3 Ducks Demo journal

Buy of EUR/GBP @ 0.83343 . Closed this trade @ 0.83479 + 13 pips

Agg journal profit + 285 pips.

I thought moving to B/E would be prudent as this is what I did. You forecast a 50 pip profit, any reason you changed tack. I'm not criticizing as taking profit is correct too. Well done.
 
Interesting point D70 - how would you measure performance ? The rationale behind my agg profits for my journal is to determine if my spread betting is producing a profit or not.

Either as a % of your hypothetical account balance (assuming you have only deposited enough to cover margin).

Or

As a risk vs reward measure. ie. You risked 30 pips to make 60. So you made 2 times your risk or more commonly known as "2r"

You have made 200 and whatever "pips" thus far. If you trade usd/nok or such like, the smallest move is about 1000 "pips" so it really is nonsensical to record the pip tally if your next trade is on eur/gbp for example, you'll be lucky if it moves 1000 pips in the next decade.
 
I thought that I would try the 3 Ducks method on a slightly unusual pair.

Sold the USD/DKK @ 5.59120 :clover:

The spread was 25 pips
The spread is mostly 30 pips which makes it too much. I think for forex a tight spread is the norm. If there are no suitable pairs lining up with proper spreads surely mister discipline must prevail. Tomorrow is another day.
 
D70 Thanks for your reply.I think that we are speaking at cross purposes.I am equating pips made to the money I am staking on each trade.In the case of this demo mode £ 1.Hence the hypothetical profit I have made so far is £316.

I trust this clarifies the issue.;)
 
I thought moving to B/E would be prudent as this is what I did. You forecast a 50 pip profit, any reason you changed tack. I'm not criticizing as taking profit is correct too. Well done.

BTK I wanted to lock in my profit. As a novice trader , I am trying to get a feel for Forex.

I am trying not to be too rigid in my trading.

At this point I want to see what works and what does not.
 
I think that it might be worth my while reiterating the purpose of this journal. It is primarily to act as a trading record that I can refer to .Its value lies in that it will inform me as to what worked and what failed miserably.

My ultimate goal is to try to eradicate flaws that have haunted me in the past.If anybody can profit from the mistakes that I will make over the coming months - so much the better. :)
 
I forgot to mention that I also welcome any negative comments about my trades or trading style . I am well aware that I am trading from the base camp , of the Forex Mountain. :confused:
 
On reflection I have decided to put an end to this journal. I appreciate the generosity of spirit of the majority of posters on this journal and I thank you for your advice.

The pedantic nature of D70s' (n) quibbling about the semantics of pips has made me decide to post my journal elsewhere.
 
Pity indeed. Anyway we have learned that the 3 ducks can be traded successfully thanks to you. btk
 
seems a bit rash to be honest. There was no quibbling, just somebody pointing out something. But good luck to you and a very good advert for the other 3 ducks thread
 
Sell of Euro/USD @ 1.30715.Long term trade with a target of at least 100 pips.

Entered trade on a short term pull back on the 5 min chart. :clover:
 
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;) malaguti , I found it impossible to stay away

My sell of the EUR/USD is still going strong[was up 105 pips at one point - the trade is currently showing a slight loss.I am holding out for a profit of 150 pips.]

I have entered a buy of the AUS/JYN @ 97.69. I am slightly nervous of this trade as I may have missed the boat[the 3 Ducks signal is well developed].:clover:
 
Sell of Euro/USD @ 1.30715

Closed this trade @ 1.30105 Made 61 pips

Demo profit + 377 pts profit.

I could have made 104 pips on this earlier this week but I got greedy holding on for 150 pips.I closed the trade early because I wanted a clean trading start for next week.
 
As soon as the markets open this evening [Sun 10.3.13] I will open a buy trade of the CHF/JYN as I feel that I am effectively buying the Swissy off a short term pull back. :clover:

Target 101.70
 
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