First, some handy advice. Home run hitters strike out. Go for those doubles.
Also, anyone can save $25,000. Then if you make your 5% a week (or even 2%), you will be able to be a full time trader
No excuses. This thread is my journal but also for motivation for others. I will add a trade explorer.
Additionally, if you do not wish to lose your hard earned money (say you lose $1000 in 4 trades), then start with a smaller risk, like $50 per trade. Build up to $1000 profit, then scale up to 1% risks.
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Markets are all about patience. I've reached 10,000 hours of watching price tick around.
12 hours a day, 5 days a week (and Sundays for a few hours, especially if the market gaps)
Markets are almost entirely technical. News releases are synched with technical reversals to give conviction to the trade.
Those who cannot trade technically always get in late. Those who can, get their profits pushed deeper by the news traders (who are always late to the trade).
If you know how the market moves, you can predict what the news/data will be (bullish/bearish), simply by looking at the chart.
99% of the time it follows the technical. There's only a few exceptions I can think of, such as the SNB's decision to remove their floor.
However, even then, I got long at 85cents in USDCHF, entirely based off of technical deviations. Rallied over 1500 pips.
All those sell stops were eaten back up by those who were NOT in fear that the CHF would continuing skyrocketing in value.
Scalping account
Pulling 1/5th of my funds for a new scalping account (which means my 1% risks are actually 0.2%, initially)
Even billion $ funds can rock this type of scalping. Only 10:1 leverage is needed.
Along with my dollar cost averaging method (which I am happy with 50% per annum), I will be successfully achieving the following.
Will ONLY be trading EURUSD. Why do people trade GBPUSD? It's only 20% as liquid as the Euro.
Objectives:
- $25,000 to $25 million+ in less than 60 months.
- Win 50% of trades
- Make 2 trades per day, at minimum, more if profit is flowing.
- Risk 1% or 2%
- Occasionally will risk 3 or 4% if I feel the probability is 90% or greater.
- Risk reward minimum 1:1, maximum 1:3 (Rare an entry will give more than 1:3, at least for scalping)
- Profit goal 5% per week. Does not mean I will stop there. However lets say I am up 10% on the week and then lose 5%, then I will stop.
The math (5% per week) with a 33% total tax rate = 836% annual profit
YEAR 1... 25,000 / w1=26,250 / w2=27562 / w3=28940 / w4=30387 / w5=31907 / w6=33502 / w7=35177 / w8=36936 / w9=38783 / w10=40722 / w11=42758 / w12=44896 / w13=47141 / w14=49498 / w15=51973 / w16=54571 / w17=57300 / w18=57300 / w19=60165 / w20=63173 / w21=66332 / w22=69649 / w23=73131 / w24=76788 / w25=80627 / w26=84658 / w27=88891 / w28=93336 / w29=98003 / w30=102903 / w31=108048 / w32=113450 / w33=119123 / w34=125079 / w35=131333 / w36=137900 / w37=144795 / w38=152035 / w39=159636 / w40=167618 / w41=175999 / w42=184799 / w43=194039 / w44=203741 / w45 = 213928 / w46=224625 / w47=235856 / w48=247649 / w49=260031 / w50=273033 / w51=286684 / w52=301019
YEAR 1 END... 301019 - 25000 = 276019 x 0.6666 = 184010 + 25000 = 209010
To be continued. (need a break from typing and using the calculator)
Also, anyone can save $25,000. Then if you make your 5% a week (or even 2%), you will be able to be a full time trader
No excuses. This thread is my journal but also for motivation for others. I will add a trade explorer.
Additionally, if you do not wish to lose your hard earned money (say you lose $1000 in 4 trades), then start with a smaller risk, like $50 per trade. Build up to $1000 profit, then scale up to 1% risks.
________________________________________________________________________________________
Markets are all about patience. I've reached 10,000 hours of watching price tick around.
12 hours a day, 5 days a week (and Sundays for a few hours, especially if the market gaps)
Markets are almost entirely technical. News releases are synched with technical reversals to give conviction to the trade.
Those who cannot trade technically always get in late. Those who can, get their profits pushed deeper by the news traders (who are always late to the trade).
If you know how the market moves, you can predict what the news/data will be (bullish/bearish), simply by looking at the chart.
99% of the time it follows the technical. There's only a few exceptions I can think of, such as the SNB's decision to remove their floor.
However, even then, I got long at 85cents in USDCHF, entirely based off of technical deviations. Rallied over 1500 pips.
All those sell stops were eaten back up by those who were NOT in fear that the CHF would continuing skyrocketing in value.
Scalping account
Pulling 1/5th of my funds for a new scalping account (which means my 1% risks are actually 0.2%, initially)
Even billion $ funds can rock this type of scalping. Only 10:1 leverage is needed.
Along with my dollar cost averaging method (which I am happy with 50% per annum), I will be successfully achieving the following.
Will ONLY be trading EURUSD. Why do people trade GBPUSD? It's only 20% as liquid as the Euro.
Objectives:
- $25,000 to $25 million+ in less than 60 months.
- Win 50% of trades
- Make 2 trades per day, at minimum, more if profit is flowing.
- Risk 1% or 2%
- Occasionally will risk 3 or 4% if I feel the probability is 90% or greater.
- Risk reward minimum 1:1, maximum 1:3 (Rare an entry will give more than 1:3, at least for scalping)
- Profit goal 5% per week. Does not mean I will stop there. However lets say I am up 10% on the week and then lose 5%, then I will stop.
The math (5% per week) with a 33% total tax rate = 836% annual profit
YEAR 1... 25,000 / w1=26,250 / w2=27562 / w3=28940 / w4=30387 / w5=31907 / w6=33502 / w7=35177 / w8=36936 / w9=38783 / w10=40722 / w11=42758 / w12=44896 / w13=47141 / w14=49498 / w15=51973 / w16=54571 / w17=57300 / w18=57300 / w19=60165 / w20=63173 / w21=66332 / w22=69649 / w23=73131 / w24=76788 / w25=80627 / w26=84658 / w27=88891 / w28=93336 / w29=98003 / w30=102903 / w31=108048 / w32=113450 / w33=119123 / w34=125079 / w35=131333 / w36=137900 / w37=144795 / w38=152035 / w39=159636 / w40=167618 / w41=175999 / w42=184799 / w43=194039 / w44=203741 / w45 = 213928 / w46=224625 / w47=235856 / w48=247649 / w49=260031 / w50=273033 / w51=286684 / w52=301019
YEAR 1 END... 301019 - 25000 = 276019 x 0.6666 = 184010 + 25000 = 209010
To be continued. (need a break from typing and using the calculator)
Be hopeful in a winning position, and fearful in a losing position.