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Blog Archives » November 2006My Current StatusI've got some more cash in my forex trading account, still nothing huge, though at least if I do well I might make a little bit more money :) My current status is that I'm not trading very often, my currency of choice is the EUR/GBP which is not really very volatile... meaning I need to wait a long time between trades. At present I'm waiting for the big upswing, which hopefully this time will go further than the last couple. During the last few days I've made a few small preemptive buys, though they've been stopped out :( I had a limit buy which was filled at 0.67110, I was hoping that it was placed high enough for it to be on a breakout, though I just managed to catch the top of a spike. Latest progress plus more...It's good when you make profitable trades, I've made a few the last couple of days which is great for morale... of course when there is a big trend it's probably not that hard to take advantage of it... One thing I have had a little bit of trouble with is coming in at the end of the big intraday moves, then sweating on it until the next big move which sends it profitable. I've also progressed from the EURGBP which is pretty predictable though the moves are much too slow and too far apart to the more volatile currency pairs, such as EUR/USD and GBP/USD, I'm also having some success with the USD/CAD. I think that my money management system is probably overly safe, I'm using 20:1 leverage and never risking more than ~0.5% (I don't make it exactly that, though it's always about that or less) of my capital... Will I make massive short term profits? pretty unlikely, though as long as I don't do anything stupid (I probably will) I'm fairly certain that I'll survive and thus far my percentage gain (realised P/L, not including interest earned on the money in my trading account) is more than I would be making with the money in the bank. In other news, I'm getting a couple of trading books for christmas, They are: The Encyclopedia of Trading Strategies and Professional Stock Trading: System Design and Automation... My wife won't let me open them (only the second one has arrived thus far) until christmas (to keep me thinking about this stuff I've been reading Pairs Trading: Quantitative Methods and Analysis (Wiley Finance) I'm also looking for a good program (did I mention that I'm a cheap bastard?) with which I can test and develop my trading strategies before going live with them. I've posted before about Metatrader, well I'm no longer all that impressed by it. I really wish they had just added a decent scripting language (eg. something like Python) and not made so many assumptions/restrictions about how people can use the scripting language. I'd like to mention a trading program which has been developed in Python, it's called iTrade which looks quite good (for pre-alpha software), if I can't find a good dev/testing environment (read below), I may build one for iTrade. The latest program that I'm trying to get a demo copy of is QuantDeveloper, it looks like it is a proper dev environment so I'm really looking forward to using it, only problem is they aren't giving downloads anylonger (apparently they're restructuring their business). Traders Studio is another piece of software that LOOKS good, though from the brief look that I had of their site it looks like they're just trying to profit through the creation of addins/trading systems... which indicates that it's not what I'm after, I'm looking for something that a programmer would want to use, and I want to test it out for FREE. If it does what I want then I've got no problem buying it, though what I want is something that is insanely flexible. permalink - 30th November 2006Archives» Nov 2006 » Oct 2006 » Sep 2006 » Jul 2006 » Jun 2006 » May 2006 » Apr 2006 » Mar 2006 » Feb 2006 » Jan 2006 » Dec 2005 |
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, it's a heavy read, though not bad if you don't try to understand the algorithms on your first read through, the information in it is great for technically minded traders), though needless to say, I'll be busy reading and coding in the new year :)