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28 Levels to 10k...

28 Levels to 10k
Day 9

Currently long @ 1.8875
Equity: $179.82
Current level: 12
Pips to next level: 56

Gotta work on those re-entries. It's amazing how much your personal life can influence trading decisions. I'm not usually skittish when price retraces but I must have temporarily lost my mind. Instead of being up 140 pips, I'm only up 70, because I made two pretty bad trades when I tried to re-enter on a pullback.

Next up:
Level 13
Equity $202.13, trading 5 lots @ .10/pip. Need 121 pips to reach level 14.
LEVEL DOWN!!!

28 Levels to 10k
Day 10

Currently short @ 1.8851
Equity: $141.27
Current level: 11
Pips to next level: 51

Alright, so I have finally refocused and got myself back under control. I was in a tailspin that threatened to send me back two levels, you can see what it has done to my equity. I'll sum it up by saying this: Since Sunday I've gotten only two signals, but I made at least 4 extra trades. I have been trading live since February and I have a long way to go before I mature as a trader, but to me that is what this experiment is all about.

Next up:
Level 12
Equity $161.70, trading 4 lots @ .10/pip. Need 101 pips to reach level 13.
28 Levels to 10k
Day 11

Currently short @ 1.8823
Equity: $136.52
Current level: 11
Pips to next level: 63

This week started out so well, I was this close to level 13 which is almost halfway to the goal. Made some mistakes that I have learned from. So, no re-entries, and I have defined a more robust exit strategy. Looking forward to next week, and since I'm short I hope non-farm is dollar positive.

Next up:
Level 12
Equity $161.70, trading 4 lots @ .10/pip. Need 101 pips to reach level 13.
  • Post #24
  • Quote
  • Edited 3:20pm Oct 6, 2006 8:51am | Edited 3:20pm
LEVEL DOWN!!!
28 Levels to 10k
Day 12

Currently no open positions.
Equity: $117.42
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 40

Terrible, terrible week. After watching my account get decimated, I can only hope I learned a thing or two from my failures.

Next up:
Level 11
Equity $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 11.
28 Levels to 10k
Day 12

Currently no open positions.
Equity: $117.42
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 40

Okay, so I learned a thing or two this week, and have made adjustments to myself first and foremost. I realized that sometimes it's just more difficult to follow the rules. My system is fine, the weak link here is me. I took a look back at my entries this week, and had I followed my system I would have done quite well, even today because I always have a 60 pip S/L when I enter a position. I would not have been stopped out by non-farms. I have added a few new rules for me personally to follow. They have nothing to do with entering or exiting trades, they are designed to improve my discipline as a trader. What I am trying to accomplish here is very difficult, but very much possible. Any trader who is consistently profitable should be able to do this. I am working toward that goal.

Next up:
Level 11
Equity $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 11.
28 Levels to 10k
Day 14

Currently long @ 1.8680
Equity: $117.06
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 41

...
Let's see what happens tomorrow.

Next up:
Level 11
Equity $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 11.
Long? Man I hope you placed a tight SL
Let's hope this week is a good one to us.

BEST OF LUCK!!
Quoting Efex
Long? Man I hope you placed a tight SL
Let's hope this week is a good one to us.

BEST OF LUCK!!
Yeah, I was going long on hourly bullish divergence. I was wrong about that one.
LEVEL DOWN!!!
28 Levels to 10k
Day 15

Currently no open positions.
Equity: $103.07
Current level: 9, trading 3 lots @ .10/pip.
Pips to next level: 16

...
I'm falling apart here.

Next up:
Level 10
Equity $107.80, trading 3 lots @ .10/pip. Need 72 pips to reach level 11.
Equity from $196 to $103. 47% drawdown in a week is just plain ole' no good.
Quoting twinchell
Equity from $196 to $103. 47% drawdown in a week is just plain ole' no good.
Yeah, but I honestly feel if I can complete these levels. I will be a real trader, capable of doing this for a living. So I am discouraged, but I'm not giving up.
Quoting SisterCurare
Yeah, but I honestly feel if I can complete these levels. I will be a real trader, capable of doing this for a living. So I am discouraged, but I'm not giving up.
I'm not trying to get you down or anything, far from it. However, a 47% weekly drawdown combined with "doing this for a living" should make one pause. It should, most of all, make you pause.
Quoting twinchell
I'm not trying to get you down or anything, far from it. However, a 47% weekly drawdown combined with "doing this for a living" should make one pause. It should, most of all, make you pause.
You've missed my point. There are 28 levels, I am on level 9. When I complete all 28 levels, and not before, I will be capable of doing this for a living. I see this as the ultimate test for a trader. Clearly I'm not at the point where I can trade for a living, I doubt if very many at this are capable of completing all 28 levels, but those who can probably trade fulltime.
Quoting SisterCurare
You've missed my point. There are 28 levels, I am on level 9. When I complete all 28 levels, and not before, I will be capable of doing this for a living. I see this as the ultimate test for a trader. Clearly I'm not at the point where I can trade for a living, I doubt if very many at this are capable of completing all 28 levels, but those who can probably trade fulltime.
I think you've missed my point. That's ok though, may luck be with you.
Quoting twinchell
I think you've missed my point. That's ok though, may luck be with you.
Sorry, didn't mean to jump to conclusions. Care to elaborate?
Quoting SisterCurare
Sorry, didn't mean to jump to conclusions. Care to elaborate?
Ok, I'll chime in briefly. Essentially, your risk management skills, to be frank, SUCK. 47% in a week, there is no way you would last very long as a professional trader. I'm not trying to be beliggerent (I probably misspelled that word), you need the truth.

At 47% loss on any given week, you set yourself back too much. The fallacy with most traders is the illusion of invincibility. They'll say "well I have the Sidus system, or this system or that bla bla bla..so I'll be right x% of the time" Guess what??? You are going to lose and not only that you are going to have a losing streak. Everyone, even the most successful traders all have them. No one, absolutely no one is 100% accurate. Everyone goes on a lousy run. Combine this fact with the fact that you lost 47% in one week adds up to implosion. How can you handle a losing streak if you are losing 47% each time. You will go from "level 28" to el busto within three weeks.

That in a nutshell is the point. Without better risk management you are not going to get very far and you will not be able to grind a living at trading. If you can improve those skills, then that will give you a better shot.

THE HUN.
Quoting thehun
Ok, I'll chime in briefly. Essentially, your risk management skills, to be frank, SUCK. 47% in a week, there is no way you would last very long as a professional trader. I'm not trying to be beliggerent (I probably misspelled that word), you need the truth.

THE HUN.
I think she's following a strict plan of how many lots to play. Money mangement is built into the plan right? Perhaps the plan should be 280 levels so the loss would be only 4.7%.
Quoting thehun
Ok, I'll chime in briefly. Essentially, your risk management skills, to be frank, SUCK. 47% in a week, there is no way you would last very long as a professional trader. I'm not trying to be beliggerent (I probably misspelled that word), you need the truth.

At 47% loss on any given week, you set yourself back too much. The fallacy with most traders is the illusion of invincibility. They'll say "well I have the Sidus system, or this system or that bla bla bla..so I'll be right x% of the time" Guess what??? You are going to lose and not only that you are going to have a losing streak. Everyone, even the most successful traders all have them. No one, absolutely no one is 100% accurate. Everyone goes on a lousy run. Combine this fact with the fact that you lost 47% in one week adds up to implosion. How can you handle a losing streak if you are losing 47% each time. You will go from "level 28" to el busto within three weeks.

That in a nutshell is the point. Without better risk management you are not going to get very far and you will not be able to grind a living at trading. If you can improve those skills, then that will give you a better shot.

THE HUN.
Definitely couldn't have said it better.
Quoting nitman
I think she's following a strict plan of how many lots to play. Money mangement is built into the plan right? Perhaps the plan should be 280 levels so the loss would be only 4.7%.
Well, reading all this, and as the "creator" of the plan I must participate on this debate.
I have to mention that the plan does not itself gives any money management.
Is up to everyone to set how much is going to risk on each trade. The plan only gives objectives and clear targets to advance and end with the money if you finish the 28 levels. Also, everyone can change the conditions of the plan to fit its own trading.
It is obvious that, when I made the plan and set the lot and P/P values, I considered my trading and, based on how much I used to risk (set SL), I wouldn't risk more than 5%-10% of the equity of the level.
Even this is also risky, but it's up to everyone how much risk is willing to take. Remember more risk is more reward.
So, the entire plan is some kind of risky, but, as I said when I initiated, it was just $10 risk for a $10,000 reward if somebody ends it. (and of course the plan can be improved)

I totally agree that 47% loss in a week is a big loss and sister needs to be more carefull on setting the SL and maybe tuning her entry signals.
Is all this stuff that we are suposed to LEARN while we go thru the entire plan, so at the end, we will have all that money management, pshicology, etc skills that you already have.

I think all your comments and help are welcomed and needed to keep learning and learning.

Bye
Quoting Efex
...it was just $10 risk for a $10,000 reward if somebody ends it...
What happens when you turn the $10 into $1000. Your next trade are you only risking $10, or are you risking $1000? As you grow your account, you expect to keep that money at some point or another. I think just because your account grows, your risk doesn't, is foolish.


Quoting Efex
...I think all your comments and help are welcomed and needed to keep learning and learning.
I can't disagree here.
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