Smart Live Markets - Spread Bet on MT4

francisfinley said:
JD are you getting paid whilst on gardening leave? do you have additional funds to keep you going day to day?

it will make the world of difference to your manual trading if you are/have.
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Gardening leave lol, I finished Monday but my week ends Friday when I hand back the Company car :(

I have two other streams of income but I need to top these up to live as before

I will be looking to withdraw a wage of sorts from my trading from week one, see my plan here: http://jdtrader.wordpress.com/trading-plan/ go to the bottom of the page to see my wage plan.
 
^ I just had a look at your trading plan. I think there may be a mixup with your figures.

You say that you only risk 1-2% on one trade, but with a £100 account, trading at 10pp and a 30pt stop loss it add up to £3.00 loss per trade. Which is obviously 3%. Or am I missing something here?
 
Pi3141 said:
^ I just had a look at your trading plan. I think there may be a mixup with your figures.

You say that you only risk 1-2% on one trade, but with a £100 account, trading at 10pp and a 30pt stop loss it add up to £3.00 loss per trade. Which is obviously 3%. Or am I missing something here?
Click to expand...

Yes thanks for that, I had printed out a new copy but not updated site.

#Risk on one trade no more than 3% with a 20 pip stop loss and a 30 pip trailing stop.
#Never invest more than 20% into one trade

Account will be starting with £500. 50p per pip, stop loss 20 pips = £10 2% of account

I been busy getting stuff ready so I was sure to miss something lol

Site updated :smart:

cheers :cool:
 
JDTRADER said:
Gardening leave lol, I finished Monday but my week ends Friday when I hand back the Company car :(

I have two other streams of income but I need to top these up to live as before

I will be looking to withdraw a wage of sorts from my trading from week one, see my plan here: http://jdtrader.wordpress.com/trading-plan/ go to the bottom of the page to see my wage plan.
Click to expand...

ok, these other 2 streams, and be honest with yourself - as long as they cover rent and food then good. if your looking to supplement these 2 streams with trading without what im about to write then ill be blunt - its not going to happen.

with all of this i take it you have managed to trade whatever method/style/strategy for a period of time and be consistently profitable?

what are your drawdowns/losing days/blowups like?
what do you do if you hit 2 consecutive losers in a day ( i personally need/want a fit swedish maid to wheel my chair out of the office)

this last part is crucial - the ability to wheel yourself away / have a hobby you can leave the pc alone from.

personally i think 0700-1000 is more than enough for manual trading.

theres some good points in your plan and anyone who has been to hell and back knows in the crux of the moment when greed and fear are ruling all emotion the best laid plans don't exist.

operative word "consistent," trading when one is in a job is totally removed from having to rely upon it.

hence i automate everything.

all in all good plan and some good discussion here and if we can help you succeed we should do our collective best.
 
ok, these other 2 streams, and be honest with yourself - as long as they cover rent and food then good
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Yes they do

consistently profitable?
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Last 6 months but this was not my plan to go Full Time live. I had a three year plan to start Part Time with a larger account to build up to Full Time trading. But all plans were smashed when I got hit with my Licence to cab was revoked. So its going to be tough but I'm taking a shot and said as much.
I'm no pro trader and do I think I can make it as a Full Time trader ? Well I'm giving it a shot. Not the way I planned, not the way it should be done but it is what it is

And I'm sure there are guys just waiting for me to bust :p

what are your drawdowns/losing days/blowups like?
what do you do if you hit 2 consecutive losers in a day
Click to expand...
Drawdown 10-16%
Trades 80%+ profitable
Losing trades can be more than two+ no problem I'm looking at the bigger picture of the day. I day trade with scalping and longer term trades so I trade to be ahead on the day.

personally i think 0700-1000 is more than enough for manual trading.
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I'm breaking the NO OVER TRADING RULE and fully admit that. I'm building the account and have the time to sit and wait for set ups so yes to start I will be over trading.

i automate everything.
Click to expand...
The only EA I use is Luktom Visual Order Editor just so when I click a trade to BUY/SELL my Stop Loss and Take Profit targets are set in a click. I also have it set to move Stop Loss to break even.

all in all good plan and some good discussion here and if we can help you succeed we should do our collective best.
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Yep totally agree

There is no need for me to broadcast to the world that I lost my job and going to trade. I will always be learning and hope by engaging with the Trading Community I will meet and discuss with like minded traders.

Last year or so I have met and chatted with some great guys which has helped with my trading

Read my blog and follow me on twitter, links below

Thanks francisfinley (y)
 
Hello,

Could I just ask what your opinions are regarding moving stops to breakeven? Have you backtested your system and found that moving stops to b/e actually increases your PnL or is your reason for moving stops purely psychological in that you like the idea of a 'free trade'. On this forum I've never managed to find a conclusive answer to whether you should move your stop loss to b/e so I thought I'd ask for your thoughts on the matter.

Thanks in advance.
 
Pi3141 said:
Hello,

Could I just ask what your opinions are regarding moving stops to breakeven? Have you backtested your system and found that moving stops to b/e actually increases your PnL or is your reason for moving stops purely psychological in that you like the idea of a 'free trade'. On this forum I've never managed to find a conclusive answer to whether you should move your stop loss to b/e so I thought I'd ask for your thoughts on the matter.

Thanks in advance.
Click to expand...

Once GREEN never RED

Plan your trade, trade your plan

No right way to trade, trade what works for you
 
never understood the idea of moving stops to break even

you should always take some money from the house once you are in profit
no matter how small
 
Mornington Crescent said:
never understood the idea of moving stops to break even

you should always take some money from the house once you are in profit
no matter how small
Click to expand...

move to b/e +1 check mptm on FF.

for those more discerning traders - you can hide the stop from the crims...

open advert in the face of adversity.
 
I am fond of putting stop loss at break even once in profit. I have had good experience i.e. without being slipped. Does anyone know of a quick way of doing this though? With MT4, you have to type in many numbers. On other platforms, there is the option to put in pips away so you just need to put 0.

Thanks in advance.
 
twinj said:
I am fond of putting stop loss at break even once in profit. I have had good experience i.e. without being slipped. Does anyone know of a quick way of doing this though? With MT4, you have to type in many numbers. On other platforms, there is the option to put in pips away so you just need to put 0.

Thanks in advance.
Click to expand...

Luktom Visual Order Editor
You can preset SL,BE,TP,TS all at one click of BUY/SELL. I attached the EA below and here is the link to the website. http://en.luktom.biz/Page/447/luktom-visual-order-editor

enjoy :smart:
 

Attachments

  • luktom visual order editor.mq4
    13.9 KB · Views: 230
Thank you for the links. I do not currently use EAs. The EAs you suggest appear to be graphics based ie you do something to the charts. I have found the charts are not always accurate so would this not pose a problem?

I must correct my previous post about spreads widening hugely. You would expect spreads to widen during news releases but I have not come across any widening. However, the quick executions I am used to are not there any more. I thought the whole point about widening the spread was to maintain the swift execution? Is anyone else experiencing order in process? It is too risky to hang around when that happens so I may have to avoid trading the news.
 
twinj said:
Thank you for the links. I do not currently use EAs. The EAs you suggest appear to be graphics based ie you do something to the charts. I have found the charts are not always accurate so would this not pose a problem?

I must correct my previous post about spreads widening hugely. You would expect spreads to widen during news releases but I have not come across any widening. However, the quick executions I am used to are not there any more. I thought the whole point about widening the spread was to maintain the swift execution? Is anyone else experiencing order in process? It is too risky to hang around when that happens so I may have to avoid trading the news.
Click to expand...

The EA I suggest is a manual EA you decide entry it does the rest with the settings you input. Try it on a Demo
 
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