Kenyuki's BuyZone Trading Blog

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Kenyuki
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21/10/2009

Postby Kenyuki » Wed Oct 21, 2009 10:41 pm

600 Trade:

Image


Well, I just made a rookie mistake here and accidentally placed 2 long orders (don't ask me how :lol:). Luckily, the order was placed on the same direction the market was moving.



Long @ 1.64256, exit 1.6432

Long @ 1.64284, exit 1.64325



Total pips = 11


700 trade:

Image


Short @ 1.6406, exit 1.64135

Total pips = -7



800 trade:

Image



Long @ 1.64174, exit 1.64246

Total pips = 7
Last edited by Kenyuki on Thu Oct 22, 2009 6:43 am, edited 2 times in total.

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Kenyuki
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Money Management

Postby Kenyuki » Wed Oct 21, 2009 11:12 pm

I am attaching my trading plan (money management).

Please note that this is a "perfect world" guide. I am not expecting to hit every time, but I believe this is helpful for me to keep track of the money, and know exactly how many lots to take on every trade.


A few notes:


- I am increasing my lot size by 1 every $700.00 (i.e. everytime my account reaches @ $700.00, $1,400.00, $2,100.00, etc)

- I am expecting an average profit of $6.00 per 1 lot trade

- I am placing three trades a day only


That said, you will see why the first (target) profits are $18.00 ($6.00 profit per 1 lot trade x 3 trades a day). With a lot size of 2 it will increase to $36.00 ($6.00 profits x 2 lots x 3 trades a day), and so on, and so forth.


- Risk is always 7 pips, as default settings on the BuyZone

- Risk per trade is max. 1%

- Risk in pips and PpP (price per pip) columns might look funky (corrections most welcome), but I reckon the amount of profits / losses remain the same

- Also I am aware that I will have to switch to standard lots at some point in time, thus will need to update the ppp


It's interesting to see how you trade with 1 lot for a while and then just skip lots as your account exponentially grows.

Once I reach the first $160 grand I will marry TRO :lol: :smt054 \:D/

Queries / comments most welcome.


Cheers,
Ken
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Patch
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Postby Patch » Wed Oct 21, 2009 11:42 pm

Kenyuki

Great job !!!

Patch
The BZ Pirate
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Kenyuki
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The Chartist's Prayer

Postby Kenyuki » Thu Oct 22, 2009 5:32 am

The Chartist's Prayer:

May my assessment of today's price action be based upon the facts, all of the facts and nothing but the facts.

May I not be influenced by fear, greed or the ill advised comments of others, which may be made in their interests and not in my own.

May I take into account the past history laid before me on this chart and make my assessment based on my knowledge and logic, and not on my emotions


Source: Anna Coulling

__________________________________

This is my Mantra before every trading session. After I place trades, I leave everything in the hands of the pip Gods [-o< (with Stop loss of course :wink: )

I am actually starting to believe this prayer works :lol:

Ken.

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Postby Kenyuki » Thu Oct 22, 2009 5:39 am

600 trade:

Image

Long @ 1.66112, exit @ 1.66166

Total pips = 5

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Postby Kenyuki » Thu Oct 22, 2009 6:14 am

700 trade:

Image

Short @ 1.66136, exit @ 1.66054

Total pips = 8

Made another rookie mistake here again. The price moved so fast the short order got triggered seconds after the hour began. So got confused again and cancelled the wrong trade (which was my exit (buy order) for the short trade that got triggered. So I had to cancel the trade manually @ market price when it reached the target. That is why I bagged in 8 pips instead of the planned 6.

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Postby Kenyuki » Thu Oct 22, 2009 7:10 am

800 Trade:

Image

Messed up with trade entry again.... grrr... entered the wrong price (!!!), that is why I got confused when I saw that the price hit my trigger, but no oder was executed...

Price was again lightning fast so I just acted as if my long entry did get triggered, and got stopped out.

So theoretically, it was a -7 pip loss for the 800 trade. But in reality, I neither won nor lost anything, as my orders did not go live.

TRO, please, how can I enlarge the fonts on the indi? Or perhaps place it somewhere else in the charts as the candles oftentimes do get in the way and make the signals quite difficult to read?

Thanks,
Ken.

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So many trades already

Postby Horizon » Thu Oct 22, 2009 8:04 am

Ken,

Great Blog.. just a suggestion - It would be nice to have the hour line. I sometimes can't see the entry trade.

Ok Well I think seem to be getting the opposite results.

Currently my win / loss ration is 40% and my win to loss expectancy is .48 .. I am I on the road to losing if I don't figure out what I am doing.

Rightly or wrongly I don't like trading paper money. Emotions need to be managed in trading and I don't get emotional about paper money. This is why I react preatty quickly when things are going wrong.

My xls sheet isn't too big to post. It is how I keep a record. but this is my first trade of the day and again I get whiplash

Maybe you have a suggestion or can spot something I am doing wrong because for the moment we are on the same wavelength Ken as for the trading but I am getting different results.

Horizon
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Re: So many trades already

Postby Kenyuki » Thu Oct 22, 2009 9:29 am

Kenyuki wrote:TRO, please, how can I enlarge the fonts on the indi? Or perhaps place it somewhere else in the charts as the candles oftentimes do get in the way and make the signals quite difficult to read?


Or perhaps I will just change the font color, we'll see.


Hello Horizon,

Horizon wrote:just a suggestion - It would be nice to have the hour line. I sometimes can't see the entry trade.


I do not know what is up with this hour line. On the first few minutes it is on the chart but somehow magically disappears as the session goes on. I do not know how to tweak this.

Just focus on the hours 01:00, 02:00, and 03:00 on the chart to see how the price behaves at the open.

Horizon wrote:Ok Well I think seem to be getting the opposite results.


I had that too. I think it is important that you trust your method and believe it is the right thing for you. Of course, getting to the point where you are all set up and comfortable with everything (trading hours, currency pair, broker, platform, money management etc) might take a while. You will encounter quite a few mistakes here and there till you find your way, but just focus on your goal, and always get up when you stumble.

It took me about 4 weeks to get everything sorted, until I got comfortable with my current setup. Actually, as you can see from my latest trades I am still figuring out how to operate the trading platform correctly :lol:. I just need some more practice.

I was also testing BZ on a live account (yeah, with real money) already and had quite a few losses. It does not really matter as long as you are comfortable with the risks, always bearing in mind that the losses are part of the road to gaining consistent profits.

Horizon wrote:Currently my win / loss ration is 40% and my win to loss expectancy is .48 .. I am I on the road to losing if I don't figure out what I am doing.


Maybe keep it simple? I know there are loads to learn here and about forex in general as well. But I now got into the habit of filtering out stuff I do not need to know. Honestly, charts with more than 2 indicators on it put me off now, and I do not even bother to understand them anymore :lol:

As TRO once said, trading is simple. Maybe the professionals really want to give us the impression that it is complicated, because it is quite unproportional to rake in some serious money with little effort. At least that is the impression I am getting.

I mean, no one will ever figure out the markets anyway. It will always be random so why bother? Just play with the statistics and make it your edge.

Of course, that does not mean that you scrap the trading education. I think it is essential to learn and understand the basics. I have spent a few hundred Pounds on trading books, and do not regret it. Know and understand what you are doing.

Horizon wrote:Rightly or wrongly I don't like trading paper money.


Me neither. I always test on live accounts :lol:

Horizon wrote:Emotions need to be managed in trading and I don't get emotional about paper money. This is why I react preatty quickly when things are going wrong.


I always set a fixed trading parameter, with fixed entries and exits. Once the trade is placed and I am sure the stop loss is placed correctly as well, I often just walk away from the screen. Sometimes, I do watch my trades, but oftentimes it is just too much a thrill to bear for me :lol:

Horizon wrote:My xls sheet isn't too big to post. It is how I keep a record. but this is my first trade of the day and again I get whiplash


Perhaps you would also like to consider changing your mindset? With the BZ method, the first thought that always comes into my head as soon as I have placed my trade is: "This is working". This thought is now somehow a default reaction running on autopilot. I reckon this has much to do with the trust you have in your method and your self-confidence.

So find a method you trust. If it is the BuyZone, then KNOW that you will make it. It is only a matter of time that is why I find the money management spreadsheet so helpful. It helps you focus and visualize your goals.

Horizon wrote:Maybe you have a suggestion or can spot something I am doing wrong because for the moment we are on the same wavelength Ken as for the trading but I am getting different results.


I do not know you Horizon, but judging from your posts, I reckon your problem lies in your head. It can't be the method, because it works. It can't be the market, nor the pairs, because they are always right. What's left to fix? You.

Focus again, keep it simple, and never let your goal out of your sight. You will make it.

I feel you mate.

Cheers,
Ken.

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Postby noone22 » Thu Oct 22, 2009 11:31 am

Kenyuki wrote:800 Trade:
Image
What do you mean, can you elaborate please?


Ken, here you go:

If you llok at chart of your 800 trade,
mention what BZ indicator is indicating:

(Go) Long at 1.65961 (Entry)
(Go) Short at 1.65891 (Entry)

But in fact, 1.65961 is top border of BuyZone,
and if you're going Long, price supposed to go Up,
so it the far-most border.

But 1.65891 is top border of SellZone,
and if you're going Short, price supposed to go Down,
but it is the closest border.

For me, it's inconsistency and Entry for Short
must be at 1.65881, which is bottom border of SellZone.

Actually, it's not much difference, only 1 pip,
but I'm mathematician and get used to be strict.

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