Vee has it spot on. USE THE TECHNOLOGY THAT'S PROVIDED. Look at how lucky we all are. 20 years ago a) almost none of us would be in business as FX just wasn't available to the average man in the street, and b) we could only dream then what we'd all ...

Building an equity millipede

That's the key, that's why 10 basis points risk per trade can make sense for some traders. However, you need to try and do a fair amount of trades a day using such a low risk, let's say somewhere in the 4-10 region. Stacking is THE KEY, when you get ...

Building an equity millipede

The curse of the unchanged stop! Losing on a trade is no big deal, it's what we as traders expect some (or most) of the time. But putting a good trade on, seeing it 35 ticks in our favour (now move stop to breakeven) and then the market quickly ...

Building an equity millipede

I haven't forgotton the spreadsheet, it's still coming!

Building an equity millipede

Suntan If you cannot look at the markets intraday then you can't look below the Daily for entries. What I would do in your situation is look for stack on the daily chart with my outlook really long term, ie holding trades for 1-10 years. So continue ...

Building an equity millipede

For time stops the 3 period rule is as good as anything. Say you entered via a 60m chart 3 periods is therefore 3 x 60m If the move hasn't happened by then, consider covering the trade which will ususallly be a small profit or loss If it's a small ...

Building an equity millipede

I translate it as - There is no method because nothing can be relied on all the time. Sometimes price action works great, sometimes it doesn't. Sometimes technical indicators are the things to use, othertimes they're 100% wrong. The point I think he ...

Building an equity millipede

My thinking on this is that because 10 basis points risk is so low I better try to soup it up where possible which is why I divide risk by stop amount. For example, risk £100 on the Euro with a 12 tick stop and the trade amount is 103k, risk 19 ...

Building an equity millipede

Vee The 0.1% is actually on realised balance, ie only the hard cash inh the account so no mark-to-market profits are taken into account. Personally I have a problem with mark-to-market (MTM) profits in that they're an illusion. If you want proof try ...

Building an equity millipede

I wish I could do the calculation in my head. I have it on a spreadsheet but it's all connected to other parts of a bigger spreadsheet so I'll program up a simple one pager over the weekend. Note, it will be for cash FX, not lots. It also calculates ...

Building an equity millipede

Yon, thanks but I 'was' suffering from info overload but then I threw out my higher timeframe hindsight and just concentrated on the current price action. It's not that the higher timeframe hindsight isn't good, it's just that I was following too ...

Building an equity millipede

One of the reasons why I don't use bigger timeframe hindsight is because it takes my eye and mind off what is happening RIGHT NOW to price. Say, big time monthly hindsight down. That means we're expecting further falls OVER THAT MONTH. The potential ...

Building an equity millipede

Stopped on my USD-JPY. Not looking too good am I But at least I'm PARTICIPATING. 1 breakeven and one loss, losing money for the day so far, perhaps all my trades will be breakeven/loss today. That's going to be the norm when you try to be ...

Building an equity millipede

The USD-JPY trade isn't working out that well, small offside at present at 4-5 ticks. If the setup at around 9.20am UK time was any good it should have worked right now. Can one use a time stop? Sure, it's often not a bad idea, what I usualy do is ...

Building an equity millipede

And on that EUR-AUD let's not forget the potential support around the open of this 240m bar (it's going to close in 8 mins). 1.2481 is therefore marked on my chart. If we get a bounce on the 5m from that level I'm going to risk 10 basis points on a ...

Building an equity millipede

EUR-AUD Strong move through the resistance around 1.2490 basis 60m chart I'm not long this one, but will try to put something on if price comes back to test the breakout level It's worth a shot with 10 basis points isn't it? I know my risk, but what ...

Building an equity millipede

Just got stopped at unchanged on the Euro, is this going to turn into a run of 10-20 trades that either breakeven of get stopped out. It's got a chance but then the potential loss is going to be no problem, 1%-2%. That loss is so manageable that if ...

Building an equity millipede

Stop on the USD-JPY trade by the way is 88.31. If my account was £100k then I'd risk £100 which would be a position size of 108k. If you however wanted to buy a touch more insurance and have a bigger stop, perhaps 88.36 then the trade would be 78k.

Building an equity millipede

Here's another trade I've just done. USD-JPY All sorts of hindight up on this one But then I've just gone short because YOU NEVER KNOW and moves can start from ANYWHERE Big move on the day, maybe there's a load of shorts covering, maybe it's genuine ...

Building an equity millipede

Here's an example of an agressive trade on the Euro. Forget about your hindsight on the monthly and/or weekly it's just not relevant if you want to try and build a nice size position. Sure, smetimes it will help, but other times it won't and when it ...

Building an equity millipede