FXOPEN-END Discussion

Thanks Will, I also use S&R , beside simply indicator 3 EMA (Close,High,Low) using periode 34. Some fundamental also can be a good point to entry the market.

September 1st, 2010

GBPJPY- Damage Control:

 I figured out how to mirror Arbatov's trading system. Unfortunately, the consequences were unpleasant.
 What I learned from this mishap is exactly what I tell others, 'Don't worry about what other traders are doing, Just trade your own strategy.'

I started to panic due to the lack of margin and a 100 pip free fall seconds before London Session closed 24 hours ago.

I started to liquid my positions (Long on GBP/JPY) and transferred funds from every possible source possible, in hopes of saving this account.

Following the Asian session, I was able to hedge my existing positions, allowing me more time to add more funds if needed, and most importantly, allow some needed breathing room to plan for my escape.

The hedge worked out in my favor, but unfortunately, I released the offset not at the best time and I had to fight through the GBP PMI release. I had time to monitor the positions and after liquidating some of my Long Positions and adding more free margin, I had nothing more to worry about.

15 minutes before I went to bed, I had setup up iDRAW and iMANAGE to automate my exit plan. I had pending shorts (just in case GBP/JPY wanted to move lower-Hedge) and pending longs( a few more .1 lots) setup based on my technical analysis.

I woke up with a very pleasant out come. iMANAGE setting were a Little too tight and Take profits were hit prematurely, however, profits were locked in and I benefited from the London/US move.

I normally avoid the Beast (GBP/JPY) for good reasons and after pulling my hair out for the last 48 hours, I'll let Arbatov tackle the beast on his own. Good Luck to all the traders out there. And, learn from my mistakes.

 Don't worry about what other traders are doing, as it will only hinder your own success.

Wow, that was bad timing.

How did you manage to mirror Arbatov's trading?

With no indication of position size, trade entry time or exit strategy surely that's not possible.

Good recovery though!

 

I figured out his Lot sizes by determining his Pip gain vs equity growth in the beginning stages ( I didn't mirror his compounding method). If the trade is in his favor from the beginning, he is happy with that position, but if the DD increases he will add another position. Determining his exact entry wasn't needed. I could easily tell his direction by DD however, the trades that I did mirror were not favorable and the DD was 100+ pips which is not suitable for my methodology.

As far as exits, He uses a similar S/R levels that I use, which is no surprise. As far as his entries, its a combination of trend following and s/r to say the least. Of course I dont know his fine details, but like most success traders, they are confident in their analysis, and are willing to hold positions as long as needed until proven otherwise. With the InstaPamm monitoring, Myfxbook DD, and keeping track of his pip gain and trade count, I was able to determine most of his method with the bad trades and good trades.

Thanks Steve. I'll be contacting you over this weekend with some details.

I shall look forward to it Will

So, steve and will...
both of you always monitor arbatov system.
I've some small amount on his pamm insta, and i hope he get recovery soon after his bad trade few days ago.

Wow Will, that is some amazing trading. To be able to scalp with this kind of accuracy is mind boggling. I have always wanted to be able to use scalping as a means to complement my current trading approach. Unfortunately i could never find the time to put into watching the screens. I always fought that the only way to learn to scalp profitably is to watch the screens until you get a feel for how a particular currency behaves at certain levels/times. I'm curious, what time frame are you using for your scalps? Good luck to you and grats on a great trading method!

ser01 posted:
   . Unfortunately i could never find the time to put into watching the screens.

Yes Ser01, You said it... Its all about screen time. I've used TIck charts for a very long Time. I enjoy scalping because I can earn a nice return quickly without much market exposure. Swing trading with 50-100 stoplosses often lead to unnecessary market exposure, unavailable margin, and success is dependent on Risk/reward, patience, and probability. Scalping successfully is also dependent on these 3 keys factors, however, I have little market exposure and fast turn around.

The videos below are only for promotional purposes only and you will not learn anything.

Scalping NONFARM Payroll.




I choose to scalp, because I sleep better knowing that I made a few pips and I do not have to worry about uncertain market conditions.

I can easily turn many of my scalps into swing trades, and sometime I leave a small portion running for a swing, but mostly, I am in and out and off to the next trade setup. I like to keep my margin available for another trade and not tide up with some slow moving market.

Anyone can learn to Scalp...The scalping opportunities are endless.... its just up to us to determine how much time you want to devote into watching the Market. We learn to watch the market at the best times to make our trading as efficient as possible. While someone may sit down for an hour making an analysis for their strategy, I sit down, read some news, check the new releases, watch Price action for 15minutes and I already have a trade on. It is becoming easier and easier and finally after 10,000 hours of screen time, the effort is paying off. 😄

Will, your approach sounds solid, very focused and like a real business. Which is the only way to make a living from the markets.
I was under the impression that you use MT4. I do not use the platform, but from what I remember it does not support tick charts, 1m being the lowest timeframe. Are you using a different charting package to make your trading decisions and use MT4 just for execution?

Info: and Comments about Dukascopy MT4 Bridge: Purpose: To display your trading activity on Myfxbookl for Dukascopy users.

*Dukascopy Jforex can communicate with Metatrader through a bridge. Therefore, you can make all your trades on a Demo or live Metatrader platform and your trades will automatically be executed into your dukascopy platform.

*By using this bridge, you can monitor your statistics through Myfxbook. I would recommend using a ECN MT4 platform like ATC Brokers, and just use their Demo account for the bridge. As of right now, its the best solution.

Finally received the funds.. I was going to leave some funds and keep this account going, but it is time to move on..

September 1st 2010, = A lot of Pips and even more questions.

I was Long GBP/JPY the same time Arbatov was Long. He had a margin call while I was able to survive the volatility. The 'Beast' as many traders know it as, had some crazy trends and uncertainty. I had to withstand a 120 pip Lond Close selloff that happened in 3 mins, resulting in liquidating a few positions preserving the safety of my account. Once, support was tested several times, I started to place many smaller positions, while anticipating a rebound. I used a hedging offset if the trade dropped lower this time, and I had placed more Long pending positions above, as I waited for a break out. I had to go to bed as I can not trade the lond session every day from living in the US timezone. I set up my trading tools and went to bed. GBPJPY broke out north, hitting all my pending Longs and resulted in a 1800 pip gain in a day. I do not recall the amount of lots in total, but it did result in a nice Burst of profit. The drawdown was unaccepted, consequently, resulting in a stressful situation with hard decisions to make.

From my trading experience, I was able to recover very quickly(48 hours) from this trade that most traders would perish from.

The Huge amount of pips were from the .1 lot pending orders, and from the small positions that I was building Long, while the GJ consolidated before the rebound.

After closing down my Gomarkets account, I decided to add some funds to this account to finish up this week. All my positions are closed and I have requested a Full Withdraw. I should have the VantageFx Account up and running first thing next week.

Pulled Funds.

Thank you for your encouragement in my comments section :) I see you have experience down this path.

Damon posted:
    Thank you for your encouragement in my comments section :) I see you have experience down this path.

Yep. I've heard it all. Nothing new on this site. ! best luck with your venue

Drawdown 100%?
https://www.myfxbook.com/members/pipinvestment1/rv-markets/58452

Drawdown 60.53%?