My own challenge to Myself

Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
To start an account with £20.00 GBP and be drawing £2,000.00 a day - before Saturday July 2nd 2016 starting Monday May 2nd 2016.

watch this space.jpg
Hopefully this is the push I needed :)
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
The plan is to use the DAX (germany 30) to bet on as both the spread and margin are only one - with an ADR of 1745 (30) there is plenty of movement to find my four same colour Renko bricks going in the same direction. I only need twenty pips a day if I compound my bets

My biggest worry is GREED and finding something else to do instead - good job the weather has improved :)
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Trading the DAX 30

The DAX index (Deutsche Aktien IndeX), commonly referred to as the Germany 30 by spread betting providers is the benchmark market index for Germany. The DAX 30 also happens to be one of the most overlooked indices by traders. The big markets such as the DOW, S&P and FTSE are well known and spread traded, but the DAX 30 usually finishes up as an also-ran. This is a pity, as if you take time to know the way the DAX 30 moves, you will see that the index is very volatile (more so than the FTSE 100 or the S&P 500) and although not for the faint hearted, it can be quite good fun when you’re ahead! MORE . . .


.http://www.financial-spread-betting.com/indices/spread-bet-dax-30.html
 

Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
A very similar style to my own but using OHLC instead of Renko


Couldn't find his day one video and day two was a washout :(
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 1
105.0 = Today's Range . . . 174.9 = 30 Day Range . . . 5.0 = Renko Brick Size
02.05.2016.png
Mon 2 May 16.png
Not a very good start with me being too eager to place my first trade of the challenge :(

If only I had waited till 11.00 I could have reached my daily target (20) with just the one trade :)

It was once suggested to me that I would be better having a long weekend and taking Monday's off . . . Whilst the markets sort themselves out after the weekend . . . If today is anything to go by I should have.

Decided not to use the maximum available bet size after my first trade mistake - Better safe than sorry

Still 17% for a couple of hours is not to be sniffed at with only £0.10 bets !

Lesson learned: Don't be in such a rush to place the first trade of the day

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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 2
210.0 = Today's Range . . . 173.9 = 30 Day Range . . . 5.0 = Renko Brick Size
03.05.2016.jpg
Tue 3 May 16.pngWould you believe it . . . yesterdays lesson came back and bit me. I decided to do something else whilst I waited for the market to settle and look what I missed :( Then to cap it all it spent the rest of the day in a squeeze and I was lucky to get my 22 pips.

Have now more or less decided to only go SHORT for the foreseeable future.

Even if I had been with my charts at 09.00 I am not sure which of the pull backs would have finished my day - maybe around 60
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Cannot bet 0.24 (see yesterday) it has to be 0.20 (3 decimal places on Monday was a mistake)

Can only bet in units of 10p (0.10) with that being the minimum bet size with GKFX

Even if the calculation is giving 0.29999 the max you can bet is 0.20


Which plays havoc with my profit calculations :(

It does however give you more leeway before the dreaded Margin Call

Showing the 2nd decimal place gives me an indication as to how far away the next 10p jump is


Pips (open price - close price) are also rounded to the nearest 1
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Would you believe it . . . No sooner had I posted the above then this happened

M5.png

End of the squeeze (Magenta Dots) !

C'est la vie :(
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 3
150.0 = Today's Range . . . 173.0 = 30 Day Range . . . 5.0 = Renko Brick Size
04.05.2016.png
Sorry but I had to reduce the size so I could upload :(

Wed 4 May 16.png

First time I was able to get my 20 in one trade and reasonably early in the day - 25% for less than an hours work :)

Makes me laugh these traders who are so chuffed after they made 4% in a DAY - chuckle

Day 3 and I am already 75% up

Have now included in the spreadsheet how long the trade lasted - 56 minutes today - Finished by 09.30 UK time :)


Yes I could have hung around and possibly picked up some more pips - there's more to life than pips

Besides, could just as easy lost ALL my gains.

"A bird in the hand is worth two in the bush"

Biggest account killer is GREED not knowing when to stop.
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 4
119.0 = Today's Range . . . 170.0 = 30 Day Range . . . 5.0 = Renko Brick Size
05.05.2016.png
Unfortunately for whatever reason the chart for the account I was trading was incomplete - most strange :(

So I had to create the above using a different account - meaning the terminal was incorrect.

I was done and dusted before Tokyo Close (11.00 chart time) and have absolutely no idea what caused the spike afterwards.


Thu 5 May 16.png
30% increase for 22 minutes works for me and the original stake has more than doubled (Total) :)
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Why I bet on the DAX over Currencies
  1. Low spread of one
  2. Low Margin of one
  3. High ADR (circa 170)
  4. High Volatility
  5. Safe bet to find 20 in the same direction
Why I use Renko over OHLC
  1. Pure Price Action
  2. Takes all the market noise out
  3. Easier to read charts
  4. Bricks are all the same size
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Worst Case Script

Can anybody please point me to "Worst Case" script.

Armageddon.png

If for whatever reason I don't have a SL in place or I just took my eye of the ball I would like to know my back is covered

Worst case = Market has turned and I am heading for a margin call :(

I would like a script to close my account at a pre set Armageddon level (my original stake) before the margin call

Least then I COULD start again and am no worse of - apart from time and pride

PS . . . Has to work in £'s and not Lots
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 5
180.0 = Today's Range . . . 168.9 = 30 Day Range . . . 5.0 = Renko Brick Size
06.05.2016.png
A lot of Price Action today which equals a lot of bricks which equals a lot of information to squeeze in.

Clear to see the effect of NFP on the chart

New York Open to Chicago Open is the same as Frankfurt Open to London Open & Frankfurt Close to London Close = One Hour

London Open to New York Open = Five Hours

The Whole Chart = Fourteen Hours

Fri 6 May 16.png The Green £14.12 was where I had to tweak the figures for it to agree with the Terminal - Balance the books - No idea WHY !
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 6
195.0 = Today's Range . . . 170.5 = 30 Day Range . . . 5.0 = Renko Brick Size
09.05.2016.png
Mon 9 May 16.png
I kept out of the Monday morning session because I thought it too risky - wonderful thing hindsight :(


Had hoped trade 011 would have gone further before the bigger than expected re-trace - But it did give me my 20 target

GR££D however stepped in for trade 012 followed by stupidity for 013 which is still running - could it be unlucky 13 ?

WHY ? . . . Don't I listen to myself
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
Day # 7
195.0 = Today's Range . . . 170.5 = 30 Day Range . . . 5.0 = Renko Brick Size
10.05.2016.png
Mon 09 May 16.png
What a Mistake . . . should never have kept going once I had my daily quota.

Kept hoping there would be enough margin to carry me through to London Open.

The things I should have done but didn't . . . hopefully lessons learned

Don't be GR££DY . . . NEVER leave overnight . . . Cut losses asap


Could have been a lot worse than minus £11.03

H'mmmm
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Maverick

Master Trader
Apr 3, 2014
323
3
79
Bournemouth UK
This is exactly why I need an "Armageddon EA" so I couldn't lose more than my original stake. Yes I would still have been sick at having a "Margin Call" BUT at least I could have kept going with my initial deposit :)

Tried to add the £11.03 to my account to take me back to £20.00 BUT my broker won't allow less than £20.00 deposit

C'est la vie


So I have failed with my original task :(

To start an account with £20.00 GBP and be drawing £2,000.00 a day - before Saturday July 2nd 2016 starting Monday May 2nd 2016.
But I will still keep going hopefully a little LOT wiser
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