10.4 A Complete System

[VirtualFM]

The music stopped and I was left without a chair!

That was funny!

I can rebuild my account, but the only one smiling today is my broker. I over-traded - simple as that, and because I was unable to access my account for 14 hours, I bled dry.

I really hope I was the only one on the thread that got cleaned here.

Unfortunately, no... I got wiped as well during the night. I'm down to about 40€ on my real account. Don't think there is much I can do now with that...

[kwanann]

The music stopped and I was left without a chair!

That was funny!

I can rebuild my account, but the only one smiling today is my broker. I over-traded - simple as that, and because I was unable to access my account for 14 hours, I bled dry.

I really hope I was the only one on the thread that got cleaned here.

Unfortunately, no... I got wiped as well during the night. I'm down to about 40€ on my real account. Don't think there is much I can do now with that...

Not sure whose signature was it, but I will always remember that wise traders manage risks, noobs chase gains. Didn't realize it until I lost my first account and nearly wiped out my second. Now I trade ultra conservative, not even close to 1c per 100$ like what nb does. Probably something like 1/2c per 100

Also I think I found a nice way to hedge losses, will put in a subsequent post to demo(that's what I did with a wrong buy gold position), tricky but it worked

[nanningbob]

To those that survived this mornings blood bath, you have buys and sells all over the place. Pick and choose and remember it is Monday, we know we dont have big moves on Monday. Right??

*looks at the pip move from GMT+0 opening to the low of the day*

I was expecting a retrace but not this. Even gold is below 1500 now. JPY bond are up. Who would want to buy a 30 year bond anyway? Some things about economics I dont understand. However, what has changed? Has the fundamentals behind JPY changed? NO. Other currencies though are shifting around and I dont know quite what to expect from them. Almost all my trades will go into the JPY back into its trend. The other pairs that have jumped around I will let them settle.

Gents, I kindly advised (last Friday see page 323) to be careful before going long xxxjpy..and to sell gold instead...may be my explanation was too technical (JGB yields, Japanese Lifers, etc I'm an macro FX hedge fund guy...) but the thing was a lot of option jpy bullish structures went through the market last Friday so buying xxxjpy was like fighting against smart money....now these option strategies will be unwound soon and that profit taking would help xxxjpy to go higher again...by all means the trend is up big time....
Congratulations Bob for this smart strategy...you deserve a seat in our desk

Well I got lucky, I am beginning to understand Macro-fundamentals. I am not there yet but I now know where to look for them. I usually get burned by this stuff but swing up, swing down, I have learned to trade so I can trade another day. Even though this downturn was much bigger than I expected and i will admit I have more open positions than I should I still am sitting with an account I can do something with. In other words I can still trade. I see these double and triple bottoms forming on the 4H chart and I am pretty sure the worst of this run is over. If not I still have room so I have learned this lesson so many times the hard way. The only reason I am not in trouble is most of these big moves came off of 1 or 2 levels except gbp/jpy. Now I can add 2-3 levels when it moves back up and clear this mess out. It may take me most of the week but I know I can do it. Man I didnt expect this big of a reaction on a Monday. But JPY does act this way and has done this in the past so I shouldn't be surprised. Anyway I have one more year in China and then want to go back home. Will see what's next on the schedule then. Hopefully a couple of successful years trading Forex and then retirement.

[nanningbob]

The music stopped and I was left without a chair!

That was funny!

I can rebuild my account, but the only one smiling today is my broker. I over-traded - simple as that, and because I was unable to access my account for 14 hours, I bled dry.

I really hope I was the only one on the thread that got cleaned here.

Unfortunately, no... I got wiped as well during the night. I'm down to about 40€ on my real account. Don't think there is much I can do now with that...

Not sure whose signature was it, but I will always remember that wise traders manage risks, noobs chase gains. Didn't realize it until I lost my first account and nearly wiped out my second. Now I trade ultra conservative, not even close to 1c per 100$ like what nb does. Probably something like 1/2c per 100

Also I think I found a nice way to hedge losses, will put in a subsequent post to demo(that's what I did with a wrong buy gold position), tricky but it worked

half cent per hundred is good. Like I posted earlier I downsized to .75 per hundred and have shaved some trades down to .50 per hundred. 20% DD is my limit and when I hit that I will take 3-5% off the top and keep it below 20%. I have found I can recover a 20% DD but after that it gets really really tough. But you are doing very good at 1/2% per hundred and actually the bigger the account the smaller that should be. If I had a 100,000 account I probably would trade 1/4% per hundred. So I wish guys like you would speak up more about trading size. They need to hear it from more than me.

[grimweasel]

JP Morgan sell Silver short for the US Government. The USG then makes up their losses. As they are selling the paper metals market short they are at the same time building up huge positions in long physical silver. They are knocking down the paper market to be able to buy more physical at lower prices.

The market is rotten. All the signs are there for a significant correction in the S&P500 but it defies gravity and climbs daily. It's a classic bubble. Dr Copper has shown us for a few months were this market is heading. Very soon global equity markets will tank and there will be nothing the Feds can do about it.

In this situation the usd and yen will gain and everything else will tank. Expect aud and nzd to be hardest hit. The S&P will not be able to hold up that much longer....just look for significant selling on strength numbers on the WSJ markets page. As soon as you see those large numbers being printed you know the smart money is offloading into the rally...

[kwanann]

The music stopped and I was left without a chair!

That was funny!

I can rebuild my account, but the only one smiling today is my broker. I over-traded - simple as that, and because I was unable to access my account for 14 hours, I bled dry.

I really hope I was the only one on the thread that got cleaned here.

Unfortunately, no... I got wiped as well during the night. I'm down to about 40€ on my real account. Don't think there is much I can do now with that...

Not sure whose signature was it, but I will always remember that wise traders manage risks, noobs chase gains. Didn't realize it until I lost my first account and nearly wiped out my second. Now I trade ultra conservative, not even close to 1c per 100$ like what nb does. Probably something like 1/2c per 100

Also I think I found a nice way to hedge losses, will put in a subsequent post to demo(that's what I did with a wrong buy gold position), tricky but it worked

half cent per hundred is good. Like I posted earlier I downsized to .75 per hundred and have shaved some trades down to .50 per hundred. 20% DD is my limit and when I hit that I will take 3-5% off the top and keep it below 20%. I have found I can recover a 20% DD but after that it gets really really tough. But you are doing very good at 1/2% per hundred and actually the bigger the account the smaller that should be. If I had a 100,000 account I probably would trade 1/4% per hundred. So I wish guys like you would speak up more about trading size. They need to hear it from more than me.

Bob, just wondering though, say you had a 1k account, does that mean each trade is .1 lot or you trade a total of .1 lots?

For me it's the latter unless I have very very strong reasons to upsize my lot. Even then it does not go about 2% per 100 per trade.

I have a 500$ account from profit after taking out my all my initial funding. Trying to double it slowly. Had a nice run with yen, which got screwed up by buying gold. Managed to get some back selling gold but still far off from where it was after profiting from yen.

One other thing to note, I now trade with a SL. Combining CJ and my variation of 10.x, I.m able to get into a trend on retrace with a very tight SL, if I miss the retrace by more than 40pips I.m giving the trade a miss. This way, I minimize my losses and increase my r:r ratio

Lastly never let losses run, even with 10.x when something doesn't seem right, it's probably not right. Kill it instead of hoping that it goes your way. 50% of the time it will go your way and you would curse and swear. But think of the other 50% that didn't go your way and would have helped to wipe your account

[Gertje]

More like 0.01 lot /per $1.000/per trade with a broker offering standard lots.

Bob, just wondering though, say you had a 1k account, does that mean each trade is .1 lot or you trade a total of .1 lots?

[tomasbelada]

AUD/USD looks like a good low-risk opportunity for placing pending buys. What do you think?

[Chris]

Ingot54,
thanks for the posts. I am doing better then I have in past years, normally I traded with such leverage that a move like this would wipe me out, but all in all I could close out right now and be Okay. The markets are crazy and it takes a long time to learn to trade them, I am still learning. I do think I need to watch a little closer at how much risk I am taking on. I think I am doing better with that but there is still room to improve.
Either way this is a great thread with lots of support. Thanks everyone for your input.

[tboy]

AUD/USD looks like a good low-risk opportunity for placing pending buys. What do you think?

I'm pending at 1.0430 i.e. DS2