9 Net winning trades, the road to being a Pro Trader?

[darktone]

Needs time , he is waiting for the dax to move ...

I dont blame him . No one makes money in the chop !

 

[tar]

I dont blame him . No one makes money in the chop !

If he is going to make 50k from 50 quids then let it take the time it needs its worth it .

 

[Chalky_trader]

Hi Guys

thought id update

the DAX still hasn't moved out of the 15 day range and as my method for this requires a trend then any signals i get are questionable.

I am still at level 3 so i guess happy enough, i went through a few days of literally 10 trades or so win one loose one because i was trading iffy signals out of frustration.

So I have decided to wait until it breaks from the 15 trading day range in the hope of a stronger edge, Along wit the aim that i have to trade each level as if i'm risking a couple of thousand pounds its making me choosy.

if it takes a couple of months i'm not fussed, and to be honest i thought i would have been on my second or third attempt by now but still going with the first one so have to take that as a positive.

Will update as and when i have any movement

 

[darktone]

Out BE, nearly, bit of a slip on that last one.

Tally up for the day .

 

[tar]

Hi Guys

thought id update

the DAX still hasn't moved out of the 15 day range and as my method for this requires a trend then any signals i get are questionable.

I am still at level 3 so i guess happy enough, i went through a few days of literally 10 trades or so win one loose one because i was trading iffy signals out of frustration.

So I have decided to wait until it breaks from the 15 trading day range in the hope of a stronger edge, Along wit the aim that i have to trade each level as if i'm risking a couple of thousand pounds its making me choosy.

if it takes a couple of months i'm not fussed, and to be honest i thought i would have been on my second or third attempt by now but still going with the first one so have to take that as a positive.

Will update as and when i have any movement

So step 9 you are going to risk 12800 pounds in 10 points ? Thats 1280/point , which broker you are using ? Whats the margin requirement for this trade ?

 

[metrader]

^^^
Good point tar - can't trade that at eurex, maybe some of the bucket shops offer such thing. You have an order book from eurex (where dax futures are traded) attached - can't trade that many contracts I'm afraid

 

[Chalky_trader]

So step 9 you are going to risk 12800 pounds in 10 points ? Thats 1280/point , which broker you are using ? Whats the margin requirement for this trade ?

your having a laugh right?

i posted the spreadsheet

trade 9 starts with a trade balance of 5k

you risk 2.5k

if you win at 2:1 then thats 5k

5k + 5k = 10K


and no one said i could only risk 10 points

yep you must be having a laugh.....

 

[metrader]

^^^
Good point tar - can't trade that at eurex, maybe some of the bucket shops offer such thing. You have an order book from eurex (where dax futures are traded) attached - can't trade that many contracts I'm afraid

...1 point = 25 euros only per contract

 

[tar]

your having a laugh right?

i posted the spreadsheet

trade 9 starts with a trade balance of 5k

you risk 2.5k

if you win at 2:1 then thats 5k

5k + 5k = 10K


and no one said i could only risk 10 points

yep you must be having a laugh.....

I thought you are starting with 50 quids instead of 10 , hence the 50k target . So your target is 10k not 50 ok .

 

[tar]

and no one said i could only risk 10 points

.

Sure you can change your plan and widen stops .

 

[darktone]

Sure you can change your plan and widen stops .

The plan is 2:1 RR I think tar not 10point stops

 

[nkp9999]

Doing 2:1 RR is good, but you have to have a x %age of account at risk per trade, and a y %age per day. And build slowly.

Just an idea.

 

[Chalky_trader]

Doing 2:1 RR is good, but you have to have a x %age of account at risk per trade, and a y %age per day. And build slowly.

Just an idea.

I agree with you 100% if you were trading for a career, the losses would be unsustainable over a longer period of time.

This is a challenge though, a combination of a bit of fun and a steep learning curve when it comes to trader emotions.

I am doing this in addition to trading my regular account so waiting till what looks like a ripe setup before taking a trade with this in mind.




I took one step backwards today so back at level 2 knew id be better to wait until a decisive break of the current 15 day range occurred.

 

[Chalky_trader]

19 days of flat trading for the DAX, incredible

sitting on hands still!

 

[Chalky_trader]

Just thought id Update as its the 1st Feb

When the DAX went into that flat range it wasnt giving me the opportunities that i need and I focused my efforts on USDJPY, so far it suits my trading style and has been going well.

So this DAX challenge went on the back burner as i can only effectively daytrade one instrument at a time and the challenge has to fit in with my general trading.

Im still at level 2 on my first attempt so +300% isnt bad for a month (just dont mention its only £30)

I aim to park the DAX effort for now and start another one on USDJPY, but will trade whichever is moving best for me at the time

I havent started the USDJPY challenge yet but feel comfortable enough with it now to give it a go, i will update as and when i get any results.

 

[tar]

Good move , i don't understand why many traders like to stick to a single contract , especially the obsession with the emini ES or the euro ...

 

[Chalky_trader]

Good move , i don't understand why many traders like to stick to a single contract , especially the obsession with the emini ES or the euro ...

The DAX has been good to me in the past Tar.

ever since Brexit though it has been difficult, with very little intra day movement, and if it did move it was one violent move and then flat, relatively speaking.

I stuck with it untill the new year and then decided i had to look elsewhere and the USDJPY appears to suit my style better than any other FX i've looked at.

The DAX has started moving better now tho so haven't given up on it altogether

 

[jimbob1904]

Are you not having to pay a fee per trade?

I have no knowledge of indices trading, or your trading account for that matter... Was just thinking in relation to stocks and how this wouldn't work with my current setup. Even if i start at £100, a £10 fee per trade would wipe me out 10% before I've even started.