Currency trading (Oct 16th > 20th)

[wasp]

It was a good time and I think from memory my best single day was +£18000 followed about 3 days later by a -£12000. Having started with the intention of making a regular £300 a day the £300 days didn't even seem to register on the account anymore. Something for me to watch out for next time I get there.

That last bit doesn't sound too good I'm guessing it went downhill for a while?

At a 100pp were you only looking for just 3 pips a day then?


Something for a future poll, but will ask everyone now anyhow....

On one hand, its meant to be an escape from the long hours of a regular job and its meant to provide more free time and 100 pips a week would provide a very healthy income.

Yet on the other hand, Playing the weekly average always seems to work better overall as we all now, some are better than others and sods law states, take a day off and it'll be the easiest and biggest of the week, and the next morning when you come back will be chop city! Targets made or not.

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How do you go about your week? Are you looking for.........

A) X pips and then stop, done, happy, see you all on Monday?
B) Trade all week, get as much from each day as possible so your covered for the bad days?

 

[wasp]

...posted this yesterday. Beyond the scope of today too perhaps.

I'll be long 783, short 752.

My sister actually drew my attention too this and would hit close to that target Chow too.

 

[ChowClown]

How do you go about your week? Are you looking for.........

A) X pips and then stop, done, happy, see you all on Monday?
B) Trade all week, get as much from each day as possible so your covered for the bad days?

B for me. The trading plan i'm using at the moment is a 'day in, day out' approach to applying an edge, between 8am-4pm.

 

[wasp]

B) too but mine is annoying me as it runs from 7am > 8pm...

 

[Offshore Trader]

Same here. I just take days/weeks off like any regular job which I plan in advance. If you miss a big day it's just too bad. If you get a regular number of pips over a month then you should be ok. I like to look at months at a time because even a weekly timescale can provide some big swings. I aim to make 250 points per month but hope to make 400. The 250 is a basic level when things don't go too well but normally 400 is nearer the mark.

 

[Uphios]

I trade all day every day, often move into the Asian session if I can stay awake.. I started at £10pp with the intention of making £300 each day and stop. A good alternate living I thought. It went well and before long I was £100+pp trading all day for as many points as were available.

 

[ChowClown]

...long now ahead of GDP - hate it when the system does this but whatever. Personal view is there's a greater chance of downside risk to GBP on the news....

 

[ChowClown]

1% GDP rumour fuelling this little move pre-release.

 

[Offshore Trader]

Come on cable those were good figures!

 

[ChowClown]

...long now ahead of GDP - hate it when the system does this but whatever. Personal view is there's a greater chance of downside risk to GBP on the news....

...and that's why i use the rules around releases...completely pants at calling the right direction. Price action on the hrly looked like a bull flag breaking to me prior to the news, so it wasn't too surprising. Bull flags on cable seem to be one of the most reliable patterns, in my limited experience.

 

[Offshore Trader]

I think it shows how difficult data is to call. Just about all the UK data recently has been positive (i.e. likely to promote higher rates) but yesterday retail sales was lower. What is that all about?? In my experience fundamentals is what economists talk about to justify their salaries and positions. Price and technicals is what traders use to make money.....IMHO of course

 

[ChowClown]

...long now ahead of GDP - hate it when the system does this but whatever. Personal view is there's a greater chance of downside risk to GBP on the news....

...stop at b/e.

 

[trendie]

How do you go about your week? Are you looking for.........

A) X pips and then stop, done, happy, see you all on Monday?
B) Trade all week, get as much from each day as possible so your covered for the bad days?

B: problem is I have a primary working system, but tend to fritter away too much of my profits on whimsical Fib/Delta/Gann type ideas.
I manage 50-100 per week on 4-hours ( approx 3 trades ), and about same on 30-mins ( about 10 trades ), and give away around 50 pips per week on testing new ideas.

Trying to improve my trade-selection!
Better than average week this week.

what would be interesting is how many gross pips are required to make the net.
eg; in order to make 100 pips, do you;
a: make 300, lose 200,
b: make 150, lose 50
c: make 200, lose 100

that might give a better picure of trade-efficiency.

 

[ChowClown]

...stochs rolling nicely on EUR/GBP now OT. Better chance of breaching the 700 support today p'raps...

 

[breadman]

hello all,

their is a trend line going from the 10 oct to now on the 4 hour chart we are on the line at the moment.

breadman

 

[Offshore Trader]

The concern is that it breached an 8 day downtrend yesterday. Normally you would expect it to go back and test and then go higher again. Line currently comes in around 6698/00 but USD looks very weak and with no data this afternoon could see some good one way action for Cable and indeed anything against the dollar. I have a target of 1.2485 on a USD/CHF short which I think has a reasonable chance of being hit today. Another 50 points or so on Cable though would be very nice.

 

[ChowClown]

...and that's why i use the rules around releases...completely pants at calling the right direction. Price action on the hrly looked like a bull flag breaking to me prior to the news, so it wasn't too surprising. Bull flags on cable seem to be one of the most reliable patterns, in my limited experience.

...flag pole target circa 8910.

 

[chestney]

827 is the number incase anyones wondering

I just hate it when you do that.

 

[wasp]

I think it shows how difficult data is to call. Just about all the UK data recently has been positive (i.e. likely to promote higher rates) but yesterday retail sales was lower. What is that all about?? In my experience fundamentals is what economists talk about to justify their salaries and positions. Price and technicals is what traders use to make money.....IMHO of course

Ditto OT. I don't know how anyone can consistently profit from news trading. Being retail we don't get the news as quick as the banks, plus you need get filled and we all know how many complaints from newbies on the net about not getting filled immediately on NFP! The market will do what it will do and like you say, its fine for the bloomberg analysts 2 hours later after the market has finished and eased off!

 

[Offshore Trader]

Not really relevant but I always find it amusing when you get so called experts saying one day that good growth is likely to cause higher rates and that is why the Dow has risen and the next day that fear of higher interest rates has caused the Dow to fall. People get paid good money for that sort of insight!

P.S. I hope DC's target wasn't the top of the day.....I had thought of using his levels to take some profit but I hate followiing other people's calls because they only seem to be right when you don't follow them (sod's law)