An insight into a Forex trader

So a pleasant surprise today when I was checking my rebate account with cashbackforex. I’m extremely glad I made the effort to open my trading account through them as it seems it’s a worthwhile venture.

It’s not going to set the world alight but neither I am trading huge amounts. I traded 126 lots over the course of June which lasted longer than the minimum of 5 minutes required to acquire the rebate. Also my broker isn’t the friendliest for rebates only offering $2 per round lot but their spread makes up for the low rebate compared to other brokers. As I hopefully keep increasing my account each month it means my rebates will also get bigger and even if I stayed at the same level for a year, an extra $3,000 isn’t to be sniffed at for doing absolutely nothing different.

If you’re interested in looking which brokers offer rebates then you can look here. Yes it’s an affiliate link through me which means if you sign up through that link I’ll get a tiny portion of whatever you trade but it doesn’t cost the user anything. If you prefer not to use the affiliate link the standard link is here.

A relatively straight forward trade this morning for TUFXP that managed to supply a nice win. It was pretty much picture perfect in terms of my filters with the stochs turning down from the overbought area right on entry. The indicator I’ve been using as an additional filter also lined up nicely. Everyone who asked for it should have it by now and at some point this week I’ll do a little how-to PDF so you know how best to use it with TUFXP.

I’ve been working on an idea which stirred in my brain whilst in the shower this morning about how it seems most TUFXP trades go into some sort of profit. It was first brought to my attention by Steve in the trading room as he mentioned doing higher lots but less pips. We  agreed that that sort of money management would be incredibly risky but today I went about testing a theory. As with a lot of TUFXP things, the backtesting looks promising but I believe the theory is sound and I have set about live testing it. In backtesting it seems to return around 25-35% a month based on 5% risk and it was nice to see a first winning live trade today. I’ll track it live for several months and if still performing well, I’d like to implement it into my trading.

A blogger has been arranged to test my updated e-book so hopefully within a couple of days the test will begin. It’s not an ideal time with August fast approaching but I’m confident enough for it run through this period and hopefully secure a profit.

Well yesterday wasn’t the best start to the week but neither was it exactly a disaster and only a small loss of 15 pips after spread for TUFXP. My filter method managed to avoid the 2nd loser and I had called it quits by then anyway as I knew it was a bank holiday in the states and only had intentions to trade the morning session.

There was some pretty decent movement on GBPUSD in the morning and unfortunately TUFXP was on the wrong side of it. Here is the first trade which was pretty much a good setup in terms of everything agreeing but in hindsight 1.5200 was always going to be tough to pass on a weaker than usual Monday considering how hard it was on Friday after NFP.

So a small 13 pip loss  (15 after spread for me) and as there wasn’t any more valid trades before the end of the morning session, I pretty much called it quits and only returned a little later to see how everything was looking.

This was the 2nd losing trade that the stochs indicated was pretty deeply oversold and on a weaker than average day, a bounce is pretty common.

I’ve actually yet to have a winner on the filter method for July and I’ve quickly found myself down 114 pips after only 3 trading days but there was a swing of -100 pips in June and the month still ended up close to 300 pips in profit so still plenty of time to recover.

Hoping today can be a little more productive..

And finally…apologies for the new blogger not arriving yet, he seems to of disappeared off the face of the earth…Graham if you’re reading this, do get in touch..

As was the case last time I experienced a good winning run, it came crashing to an end today with a double loss for 63 pips. It’s always disappointing to lose but I am currently taking it in my stride and have put it to back of my mind. Today was also the first day my filters came off worse than the standard TUFXP method. A slightly dodgy long was signalled shortly after 6AM and never troubled the judge and went down the pan.

The 50 SMA was dithering and only just turned blue upon entry so maybe that is something to note for the future.

The next valid trade was interesting in the sense it seemed I was the only one to get the signal live, the other UK users had to refresh to get the PTP. It wasn’t valid for me as stochs were in the oversold area but still managed to win.

Another sell popped up and everything lined up so I took it with confidence and in a sense I kind of messed the trade up. It officially hit TESS scalp but didn’t cover spread, it is the absolute pits when that happens but unfortunately they do crop up from time to time. In hindsight maybe I should have moved my stop to breakeven but I genuinely thought it would re-test it at least. So not the best of starts to July but I’m sure there will be plenty of good days ahead.

Oh and for the totals for June using standard method with 100% fixed stop and max SL of 35, I made the totals +190 after spread and for the filter method a total of +279 after spread.