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Post by traderAllen on Sept 5, 2014 10:30:55 GMT -5
In this video I attempt to show why you should always buy at areas of support and sell at resistance
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Post by fxoutlier on Sept 5, 2014 13:11:03 GMT -5
One loser out of 16 is awesome trading even for small pip scalping. I'd be interested in your money management for each of your strategies, fpas, fxa, news and how much each of the strategies contributes to the overall pips and overall return on investment? Thanks.
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Post by traderAllen on Sept 5, 2014 17:58:36 GMT -5
I found it strange when I started posting in the forms the results that I get. I thought people would be interested and saying WOW, how can I learn that. Instead, the majority of people would just get mad and call me names. Typical of America I guess hate the people that are successful. Back to answer your question. I do have an interesting way of money management. I use the methods Bob talks about for position size. I don't step up my position with every trade as that takes time to change the ATMs. But I do change a weekly and/or monthly based on the calculations Bob talks about. My profit targets and stoploss is very a little bit from Bob's method as I use a method undeveloped from Tim's training at FX addicts. You have to watch the videos I think you really get a better understanding of my profit target methods. My stop so I generally ten pips. Most of the time when I entered trade I'm willing to let go of 10, I will try to adjust in my stoploss if volatility allows. If I look back at my trades for the last year. Almost every time I was stopped out it was 10 pips even.As far as each one adding to my return on investment, Bob's method is basically where the daily profit comes from, FXA entries are not as numerous but bring in steady profits. I look at the news trades as sort of an icing on the cake. I keep those losses short but I can make a lot of pips really quick, so they're kind of like an added bonus.
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Post by fxoutlier on Sept 6, 2014 2:59:10 GMT -5
When Bob Volman wrote his book he mentioned that the average daily range was 150 pips. Todays ranges are less than half that, so I guess smaller targets are the order. I know Tim likes 3, 6 and 9 pip targets, depending on conditions and you use all three in tandem. However where as Tim appears to advocate huge stops out of the range of volatility, your stops have remained at 10 pips, even though volatility is down. I notice also you don't use Volman's tipping point technique for stop reduction, but you have in a way automated your stop movements after each profit level is achieved.
All interesting stuff, which is useful in developing my own trade management rules. As for the negative traders I don't think they are just from the US, losers from everywhere like to congregate together for moral support, to back up their own negative thoughts. Away from internet forums it is the coffee club or smokers corner in work or the village gossips and can be traced back to medieval times where witches were burnt for being different (or a bit cleverer than what was comfortable). One thing is that these losers are needed, for who is going to take the other side of the winners trades other other than the unfortunate newbie who has yet to decide which side they are on.
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