K.I.S.S. Trading GBP/USD

[Mr Fox]

Good Afternoon all of you profit procuring people.

I must admit I did arose from my slumber quite early after quite a heavy night, and after trying to dry hump my gf into action, after the 10th thrust, I was out of breathe, and quit trying. I reckon I could have brought the crack of dawn to life with my hip thrusts, but one should know when to cut ones losses and so I headed for the next best thing which to me is food. Breakfast was ate followed by a cigarette, and then to my work station.

The first trade I took, as seen below was a break of S&R levels, the trade failed, and I was out for -10.6 pips(-4%).



The second trade i took was failure of a double top, and although price went circa 6 pips in my direction, it then reversed, stopping me out for -5.6%(circa -2%).



The third trade below again was a break of S&R levels, and price capitulated around 30 pips in my direction however I assumed it would capitulate more, but it didn't. Price reversed, and stopped me out for -1.8 pips(-0.7%).



At this point it would be very easy to look at the substantial monetary loss, and go on tilt, however I am steadfast in my edge, and know there are still quite a few profitable trades left in the day to hit my daily target.

The next trade below was taken at the break news with a very tight stop. Price ascended in my direction, and I took profit at 34.7 pips(+13.8%)



The next trade below was adding another 2% position as price was ascending, and my stop from the previous trade was upped at +5 pips, so the worst case scenario was still very palatable. However price ascended further, and i closed this trade out for 25 pips(+10%)



Thus the total for today is +41.7 pips(circa +16%).

I believe the key factors to success are having a good understanding of your edge, having unwavering faith in your edge, and consistency.

Although today was a great, and profitable day, I was put through the emotional wringer in achieving my target, but sometimes tenacity is needed. Yes there was a part of me wanting to call it a day, but the other part over rode this with knowing a winning day is more than possible, and will be achieved.

Have a great day trading Y'all

Best
John.

 

[Mr Fox]

What started off as a day of being put through the emotional wringer, has ended up being an absolutely amazing day, much better than I could have ever hoped for.

I took a few more trades, and the pip count is below.



Total for the day 73 pips(+29%).

I would love to post charts however I should have left the house 30 mins ago, but I ended up taking a few more trades.

Must dash, and if I'm back less inebriated than I should be, then I shall post the charts with the trades.

However, after such an amazing day, I think I've deserved a few more drinks.

Have an amazing day trading all.

Best
John.

 

[ffsear]

I popped back home around 18.00 for an hour, and managed to take a quick scalp for an extra few pips. 4.7 pips may not sound like much, but it did add an extra 2% to my daily total.

View attachment 191122

Total for the day 56.4 pips(+22.5%).

Please excuse the lack of charts for the latter trades, but I have had an in, and out day today, alas one shall make more of an effort to get those posted in the future.

Feeling a little tipsy, so time for bed.

Best
John.

Just to clear up some confusion, are you saying a gain of 56.4 pips = a 22.5% gain in your account balance?

 

[ffsear]

Total for the day 73 pips(+29%).

.

Again here, Does 73 pips = 29% of your account balance? Meaning that for every pip the market has moved, you either gain or lose roughly 2.51% of your account. Would that not mean that 40 pips against you would = wipeout?

At a 5 point stop that would mean 8 losing trades and you're out?

 

[tar]

Again here, Does 73 pips = 29% of your account balance? Meaning that for every pip the market has moved, you either gain or lose roughly 2.51% of your account. Would that not mean that 40 pips against you would = wipeout?

Whole account balance = 250 pips not 40 .

 

[ffsear]

Whole account balance = 250 pips not 40 .

How do you work that out?

 

[tar]

How do you work that out?

29% = 73 pips

1% = 2.5 pips

 

[ffsear]

29% = 73 pips

1% = 2.5 pips

But your comparing two different factors there. The first is a percent increase on total balance. The second is a percentage of account risked per trade. One can't be used to work out the other.

 

[tar]

But your comparing two different factors there. The first is a percent increase on total balance. The second is a percentage of account risked per trade. Once can't be used to work out the other.

If 73 pips = 29% of the account then how 40 pips = 100% . I am not talking about risk per trade , 73 pips is only 29% of the whole account , with simple calculation the whole balance is 250 pips or 1% = 2.5 pips .

 

[tar]

You said 1 pip = 2.51% , it is the other way round 1% = 2.51 pips .

 

[ffsear]

Because if 73 pips is increasing your original account by 29%. Then 1 pip must be 2.5%
equity. (73/29 = 2.5%)

Therefore a movement of 2.5% of account per pip, would lead to a 100% loss in 40 pips (100/2.5 = 40)

 

[ffsear]

You said 1 pip = 2.51% , it is the other way round 1% = 2.51 pips .

Yes when he's talking about his risk per trade. But not when he's talking about his results.

 

[tar]

Because if 73 pips is increasing your original account by 29%. Then 1 pip must be 2.5%
equity. (73/29 = 2.5%)

Therefore at a moment of 2.5% of account per pip. would lead to a 100% loss in 40 pips (100/2.5 = 40)

:|

 

[tar]

So 40 pips = 100% loss but

73 pips = 29% gain ?

Doesnt make sense mate , it is 73pips /29 % = 2.51 pips / 1%

 

[ffsear]

So 40 pips = 100% loss but

73 pips = 29% gain ?

Yes that's why i'm questioning. For 73 pips to increase your account by 29%, each pip MUST increase your account by 2.5%

Do you see that at least.?

 

[Forexmospherian]

Yes that's why i'm questioning. For 73 pips to increase your account by 29%, each pip MUST increase your account by 2.5%

Do you see that at least.?

Think of it the other way - ie if each pip is worth 2 5% - then a 73 pip increase would be a 73 x 2,5% a 182.5% increase in the account

And therefore 1 pip is not 2 5% its 2,5 pips that is 1 % so then 73 pips is correct a 29% increase

Mr Fox is using a 4 -7 pip stop size with a 2% stake so it is approx 2.5 pip per 1 % approx

I don't think hes had more than 7 losses in a row - but if he had 10 consecutive losses then he's prepared to lose up to 20% of his account

If he has say 7 wins in a row ( normal for a good scalper ) and is RR's are over say 1.5 or 2 then he would on a 2% stake on 7 wins make anything from say 10 to 28% increase

The psyche test will be say 5 losses in a row one morning and down say 10% he will need maybe at least 3 wins to break even and more to make money

If he can handle this and know he could take up to 10+ trades in a day or his session - then in theory he should be OK

That's the theory but all depends on size of cash and your level of losing tolerance and having a method that means you have at least 5 -10 hrs available and can make up to 10+ trades in that period

Regards


F

 

[ffsear]

Think of it the other way - ie if each pip is worth 2 5% - then a 73 pip increase would be a 73 x 2,5% a 182.5% increase in the account

And therefore 1 pip is not 2 5% its 2,5 pips that is 1 % so then 73 pips is correct a 29% increase




F

I'm not saying each pip is worth 2.5% universally. But in the example given. It is. SO we have to use the data provided (which is limited)

 

[ffsear]

Sorry @mrfox I missed the part where you a attribute 2% risk to a 5 point stop, so 29% makes perfect sense now.

You can ignore me

 

[ffsear]

However, my other question is this.. You made 73 pips, but that you did over 10 trades. So could it not be expressed that you risked 20% (each trade a 2% risk) of your capital to make 29% ?

 

[itspossible]

Wow all of this maths-my brain