$2,000 starting account balance
2% every week
do this for 10 years = $51 million and some change...
skip
Sorry - just did it on a spreadsheet, its 59 million......or 98,000 USD after taxes.
Clockwork
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
- Joined Mar 2007 | Status: It's all just noise. | 1,681 Posts
[quote=clockwork71;1611433
Sorry - just did it on a spreadsheet, its 59 million......or 98,000 USD after taxes.
Clockwork[/quote]
The IRS has been sensitive to our need for a simpler tax form and they came up with this:
Sorry - just did it on a spreadsheet, its 59 million......or 98,000 USD after taxes.
Clockwork[/quote]
The IRS has been sensitive to our need for a simpler tax form and they came up with this:
New EZ Federal Withholding
Line 1. How much did you make this year?
Line 2. Send it in.
- | Commercial Member | Joined May 2007 | 7,634 Posts
The IRS has been sensitive to our need for a simpler tax form and they came up with this:
New EZ Federal Withholding
Line 1. How much did you make this year?
Line 2. Send it in.
Hi Peter,
You've got a very nice thread for newbies to learn. The problem with most newbies (including me) for the first month is "to sit at the computer for hours trying to catch every move fearing to even missed one" which indeed "the whole exercise is tiresome, and, at times, frustrating".(in brackets are your quote that I borrowed). Hence sometimes even skip our lunch or even dinner and stayed until midnight to catch "GREEN PIPS" which usually got burnt instead. Newbies usually forgot "There's ALWAYS another trade...quoted by Hilmy83)".
I would recommend all newbies to read through your thread to better equipped ourselves. I wish to learn to trade on a longer frames and would like come to your for advice....if you don't mind.
Keep up the good work and your dedication to this thread.
You've got a very nice thread for newbies to learn. The problem with most newbies (including me) for the first month is "to sit at the computer for hours trying to catch every move fearing to even missed one" which indeed "the whole exercise is tiresome, and, at times, frustrating".(in brackets are your quote that I borrowed). Hence sometimes even skip our lunch or even dinner and stayed until midnight to catch "GREEN PIPS" which usually got burnt instead. Newbies usually forgot "There's ALWAYS another trade...quoted by Hilmy83)".
I would recommend all newbies to read through your thread to better equipped ourselves. I wish to learn to trade on a longer frames and would like come to your for advice....if you don't mind.
Keep up the good work and your dedication to this thread.
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
Hi Peter,
You've got a very nice thread for newbies to learn. The problem with most newbies (including me) for the first month is "to sit at the computer for hours trying to catch every move fearing to even missed one" which indeed "the whole exercise is tiresome, and, at times, frustrating".(in brackets are your quote that I borrowed). Hence sometimes even skip our lunch or even dinner and stayed until midnight to catch "GREEN PIPS" which usually got burnt instead. Newbies usually forgot "There's ALWAYS another trade...quoted by Hilmy83)".
I would recommend all newbies to read through your thread to better equipped ourselves. I wish to learn to trade on a longer frames and would like come to your for advice....if you don't mind.
Keep up the good work and your dedication to this thread.
- | Joined Sep 2007 | Status: London | 187 Posts
Hi everyone,
I'm currently working on my trading plan and my biggest issue would seem to be my exit strategy. My trading is based on price action and following the trend, I normally look to hold positions for days rather than hours and in my demoing I’m can make decent gains (let the winners run) but am then having problems getting out of the trade with out letting them run too far back and either going back to break even, a loss or smaller profits. It sounds mad when I read it back… how can you make a decent profit turn into a loss but I’m trying to work on the principles of trend following where you’re going for the big wins to offset the small losses.
I’m thinking now of setting 'take profits' at twice the stop, so my stops are never more than 1% of my risk capitol so setting my 'take profit' at 2%
really struggling on this aspect, any tips?
BTW, great posts both here an on PeterFM original post!
I have experienced/experiencing the same difficulty. It just hurts when a profitable position turns red and then hits the S/L...aarrrgghhh !
I will try and share my view on it though I gotta say that I am a noob myself, so thats just me talking here.
In any event this "exiting problem" strikes me as a mental challenge, because every time the moment comes to set an S/L or liquidate a position those thoughts creep up and are telling me with a sweet voice: "Why dont you place the S/L a little further away OR leave it open it might turn around, imagine all those extra pips you'd have. Wouldn't that be nice?"
Well, now that my S/Ls have been slapped left, right and center by listening to that voice I came to the conclusion that the price actually does not hear this voice in my head let alone obeys to it.
This voice is obviously my desire or emotional side (that's just a little explanation for all those who think I went bonkers) and skewes my rational view on what I see happening on the charts.
Part of the problem is for me that I wish to squeeze every little pip out of my postion, exiting at the exact price level where it starts to reverse on my position, so that I can clench my fist and laugh at the market saying: "Haha, I got them all" , almost like a geeky toy collector.
It is not possible for me to kill off my emotions and I dont think I should even try it.
But this is how I try to make things work for myself:
I know the signs of my system and wait for them to come pass.
Sounds easy, but I was surprised in hindsight how often I would not stick to my system and enter a partly promising position supplemented by the feeling that I'd miss out.
I document my trades !
I read this advice at the very beginning of my trading but never took heed. I wish I did because ever since I feel some serious acceleration on my skill development.
The one best single thing that is improving my trading tremendously.
There is no better way spot my own inefficiencys since it allows for a rational bird eye view on my own actions and my own patterns and reflect on them.
(I create a screen shot with an entered position and a comment)
I have accepted my losses before I entered !
I try and live with the thought that it is a viable possibility
that my S/L gets hit.
I set my target
This one is tricky sometimes but I set my target in line with my system (Price Action, S/R, Fibbo and MAs) and try to be happy when it gets hit and not think about the extra pips I could have made if I set my target further away.
The worst thing is NOT not making money
It's actually losing money thats why I often set my S/L to break even once there's enough headway. If it goes bad it doesnt matter because I haven't lost anything and there are loads more trades out there.
Another scenario is that the price has not quite reached my target but became undecided in terms of further direction, then I lock in some profit at a price level of which I think it would not be touched should things pan out well for me.
If it goes bad I try not to cry over the pips I could have had, had I liquidated the position instead of moving my S/L at the time.
Only the geeky toy collector feels sorry that he didnt have'em all.
Well, thats that from me hope there's something in it for you but as I said I'm a noob myself and God knows how many more slapping my S/Ls will receive, but its all part of the process.
Enjoy in the meantime & happy pipping
Be like a post stamp! Stick to it until you get there!
Peter, finally i found you here. are you hiding from your journal on the main forum?
first, thank you for your time that you invested in all this. you definitely improved your karma by doing it, i will tell them when i am up there, promise
.
second, i posted a question in your journal and repeating it here, just in case. do you have any interesting observations regarding correlations of different currencies? i've seen on one of your screens all 3: eur/gbp, eur/usd, and gbp/usd, which may suggest that you are using all three. the behavior of eur/gbp definitely gives some clues to the behavior of its majors, i just cannot figure out how to read them. clockwork suggested some solution, but i think we can go further than that. after reading all your posts, now i am even more interested to know your opinion on that topic. you seam to have a very, i don't know, generic? or unique way of looking at things, so you may figure something unusual out.
i am planning some exercises to improve my chart reading skills with crosses and their majors. just waiting until i finish reading all pf materials for the second time, and start working on them. hadn’t I found your journal i would have finished already. now i have to finish running through your trades and go and read jacko thread, coz too many of you are referring to it.
third, you never really explained your trading rules. i looked at your trades and tried to recreate them. will do it for some more time.
i guess what you are doing is you are using major ppz, major trendlines, and drawing 38 and 62% fibos on all the major and minor moves inside of a clearly defined byweekly areas s/r, as it was suggested by clockwork. when you have a confluence of fibos you are putting sell/buy limits. you are using fibo extension tool for targets. You also monitor your trades, the part that i cannot and don’t want to do.
exact place of your limits is more of an art and your hard work, there is no strict rule there. it is pretty much in line with what mark (raczekfx) is doing, i think, he just more in tune with /jpy related pairs.
when you were trading without stops, did you use hedge or critical stop far back, or you were just constantly monitoring your trades, not allowing them to go against you for too much?
what am I missing in your current rules?
thanks.
first, thank you for your time that you invested in all this. you definitely improved your karma by doing it, i will tell them when i am up there, promise
.second, i posted a question in your journal and repeating it here, just in case. do you have any interesting observations regarding correlations of different currencies? i've seen on one of your screens all 3: eur/gbp, eur/usd, and gbp/usd, which may suggest that you are using all three. the behavior of eur/gbp definitely gives some clues to the behavior of its majors, i just cannot figure out how to read them. clockwork suggested some solution, but i think we can go further than that. after reading all your posts, now i am even more interested to know your opinion on that topic. you seam to have a very, i don't know, generic? or unique way of looking at things, so you may figure something unusual out.
i am planning some exercises to improve my chart reading skills with crosses and their majors. just waiting until i finish reading all pf materials for the second time, and start working on them. hadn’t I found your journal i would have finished already. now i have to finish running through your trades and go and read jacko thread, coz too many of you are referring to it.
third, you never really explained your trading rules. i looked at your trades and tried to recreate them. will do it for some more time.
i guess what you are doing is you are using major ppz, major trendlines, and drawing 38 and 62% fibos on all the major and minor moves inside of a clearly defined byweekly areas s/r, as it was suggested by clockwork. when you have a confluence of fibos you are putting sell/buy limits. you are using fibo extension tool for targets. You also monitor your trades, the part that i cannot and don’t want to do.
exact place of your limits is more of an art and your hard work, there is no strict rule there. it is pretty much in line with what mark (raczekfx) is doing, i think, he just more in tune with /jpy related pairs.
when you were trading without stops, did you use hedge or critical stop far back, or you were just constantly monitoring your trades, not allowing them to go against you for too much?
what am I missing in your current rules?
thanks.
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
Peter, finally i found you here. are you hiding from your journal on the main forum?
first, thank you for your time that you invested in all this. you definitely improved your karma by doing it, i will tell them when i am up there, promise
second, i posted a question in your journal and repeating it here, just in case. do you have any interesting observations regarding correlations of different currencies? i've seen on one of your screens all 3: eur/gbp, eur/usd, and gbp/usd, which may suggest that you are using all three. the behavior of eur/gbp definitely gives some clues to the behavior of its majors, i just cannot figure out how to read them. clockwork suggested some solution, but i think we can go further than that.
.........after reading all your posts, now i am even more interested to know your opinion on that topic. you seam to have a very, i don't know, generic? or unique way of looking at things, so you may figure something unusual out.
i am planning some exercises to improve my chart reading skills with crosses and their majors. just waiting until i finish reading all pf materials for the second time, and start working on them. hadn’t I found your journal i would have finished already. now i have to finish running through your trades and go and read jacko thread, coz too many of you are referring to it.
third, you never really explained your trading rules. i looked at your trades and tried to recreate them. will do it for some more time.
i guess what you are doing is you are using major ppz, major trendlines, and drawing 38 and 62% fibos on all the major and minor moves inside of a clearly defined byweekly areas s/r, as it was suggested by clockwork. when you have a confluence of fibos you are putting sell/buy limits. you are using fibo extension tool for targets. You also monitor your trades, the part that i cannot and don’t want to do.
exact place of your limits is more of an art and your hard work, there is no strict rule there. it is pretty much in line with what mark (raczekfx) is doing, i think, he just more in tune with /jpy related pairs.
when you were trading without stops, did you use hedge or critical stop far back , or you were just constantly monitoring your trades, not allowing them to go against you for too much?
what am I missing in your current rules?
thanks.