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Rags to Riches in 10 or 20 Trades - Simplicity at its finest

  • #2,581
  • Nov 14, 2018 1:26pm Nov 14, 2018 1:26pm
Quoting Merka
{quote} ICMarkets offer 1:500 leverage and is Australian regulated broker
They're the ones I'm demoing with..
The don't accept Paypal though..
  • #2,582
  • Nov 14, 2018 1:43pm Nov 14, 2018 1:43pm
Quoting alt11
{quote} They're the ones I'm demoing with.. The don't accept Paypal though..
I use credit card and don't have problems
  • #2,583
  • Nov 14, 2018 2:05pm Nov 14, 2018 2:05pm
Quoting Merka
{quote} I use credit card and don't have problems
and they don't guarantee stops
  • #2,584
  • Nov 14, 2018 2:08pm Nov 14, 2018 2:08pm
Quoting alt11
{quote} and they don't guarantee stops
what do you mean?
  • #2,585
  • Nov 14, 2018 7:09pm Nov 14, 2018 7:09pm
Quoting Merka
{quote} what do you mean?
Some brokers will guarantee your stops even if the price slips or gaps over them.
Good for peace of mind..
  • #2,586
  • Nov 14, 2018 7:14pm Nov 14, 2018 7:14pm
Quoting Chake
{quote} In this example you have build your account from $50 to $50K, that money comes from other traders who lost their money, it's not money you earned from your broker. Your broker (at least a good one) earns his money through commisions and spread, he does not care how much you made and how much you want to withdraw as long as you stay with them and trade a lot!
Provided they don't trade against you. Trading against their clients are a norm especially if they are stp only ecn makes money from spreads. Especially so if they provides micro and mini accounts.
You're going to pay a price for every bloody thing you do and don't do
  • #2,587
  • Nov 14, 2018 7:16pm Nov 14, 2018 7:16pm
Quoting newbietofx
{quote} Provided they don't trade against you.
Isn't the broker always the other side of your trades?
Your loss is his gain
  • #2,588
  • Nov 15, 2018 1:01am Nov 15, 2018 1:01am
Quoting alt11
{quote} Isn't the broker always the other side of your trades? Your loss is his gain
Not so if they claim to be ecn. This is where your orders get put out in the banks and those banks will take your money and take the risk. The broker is just a platform to transfer orders and get paid to do so.

However stp or otc is different.
You're going to pay a price for every bloody thing you do and don't do
  • #2,589
  • Nov 15, 2018 1:19am Nov 15, 2018 1:19am
Quoting newbietofx
{quote} Provided they don't trade against you. Trading against their clients are a norm especially if they are stp only ecn makes money from spreads. Especially so if they provides micro and mini accounts.
I was talking about the decent brokers... (ecn naturally)
Google "broker a book b book"
Persistence will get it. Consistency will keep it.
  • #2,590
  • Edited 4:43am Nov 15, 2018 2:45am | Edited 4:43am
Quoting newbietofx
{quote} Not so if they claim to be ecn. This is where your orders get put out in the banks and those banks will take your money and take the risk. The broker is just a platform to transfer orders and get paid to do so. However stp or otc is different.
Honestly I find that hard to believe.
There's so much money to be made by "managing the risk" as they say, and no downsides, they'd be crazy not to do it.
Anyway, if a market maker can guarantee my stops, I'd rather go with that, if it can save me opening the platform one day and discovering that I owe an ecn broker 20x my initial balance because price jumped over my stop. I personally think that if there's even the slightest possibility of that happening, it's a crazy risk to take.
But I just want to play the R2R game for fun, not trade my savings.
  • #2,591
  • Nov 15, 2018 5:34am Nov 15, 2018 5:34am
Quoting alt11
{quote} Honestly I find that hard to believe. There's so much money to be made by "managing the risk" as they say, and no downsides, they'd be crazy not to do it. Anyway, if a market maker can guarantee my stops, I'd rather go with that, if it can save me opening the platform one day and discovering that I owe an ecn broker 20x my initial balance because price jumped over my stop. I personally think that if there's even the slightest possibility of that happening, it's a crazy risk to take. But I just want to play the R2R game for fun, not trade...
a pure marketmaker broker dont let you trade very long, when you are winning.

they tell you , you have to close account, they widen spread, increase server respoonse time, have more offquotes.... same platform freezes.... they do all what they can to bring you gewin down... when any of your win is the loss on brokers side, any pure marketmaker will not allow you to win for longer time..... so your stops filled dont bring you anything!
  • #2,592
  • Nov 15, 2018 6:02am Nov 15, 2018 6:02am
Quoting dukas_trader
{quote} a pure marketmaker broker dont let you trade very long, when you are winning.
Yes if they can do whatever they want, why would they ever let you win? I've thought about that.
It's just that I can't justify in my brain risking to lose more than I deposited.
  • #2,593
  • Nov 15, 2018 6:22am Nov 15, 2018 6:22am
Quoting alt11
{quote} Yes if they can do whatever they want, why would they ever let you win? I've thought about that. It's just that I can't justify in my brain risking to lose more than I deposited.
where do you live, what country?
in most you have already the law, that you lose only what deposited.

you have to take a look if you are under sthis protection.

later when you grow big, you get the real problem, in begining als is so extrem easy, until 100k still very ok, but 7 and above get real new problems then before....and a different trading, at least in short term trading.
  • #2,594
  • Edited 1:39pm Nov 15, 2018 9:10am | Edited 1:39pm
Quoting dukas_trader
{quote} ntil 100k still very ok, but 7 and above get real new problems then before....and a different trading, at least in short term trading.
Getting 100k out of Forex would already be a huge success by my standards.
Regarding the negative balance, I guess then that it might be safer to trade short time frames to avoid spending too much time in the market.
What is you people's best winning streak in number of trades?
  • #2,595
  • Nov 15, 2018 4:12pm Nov 15, 2018 4:12pm
Quoting alt11
{quote} Getting 100k out of Forex would already be a huge success by my standards. Regarding the negative balance, I guess then that it might be safer to trade short time frames to avoid spending too much time in the market. What is you people's best winning streak in number of trades?
thats total useless statsitic count. only important is how much you win, max drawdown and equity curve, and all calculated to your opportunity costs. more you dont need!

100k win in balance is often nothing, people would have more in some years with simple work in this time and did not traded, so in real is this 100k then often a loss.... depends of course what they earn by working....and the other components of calculating opportunity costs.
  • #2,596
  • Nov 16, 2018 7:54am Nov 16, 2018 7:54am
Ok when the discusssion is there anyway what is the difference from a broker that offers 30:1 in leverage and a broker offfers 500:1 on majors examples please if one take a trade and have an account of 1000 dollar. Thank You.

Best regards
  • #2,597
  • Nov 16, 2018 10:33am Nov 16, 2018 10:33am
Quoting jgadefelth
Ok when the discusssion is there anyway what is the difference from a broker that offers 30:1 in leverage and a broker offfers 500:1 on majors examples please if one take a trade and have an account of 1000 dollar. Thank You. Best regards
In few words, you need more money to open a trade. Now that you asked for an example.

If your account is in USD, if you want to open a 1 lot of 100K of USDJPY:
1:30 you need $100,000 /30 = US$3,333.33
1:500 you need $100,000 / 500 = US$200.00

If you can see it this way with 1:30 you have a buying power of $1,000 * 30 = US$30,000, with 1:500 you have a buying power of US$500,000, that does not mean that you have to use it all.

I hope I have helped you to understand the difference.



oggalan
  • #2,598
  • Nov 16, 2018 11:27am Nov 16, 2018 11:27am
Quoting oggalan
{quote} In few words, you need more money to open a trade. Now that you asked for an example. If your account is in USD, if you want to open a 1 lot of 100K of USDJPY: 1:30 you need $100,000 /30 = US$3,333.33 1:500 you need $100,000 / 500 = US$200.00 If you can see it this way with 1:30 you have a buying power of $1,000 * 30 = US$30,000, with 1:500 you have a buying power of US$500,000, that does not mean that you have to use it all. I hope I have helped you to understand the difference. oggalan
Thank You, no i dont understand it fully. What will it mean in reality if i take trade with the 2 different accounts if i take the biggest allowed position with an 1000 dollar account does it mean i need more pips with the 1:30 account to dubble the money i took the trade with or is it just that i tire up more of my account money and are maybe looked with the whole account to one position and cant take any more. But with the 1:500 i can take 13 other trades before my account is looked the same way ?

Thak You.

Best regards
  • #2,599
  • Edited 7:27pm Nov 16, 2018 2:49pm | Edited 7:27pm
Also, unless I'm mistaken, a small leverage means an extremely low pip value with which you cannot realistically play the R2R game since you would need to have huge stop losses to be able to risk 50% of your deposit per trade.
Correct?
  • #2,600
  • Nov 17, 2018 3:02am Nov 17, 2018 3:02am
Is there no good brokers left ECN that offers more then 1:30 in leverage for people living in EU? Fxpro and pepperstones razor offers only 1:30.

Best regards
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