Arbu does Free Proprietary Trader Training

[gamma]

Oil got stopped out. Now down £575 on my trading.

Got contacted by gamma on this forum and had a chat with him about forex trading. He seemed very enthusiastic to work with me in developing Expert Advisors in MT4 to identify resistance and support levels. He said he was making money trading forex and had been trading it for about ten years. It sounded like there was scope for a mutually beneficial arrangement - him giving me the benefit of his experience and me doing some coding. I produced an initial EA, sent it to him and now he seems to have gone completely incommunicado - either it was so good he has no need for anything further or it was so bad he's given up on me. Of course there may be another reason.

Seem to be falling into a bit of a trap of spending too much time looking into and developing trading strategies and not actually doing any trades.

Hi Arbu,
Apologies for not being in touch.
I received your E.A and was having problems with installing it ( I am completlely at a loss with MT4)
I have asked a fellow trader who lives near me to help me install it. As you mentioned ,you should be trading and not writing ,so did not want to disturb you, or come across as mt4 fool.I am just waiting for him to get back to me.

 

[Arbu]

Went long on shares in Avocet Mining on Monday after a bit of research and noting that their annual financial statements were due out on Tuesday and that the share price was doing well on Monday.

Results on Tuesday showed a tripling of pretax profits! Fantastic, except that the share price went down (slightly). Not sure why. Closed out for another loss.

 

[meanreversion]

4th February


Oil and GBP not looking so strong. But still with them because Way of the Turtle says you've got to be willing to take a loss. Am now aware that Richard Dennis lost a lot of money in late 80s and am feeling less comfortable about following this.

£380 down in real money in two weeks' trading.

Hi Arbu, interesting blog.

I presume you've read "Way of the Turtle"? The system is a complete and 100% mechanical trading system.. you've mentioned it a couple of times as though you're cherry picking bits from the book to apply to your discretionary trading. This isn't going to work.. you either follow all of the rules, or none of them.

 

[Arbu]

Hi Arbu, interesting blog.

I presume you've read "Way of the Turtle"? The system is a complete and 100% mechanical trading system.. you've mentioned it a couple of times as though you're cherry picking bits from the book to apply to your discretionary trading. This isn't going to work.. you either follow all of the rules, or none of them.

Had a break, now back. I think I need to take a closer look at the Way of the Turtle Rules including doing some backtesting.

You're right in what you say anyway. I sold the FTSE today because it broke below several recent lows. It went down, up, then down. I closed out for a profit thinking it would go up again and I'd get in again. But it has carried on down so I've missed out on profits. I wasn't really sticking with my original plan, which was to stick with the trade for several days. Instead I started thinking more about range trading.

 

[Arbu]

Sold it again on 6th. I felt the recent rise on the back of the Greek debt rollover wasn't justified and before long some bad news was bound to come out pushing indices back down. The price went up at first. Then on Friday non-farm payrolls were bad and yesterday worries about eurozone debt resurfaced. Price dropped a lot today. I started feeling a bit triumphalist which I thought was bad and the price went up a bit so I closed out for 149 points profit. Should have sold out as soon as I felt triumphalist when I had 190 points profit.

 

[Arbu]

Coming back to this after a long gap, attracted by Spreadco's offer of 2% interest. Over about 40 trades I'm actually in profit. Only about 1.5 pips/trade after deducting the interest I've been paid but still it's a big improvement. I think that going into it because I have to trade (to get the interest) but with the expectation that I'm going to lose works OK because it stops me from getting overenthusiastic, as I probably did in the past. I shall consider myself an eeyore trader henceforth. No doubt I'm about to have a big loss that wipes out all my profit to date.

 

[Arbu]

I'm still profitable. Can I now get a job trading for a hedge fund? I'm sure it's not that easy, but how would I go about trying to scale things up?

 

[wallstreetking]

I'm still profitable. Can I now get a job trading for a hedge fund? I'm sure it's not that easy, but how would I go about trying to scale things up?

I can't see anything in this journal to convince me you are a good trader. So no chance to work for a hedgefund.

 

[Arbu]

I can't see anything in this journal to convince me you are a good trader. So no chance to work for a hedgefund.

That's OK. It just means I go on holidays perpetually instead of doing any work.

 

[Whitehead]

It is not a bad thing to learn forex ethics by spending some money. I would prefer to spend some money for training purposes as it will keep you more motivated towards the particular goal. I am sure you people have got the point. Have not you?