I did read a few of early pages and this few last ones & its amusing to read certain threads where people pounce upon you when you show/discuss bit different type of trading esp. risky trading.
They won't quantify the risks in respect to rewards. They will just rant the word "LOL" or "WTF" and move on to try on their next system (and may be next account) even though they never took an eye off their excel worksheet or indicator, dictating them to take the exact %age risk, in all their trades.
@Hanover
+1 for that post. http://www.forexfactory.com/showthre...82#post5766082
Indeed. Definitely possible & those skills are indeed not that easy to acquire/develop.
@Motion
I really liked your thinking's objectivity and style of opinion
and had i not forgotten to post early on (browser crash once), i would have posted similar aspects of the issue being discussed. You saved me time.
I FULLY agree on things like overleveraging, risk taking and general stale opinions around.(which are only good for newbies)
IMO
Personally, though i won't spend that long time of my trading (45 months in this case) bcoz for me time is money too (on a specific time frame)...
BUT stuff like this (with small initial capital) is definitely possible
ALBEIT very difficult
NEEDING very good trading skills, Patience & EXTREME sense of emotional control
I have been trading like this off and On, since last 2 years. Developing things, improving my issues, sharpening edges, controlling emotions, taking all control of my trading, as much as possible & believe me, its difficult YET quite rewarding when you know what you are doing.
I have made max. profits amounting to some 13000% on small 300USD accounts 2wice (i posted a thread about 1 instance)
Have made 10000% profits >8 times on even smaller accounts (100 Fold Challenge thread is alive on FF, based on similar scenario/conditions)
&
also have busted many accounts full of big in-house money in the process (which do cause pain..and which becomes dull & part of the job, with experience)
I make mistakes (some pathetic ones) but till improving & still far but on path of ...what i consider a perfect skilled trader.
Newbies who may be reading this... will be thinking...
"million... yea..its possible.. Let me find a system out of all these listed on FF (prolly the one with largest no of posts) and take some mad risk...go all in & make history and let them all know who made a million that way"
But alas its far from reality.
As an example.....say for emotional skills....if it would take 100 days for a newbie to follow all rules of a profitable fully mechanical system to make money,
Then it would take 200 days for same guy to double his risk %age and trade the same system to make money, in absence of any EMOTIONAL skill improvement between 100 to 200 day time period.
I bet you on this ...a trader risking high & making same %age of money in same amount of time than a trader risking low on same sized account is LOT more skilled than the latter. (Provided ....both trade manually based on self analysis & profits are calculated over a period of time (an year is enough for me for trading on TimeFrame's below Daily's))
Many would disagree to above statement saying latter was better as he made same money with less risk....but won't see the fact that high risk trader managed more volatility, more drawdowns, more equity peaks, more emotions. On skill front, i stand by my statement.
Its difficult ..darn difficult but possible & prolly would be done one day.( IDK who made 333333% profits till date)
Difficulty will decrease:
- If you have a tested edge which works in trending as well as choppy markets i.e changing market conditions, esp if you plan to make this possible over a long period of time (Long period can be quite variable here depending upon system/strategy)
- If your system is more and more mechanical
- If you employ non-buggy, tested EA's/automation software , esp. in frequent trade systems
- If you are less and less emotional about executing your plan (manually or using EA's)
&
ACCEPT, Dissolve, Drink and ASSIMILATE the FACT that any money earned over the initial investment is in-house money & only risk thereafter is the time spent trying to achieve an OBJECTIVE (target equity)
- If you improve & sharpen your edge & trading skills with passing time
- If you reward yourself with some profits & move on or use the "RINSE and REPEAT" principle for small accounts
Becoming a Skilled trader is not a easy thing. Employing basic things... judging price levels; price inflection points; support resistance levels; acting on those things;trading the plan; accepting wrong trades to scaling off or getting out, Accepting good trades to scale in and waiting for TP's to play out, with patience; Improving while being profitable; Changing decisions or BIAS on sharp judgements; Taking quick decisions when trading high-risk; Loads of screen time (manual traders) etc are few of those qualities.
There are few more things here i wanted to write, but something more important just came up.
Cya
They won't quantify the risks in respect to rewards. They will just rant the word "LOL" or "WTF" and move on to try on their next system (and may be next account) even though they never took an eye off their excel worksheet or indicator, dictating them to take the exact %age risk, in all their trades.
@Hanover
+1 for that post. http://www.forexfactory.com/showthre...82#post5766082
Indeed. Definitely possible & those skills are indeed not that easy to acquire/develop.
@Motion
I really liked your thinking's objectivity and style of opinion
and had i not forgotten to post early on (browser crash once), i would have posted similar aspects of the issue being discussed. You saved me time.
I FULLY agree on things like overleveraging, risk taking and general stale opinions around.(which are only good for newbies)
IMO
Personally, though i won't spend that long time of my trading (45 months in this case) bcoz for me time is money too (on a specific time frame)...
BUT stuff like this (with small initial capital) is definitely possible
ALBEIT very difficult
NEEDING very good trading skills, Patience & EXTREME sense of emotional control
I have been trading like this off and On, since last 2 years. Developing things, improving my issues, sharpening edges, controlling emotions, taking all control of my trading, as much as possible & believe me, its difficult YET quite rewarding when you know what you are doing.
I have made max. profits amounting to some 13000% on small 300USD accounts 2wice (i posted a thread about 1 instance)
Have made 10000% profits >8 times on even smaller accounts (100 Fold Challenge thread is alive on FF, based on similar scenario/conditions)
&
also have busted many accounts full of big in-house money in the process (which do cause pain..and which becomes dull & part of the job, with experience)
I make mistakes (some pathetic ones) but till improving & still far but on path of ...what i consider a perfect skilled trader.
Newbies who may be reading this... will be thinking...
"million... yea..its possible.. Let me find a system out of all these listed on FF (prolly the one with largest no of posts) and take some mad risk...go all in & make history and let them all know who made a million that way"
But alas its far from reality.
As an example.....say for emotional skills....if it would take 100 days for a newbie to follow all rules of a profitable fully mechanical system to make money,
Then it would take 200 days for same guy to double his risk %age and trade the same system to make money, in absence of any EMOTIONAL skill improvement between 100 to 200 day time period.
I bet you on this ...a trader risking high & making same %age of money in same amount of time than a trader risking low on same sized account is LOT more skilled than the latter. (Provided ....both trade manually based on self analysis & profits are calculated over a period of time (an year is enough for me for trading on TimeFrame's below Daily's))
Many would disagree to above statement saying latter was better as he made same money with less risk....but won't see the fact that high risk trader managed more volatility, more drawdowns, more equity peaks, more emotions. On skill front, i stand by my statement.
Its difficult ..darn difficult but possible & prolly would be done one day.( IDK who made 333333% profits till date)
Difficulty will decrease:
- If you have a tested edge which works in trending as well as choppy markets i.e changing market conditions, esp if you plan to make this possible over a long period of time (Long period can be quite variable here depending upon system/strategy)
- If your system is more and more mechanical
- If you employ non-buggy, tested EA's/automation software , esp. in frequent trade systems
- If you are less and less emotional about executing your plan (manually or using EA's)
&
ACCEPT, Dissolve, Drink and ASSIMILATE the FACT that any money earned over the initial investment is in-house money & only risk thereafter is the time spent trying to achieve an OBJECTIVE (target equity)
- If you improve & sharpen your edge & trading skills with passing time
- If you reward yourself with some profits & move on or use the "RINSE and REPEAT" principle for small accounts
Becoming a Skilled trader is not a easy thing. Employing basic things... judging price levels; price inflection points; support resistance levels; acting on those things;trading the plan; accepting wrong trades to scaling off or getting out, Accepting good trades to scale in and waiting for TP's to play out, with patience; Improving while being profitable; Changing decisions or BIAS on sharp judgements; Taking quick decisions when trading high-risk; Loads of screen time (manual traders) etc are few of those qualities.
There are few more things here i wanted to write, but something more important just came up.
Cya
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152