3 Ducks Demo journal

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spreadbettingnurd

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After losing over the last two years spread betting Indices , equities and forex I am going to demo trade forex using the 3 Ducks method.

My aim is to use a demo spread betting account until August 2013 and then go live.

This demo journal will be a record of my trades and will [I hope lead to greater discipline in trading to a plan.]

Please feel free to comment on any of my trades.
 
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`Although my last three trades were completed before I opened this demo journal , I will post them here as they represent the start of my demo trading,
 
10.1.13

Buy of the CHF/JPY @ 96.527. Stop 30 pips.

Reason behind the trade is that the ' 3 Ducks ' lined up and the yen is under a period of sustained pressure.

As soon as my trade was in profit I pulled my stop to break even and then up to a point where half of my paper profit of 100 pips was guaranteed.

Trade was closed @ 98.079 for a 155 pip profit on 14.1.13.

Aggregate profit since start of this journal + 155 pips. :)
 
14.1.13

Sell of the CHF/JYN @ 97.85.

Reason for the trade : a reversal / pull back of the CHF.

Note this pair move very quickly , I took advantage of a short term bearish trend of the CHF.

Trade closed @ 97.75. 10 pips profit. 14.11.13.

Agg profit + 165 pips. :)
 
14.1.13

Buy of the AUD/CHF @ 0.97167.

Reason for the trade : line up of the 3 Ducks
short term weakness of the CHF.

14.1.13 Closed the trade @ 0.97369 + 20 pips.

Agg profit + 185 pips.:)
 
I am sure that I have enjoyed a case of beginners luck with my journal.I do not expect this good run to continue - so I will be vigilant with my future trades .I often in the past become sloppy after a good run and complacent.

I think an important factor behind my recent success , lies in my moving my stop to a BE point quickly and having a modest sized stop compared to the massive ones I used to use in the past.

I have also resisted the temptation to let a loosing position run or to panic and switch trades..I have also used a modest stake size [4 % of my trading bank].I know this is a larger lot size than that used by the majority of traders ,but it is a far smaller stake than I have traditionally used in the past.
 
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I forgot to mention that my trades are based on a mix of Technical and Fundamental analysis.

I begin each day looking at the Forex calender and make a point of keeping out of trades on a day when significant data is released.

I also look at the correlation between currency pairs.

I am looking to trade Exotic pairs [ as a thory that I hold, is that these pairs appear to have a stronger tendency to trend than the major pairs].

My style of trading, suits strong trending pairs ,as I am a poor trader of range bound markets.
 
spreadbettingnurd said:
Apart from the 3 Ducks method I will focus on price action and Support and Resistance areas.
Click to expand...

Meaning you will incorporate price action and support/resistance within the Three Ducks approach. If so then that is a very good idea since I find support and resistance areas crucial to a trading approach(y)
 
Neil,thanks for your positive comment. I always strive to 'incorporate price action and support/resistance within the Three Ducks approach'.
 
I am expecting this to be a kiss of death - my first live trade !

Sell of GBUSD @ 1.60575.

Three Ducks have lined up , and the Daily 60 sma looks as if it is going to be breached soon.

Stop 40 pips - Target 80 pips .

Looking to move my stop to BE as soon as possible.
 
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I have moved my profit target to 1.060210 [as this is just above my 'Support' line on my daily chart.[35 pip target].

One of the objects of this journal is to get a sense of where to place my stops and targets and to get a feel for the personality of different currency pairs.

I have a paper profit of 10 pips at the moment.
 
spreadbettingnurd said:
I am expecting this to be a kiss of death - my first live trade !

Sell of GBUSD @ 1.60575.

Three Ducks have lined up , and the Daily 60 sma looks as if it is going to be breached soon.

Stop 40 pips - Target 80 pips .

Looking to move my stop to BE as soon as possible.
Click to expand...

Nice call...........USD and Yen are pushing north today (so far) and the Europeans are folding

nice :smart:
N

i'm a big fan of Andy and his 3D.......
 
spreadbettingnurd said:
I forgot to mention that my trades are base

I was very interested in your trading Journal based on the 3 Ducks method Nick.

Now forgive me for saying that your inclusion of so many other factors that you are combining with the 3 ducks rules make this too broad a method to have any real substance for anyone else besides yourself to follow.

It would be great if someone wrote a journal or blog indicating the trades they have using the rules of the 3 ducks method only. If I get time I might even do it myself and it would be simple and straightforward which is what the method is all about.
Thanks anyway for sharing .btk
Click to expand...
 
spreadbettingnurd said:
I forgot to mention that my trades are based on a mix of Technical and Fundamental analysis.

I begin each day looking at the Forex calender and make a point of keeping out of trades on a day when significant data is released.

I also look at the correlation between currency pairs.
I am looking to trade Exotic pairs [ as a thory that I hold, is that these pairs appear to have a stronger tendency to trend than the major pairs].

My style of trading, suits strong trending pairs ,as I am a poor trader of range bound markets.
Click to expand...

hey there

can you share anything on this area ?.....no worries if you dont want to ;)

N
 
Btkelly and NVP many thanks for your comments,

NVP the following link explains my methodology far better than I ever could

Using Currency Correlations To Your Advantage.

In essence I do not trade currency pairs in isolation.Rather I bare in mind that a currency is effected not only by it's direct currency partner but also by other major individual currencies .

I hope that the link clarifies my musings.
 
Confession time : How not to conduct a trade.

I had a paper profit of 23 pips and thought that I had moved my stop to close this trade if the price reversed to + 20 pips Price did reverse , but I had failed to hit the submit button on my revised stop.

My trade is currently showing a 23 pip paper loss and I have extended my stop to 60 pips , profit target 35 pips.

Back to careless ,old habits.

I wan't this journal to be warts and all . :eek:
 
:!: I should have noticed that the GBP price had broken through the diagonal resistence line that I had drawn on my 5 min GBPUSD chart.After it had broken through this R line the price shot up .I now currently have a 32 pip paper loss.

Note to self - you need to stay alert during trading,and not get over confident after a couple of winning trades.

The spread betting gods have a nasty habit of biting you in the wallet.
 
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