prawn_86
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That post was made a while ago gg, and i am now again waiting it out, as i discovered i am a better investor than trader 
CFD and Forex Trading
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Garpal Gumnut
Ross Island Hotel
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I understand, it took me years to get a margin loan, then instalment warrants. Now I'm trying to learn as much as I can about options. Just go at your own pace. Its not a bad time in history to be undecided, you are in the majority. CFDs seem quite risky and skewed towards the market makers.
gg
gg
gg
gg
prawn_86
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As some of you may know, i have been trailling a forex scalping method, off and on, for quite some time now.
I have finally grown confident enough to open a live account, and will start filling out the paperwork with Oanda today.
I initially plan to trade small lots, just to ensure that my psychology while trading live is the same as what it has been in the demo.
I will put $1k in the account and then if my psychology is right will trade with a 50% margin, meaning a gain of just over $1 per pip. This way i can have a S/L at 5 pips back and that is only risking 1% of capital.
I will post daily and/or weekly trade stats updates, but will continue to post my actual trades in the Cyrox thread, here:
https://www.aussiestockforums.com/forums/showthread.php?t=8896
Wish me luck
I have finally grown confident enough to open a live account, and will start filling out the paperwork with Oanda today.
I initially plan to trade small lots, just to ensure that my psychology while trading live is the same as what it has been in the demo.
I will put $1k in the account and then if my psychology is right will trade with a 50% margin, meaning a gain of just over $1 per pip. This way i can have a S/L at 5 pips back and that is only risking 1% of capital.
I will post daily and/or weekly trade stats updates, but will continue to post my actual trades in the Cyrox thread, here:
https://www.aussiestockforums.com/forums/showthread.php?t=8896
Wish me luck
prawn_86
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As some of you may know, i have been trailling a forex scalping method, off and on, for quite some time now.
I have finally grown confident enough to open a live account, and will start filling out the paperwork with Oanda today.
I initially plan to trade small lots, just to ensure that my psychology while trading live is the same as what it has been in the demo.
I will put $1k in the account and then if my psychology is right will trade with a 50% margin, meaning a gain of just over $1 per pip. This way i can have a S/L at 5 pips back and that is only risking 1% of capital.
I will post daily and/or weekly trade stats updates, but will continue to post my actual trades in the Cyrox thread, here:
https://www.aussiestockforums.com/forums/showthread.php?t=8896
Wish me luck
I have finally grown confident enough to open a live account, and will start filling out the paperwork with Oanda today.
I initially plan to trade small lots, just to ensure that my psychology while trading live is the same as what it has been in the demo.
I will put $1k in the account and then if my psychology is right will trade with a 50% margin, meaning a gain of just over $1 per pip. This way i can have a S/L at 5 pips back and that is only risking 1% of capital.
I will post daily and/or weekly trade stats updates, but will continue to post my actual trades in the Cyrox thread, here:
https://www.aussiestockforums.com/forums/showthread.php?t=8896
Wish me luck
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Good luck!
Sean K
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If you go OK, I might toss you some $$ and you can provide me a ROI.
What's your prospectise say?
What's your prospectise say?
prawn_86
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LOL Kennas.
Im pretty sure it's prospectus: but i think the management fee's are pretty exorbitant
Im pretty sure it's prospectus
: but i think the management fee's are pretty exorbitant
Sean K
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LOL, Mr Rum told me it was a prospectise. He's a bit scatty these days. eeeek!
prawn_86
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Ok im still in demo mode, but im just waiting for Oanda to certify my ID docs.
I have attached my trade stats for the week. It would be nice if some 'real' traders could comment, cause i have no idea what those figures mean
Oh, and its also done in pips, not $ value as im not live yet, so its assuming equal sizings for each trade.
I have attached my trade stats for the week. It would be nice if some 'real' traders could comment, cause i have no idea what those figures mean
Oh, and its also done in pips, not $ value as im not live yet, so its assuming equal sizings for each trade.
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prawn_86
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No one out there got any comments/advice?
Sean K
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Drink more rum.
prawn_86
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Sean K
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Nice, mine goes the other direction.
Bad worm!!
Bad worm!!
Trembling Hand
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They don't look to bad Prawn. Obviously one or two 10 to 15 pip winners would make them look great. as well as eventually finding more trades.
Oh and drink more rum.
Oh and drink more rum.
prawn_86
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I agree with needing a couple of big fat winners.
Im only taking a few trades as my target is 5 pips per day, so once i get that i close down to stop overtrading. There are easily more trades there, but i dont want to get greedy at this stage
I dont drink rum sorry guys...
Im only taking a few trades as my target is 5 pips per day, so once i get that i close down to stop overtrading. There are easily more trades there, but i dont want to get greedy at this stage
I dont drink rum sorry guys...
prawn_86
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Ok im not going to be able to trade tomorrow, so here is my weekly breakdown. LIVE for the first time
I started with $475 in my account. When i went to the bank i forgot about the transaction fee, so there wasnt enough in my acc to make it a flat $500, but you get that.
Im currently trading through Oanda with 5000 units (half a micro lot, i think ), my margin is about 37% for each trade. This means that each pip is worth about 60c. This way if my SL gets hit it is just under 1.5% of initial acc balance lost, this is within the 2% risk per trade.
Return for the week = 7.71%.
A few points:
1. My biggest loss was actually that trade I screwed up, where my TP had already closed my position.
2. The 2 big (>$10) winners make a huge difference, but even without them it is still profitable.
3. I need to either get my losers smaller, or increase my win rate.
4. I need to cut back on my stupid trades, and stop trading once i have my target.
Those things said however, i really cant complain as it was my first week and hopefully i can continue to charge on
Any advice/analysis appreciated.
I started with $475 in my account. When i went to the bank i forgot about the transaction fee, so there wasnt enough in my acc to make it a flat $500, but you get that.
Im currently trading through Oanda with 5000 units (half a micro lot, i think
), my margin is about 37% for each trade. This means that each pip is worth about 60c. This way if my SL gets hit it is just under 1.5% of initial acc balance lost, this is within the 2% risk per trade.Return for the week = 7.71%.
A few points:
1. My biggest loss was actually that trade I screwed up, where my TP had already closed my position.
2. The 2 big (>$10) winners make a huge difference, but even without them it is still profitable.
3. I need to either get my losers smaller, or increase my win rate.
4. I need to cut back on my stupid trades, and stop trading once i have my target.
Those things said however, i really cant complain as it was my first week and hopefully i can continue to charge on
Any advice/analysis appreciated.
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nice work mate, i'm following with keen interest.
students reprazent
students reprazent
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also, do you mind if you throw up that spreadsheet as a downloadable .xls?
i'm retarded at excel
i'm retarded at excel
Sean K
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Nice work Prawn!
prawn_86
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Well that was a terrible week. No other way to describe it. I began the week 7.7% up on my initial account balance and after slaughtering it finished only 1.2% up. Lost a total of 46 pips this week
All my stats are now pretty terrible. Im going to spend the weekend working out what was so different between the 1st and 2nd weeks.
I know what i need to do i just struggle with the discipline/execution:
1. DONT TAKE STUPID TRADES.
2. Cut losers shorter.
3. Get my hit rate up (55% is woeful for this method). Looking to get to at least 75%, but it will be a long slow process to get there again.
So here is my plan of attack:
1. Go back over my previous 2 weeks charts and try and pick the difference.
2. Only look for the high prob trades where the market is moving a lot.
3. If i feel the slightest bit uncomfortable: dont enter a trade
Im going to have one more week on the E/J to see if i can have a better one, otherwise i might need to re-evaluate and move back to the E/U, where the spread is less, but so are the moves...
Comments/critiques most welcome.
All my stats are now pretty terrible. Im going to spend the weekend working out what was so different between the 1st and 2nd weeks.
I know what i need to do i just struggle with the discipline/execution:
1. DONT TAKE STUPID TRADES.
2. Cut losers shorter.
3. Get my hit rate up (55% is woeful for this method). Looking to get to at least 75%, but it will be a long slow process to get there again.
So here is my plan of attack:
1. Go back over my previous 2 weeks charts and try and pick the difference.
2. Only look for the high prob trades where the market is moving a lot.
3. If i feel the slightest bit uncomfortable: dont enter a trade
Im going to have one more week on the E/J to see if i can have a better one, otherwise i might need to re-evaluate and move back to the E/U, where the spread is less, but so are the moves...
Comments/critiques most welcome.
