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#002 DCA USDCHF

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I have entered on USDCHF with all my units at 100. However, even though the pip size and the value per spread isn't the same. I am thinking that 100 units is not 100 units of my account's currency, but rather, it is a measurement of the US currency.

I did a check online to see if the conversion rate is correct or not, and it is slightly misaligned. but it is ok. I think the 100 units input in the order column is representation of USD and not the account's currency.

Besides that seemingly small issue, I have set other buy limit orders as shown on the chart for when price comes to those levels I will buy more.

Thinking in Navin's Pryani's words (I think I butchered his name), we are agents.

If people want something, we give it to them. I recall the Chinese guy selling luxury watches and introduces sports cars in Singapore on his tiktok account @solitaire.renyi

He did a skit on branded watches in 2021 vs 2024, where in 2021 when the watch prices were sky high, he can afford to leave his customer hanging when they have too much requests for freebies and haggling of prices, however, in 2024, when the rolex prices collapsed, he even have to throw in freebies. The ridiculously lowered prices were "too high", the clients said, in a bid to lower the prices even more, and RenYi has to give in. (in the skit).

We are just like watch sellers, whatever the customer wants, we give it to them, as long as the customers can match our market prices, or if we could match theirs.

So, if the sellers wanna sell off their USD, we buy them. If the demand for USD rises, and it has reached a certain price in our heart which we wanna exit for, we sell. Other agents WILL buy over our products. Of course, it all depends on the market prices, and matching of prices due to market conditions.

1028SGT 15112024

ノート

TP shifted to 0.88969

ノート

If price triggers my 3rd Buy Limit order, I will be shifting all three of my open positions' TP to 0.88767.

Here's the guesstimation.

1st position -30cents SGD loss.
2nd position +20cents SGD profit.
3rd position +38cents SGD profit.

I will only shift my TP when the third buy limit gets triggered.

2205SGT 18112024

ノート

3rd Buy Limit triggered.

4th buy limit set at 0.88028.

1335SGT 19112024

ノート

I lost count. I think the 6th Buy Limit has been triggered, and I have just set in place the 7th Buy Limit.

Overextension, but who knows. I haven't been felt this relaxed before while in drawdown and buying more as price goes against my intended direction.

2244SGT 19112024

ノート

Price has been overly drawn out.

Yesterday nigh, all my profits minus the losses equated to breakeven, however, I didn't close them back then yesterday because I thought I should give price more time to play out.

Today, the trade is going sideway and I am running a open loss of about 2$ (my per pip is 0.01cents SGD or 100 units).

On the Daily Time Frame, price is still going upwards in the mid term, however, it is currently consolidating. On the Weekly Time Frame, the current candle is slightly red after the previous few weeks of continuous green candles.

I am considering to exit at the nearest breakeven, and I will be setting an alert at 0.88540, and when price hits that level, I will consider on exiting manually, either for a small loss, small win or breakeven.

If price continues to go against me, I might have to consider taking a "big loss" of about 1%+ or 2% max.

It's a big loss because I am risking 1cent per pip, and if I do exit manually for a big loss, that would equate to 2$ to 4$ loss on my 200$ account.

I do also think that I have bought into my losses abit too aggressively. Not allowing price to have a wider space to breath before I buy into my losses, so that the losses and averaged in position can balance themselves out when price begins to move in my favour.

So, that is something to take note of.

1052SGT 21112024

ノート

As previously mentioned I am looking to scale out of my positions, and I just did.

First thing I did was to remove my 7th buy limit order.

Secondly, I manually closed out my 6th position for a small profit of 51cents SGD.

Third, I exited my 5th position for an extremely small profit of 2cents SGD.

That's all I have done for now, to mitigate the over scaling in effects, hopefully for a profit in the end, or at least breakeven.

Now, I am still have 4 positions opened. All of them in drawdown currently.

1607SGT 21112024

ノート

Add : I have an alert on 0.88512 which is just above breakeven for the 4th position.

Will decide if I want to exit for a breakeven or continue holding when the alert gets triggered.

1609SGT 21112024

手動でトレードを終了しました

I manually exited all my other positions for a loss.

-0.25cents, -0.47cents, -0.75cents and -0.94cents totaling 2.41$ SGD.

Including my previous two closed positions of +0.51cents and +0.02cents totaling +0.53cents, I have materialised a loss of 2.41$ - 0.53cents = 1.88$ SGD (-0.94%)

It could have been breakeven at some point, but I didn't know if I should have exited, plus it looked like price would be reversing. But now I have gained some experiences using DCA in such situations.

Based on the past trades I have took, if price were to go in to your intended direction, it should be pretty pain free. USDCHF isn't. It isn't very stressful like my previous trading experiences, because I am not materialising my losses, and neither am my stop losses getting hit one after another, which stacks up.

If I were to use stop losses in this USDCHF trade, I believe I would be sitting on 6% loss, based on the 6 positions I have opened. Even if my stop losses were reasonably wide, I would still get stopped out, and would be stressing myself out. So, without stop losses, and opening multiple positions, I still ended up exiting for a fraction of what could have been, is really a miracle.

Besides this, I also acknowledged that I have opened too many buy limit positions at too close proximity.

I would remove one buy limit at every other buy limits I have placed. This way, I am allowing price space to breath, and when one positions reaches the other, I would be in some sort of breakeven situation or even in a profit that I could exit for, such as,

1st - 1$ loss
2nd - Breakeven
3rd - 1$ profit

Something like that, and that would be a Breakeven if we exclude the 1cent per position commission.

or,

1st - 2$ loss
2nd - 1$ loss
3rd - Breakeven
4th - 1$ profit
5th - 2$ profit

Assuming that our 5th and 4th position has made a recovery, and even though our 1st and 2nd position are losers, and that we are not making money on our 3rd position, our 4th and 5th positions would cover the losses up. We do not even have to wait for price to recover all the way to our 1st position, in order to be a breakeven trade.

Now, next scenario to consider is if we only have one position opened.

1st - -5$ loss
---

That's it. Assuming we risk the same as our previous examples on amount per pip, and that our stop loss is extremely wide, and we are risking 10$, now we have at a halfway mark of getting stopped out or being in a breakeven.

Now, would it be stressful to hold on, hoping that price would move the entire 5$ back up in order to get to breakeven? Or, would it be easier if we could have exited at a breakeven even though we are at profit minus loss situation which we currently am in? brb 1911SGT 21112024

ノート

GBPSGD recovered from the drawdown, and I am literally in the first situation I am talking about on the above update.

three positions somewhat evenly spread out.

1st - 28cents loss
2nd - 2cents profit
3rd - 28cents profit

I didn't even purposely spread the limit orders out evenly to the T.

What I could do now, is to hit the close position button for all the three positions on GBPSGD and I could close the journal for GBPSGD, but of course, I am not going to do that. I am expecting GBPSGD to climb back to the 1st position's Breakeven, and giving me,

1st - Breakeven
2nd - 28cents profit
3rd - 56cents profit

Something like that. I broke even, but I made money on that breakeven. Does it even make sense?

Anyway, TLDR

Exited all 6 open positions for a sum of -1.88$ (-0.94% of my 200 account.)

Spread your limit orders out wider and try to even them out so that one profit could cover the other loss.

Open less positions, and open them at more significant levels, so that when you need to exit for a loss, you don't lose big. -0.94% is big, because you risk 1cent per pip.

That's all. I am going to prepare myself mentally and physically to go to work for Anthony Tan's next Good Class Bungalow. Without me (the many me), Anthony couldn't have bought that bungalow. All of us own a piece of that land. Down to the rubber he uses with his wife, and leftover food that he threw away into the rubbish bin because his kids can't finish the food. The many me, owns all that shit.

1930SGT 21112024

ProfessionalDuckHunter