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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1801 (permalink)
Elite Member
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Been in this trade for 2 weeks now....this pic is of a 6E sim trade I have monitoring the FXCM trade I have on.....I've taken profit once already, then added back on and I added one more yesterday.....I am mirroring this trade in the forex account. The FXCM is trading at $1 per pip as I have no forex experience and I wanted to begin small.....so the FXCM account is up $700 or so, the entries are not 100% the same but they're pretty close....My stop and target are the same though....

The current break even price represents my blended entries as I added and subtracted lots to the trade as opportunity presented itself. Currently I have $900 of closed profit on the futures trade and $250 on the forex trade booked with the trade open as shown. If I closed it now, that would be $5000+ for a two week trade with almost no work.

Initial RR on this was around 5:1....currently its a no risk trade so the worst I can do is stop out at the current stop location. I am thinking I'll get another pull back of sorts, its currently at the break down point from the previous bear trend and then try to break higher from there....If it doesn't break after the anticipated pull back, I'll trail out somewhere between where its at now and the current stop.....if that happens, I think I'll end up with around $2000+/- on this trade for a net of $3000 for three weeks of "work" and about $600 in the forex account.

This is basically a thought experiment and if I really like it, I'll add more pairs, look for opportunity across all currency pairs and size risk appropriately.

On another more serious note, its been enlightening to see how its ebbed and flowed while watching a much higher time frame than I'm used to.....and the idea of allowing it room to breath and not getting excited if it pulls back.....it does help that I stay logged out of the forex account and keep the futures screen minimized at all times....and there's far less volatility in this instrument than CL...so I suppose the parallels aren't quite the same but overall, its been a valuable lesson so far.

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Then I have an article on crude oil for those interested.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #1802 (permalink)
Trading Apprentice
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RE 6E

Nice trading! You've got the patience for 6E - have a look at the dollar index. I stopped trading correlations along time ago but obvious inverse relationship moves a lot like CL but much slower and can give you the heads up for 6E entry/exits.

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  #1803 (permalink)
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Awesome vacation to sunny SoCal with the wife and kiddo....time on the beach is good for the soul.....took the kiddo to see 1D for her bday...OMG....that was to much.....funniest thing I've seen in awhile...oh well, she liked it and I have high frequency noise damage to my ears from all the preteen and teenage girls shrieking for three hours......sheesh....

Back to the grind tomorrow although I have to say by day three I was looking forward to being back to work....its a sickness I know....

I think by next summer I want to have a goal of spending the entire summer in SD....we love that city....no reason not to I guess.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1804 (permalink)
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Forex Update

Updating my 6E trade....this is the SIM tracking of my micro forex account. I track it in Ninja so I don't have to open the FXCM website all the time. I know I can get FXCM in ninja but for now have chosen to do it the hard way...mostly to keep me from micro managing the trade.

I closed out the previous trade prior to leaving on vacation...both because I didn't want to manage it and because I got a legit exit signal on the trade....then prices washed out to the high and low, put a squeeze play on and broke to the high side....my entry wasn't perfect on the break out but close enough......

I am long a single lot in sim, 100 lots live....I think thats .10 per pip..not really sure. Still playing with getting the forex sizing worked out...and I think I will not be adding to this trade any further. If I get a SMALL pullback that does not mess up the structure, I'll add one more perhaps and 100 more in the live account....but thats it until it reaches target......

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1805 (permalink)
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PandaWarrior View Post
I am long a single lot in sim, 100 lots live....I think thats .10 per pip..not really sure.

From my fx days, IIRC, a standard lot is 100K units, which is $10 per euro pip (0.0001). A mini lot is 10K, at $1 per pip, a micro is 1K, at $0.10 per pip, so if indeed you are trading a 100 lot, it is $0.01 per pip, though my guess is you are actually trading a micro 1K lot as it's usually the smallest unit tradeable, however, I have seen some who allow trading smaller.

Good luck with the trade and good to see you buddy!

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  #1806 (permalink)
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josh View Post
From my fx days, IIRC, a standard lot is 100K units, which is $10 per euro pip (0.0001). A mini lot is 10K, at $1 per pip, a micro is 1K, at $0.10 per pip, so if indeed you are trading a 100 lot, it is $0.01 per pip, though my guess is you are actually trading a micro 1K lot as it's usually the smallest unit tradeable, however, I have seen some who allow trading smaller.

Good luck with the trade and good to see you buddy!

I double checked...its the mini lot...$1 per pip....which is what I wanted.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1807 (permalink)
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Forex Update



85 ticks which brings the 4 week total to $4300 or so...after closing out the previous trade...although I consider this to be a single trade sequence instead of multiple set ups....

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1808 (permalink)
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PandaWarrior View Post


85 ticks which brings the 4 week total to $4300 or so...after closing out the previous trade...although I consider this to be a single trade sequence instead of multiple set ups....

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Nice work Brian!!!

Rick

"If you're going to panic during a trade............. panic early."
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  #1809 (permalink)
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PandaWarrior View Post


85 ticks which brings the 4 week total to $4300 or so...after closing out the previous trade...although I consider this to be a single trade sequence instead of multiple set ups....

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What I liked about this trade was this:

1. I had subpar entries...none of them were perfect...due to timing on my part....sometimes I was not awake when the ideal entries happened and I could have waited and gotten better entries but I didn't.

2. My stops were HUGE....at least for me....

3. It took a long time forcing me to wait to be paid.

Lessons learned. Its possible to make money even when things aren't perfect. You just have to have a plan to deal with those things....and in my case, that plan was wrapped up in one short phrase....sit on hands....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; August 9th, 2013 at 10:24 PM.
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  #1810 (permalink)
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PandaWarrior View Post
What I liked about this trade was this:

1. I had subpar entries...none of them were perfect...due to timing on my part....sometimes I was not awake when the ideal entries happened and I could have waited and gotten better entries but I didn't.

2. My stops were HUGE....at least for me....

3. It took a long time forcing me to wait to be paid.

Lessons learned. Its possible to make money even when things aren't perfect. You just have to have a plan to deal with those things....and in my case, that plan was wrapped up in one short phrase....sit on hands....


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