8/09/2010

August 8th Statement

Last week was so so... On GU if you trade per rules, you have two wins, one loss and one trade is still open. On that trade I moved my SL to BE+1, because level 1.6000 seems too much of a resistance to me. But do your own due diligence:) On UJ there were 3 wins and 1 loss if you follow rules properly. I didn't do that as you could have seen in my previous post and it cost me some pips and $$$... But at least I have a lesson which is more important in the long run:) So overall, if you traded per rules, you have had actually a very good week!:) So congrats!





















And my account curve...

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10 comments:

  1. AnonymousAugust 9, 2010 at 8:18 PM

    Hi Tomas
    Well done and thank you again for the blog. I stopped trading after some heavy losses (GPB/ USD). Of course then if I had carried on my balance would be much healthier.
    Anyway, today I traded on a sell with the entry point as per one minute daily... but with a take profit of +15 and a stop loss of just -30.
    Can I realistically continue trading in this way or do I just as you say minimise my losses by cutting my stake? Are you tweaking your take profit and stop losses?? If so what are they??
    Thank you,
    Phil

    ReplyDelete
  2. AnonymousAugust 9, 2010 at 10:13 PM

    Hello Phil,

    It really sounds like to me that you need to decrease your lot sizes. I trade at 5% of my balance so for example if I have a $500 account balance and the daily range is 50pips then i will use a lot size of 0.05 (50 cents per trade with my broker). This way i only risk approximately $25 (5%)for the trade.

    I hope this helps. Also with propper money management it will keep you in the game longer so you can see out the rough patches.

    Cheers,

    Lee

    ReplyDelete
  3. SlurpeeAugust 10, 2010 at 10:45 AM

    Hi Phil, Hi Lee,

    Lee, thanks for answering. Phil, I totally agree with Lee. Don't try to change the system. KEEP THE FAITH! (Isn't that some song?:)) Just lower the risked stake, as you say! You have to get used to this system, it certainly has losses but you have to accept them! Because the only thing that happens is exactly what happened to you, after you stop trading winners come... That is the Murphy law. Risk only 2%, get used to it and after a few months, go to 3% or 5, but not more than that. If you want, we can chat about it. You have 2 problems... you don't trust the system and you risk too much, which seems to distract you. You have to be strict with yourself! Be like a mean boss..this is like a job, not fun. Making money must be boring...

    ReplyDelete
  4. AnonymousAugust 10, 2010 at 2:22 PM

    Hi Slurpee,
    You are trading both GU and UJ at 10% each at the same time? That means you are trading 20% risk with both pairs together?

    Hanna

    ReplyDelete
  5. SlurpeeAugust 10, 2010 at 7:51 PM

    Hi Hanna,

    thanks for coming here... And yes, you are right. And that is why there are such whipsaws on my account and why I SERIOUSLY DO NOT recommend anybody to do the same with their accounts. As soon as I get to 3k, I will lower it to 5% on each pair per trade. I started with 10% because I trust the system and because my initial account was very low. Also you might know that Larry Williams traded also 10% every trade on his famous competition where he made 10k to 1 mil. in very short time. I kinda intended to try the same, but only in a small way:)

    ReplyDelete
  6. AnonymousAugust 11, 2010 at 4:02 AM

    Hi Slurpee,

    I had a double loss today. Noticed that you actually did not put a buy order, how do you tweak this system? The result starting July had not been very good (for GU) even though 2nd half of July was quite trending.

    Hanna

    ReplyDelete
  7. SlurpeeAugust 11, 2010 at 8:57 AM

    Hi Hanna,

    I didn't put buy order on GU because the TP was 1.6049 and I believe the level 1.6000 will not be broken, at least for some time. I might be wrong, but I always try to lower my risk and when I see a harder support or resistance I consider trading that direction at all. Better no trade than a loss...

    ReplyDelete
  8. SlurpeeAugust 11, 2010 at 9:03 AM

    And what were your losses? I had a loss on UJ too, but the SL on GU short didnt get hit by a few pips...

    ReplyDelete
  9. AnonymousAugust 11, 2010 at 9:49 AM

    Hi Slurpee,

    The SL on GU short was just barely touched by 1 pip with my broker (alpari) and I didn't add any pips to buy order :(

    Hanna

    ReplyDelete
  10. SlurpeeAugust 11, 2010 at 11:18 AM

    Well, that is kinda bad luck:( Don't worry, the winners are coming for sure! Just hold on! I believe we could have winners on both pairs today...

    ReplyDelete

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