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

[darktone]

Chalky, I reckon keep up with the charts as shows the thinking.

If you want, charts and a statement (personals deleted) over the term of the play make it more concrete.

Like, theres all different kinds of teapot

Some are more useful as teapots than others

For some there is only one teapot. There blind to all other teapots. For them there is only one true teapot and of course, thats their teapot!

Dont let the tosspots put you off ya stroke

 

[Fugazsy]

Keep it up Chalky, having a different view on money management is always healthy.

Tar? He means well. In his past life he worked for the Gestapo and he is unable to shake off that negative attitude...

Where is Fug?

 

[tomorton]

Yes i could be making it all up, thing is its my challenge and i am sharing the experience. i cant see why more traders are not prepared to do the same.


if i fail then you will believe me..... yet succeed and i am sure there will be more doubters come out of the woodwork,

Heres my Challenge to you Tar and Nero, give it a go and post your results on this thread, give yourselves 10 goes at it and trade it demo.

You may then see the other side of the coin when people start doubting you, if indeed you have the capability to make a few successful trades

Whats stopping you? you may even learn something....

What are the rules for your strategy Chalky? Have I missed something?

 

[tar]

Chalky, I reckon keep up with the charts as shows the thinking.

If you want, charts and a statement (personals deleted) over the term of the play make it more concrete.

Like, theres all different kinds of teapot

Some are more useful as teapots than others

For some there is only one teapot. There blind to all other teapots. For them there is only one true teapot and of course, thats their teapot!

Dont let the tosspots put you off ya stroke

I see you are still trolling ...

 

[tar]

Upon Chalky's request i will post my results here but i would be looking for 3:1 trades .


Good Luck for all of us .


e2a : To not take over this thread i will post my results in my thread , and i will make it a different challenge - my own version - .

 

[Chalky_trader]

Upon Chalky's request i will post my results here but i would be looking for 3:1 trades .


Good Luck for all of us .

3:1 = 76k target at 9 trades risking 50%

Good luck but i think 2:1 will be hard enough

 

[Chalky_trader]

What are the rules for your strategy Chalky? Have I missed something?

No rules or strategy, more of a method.

I plan from longer term charts using Elliot Wave (lets not get into discussing that one)

I have a number of high probability setups, when i see one in keeping with my longer term plan i take it, kind of like a sniper waiting for a clean shot.

I posted previously my main setups that i will be using here

Failed breakouts
AB=CD retracements (elliot wave stuff)
and retests of breakouts.

All pretty basic stuff that everyone should have read about in almost any TA textbook.

Aiming to Keep it simple

 

[darktone]

I see you are still trolling ...

I understand :clover:. No worries :clover:

 

[darktone]

I'll sort out a demo and post em up, possibly next week but due to be waaaay bubsy real soon.

Wont be live im afraid as I do have a life outside trading , but will post live if am at the puter when the fill comes. Will certainly post charts with trade ins n outs and a full statement for anyone who can be bothered to cross ref. Not enough for some but c'est la vie.

The methodology chosen will be the 'just stick em on and hope it goes your way before it goes their way'. Complete with 2:1 RR - adams size - and st..s.....stooops (urgh did I just type that).

Bets o luck gents

 

[Chalky_trader]

I've been thinking about reporting, providing evidence etc, i was planning not to bother its extra effort that benefits me in no way.

However on reflection i plan to do the following

When the trade size is small i'm going to keep it as is, you can think what you like.

If i ever get past trade 7, the risk is over 1000 and starts to get serious, i know i should treat it like the first trade, yet i also know that i won't, i will get far more picky and that will likely be my downfall.

I don't want to be messing about showing account balances, that can be faked anyway, and this was supposed to be a bit of fun..... But i am prepared to record a video of each trade that i make if i ever get past trade 7. Ill post the video here. Its easy for me to do and is pretty much concrete evidence.

There's a big, big if though.... If i ever get past trade 7.

 

[darktone]

Chalky, theres no pressure mate. Do as you feel and feel no way about it. Maybe you could complete to trade level 5 and then report etc, whatever you need to do to keep a focus. The rest is just details.

 

[tar]

Its not clear why everyone is so sensitive about the reporting stuff . Hence our friend chalky is a vendor and a member with commercial interests in this site it is understandable to expect some sort of reporting at some point nothing negative about that .

 

[forker]

Its not clear why everyone is so sensitive about the reporting stuff . Hence our friend chalky is a vendor and a member with commercial interests in this site it is understandable to expect some sort of reporting at some point nothing negative about that .

I wouldn't call it a case of being sensitive. People keep their finances private for all sorts of reasons. On the flip side, why do people feel they need to see reports of others doings. If it's a vendor then people should know the environment is littered with sharks and even reports can be faked. What would be more important is a positive get out clause that returns any fees. Perhaps even a trial period. Both would add more credibility than something that can easily be faked.

 

[Fugazsy]

I few suggestions here....if you risk 50% for 10 pip/points....you should not risk 50% on 5 pips risk....the smaller the SL the larger the risk.....maybe 25% on 5 pips is best...

In forex I do not recommend trading less than 60m TF and instead of a RR of 1:2 I would recommend a timing target profit like the end of NA session...

For someone like me where I take about 3 trades per day I would divide that 50% in 3 parts risk.....

I guess one has to adjust to his own style....

 

[tar]

I few suggestions here....if you risk 50% for 10 pip/points....you should nor risk 50% on 5 pips risk....the smaller the SL the larger the risk.....maybe 25% on 5 pips is best...

In forex I do not recommend trading less than 60m TF and instead of a RR of 1:2 I would recommend a timing target profit like the end of NA session...

For someone like me where I take about 3 trades per day I would divide that 50% in 3 parts risk.....

I guess one has to adjust to his own style....

+1

Even if it takes a year to achieve the 9 trades then its worth it , better be applied to swing trades than scalping , especially with the increasing margin requirements after few trades , not to mention the upcoming changes in leverage in the Uk with the max capped at 50:1 , i dont see how this experiment can be done with 10 pips risk for 50% of the account .

 

[tomorton]

No rules or strategy, more of a method.

I plan from longer term charts using Elliot Wave (lets not get into discussing that one)

I have a number of high probability setups, when i see one in keeping with my longer term plan i take it, kind of like a sniper waiting for a clean shot.

I posted previously my main setups that i will be using here

Failed breakouts
AB=CD retracements (elliot wave stuff)
and retests of breakouts.

All pretty basic stuff that everyone should have read about in almost any TA textbook.

Aiming to Keep it simple

If you can't define what you're planning to do, you could just say so.

 

[Chalky_trader]

If you can't define what you're planning to do, you could just say so.

This has to be the stupidest post to date..

lets recap

I have a goal with defined steps to get there in a spreadsheet that is attached

I have defined the instrument to trade

I have defined the timeframe to trade

I have said that i will use Elliot rules to define longer term trend and trade in that direction

I have provided trade setups that anyone should understand, when they arise in the direction of my planned trend i will take them in accordance with the trade sizing on the spreadsheet.

Each trade will take me one step toward the goal or one step away from it.

Now what have i missed..

Maybe i should be taking into account the moon cycle,..... or maybe turn around 3 times before placing each trade.

Enlighten me Tomorton.... id love to see one of your trade plans if this isn't defined enough for you

 

[seekingTruth16]

Good luck Chalky, I hope the market gods don't tease you in with some early wins to build up the account, and then massively slip against your stop loss for a few k risk more than you intended. Be careful.

 

[tomorton]

This turns out to be less interesting than I had thought.

Good luck Chalky, we'll just have to get along with our lives separately.

 

[Chalky_trader]

I few suggestions here....if you risk 50% for 10 pip/points....you should not risk 50% on 5 pips risk....the smaller the SL the larger the risk.....maybe 25% on 5 pips is best...

In forex I do not recommend trading less than 60m TF and instead of a RR of 1:2 I would recommend a timing target profit like the end of NA session...

For someone like me where I take about 3 trades per day I would divide that 50% in 3 parts risk.....

I guess one has to adjust to his own style....

I agree that the risk profile is, shall we say aggressive.

I didn't make this challenge up tho, cant remember who it was but i got the idea from these boards.

I may well change things , perhaps bank some profit as (IF) the challenge progresses, 5 pip stop will most likely have to increase as the trade size does. TBH i rarely use a stop that tight but if the setup allows then why not the target also becomes more achievable.

Here's a thought though

if i drop a trade into the market 10 point target, 10 point stop any time of day, it has the equivalent odds of success as a coin toss.

If i do that in a trending market, betting with the trend the odds may skew slightly in my favour.

if i also add some market analysis and try and pick a choice entry in a trending market the odds further tip my way, not much maybe and debatable point but i believe that they do.

if i can get slightly better odds than a coin toss, then that is my edge, adding a 20 point target if i can find an edge is how i see this challenge, its just a numbers game.