a chunk out of the market each day.



This is what I love about trading. Our different beliefs about the markets and our lives outside trading influence our own strategies.

For me, I have no interest (or time) sitting in front of a screen for hours each day watching new candles get created intra-day. I have tried that on different instruments and I don't have an edge doing that. I am a trend follower, plain and simple. I lost over 12.5% of my account doing silly over leveraged things with intra-day charts about 2 weeks ago and just by scaling back to the daily time frame, picking out the longer term trend on the daily charts and not risking more than 1% capital per trade, I have made over triple what I lost just in the last week alone.


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## Cam019 (25 September 2020)

willoneau said:


> Waiting to see if continuation down or a pull back into the box.



I was just checking my pairs before work and I noticed EUR/USD looking like it was moving up for a retest of the box. Interesting!


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## willoneau (25 September 2020)

At crossroads at the moment, waiting to see which way it will go.


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## willoneau (25 September 2020)

Review , 
Just closed my positions for the week, quick post of my results 

Mon- didn't trade working.
Tues- -1.49%
Wed- 1.31%
Thurs- 2.53%
Fri- 2.88%.


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## Triple B (29 September 2020)

Gday Will. Good to see you still plugging away at it! Me too. I started to see some profits on a regular basis with XAU. so I put some $$ in . $5k. now up to $6300 from beginning of August. Full Discretion and 2-3% risk. Main thin g  I found was to have a stop loss strategy that works with the support /Resistance type  trades . And let the suckers run when Gold is moving , trade the range when it stalls.
Going to find the XAU thread I had Going . Forgot about it until today!
See ya


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## willoneau (29 September 2020)

Hi Triple B , yes having another go trying to get consistent.


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## willoneau (22 July 2021)

Back again to discuss trading the EURSUD live with anyone who is interested?


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## willoneau (22 July 2021)

Just re read the thread and good to see how I have progressed with some very good pointers from Peter2 that got me thinking.


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## willoneau (22 July 2021)

waiting for the London market to open at 3pm west aussie time
Took a short position on the asian market with target at daily pivot.


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## e_abrams (26 September 2021)

I closed my EUR/USD short before the market closed this week, I don't trust this range.


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