My trading journal : From 5 to 1000

[RahmanSL]

Hmmmm...itu lah, lama tak bunyi2 di sini I rasa mimang account ni sudan bankrup...kasian, kasian!...hehehe...Kata sabar-sabar trading tak dengar.

Like as though I am that patience and successful;yah!

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To curb my desire to trade, I joined EXNESS daily competition and was 1st place (out of 180 competitors) on 15/Dec/2011 (4th round) with over usd7k on a usd1k account....but wiped out the account due to boredom and the desire to increase the money even more. S***! Should have been first place winner and got their usd50 + usd50 bonus prize money. I did terrible on yesterday (16/Dec) competition and never stood a chance from the beginning.
Oh well! There are still 7 more daily competition to go before the final where the top 20 competition winners will compete against each other for the grand prize of USD2,500 + USD2,500 bonus.

Are you taking part in the competition? I am registered under "Trader88" (used name Trader88 in first 2 competitions).
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Ok "along" my friend, I know I have said I will give the forex a rest, but it is extremely difficult. It's like a fix or something like that to me...maybe it's good coz it has become a passion for me instead of throwing away good money elsewhere;right?...but then, maybe it's a gambling addiction!!!!!!!!!!!...mmmmmm!

After doing some reading....and more reading on forex articles, educations...bla-bla-bla...I realize that I have yet to come across a single real trader who have managed to turn the meager couple hundred USD into hundreds of thousands in one/two year(s) as shown to be theoretically & mathematically possible.
So, that gave me the inspiration to try to prove that it can be done and, on 13/Dec/2011, I immediately re-funded my Pepperstone account with USD360, but it lasted only one day as it got wiped out by trading Gold.

However, I am still very much convince that feat can be accomplished and so, on 15/Dec/2011, I refunded my EXNESS (Pepperstone's Australian office was closed for the day and so couldn't make money transfer) account with a smaller amount of USD160 (received USD154.20 in trading account due to money transfer charges & a negative balance in account).
I did okay on that day and yesterday, but shall wait until next week to ensure that I have control on good & better money management before I start a new thread here at the FPA documenting that pilot project...which, God willing, will be a year long project until completion on 18/Dec/2012.

I think that pilot project will do a world of good on me to practice proper forex trading...plus I don't have to spend too much money on any more trading accounts as I will be kept busy with that and EXNESS daily competition for the next 7 days.
​

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Alright "along" take care and do not be too impatience & reckless out there in the forex world;yah!

 

[along]

I still trade as usual, just skip my 5usd account as I have to give more focus on my other accounts. I currently have 3 accounts which i used for difference strategy. 1st account is for my audchf, I'm hedging the swap for this account. 2nd account is for audusd, this one doing slow. just collecting normal swap and I keep on increase buying with small quatities on daily basis. the 3rd account for scalping. used this account to trade with gold and eurusd. so right now I stop with my 5usd thread account, because I just bored playing with small amount.

I didn't notice that exness have such contest, probably new. mmm I just skip any contest right now as I don't have enough time, my favorite is dukascopy. played with it since june but not good in ranking always finished below 50k .

both of us have the same reckless style of trade, I lost most on my 3rd account, since I'm using this account for scalp. but sometime I made money with this account too. so each time the account profit I started to withdraw it, and put it to other accounts or invest with something else. eg my investment on eurextrade 90% came from forex. my only true money is only usd45 during registration. now I'm compounding it and just leave it run, still doing well. for my 1st and 2nd accounts, this is for the long run, I don't used this account as this is for my long term investments project. I will post this later.

I think is best to have several accounts, instead of put everything in one basket. so just in case oneaccount get screw, we still have 2 or 3 more to go, or we can use it with difference strategy like long term TF trading. so we don't mix it with scalping, hedging or rough trading . so one account can learn to trade with patience, and other can do what ever we want.
this is the best way to learn to be patience i guess.

pilot project ???
good luck with your account.

 

[RahmanSL]

Hi "along",

Yes, it's better to trade in at least two different brokers to be on the safe side for possible problem with one of them.

Try shorting AUD/USD for today as it's way up there at 1.0135 level and not that far off from their all time high of 1.1079 level bak in June/July 2011.
I have shorted it with 2.0 lot sizes at 1.0135 level and below that it will have no choice but to either give me some good profits by reversing or to go further up...which, I think would be difficult as the Aussie most certainly does not desire their currency to be too strong due to their export trades.

In actual fact, if the AUD/USD does not go further up, this will be extremely good for scalping for at least the next few days.
Open some fairly large trades at the very top, as it falls and then goes up a bit, go in with some more smaller short positions.
Keep doing this until you have at least 6 short positions. Then, on the next fall, close out the lowest 1 or 2 positions in profits. As the currencies go up, open 1 0r 2 more short positions. Then close them in profits on the fall.
You can keep doing this safely as long as the AUD/USD does not go up past your highest position. But the, if it does that, open up another short position to cover that.

I am doing that right now and have some very good profits as it starts to go downwards!

....And, oh yah one more thing, make sure your account have plenty of free margin available to ride out any sudden unexpected rises

I have been waiting for this AUD/USD level setup for quite a while and it's finally here again. I will have to close out my EUR/USD positions and concentrate fully on the AUD/USD for the next few days.

All the best, and have fun!

 

[along]

hi Rahman, I closed all my AUDUSD today, went up to highest at 1.0214, wow !! bought some at 0.9950 level yesterday. good job aussie. hope your account ok with that. right now I still have 2 accounts running with AUDCHF. I opened another account last week, thinking of opening another 2 more accounts just to run this pair alone. I have a very powerful strategy, right now still back test it with real account. this is going to be my big project for 2012. I will share this with you later, not sure if you like it, very slow yet powerful and can generate billions of money in a year

About this aussie thing, RBA did made an announcement 2 days ago on the reason why they reduced the interest rate to 4.25. not because the aussie itself is having a problem but because of the euro zone crisis. so this is actually a good news to investors as they're protecting the money and probably maintain their interest rate or increase it later on. so now they start hunting aussie like mad cow disease hehe...

ok good luck with your game..
c u later

 

[RahmanSL]

Hi "along" (perhaps should consider another name as it is a proper word and also means "big ear"; yah )

I didn't catch your reply until I went to the old threads and found it.

Ok, if you got your system perfected or near perfected, I would be very interested to see it..PM that to me so the whole forex world (especially brokers) knows about that. I might be able to input some details or, at worst, be critical

Yup, I followed the Aussie all the way up to the top, but had to pump in additional funds four times to maintain the required wide free margin. BUT I am playing it right now even as I post and having a very nice and relaxing time doing it.

Yes I did read about that RBA announcement, but still a high Assie dollar is not what they want due to their export oriented economy. So, I will play their money closed to my chest and for as long as possible.
Well, Felix did mentioned making money in forex should be boring;right?

All the best my friend, and a very Merry Christmas and (most importantly) an extremely Prosperous New Year.


P/S: By the way, I have been in the last ten bottom positions in EXNESS 9 of 12 competitions. Just couldn't concentrate due to my busy involvement in my live accounts. In fact, in past two competitions (including today) I wiped out the competition account within a couple hours.
Yesterday's competition was interesting as the leader turned the USD1k account into USD34,3498.00 within 24 hours. Hope that guy (from malaysia) don't think he can emulate that in an actual real live account

 

[along]

hi Rahman,

Good to hear that your account is doing well. last week not so good for me. 2 of my back test accounts got wiped out during low volatility market. I'm hedging with too many opens trades, but my accounts are still good until the spread became wide to as high as 21pips for Audchf and screw up everything, something which I don't expect to happen. under the normal market the spread for Audchf is just around 4-7 pips. Now I realize that this strategy require a lot of money as back up as it used variable spread. I already did some calculations on the margin, balance and spread size, will try to test it again by next week before running it with full throttle. I will try to back up the size up to 30-40 pips spread. simple calculation is if I got 1000 open trades, with 40pips I need (1000x0.4pips) equal to 400 cash standby for my hedging trades. if the spreads do wide above the 40pips, then entire account will get wipe out again. I just add this good spread recording indicator to my mt4, will test it again and see how big the spread is acting during low market hour.

Since that this strategy is slow, need more money as back up, with high risk for sure, I don't think it's suitable for you, but If you really want to have a look on it, just give me your email, I will give you my investor password. just for info, this is just normal hedging strategy with swap running, with roundup figures. so if you make money in the market, you also make small money with the hedging swap.

OK let's talk about the market, I think it's a good time to short Audchf right now. can see it from H4 time frame, and I'm looking for corrections about 100-200pips, for next week. for long term trade, just add another 1000pips drop with 200 stop loss, that look good to me too . About gold, can see a very strong support at 1600 level, will try to buy it next week with target profit around 1630, but need to be careful as sometime gold is acting by following eurusd. so will try to have proper stop loss for this.

OK Rahman and all readers,
Merry Christmas and happy new year. may god bless all of you

cheers !!!

 

[RahmanSL]

A very merry X’mas to you too “along”.

First off, Gold & Silver:
Top market analyst & investors are very2 bullish on the two. One even went to the extend of saying the reason Gold & Silver have been tending down (instead of up as should be due to economic crisis of both the USD & Euro…especially USD) is because some dumb ones (I think he would have picked a stronger word which would be too insulting) got in on the high side and began unloading their losing positions as 2011 approaches. This gave the Big Boys an opportunity to drive the price down, especially Silver to the 24.00 level to unload their 20k or so short positions.
Gold is anticipated to go down to as low as 1562.50, rise a little bit and that’s the signal to go in Long for the ride to the North Pole.
Silver in tandem with Gold should go down too, but not to the 24.00 level, more like around the 28.12 level before heading to the North Pole too.
Ok, so that’s what I gather from various analysts & investors views and will keep an wide open eye for these movements. To be safe and not to missed out, I have already preset Long positions for both metals.
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Ahhh, now to our highly risky, kamikaze trading strategy!

It seems like you are basically hedging the selected currencies pair with a lot of opened positions. Hmmmm, I have done that many times with as high as over 150 positions. It wasn’t my pan to do that, but rather was forced to do so to increase my margin level due to market going in the opposite direction of my trades.
Ok, check your FPA “Private Message” box at FPA for my e-mail address and I will take a look at your trading system.
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Regarding the AUD/CHF pair:
Yes indeed, the 4H (and D1 too) shows it’s up there at around 0.9526 level…highest for June-Dec 2011 level. But taking a look at the MN & W1 charts, the highest level is somewhere in the 1.000 level (going as high as 1.0870)
I will consider shorting that pair if it goes passed the 1.000 level and keep/let it run for future play/trade…hmmm, come to think of it, I think I will preset two short pending orders at 1.0070 on Monday.
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I have both short (24 positions – lowest at 0.9998 level) & long (11 positions-lowest at 1.0162 level) positions on the AUD/USD…and is still left with 6 long positions (lowest at 1.3054 level) opened on EUR/USD….since the beginning of last week.
I managed to close off in profits all my short positions in the EUR/USD and shall close out the long ones as soon as I can next week. This mean even if I have to take some losses as I want to concentrate exclusively on the AUD/USD which, I think, can be played for at least the next couple weeks.

The beauty of my present trading on the AUD/USD is that I can continue to take both long & short positions inside my existing Long & Short positions (i.e from 1.0063 up to passed 1.1000 levels) and closed them out in profits as I like without any worry and fear of endangering my account. I usually wait for 3 pips movements up or down before executing a trade and then close them out in profits.
Yes, most of the profits are in cents and a few dollars, but you multiply that with a few hundred trades and it adds up to quite a bit of profits.
But, it does get rather boring after a while, so I would preset TP at 10 pips (which is the minimum distance required by my broker) and leave the TP positions to be triggered.

My friend, one thing we have to keep in mind is that we are here to make money, and making money can become boring after a while.
I have to constantly remind myself of that and refrain from playing other highly volatile and exciting currencies pair and metals which I used to do in the past with dire and disastrous consequences.

Alright my friend “along” (a.k.a big ear hole/money lender ), take care & all the best....and remember to check your FPA “Inbox” for my e-mail address.

 

[RahmanSL]

I had another look at the AUD/CHF pair after studying Elliott Wave all of…ehhhh…2 odd hours

Lets see now, from what I have learned the price action on 23/Dec opened at 0.9473 and price trended upwards all day and closed at 0.9513 (just below day’s high of 0.9520).
The “Lows” & Highs” were consistent with upward trend price indication, but at closing time, it does not form any clear line indication as to where it’s heading.
BUT, if based on Elliott Wave principals, Friday market closing line has closed below the first low key level of 0.9514, but is just a little bit above the critical low at 0.9502
So, what does this tell us about possible market movement on Monday???

Since Friday market closing line fails to closed at above critical 2nd high level at 0.9514, I really cannot say for sure.
But on market opening on Monday, if the “opening line” starts above present 0.9513 and goes past highest critical level of 0.9515 or better still, goes past “key highest” level of 0.9520, then market is definitely on an uptrend. I would then wait for a retracement before entering a “Long” position. And if market goes up past the day’s opening “key” high level, I will enter some more “Long” positions after the slight retracement.

Remember that the above is based on M15 chart yah : )
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Ok, now if we look at the H4, it tells a different story as Friday market closing closed quite near to early Dec’11 high of 0.9517 and the line is bending downwards and appearing on a downward trend.
The line has crossed past the “key”& “critical” high level of 0.9513 but has retraced somewhat with a “hook”.
At this juncture, I have absolutely no idea where market will be heading and so will have to see at what level market opens on Monday.
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Ok, so that’s what I have learned from studying the Eliott Wave these past 2 hours and…hehehe…we shall see what happens on Monday.

Good luck and do not use my….eeehhhh…prediction as the truth, the whole truth and nothing but the truth; yah!!

I am going back to re-read the Eliott Wave once more to ensure that I have understood the trend lines principal as I thought I have already understand.

Cheers!

 

[RahmanSL]

Hey "along"....U masi cuti keh???? Jagan2 account hangus lagi!

This reduction of leverage (from 1:500 down to 1:100) and increased of spread 3 times by one of my broker (which I used for scalping) is killing me. And I dare not use the other two accounts for scalp trading as I know very well situations can become critical especially in thin market like what we having now.
However, I have entered some long trades on Silver & Gold today on the dip and intent to keep them for the ride up to Santa Claus headquarters.

I have been keeping myself busy by being further educated over at PipHut.com and will most probably signed up for their "PipHut Pro" second week of January 2012, when market returns to normal, as their monthly subscription fee is very reasonable and their services (based on their live chat room forum) should be up to my expectation.

Cheers!

 

[along]

ye la Rahman,

Just skipped the market, to slow with high spread, Audchf trading at averaged 12 pips yesterday. but today I just bought gold at averaged 1595. see if I can ride it with you to santa office. hehe I just opened an account, under IAFT affiliate link. I will email it to you sooner, right now waiting for verification. but you have to download trading point mt4 to have a look on it.

you did a lot of reading lately, hehe should mastered the elliott wave by now, please have a look to this site also, one of my favorite, can learn a lot from it Nial Fuller | Learn To Trade Forex with Price Action Trading Strategies. this is the place where I learned to trade using naked price before. s..t I should refresh myself with this again..

should buy more gold, look very healthy, moving to 1600 now...

c u bebeh