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FX Magician trading system!

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  • FX Magician trading system!

    Hi Guys,

    I started this thread to assist me in holding myself accountable in my trading.

    This system has the following rules -

    http://www.myfxbook.com/members/Powe...n-sys1/1271673

    1. MAX DD WCS = 50%
    2. Target profit per month = 30% - 70%
    3. Target daily pips = 50

    Any constructive feedback is more than welcome.

    Please do not ask me to reveal balance as I will not and it's not what's important here, I'm not selling anything I'm simply creating this thread to report on my trading and to assist me in sticking to my system's rules.

    I will try to post updates on account at the end of every trading week.

    Good luck to all!
    FX Magician

    http://www.myfxbook.com/members/Powe...n-sys1/1271673

  • #2
    Good luck! Maybe you should go for a weekly target of pips instead of daily would be my only constructive feedback. Some days you can't just force it as nothing happens.

    Sent from Uranus

    Comment


    • #3
      Originally posted by Big River Man View Post
      Good luck! Maybe you should go for a weekly target of pips instead of daily would be my only constructive feedback. Some days you can't just force it as nothing happens.

      Sent from Uranus
      Hey Big River Man,

      Thanks for your feedback.

      Even though I set myself a daily pip target, I would never force it, however since I scalp on average about 5-10 times per day so far it hasn't been an issue to average the 50pips per day....I do agree with you that some day will be much quieter than others....but in the busy days I sometimes have made 150+ pips so all in all it averages out well over the long term.

      Best of luck to you in your own trading!

      Comment


      • #4
        Originally posted by FX Magician View Post
        Hi Guys,

        I started this thread to assist me in holding myself accountable in my trading.

        This system has the following rules -

        http://www.myfxbook.com/members/Powe...n-sys1/1271673

        1. MAX DD WCS = 50%
        2. Target profit per month = 30% - 70%
        3. Target daily pips = 50

        Any constructive feedback is more than welcome.

        Please do not ask me to reveal balance as I will not and it's not what's important here, I'm not selling anything I'm simply creating this thread to report on my trading and to assist me in sticking to my system's rules.

        I will try to post updates on account at the end of every trading week.

        Good luck to all!
        FX Magician

        http://www.myfxbook.com/members/Powe...n-sys1/1271673
        I would just like to add ... that i like this kind of systems ... bases on knowledge that u will not try to compound profits ..
        U need to worhdraw monthly ..
        As such high risk systems by default will blow up some time some day ... and even sevetal times a year...
        Its just a matter of when ...
        If u make 300 % in a quarter. . And withdraw interest the you blow up the account ... then no problems ..
        U dump in again an go on until u blow again ...
        Overall u can make money .. but u will blow up several accounta for sure. ..
        Good luck

        Sent from my SM-G900H using Tapatalk

        Comment


        • #5
          Hello Sherif,

          Appreciate the feedback, however I would like to point out that as stated on my first original post, my system has a WCS DD =50% which means that worst case ever would be a 50% loss on the account NOT a blown account.

          Also another thing I did not mention earlier that once DD level of any open trades reaches a level of 25% I then utilize a number of different strategies to work on reducing the DD level and minimizing the chances of it getting higher.

          My system is here to stay for the long term, its not built on the idea that one day it would blow up.

          By the way, I have many years of experience as a trader and this is just a new system that I'm testing and so far it has been proving very profitable! as I'm sure you would agree that even with the current DD level the system is still at about 90% gain in just a bit over a month

          Best of luck in your own trading and I hope you will continue to enjoy watching my progress!

          Comment


          • #6
            Originally posted by FX Magician View Post
            Hello Sherif,

            Appreciate the feedback, however I would like to point out that as stated on my first original post, my system has a WCS DD =50% which means that worst case ever would be a 50% loss on the account NOT a blown account.

            Also another thing I did not mention earlier that once DD level of any open trades reaches a level of 25% I then utilize a number of different strategies to work on reducing the DD level and minimizing the chances of it getting higher.

            My system is here to stay for the long term, its not built on the idea that one day it would blow up.

            By the way, I have many years of experience as a trader and this is just a new system that I'm testing and so far it has been proving very profitable! as I'm sure you would agree that even with the current DD level the system is still at about 90% gain in just a bit over a month

            Best of luck in your own trading and I hope you will continue to enjoy watching my progress!
            Love performace so far and learning from it .. yet .. i still would withdraw monthly if i follow such system one day .. at least till i cocer up my capital ... yet ur doing gr8 so far..
            Cheers

            Sent from my SM-G900H using Tapatalk

            Comment


            • #7
              Nice job Magician. There is nothing like a public declaration to help one stick to their rules.

              However I'd encourage you to set slightly different goals. One thing that I've learned from doing this for a while is that if the conditions aren't conducive to a strategy then the worst thing you can do is force trades just in an attempt to reach a profit or pip goal.

              You're better to have a set of strict entry/exit criteria and base your goal on that. Perhaps also having a maximum loss per trade/day/week as well.
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              Comment


              • #8
                Originally posted by Nick View Post
                Nice job Magician. There is nothing like a public declaration to help one stick to their rules.

                However I'd encourage you to set slightly different goals. One thing that I've learned from doing this for a while is that if the conditions aren't conducive to a strategy then the worst thing you can do is force trades just in an attempt to reach a profit or pip goal.

                You're better to have a set of strict entry/exit criteria and base your goal on that. Perhaps also having a maximum loss per trade/day/week as well.
                Hi Nick,

                Thanks for your contribution to the the thread!

                You are right worst thing for a trader to try and do is force pips out of the market...so I just want to point out and make this clear that I DO NOT try to force pips I simply continue to follow my strategy and adhere to my system's rules....sometimes the markets are generous and it gives me much more than my daily pip target and sometimes not...50 pips per day is just a number I set to give me something to aim for if I'm able to achieve it awesome! if not then there's always another day and another trade.

                This particular system isn't designed for a maximum loss per trade/day/week as such but instead it looks at all open positions and treats them as a group when it comes to DD levels... hence the worst case scenario cut off DD level of 50% on all open positions at anytime with safety precautions starting to take place to work on reducing the DD once it reaches 25%.

                Also one more thing I would like to point out is that all trades are taken manually by me so I'm always in control and watching the markets at all times while I'm in open trades, if I'm away from my trading station then I have alerts setup and am I able to control the trades from my phone/laptop while on the move.

                Thanks again for your feedback and I hope you will continue to enjoy watching my performance

                Comment


                • #9
                  End of trading week update -

                  Total gain for the week = 14.97%
                  Total pips gained for the week = 465.8
                  Current open floating positions = -14.85%
                  Total gain month to date = 21.01%
                  Total pips gained month to date = 646.20

                  Happy weekend to all

                  Comment


                  • #10
                    Nice trading Magician

                    Comment


                    • #11
                      Originally posted by phillipnaz View Post
                      Nice trading Magician
                      Thanks phillipnaz, hope you will keep on enjoying watching my progress

                      Comment


                      • #12
                        Will do where are you from

                        Comment


                        • #13
                          Originally posted by phillipnaz View Post
                          Will do where are you from
                          Australia.

                          Comment


                          • #14
                            Nice one im in the uk just on my last night shift.I see you in the trading room its a good bit of banter and quite funny at times.I am currently following Viper.

                            Comment


                            • #15
                              Originally posted by phillipnaz View Post
                              Nice one im in the uk just on my last night shift.I see you in the trading room its a good bit of banter and quite funny at times.I am currently following Viper.
                              Cool. Viper is great, very consistent.

                              Comment

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