10.4 A Complete System

[grasshopper]

I am struggling with mm. I want to understand.

NB "You also remember I　only trade five cents per thousand of account so if I trade bigger .............................. I know what would happen ........................ the same thing that always happens whenever I start to trade bigger....................... the leprechaun comes out and steals my pot of gold. Thats what happens."

Five cents * 10,000 = 500 per trade or combined?
Is this stop loss or lot size?
Thank you.

[TraderDesk]

Hi guys from sunny Greece. Trying to work from a small laptop while on vacation.

I am going long on GBP/JPY from current levels and will be adding on DP and each level above... Looking to take first profit on WR1.

10.4 does not show a buy as price is below 240ma and JPY is still above GBP but as I have noticed in the last 4 months JPY starts to weaken around the first week of the month. Probability is it will happen again according to daily CSS so I am looking more at the probability of a repeat.

If PA continues to go down then I will reevaluate my trades accordingly...

[kwanann]

I am struggling with mm. I want to understand.

NB "You also remember I　only trade five cents per thousand of account so if I trade bigger .............................. I know what would happen ........................ the same thing that always happens whenever I start to trade bigger....................... the leprechaun comes out and steals my pot of gold. Thats what happens."

Five cents * 10,000 = 500 per trade or combined?
Is this stop loss or lot size?
Thank you.

Example, your account has 1,000, so each trade will be 0.05 lots

Your account has 10,000, each trade will be 0.5 lots

[grasshopper]

I am struggling with mm. I want to understand.

NB "You also remember I　only trade five cents per thousand of account so if I trade bigger .............................. I know what would happen ........................ the same thing that always happens whenever I start to trade bigger....................... the leprechaun comes out and steals my pot of gold. Thats what happens."

Five cents * 10,000 = 500 per trade or combined?
Is this stop loss or lot size?
Thank you.

Example, your account has 1,000, so each trade will be 0.05 lots

Your account has 10,000, each trade will be 0.5 lots

Thank you. That makes sense, and one could scale in those positions.

[kwanann]

I am struggling with mm. I want to understand.

NB "You also remember I　only trade five cents per thousand of account so if I trade bigger .............................. I know what would happen ........................ the same thing that always happens whenever I start to trade bigger....................... the leprechaun comes out and steals my pot of gold. Thats what happens."

Five cents * 10,000 = 500 per trade or combined?
Is this stop loss or lot size?
Thank you.

Example, your account has 1,000, so each trade will be 0.05 lots

Your account has 10,000, each trade will be 0.5 lots

Thank you. That makes sense, and one could scale in those positions.

I believe jeremy created a separate thread on the best way of scaling. Just be careful about the stacking, putting up 10 0.1 lots is equivalent of putting up 1 lot, if it goes the wrong way, you will be burnt still

[nanningbob]

Are the Ignorefuture settings the same on both?

J

All the ignore settings are set to true. The usage is different here than in 10.2. The indies are set up differently.

[nanningbob]

I am struggling with mm. I want to understand.

NB "You also remember I　only trade five cents per thousand of account so if I trade bigger .............................. I know what would happen ........................ the same thing that always happens whenever I start to trade bigger....................... the leprechaun comes out and steals my pot of gold. Thats what happens."

Five cents * 10,000 = 500 per trade or combined?
Is this stop loss or lot size?
Thank you.

Example, your account has 1,000, so each trade will be 0.05 lots

Your account has 10,000, each trade will be 0.5 lots

Thank you. That makes sense, and one could scale in those positions.

I believe jeremy created a separate thread on the best way of scaling. Just be careful about the stacking, putting up 10 0.1 lots is equivalent of putting up 1 lot, if it goes the wrong way, you will be burnt still

I scale in differently than some of them that trade. I go from line to line and will profit. I try to not have more than 2 open positions going on a currency pair, sometimes doesnt happen, but that is how I normally trade. I go one position line to line and if the market moves during a session I will have 2 and really big moves 3. If I am carrying more than that I feel I have too much committed in case a sudden reversal or spike ruins my position and DD. Like the JPY did last week. As long as I have only 1 or 2 positions going on a pair, I am in very safe secure territory MM wise and I can literally trade as many trades as I want. With 27 pairs on the board it is not unusual for me to have 15-30 trades going on at a time. It is why I can have a lot of pips flying but not be in big DD.

[Gertje]

I am struggling with mm. I want to understand.

NB "You also remember I　only trade five cents per thousand of account so if I trade bigger .............................. I know what would happen ........................ the same thing that always happens whenever I start to trade bigger....................... the leprechaun comes out and steals my pot of gold. Thats what happens."

Five cents * 10,000 = 500 per trade or combined?
Is this stop loss or lot size?
Thank you.

Example, your account has 1,000, so each trade will be 0.05 lots

Your account has 10,000, each trade will be 0.5 lots

Thank you. That makes sense, and one could scale in those positions.

ERRR, 5 cents per $1.000 balance is 0.005 lots [that don't exist]
1.00 lot = $10,00 per pip
0.10 lot = $ 1,00 per pip
0.01 lot = $ 0,10 per pip
0.001 lot = $ 0,01 per pip

So to follow Bob's MM, you need eather $2.000,- balance to trade 0.01 lots or a broker that offers mini-lots such as Instaforex.

[kwanann]

Yes agreed, that is how i'm doing it now too. I add in all my pendings, then TP at every line on the H4 or every 2 lines on the H1, this way the DD is quite limited. Of course the profits are limited as well.

I'm now trying out something slightly different. Closing all my trades (open as well as pending) halfway thru each trading session. i.e there will be positions that is closed in -ve, but overall position is +ve.

Just finished with trading the EUR session, closed all my positions and net gain of 6% from both asian+euro.

I trade a mix of 10.5 and CJ, with CJ having higher precedence (sorry bob)

For JPY pairs, i have been quite successful today following 10.5 rules i.e sell xxxJPY pairs since they are below the 240, and then add in pending buys (ala CJ) at the bottom few lines where i expect them to go. Not everyone is able to hedge, i can so i'm going to make the best use of it.

I also take profits off the table when i see some nice ones e.g those with 40, 50pips in the green. No point letting them go to waste. Since i have up to 3 orders per pair at any one time, taking one off reduces my exposure and the profits stay securely in my account

So far didnt see a need to set hard SL, when things don't go my way i will take a look at the pair and decide whether to kill it or not.

e.g AUDUSD, during the news event spiked down thru the DP, triggered the 10.5 sell and spiked back up. This is a classic CJ scenario so i killed it on the spot and took out all the pending sell below just in case.

For others, if i see it as a retracement, i will stack positions in when i see pins forming, this is especially true for yen pairs.

I also trade more conservatively, 1c per 1000, so the DD doesnt really scare me

[kwanann]

ERRR, 5 cents per $1.000 balance is 0.005 lots [that don't exist]
1.00 lot = $10,00 per pip
0.10 lot = $ 1,00 per pip
0.01 lot = $ 0,10 per pip
0.001 lot = $ 0,01 per pip

So to follow Bob's MM, you need eather $2.000,- balance to trade 0.01 lots or a broker that offers mini-lots such as Instaforex.

LOL i'm reffering to mini lots. Balance depends on your leverage, i'm using 1:500 so each 0.01 lot just costs me $2 in margin. Doesnt really affect me alot

Not sure about the leverage and swap issue, for fxprimus, it seems no matter what leverage you use, the swap stays the same, i believe its the same for GP(?)