CC's New Broker Account

I have opened an account with a new broker today
It's a standard account with a $5000 dollar deposit
It's Real Money

The real deal is if they wire my money to me quickly and easily.
I am posting the account set up image - With the first 2 trades made

Day #2 @ New Broker

Here is the account summary after two days and 3 trades. I lost almost $500 to a 50 pip stop - ARGH! But oh well I think I made up for it with the two trades I'm posting

This is day 2 trading with this broker

GBP/CHF: Long @ 15270 is up almost 400 pips

After yesterday total drive to the lows I opened a new Long on this pair with a stop set 200 pips below the lowest low.

Today it's up 300+ pips

Given the recent pound weakness I was suspicious of a bounce higher as the pound does like to bounce after a big fall

This basket ball netted me 300+ pips and I'm considering closing it soon I have raised my stop to a profitable stop and I will let it ride unless price action changes.

GBP/CAD: Long @ 1.7589 is up 200+ pips

I am almost always long on this pair and I have a 200 + pips trade here so far. I have raised and locked my stop to a profitable position and I think I'll let this one ride as well.

3 trades made 1 at a loss of 500$ not to bad

Closed GBP/CHF Long @ 1.5270 for $3600+ profit

I closed the GBP/CHF Long trade for $3600+ bucks profit

Closed GBP/CAD long @ 1.7589 for $1700+ profit

I just closed the GBP/CAD Long for over $1700 profits

looking good

EUR/CHF: Long @ 1.4906

After Closing my two longs on GBP's I have entered a long on the EUR/CHF pair at 1.4906

My stop is set 200 pips below

whats your risk control? looks like your risking quite a bit of capital per trade judging by the size of your stops and your profit, from what looks like a 1:1 risk/reward ratio?

ARGH: I entered Long GBP/USd at the wrong price!

I entered a GBP/USD long at 1.4649 and set a stop 100 pips below

and in 15 minutes it was hit!

Lost 1000 bucks

Generally 3:1 / 4:1

Genics said:

whats your risk control? looks like your risking quite a bit of capital per trade judging by the size of your stops and your profit, from what looks like a 1:1 risk/reward ratio?

Click to expand...

I take risks that most people would not

Yes these trades were at about 1 or 2:1 but I generally look for really lows or really highs then I set a nice stop to give room for market moves... These days it's moving 100's of pips in a minute!

basically I stick to a 2:1 RRR minimum. I generally trade entries for a longer duration like a weeks/month or so. I look for the 1000 pip trades and my stop are generally 200 pips when the market action is thinner I use a smaller stop.

2:1 as in your risking twice your reward? your heading for disaster..

2:1

Genics said:

2:1 as in your risking twice your reward? your heading for disaster..

Click to expand...

No I'm generally risking 1 to gain 2 minimum

But sometimes I'll risk 1 to gain 3 or 4 some trades even 10

Not relevant to this thread : I have made plenty of trades risking 2-300 pips and have gained 4000 pips

For example:
USD/CAD Long @ 99.98 - 3000 pips to 1.30 - stop set at 97.98 - Closed trade @ 1.2998
Short USD/CAD 1.2980 Dec 4th ish - Stop set at 1.3298 - closed trade for 1100 pips

GBP/CAD Long @ 1.8253 - Closed at 1.9121 - Stop was set at 1.8053 initially - It climbed to 1.92 and slid back down I closed netting almost 900 pips

GBP/CHF Long @ 1.7482 - stop set at 1.7282 climbed to 1.84 - Closed with 1000 pips profit

From my previous thread : EUR/CAD short at 1.7458 - Stop set at 1.7658 is currently up 500+ pips (this is with an old existing brokerage)

I started this thread to show examples of my trading strategy along with a new account with a broker I thought was good to try. I will trade this account for a few weeks to show members my style and how it wins and loses. When I'm done I will then report how easy it is to get my money out of them or not.

If I stated my RRR incorrectly I am sorry for the error
I look for trades with a minimum of 1 risk 2 reward

Again I'll use stops that most traders wouldn't think of using. I have no problem setting a stop for 300 pips - and waiting for a month for my trade to realize the profits I speculate it will make

This is my style and it comes from experience and hard knox learning that a piddly 50 pip stop is just asking to lose 500$

I always trade 100K lots and each trade never anymore than 1 lot. If i want to add positions I open a new trade.

Those are just some examples of trades I have made - They are not relevant since they were before I found this forum -

I hope that my trades help others learn why small stops = big losses

CHEERS and happy new year Folks!

GBP/CHF: Long @ 1.5589 is up 600 pips

I entered a Long on this pair at the price of 1.5589 - It is up 600 pips. My initial stop was set at 200 pips below but I have raised it to lock in 300 pips. I think the pound may head back to the 170's so I will keep this trade open longer.

GBP/USD: Long @ 1.4481 is up 130 pips locked in 50 pip profit stop

I went long on GBP/USD Expecting a bit of USD weekness to show during this month.

My stop was again initially set 200 pips below but I have raised it to lock in 50 pips as this pair may be a bit rocky during it's recovery. For now I'm long and I'm up 130

Will let this one ride as well

EUR/CAD: Short @ 1.7458 is up 1300 pips!

In my previous Thread I showed a short trade I took on the EUR/CAD - I am no longer posting to that thread but I felt it was important enough to show it here again as this trade is with another broker and not really part of this account. It's a good trade and I hope others may have taken one as well as I am up 1300 pips on this one. It took several shaky entries to get in this position, as I was taken out several times before the fall. It has fallen 1300 pips since my last entry and I have moved my stop to lock in 1000 pips profit.

Here is the chart

GBP/CAD: Long @ 1.7551 Stopped out for 200 pip loss

I entered a long on the GBP/CAD pair and it has been stopped out at 1.7351 for a 200 pip loss

Knocking my account down from the 9000 area to the current 7500 OUCH! but that's ok I have two really good winning trades - There is not much downside left on this pair and I think it will bounce after big players take their positions off the table.

I went long at 1.7551 and my stop was hit at 1.7351

I have gone long again at 1.7443 and my stop is again 200 pips below

Here is the Chart and Account Snap Shot

AUD/USD: Short @ 70.87 Is under water by 60 pips

I went short on this pair after it climbed from the 65's and today it's under a bit of water. My stop is 100 pips above the entry on this short at 1.7187 and the price is very close to this stop I'm expecting this stop to get taken out as the USD is getting weaker across the board - except with the yen -

Will let it ride out to see if I can catch a correction move downward to a lower level then I may reverse my bias to a long.

Some may think I'm crazy - and I generally prove them right because I AM crazy. I like to stick to the highs and lows and prefer to get taken out if I'm wrong about the market. Getting a stop hit is not a bad thing for it tells me which way the market is actually moving. When you're wrong you're wrong. When you're wrong you must change your strategy. That's what I'll do if this pair continues upwards

Here is the chart and the account snap shot showing it's loss

Short Stop hit for 100 pip loss @ 71.81

c_c405 said:

I went short on this pair after it climbed from the 65's and today it's under a bit of water. My stop is 100 pips above the entry on this short at 1.7187 and the price is very close to this stop I'm expecting this stop to get taken out as the USD is getting weaker across the board - except with the yen -

Will let it ride out to see if I can catch a correction move downward to a lower level then I may reverse my bias to a long.

Some may think I'm crazy - and I generally prove them right because I AM crazy. I like to stick to the highs and lows and prefer to get taken out if I'm wrong about the market. Getting a stop hit is not a bad thing for it tells me which way the market is actually moving. When you're wrong you're wrong. When you're wrong you must change your strategy. That's what I'll do if this pair continues upwards

Here is the chart and the account snap shot showing it's loss

Click to expand...

Well the account is now 1000 dollars less than my previous posting since this pair hit my stop at 71.81 and I missed a re-entry on the short at 72 area. Will take another look when I return later this evening.

Closed GBP/CHF Long & GBP/USD long for a total of 8000 profits

I closed my long GBP/CHF and GBP/USD trades for a total of 8000+ in profits today

I am now long on GBP/CAD @ 1.7461

Stop set 200 pips below

Cheers

Here is account summary and snap shot