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my2013EA, the making of consistently 20% monthly 1 reply

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Attachments: 100% Monthly consistently
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100% Monthly consistently

  • Post #1
  • Quote
  • First Post: Edited Apr 3, 2010 2:38pm Mar 10, 2010 12:59pm | Edited Apr 3, 2010 2:38pm
Hi

Yes, 100% per month is possible but no, its not easy at least most of the time.

This thread is about exploring set ups that will let us achieve this goal.

We will use multiple strategies but mostly use Price Action (PA) and 2/3 basic indicators like Fibonacci levels, MA, RSI.

Yes, I know many of you will call me crazy so no need to post that garbage here again.

Yes, I know that you know that I will blow my account in no time, I'm beginning to sound like Rumsfeld (known unknowns....)


Yes I've been trading forex since 2006 and I am aware of how my claim sounds.

Yes, most people who achieved great success in any field also had to listen to many naysayers, fortunately they let it out the other ear - I plan to do the same. Therefore all the naysayers please restrain yourself from posting here, we've heard you all over this site many times already.

In my trading I will use aggressive Money Management but we will do our homework on each trade.

The trades will be long term trades lasting from hours to days.

Anyone posting negatively will be added to ignore list after second post.

No, I am not selling any systems/EAs or anything whatsoever.

I do not use/trust/believe in EAs so we will not be discussing them here.

All trading is Manual only

EDIT: Currently concentrating on trades showing at least 60 pips of potential to go in my direction and taking 20 pips with hard TP and SL


I will not be posting 50 posts per day, I have to concentrate on my trading and analysis so at most I see myself doing about 5 posts a day with 1 or 2 being more frequent.
It looks like you have good results trading like this. Can you give us some examples of setups and how you ascertain profit targets and stop losses.
Word of advise from someone that has blown many accounts in the past don't over leverage esp given the fact you are not using a scalping method. Always remember NO trade is a sure trade. 100% a month is possible but doing it consistently is the hard part. I have quadrupled accounts in a month but have also blown the same accounts the following month. Slowly but surely is working better for me then the quick big hits. Keep us posted before a trade, I'll check in. Good Luck! I think its a good time to start with all the USD strengh we should expect to see really soon.
Former Trader Of the Year of the 95% losing club! Retired
Quoting Rgali1
Word of advise from someone that has blown many accounts in the past don't over leverage esp given the fact you are not using a scalping method. Always remember NO trade is a sure trade. 100% a month is possible but doing it consistently is the hard part. I have quadrupled accounts in a month but have also blown the same accounts the following month. Slowly but surely is working better for me then the quick big hits. Keep us posted before a trade, I'll check in. Good Luck! I think its a good time to start with all the USD strengh we should expect...
What leverage do you use for larger time frames 3hr/4hr/daily? I'm at 1:30 and my trades will never go past 50 pips. To me, I've never seen a period of drawdown that can have any significant effect on my system. Do you consider 1:30 reasonable?
I notice the myfxbook hasn't been updated since yesterday and a -9% floating equity.

43 lots traded on a $4k acc? WOW.

Best of luck with your strategies.
{Promotion Removed}
Quoting e-piphany
It looks like you have good results trading like this. Can you give us some examples of setups and how you ascertain profit targets and stop losses.

More info coming in the next few days.
Quoting PipSqueeze
I notice the myfxbook hasn't been updated since yesterday and a -9% floating equity.

43 lots traded on a $4k acc? WOW.

Best of luck with your strategies.
That is 4.3 Standard Lots, this is a mini account where 1 Lot = 10,000 units

Thank you I wish you the same.
Quoting lbranjord
What leverage do you use for larger time frames 3hr/4hr/daily? I'm at 1:30 and my trades will never go past 50 pips. To me, I've never seen a period of drawdown that can have any significant effect on my system. Do you consider 1:30 reasonable?
I dont go above 1:30 sometimes a bit less. I try for 25 pips in a ranging market. More if it's going one way. I usually just move up my SL and use that as the exit point hoping to get more pips in my direction but it usually gets hit in a retracement anyway.
Former Trader Of the Year of the 95% losing club! Retired
Quoting Rgali1
Word of advise from someone that has blown many accounts in the past don't over leverage esp given the fact you are not using a scalping method. Always remember NO trade is a sure trade. 100% a month is possible but doing it consistently is the hard part. I have quadrupled accounts in a month but have also blown the same accounts the following month. Slowly but surely is working better for me then the quick big hits. Keep us posted before a trade, I'll check in. Good Luck! I think its a good time to start with all the USD strengh we should expect...

Rgali

I don't want to go into this type of competition here but everyone on this site that has dabbled in FX has blown few accounts myself included - I think I'm still in the single digit number on that count.

Welcome
  • Post #10
  • Quote
  • Edited Mar 11, 2010 8:49am Mar 10, 2010 9:12pm | Edited Mar 11, 2010 8:49am
I'm serious about trading and have great respect for the market, which is always right.

Like I said I have my share of blown accounts but recently I've been able to be stay above the water and plan to keep it that way from now on. This thread is meant as a way to give back to community and as a way to keep me focused.

I have read many forums on this site and they have helped me tremendously. I'm not going to name anyone specific now but maybe in the course of this thread I'll name some people. Thank You

There is many strategies described on FF some better then others and I urge you to study them all in depth and you will always find something new to learn.

However, my approach to trading is a little bit different then many have, I approach the market with a 360 degree view that combines many strategies.

1. I trade all pairs I have access too with spread up to 10 pips.
2. I look at Price Action (PA) on all the time frames with most weight on the higher ones
3. I look at price action on all time frame in all related pairs to the one I'm most interest in at the moment.
4. I look for consolidations and breakouts
5. I look for Support and Resistance points
6. I look at 200 EMA
7. I look at RSI (8)
8. I look at the trend
9. I look at Fibonacci levels
10. During market hours I look at market indices
11. I check the upcoming news
12. I read what is going on in the world
13. I combine all of the above to find the best possible trades
14. Its not always possible but I attempt to stay out of the market for major news.

This thread is not going to be a signal generation service, I'll try to explain my setups before or after I take the trade. I will always give a range for entry/exit so that everyone that is interested can make their own decision so that there is the element of learning.

I focus my trading on finding 100+ pip trades but many will not work out and will be closed on retracement at break even or small gain, but this idea of looking for these large gains makes me look for trades with more potential room to go.

I'll continue tomorrow.
Quoting robertw

I focus my trading on finding 100+ pip trades but many will not work out and will be closed on retracement at break even or small gain, but this idea of looking for these large gains makes me look for trades with more potential room to go.

I'll continue tomorrow.
I like your attitude and focus, and I look forward to your progress here.
"Put all your efforts in becoming effortless"
Quoting IamTHAT
I like your attitude and focus, and I look forward to your progress here.

Very nice going on that Demo account you have in signature. In my opinion you should find a broker which will take like $200 to open an account and transfer the method to Live account. Just my two cents, I don't believe in long term demo usage.

I hope you can share with us you're recipe for this nice curve.

I'll write more general info later and we'll start exploring some set ups next week.

Welcome
Quoting robertw
Very nice going on that Demo account you have in signature. In my opinion you should find a broker which will take like $200 to open an account and transfer the method to Live account.

Welcome
Yeah, that is a eurchf scalper based on triangular trading. There is hardly any movement in eurchf nowadays, so I am still not sure when to jump in.
But nothing like yours really.
"Put all your efforts in becoming effortless"
Quoting IamTHAT
Yeah, that is a eurchf scalper based on triangular trading. There is hardly any movement in eurchf nowadays, so I am still not sure when to jump in.
But nothing like yours really.
I've notice the action on EURCHF, I mean is that a joke or something.

Maybe you can adopt the strategy to another pair.

R
To finish this 3rd part of the opening post I must say that I am obsessed with high returns and believe that if you can do it at least two or three times it is not an accident and it needs to be explored and exploited.

So far this year I have done it twice and I'm more then half way there on the third attempt. My track record can be seen on myfxbook site in my signature.
The site is updated only when I'm out of the trades, and that is the account that I will be taking the trades described here. It is a live account so I'll be walking the talk so to speak.

One more issue to mention - Money Management

After years of following standard school of thought on money management I now personally use very aggressive money management. To put it simply I feel comfortable opening trades with 1 mini lot (10,000 units) per $300 in equity and will increase by adding positions as trade goes in my favor.
This is in large part responsible for the large returns but we must do our homework on picking the trade otherwise we may as well go to Vegas.

I don't use stop losses when I'm actively monitoring trades which is 90% of the time except for putting a Stop Loss at +1 pip once the trade is in the positive by 20/40 pips depending on pair, after +50 pips I'll either trail manually or use MT4's automatic feature. I will cut the loosing trade if it breaches certain S/R levels or I loose faith with it due to some new developments.
So far I have been through few rather large drawdowns and came out on top however, I'm planning to incorporate some solid % drawdown below which I will not go-stay tuned.

I'll Take profit on S/R levels, when the PA start to consolidate, based on gut feeling, or on retracement to SL

My money management is highly risky and not for most traders, please always figure out your own money management strategy and do not blame me for any losses you may suffer following it.

In forex you must be aware of what and why you're doing and go into it with that full awareness. When you loose you loose, pick yourself up and start over. That is why I never recommend starting a trading account with more then the bare minimum (wish someone restricted me to that when I was starting). If you catch the right wave you'll be able to ride it to millions in due time. The power of compounding is unimaginable if handled correctly and our goal in here will be to compound the number of lots that we're using by growing our account.
Our goal will not be to catch many pips and actually quite the opposite, when you step in the water infested with sharks you want to catch your fish and get out safely as soon as possible. Therefore we will be compounding the number of hands that we use to catch that fish.

Regards
Hi robertw,

really interesting results of yours.

I've a same opinion for 100% a month consistently is possible.

I am doing some experiment and perhaps will record it in my journal.
But I am more in using 100% EAs 24/7.

best rgds,
akukaya
  • Post #17
  • Quote
  • Edited at 8:13pm Mar 12, 2010 3:22pm | Edited at 8:13pm
Not a good week, still holding some open positions over the weekend, but I should be able to participate in the below scenario once it presents itself.

I'm looking for suggestions for a trade for next week specifically a trade that will gain as about 300 pips over few days maybe up to two weeks. The important thing is that we find such opportunity and not when we find it. We're not forced to enter Sunday or Monday or even Tuesday the opportunity has to come to us. Its a new thread so I don't know how many people are watching it.
Ideally I'd like to get some second opinions to make sure others are seeing similar opportunity but if its quiet I'll still go ahead with the trade.
There are many pairs that have wide ranges of at least that many and more pips per week so this should not be a problem, its just a matter of time to find the right opportunity/letting the price come to us.

There is about 20 pairs that have decent spreads and swings, and we only need to pick one out of those 20, then we need to do it 12 times and we have a year filled with 100% gains. If we can do it in less then a year then the rest of the time is off for vacation. Using just simple arithmetic if you start this journey with me at $100 and double it twelve times you'll end with ridiculous amount of $409,600.00 minus my commission - just kidding.


For now, when I talk about Lots I mean mini lots = 10,000 units
For simplicity we assume 1 pips=$1.00
Here is how my money management will work once we find the candidate and should you choose to follow it, you should adjust your position sizes based on your equity and risk level.
Price of Entry=POE
Open Profit = OP


POE = X, I enter with 2 lots OP=0
POE = X+50pips I enter additional 2 lots OP=$100
POE = X+100pips I enter additional 4 lots OP=$300
POE = X+150pips I enter additional 6 lots OP=$700
POE = X+200pips I enter additional 8 lots OP=$1400
POE = X+250pips I enter additional 10 lots OP=$2500
POE = X+300pips OP=$4100 I exit somewhere around this level at the closest S/R level.

There will be swings back and forth and news coming out so we just need to accept that as part of the business. Since we're going to do all this research and waiting I believe a Stop Loss of 50 pips will be sufficient, if it goes against us that much, maybe its time to find something else or give it more time.
As we add more lots our room for swings to break even will increase but it will never be a lot, under 100 pips.
  • Post #18
  • Quote
  • Edited at 9:43pm Mar 12, 2010 9:31pm | Edited at 9:43pm
Quoting akukaya
Hi robertw,

really interesting results of yours.

I've a same opinion for 100% a month consistently is possible.

I am doing some experiment and perhaps will record it in my journal.
But I am more in using 100% EAs 24/7.

best rgds,
akukaya
100% is a nice even number as long as we get near or above consistently that will be quite an achievement and maybe we can pay off the national debt one day.

Please keep us up to date on your progress/journal.

If you prefer EAs that is completely your choice and I respect that.
At the moment the only thing I would use an EA for would be to automate some tasks but not to make trading decisions.
creo que una buena oportunidad puede ser la venta de usd contra chf

razones:
el dolar us tuvo una mala semana y rompio soportes semanales contra varias monedas
al reves el chf y el euro rompieron pero al alza.

perdon que no escribo ingles, quizas con un buen traductor entiendas
Quoting robertw
There is about 20 pairs that have decent spreads and swings, and we only need to pick one out of those 20, then we need to do it 12 times and we have a year filled with 100% gains. If we can do it in less then a year then the rest of the time is off for vacation. Using just simple arithmetic if you start this journey with me at $100 and double it twelve times you'll end with ridiculous amount of $409,600.00 minus my commission - just kidding.
You sound very methodical confident and I am just waiting for you to make the first move. I am just drooling - no kidding.
I may not be of much assistance in pair selection. However, EUR is something to watch.
"Put all your efforts in becoming effortless"
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