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28 Levels to 10k...

Quoting twinchell
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.
Ok, it is obvious we are discussing this but you haven't seen the plan or read about it on my thread.
Let me explain a little bit. The plan originally is a 28 levels financial plan to convert $1,000 to $1,000,000 on investments. It was not developed for the forex. It has its own characteristics and purpose wich I won't explain here.
So, what I did was to adapt the plan to my forex trading to do my experiment and also to educate and discipline myself.
As I said in the previous post, I set the conditions (lot number, value PP, daily target) based on my way of trading and on realistic targets.
Also as I said, it was made for not risking more than 5%-10% of the equity on each level.
So, if I make the $1,000 the risk will be the same 5%-10%
(By the way, it is also up to me or anyone to follow the plan, because even I haven't acted according the plan and at some point risked more than I should)
I wanted to make it clear the reason I "imploded" was because of me and my lack of discipline. It had nothing to do with the plan. The plan is to help me achieve the level of patience and discipline it will take to make a career trading. It also gives me very specific goals to try and aim for. I'm not ready to trade full time, that much is obvious, but on completion of these steps I will.
28 Levels to 10k
Day 16

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

Still waiting for an entry.

Next up:
Level 10
Equity $107.80, trading 3 lots @ .10/pip. Need 72 pips to reach level 11
Quoting SisterCurare
I wanted to make it clear the reason I "imploded" was because of me and my lack of discipline. It had nothing to do with the plan. The plan is to help me achieve the level of patience and discipline it will take to make a career trading. It also gives me very specific goals to try and aim for. I'm not ready to trade full time, that much is obvious, but on completion of these steps I will.
Ok, one more time. Just because you follow a "plan" doesn't mean you will be able to be a professional trader. I took a look at this plan. All it is, is an outline of steps to reach a goal. Nowhere in it does it talk about entries, exits, stops etc etc. It really isn't much. It's like saying " Ok, this is my goal. I'm going to double my money every two months and inside of a few years I'll be a billionaire." It's a wish statement and that's it. No where within that plan are proper risk fundamentals or trading fundamentals for that fact. Learn about risk, about money management. Then find a SIMPLE system and follow it. I say simple because there seems to be a sickness among people on this board that the second someone mentions a profitable system, they will make money with it, but then feel the need to trick it out with 40 new conditions and 20 new indicators to filter and back optimize it.

Learn those things, and trade. Learn from your mistakes and then and only then are you on your way. There is this sick illusion out there that forex trading is EASY to make a living off of. It isn't. It is actual work. If it were that easy EVERYONE would do it. Like anything else, it is a skill that you have cultivate with hard work. Following this ridiculous plan without a trading methodology in place is a joke. I am going to give you the secret of trading. Follow this and you will do fine: WRITE OUT A REAL TRADING PLAN. One that has conditions for exits, entries, stops, lot sizing, risk parameters etc. Then follow it. DO NOT DEVIATE FROM IT. That's it. If people did that, they would do much better.

That's it.

THE HUN.
Quoting thehun
Ok, one more time. Just because you follow a "plan" doesn't mean you will be able to be a professional trader. I took a look at this plan. All it is, is an outline of steps to reach a goal. Nowhere in it does it talk about entries, exits, stops etc etc. It really isn't much. It's like saying " Ok, this is my goal. I'm going to double my money every two months and inside of a few years I'll be a billionaire." It's a wish statement and that's it. No where within that plan are proper risk fundamentals or trading fundamentals for that fact. Learn about risk, about money management. Then find a SIMPLE system and follow it. I say simple because there seems to be a sickness among people on this board that the second someone mentions a profitable system, they will make money with it, but then feel the need to trick it out with 40 new conditions and 20 new indicators to filter and back optimize it.

Learn those things, and trade. Learn from your mistakes and then and only then are you on your way. There is this sick illusion out there that forex trading is EASY to make a living off of. It isn't. It is actual work. If it were that easy EVERYONE would do it. Like anything else, it is a skill that you have cultivate with hard work. Following this ridiculous plan without a trading methodology in place is a joke. I am going to give you the secret of trading. Follow this and you will do fine: WRITE OUT A REAL TRADING PLAN. One that has conditions for exits, entries, stops, lot sizing, risk parameters etc. Then follow it. DO NOT DEVIATE FROM IT. That's it. If people did that, they would do much better.

That's it.

THE HUN.
It wasn't meant to be a complete trading plan. Your rant is misdirected. I have no intention of sharing my complete trading plan or methodology. That's not the point of this journal. What makes you think I don't have a real trading methodology? You could have a foolproof methodology and simply not follow it properly. These levels provide me with specific goals by which I can measure my progress as a trader. That's all it's for. How do you keep track of your progress? And if you don't have a specific way of tracking your progress as a trader, then perhaps you, and not me should take a look at a trading plan.
  • Post #46
  • Quote
  • Edited 5:13pm Oct 12, 2006 3:55pm | Edited 5:13pm
LEVEL DOWN!!!

28 Levels to 10k
Day 17

Currently long 2 lots @ 1.8583
Equity: $81.77
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 41

Some of you guys need to take a chill pill. I never said this would be easy.

Next up:
Level 9
Equity $89.83, trading 3 lots @ .10/pip. Need 104 pips to reach level 10
Quoting SisterCurare
It wasn't meant to be a complete trading plan. Your rant is misdirected. I have no intention of sharing my complete trading plan or methodology. That's not the point of this journal. What makes you think I don't have a real trading methodology? You could have a foolproof methodology and simply not follow it properly. These levels provide me with specific goals by which I can measure my progress as a trader. That's all it's for. How do you keep track of your progress? And if you don't have a specific way of tracking your progress as a trader, then perhaps you, and not me should take a look at a trading plan.
I agree with you Sister and just wanted to add something about the post of The Hun.
This is the last comment about this discussion but I think you (The Hun) are jumping to conclusions without proper knowledge of the issue. Nor you have seen the plan, nor you know exactlly how Sister trades.
I agree with you tough about the trading condtions for entry, exit etc. How do you even think someone could survive on forex just with a plan on paper saying you will go from point A to point B and not having a good way of TRADING? That of course would be really foolish.

As I on my thread mentioned, I call my way of trading my FX ASS
A: Approach to the market. Emotional issues, self confidence, psychology, etc
S: Strategy for trading. Here is where the plan enters as one tool only. It is combined with the risk management, targets, etc etc
S: System. Methodology for trading. Indicators, entry, exit, etc etc

So, I say again that it is not the plan what makes someone a professional or whatever, it is a perfect combination and domain of ALL this things that will make someone a good forex trader.
The path thru the plan is for learning to combine ad master all those things. I don't think we could end the plan and not having experienced and mastered a good system, apporach and strategy.

Hope this clarifies something. I know Sister hasn't been trading well lately but she is learning and I am sure all this will only give us good things to learn.
Quoting SisterCurare
LEVEL DOWN!!!

28 Levels to 10k
Day 17

Currently long 2 lots @ 1.8583
Equity: $81.77
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 41

Some of you guys need to take a chill pill. I never said this would be easy.

Next up:
Level 9
Equity $89.83, trading 3 lots @ .10/pip. Need 104 pips to reach level 10



Hey Sister,

Keep it up. I understand you so just stick to your plan and dont straigh from it.
LEVEL DOWN!!!

28 Levels to 10k
Day 18

Currently short 2 lots @ 1.8542
Equity: $67.84
Current level: 7, trading 2 lots @ .10/pip.
Pips to next level: 7

After taking it on the chin this past week and a half, I think the market has finally gotten my attention. My last two trades were losses but I'm very happy with the fact that I took them within the context of my system.
So, now that I'm back where I started, let's see if I can get to level 13 again.

Next up:
Level 8
Equity $69.10, trading 2 lots @ .10/pip. Need 104 pips to reach level 9
<!-- / message --><!-- edit note -->
Sister,

You say your last two trades, so Im assuming each level down is one trade. If this is wrong, disregard this reply.

Your last trade you lost 17% of your previous account balance. I'm not sure what your money management system consists of, but this is pretty aggressive, as I'm sure you know. If you stuck to your plan these last two trades, great, but your plan seems very destructive and maybe a little too much over the top. Can you imagine trading for a living and taking a loss like this? I think it would kill your mindset.

Stick to your plan, but maybe think about a few trades to get to the next level.
Quoting twinchell
Sister,

You say your last two trades, so Im assuming each level down is one trade. If this is wrong, disregard this reply.

Your last trade you lost 17% of your previous account balance. I'm not sure what your money management system consists of, but this is pretty aggressive, as I'm sure you know. If you stuck to your plan these last two trades, great, but your plan seems very destructive and maybe a little too much over the top. Can you imagine trading for a living and taking a loss like this? I think it would kill your mindset.

Stick to your plan, but maybe think about a few trades to get to the next level.
This is exactly my point and where my rant was always at. This "plan" is absolutely meaningless and worthless. You have a map, but you are driving a car with 2 working wheels and a steering wheel that is busted. Your efforts should be focused a lot more on your system design and risk management.

There is NO WAY you can be a professional trader and lose those big chunks of your capital week in and week out. That was my original point. Just because you made it to your ethereal level 28 or whatever, will not guarantee you any skills or any foundation that will make you a professional. With these huge losses week in and week out, percentage wise, you will never be able to grow your capital. You will constantly be behind. Remember, I don’t want to come off as if I’m berating you. I’m not. I’m being honest, which this board and site needs a lot more of. I think there is some honesty here, but most of the reactions on this board are by people who do WAYYY too much hand holding. Having someone hold your hand and say “there there, alright, you’ll be ok, and hang in there , and it’s ok, you lost 50% of your equity, your doing ok, stick to the plan” doesn’t help you, it actually hinders development as a trader. People need to be told the truth. That is the only way they will improve. That is all I’m saying to you this whole time. Don’t worry about making levels and all that garbage. You have bigger concerns and that is keeping enough money to stay in the game.
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So you can listen to me, try to work on your game and focus on not losing so much when you do. Or you can continue to “follow your plan” and bust out (percentage wise you’ve lost a lot since my first post). I’d rather you fix your game and keep those losses to a minimum and then try to build up your capital. At the end of the day it’s up to you.

<o> </o>

THE HUN.
Quoting thehun
This is exactly my point and where my rant was always at. This "plan" is absolutely meaningless and worthless...
THE HUN.
OK, listen up Mr Hun, even if I were to adjust my risk management to about 2% which is what seems to be the amount most would agree upon for safe money management, it's not going to do me one bit of good if I take 15 extra trades outside of a system that has been proven to work, because I have issues with patience, discipline, and focus. When I was having success earlier in the thread, that was no fluke. To be quite honest, there has not been a great deal of difference in market conditions when I was having success, and now, when I am not. The only piece that is no longer working properly is me, and that will change. I see this period as a brief detour in my inevitable road to success.
28 Levels to 10k
Day 19

Currently long 2 lots @ 1.8610
Equity: $62.60
Current level: 7, trading 2 lots @ .10/pip.
Pips to next level: 7

Still chuggin' away, and will continue to do so. I feel like mentally I'm back to where I was around about day 8 or 9 when I was having success. Although currently there is hardly any volatility to speak of in the market.

Next up:
Level 8
Equity $69.10, trading 2 lots @ .10/pip. Need 104 pips to reach level 9

<!-- / message --><!-- edit note -->
LEVEL UP!!!
28 Levels to 10k
Day 20

Currently long 2 lots @ 1.8610
Equity: $80.28
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 48

Bittersweet moment. Although it feels good to make a winning trade, it sucks to think about where I was and where I should be. Let's see what tomorrow brings.

Next up:
Level 9
Equity needed $89.83, trading 2 lots @ .10/pip. Need 60 pips to reach level 10
28 Levels to 10k
Day 21

Currently short 2 lots @ 1.8670
Equity: $72.15
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 88

My equity peaked around $86 dollars, then the cable rally died, so I did a close and reverse. It sucks when you lose half your paper profits, but because of the way I trade, it happens sometimes.

Next up:
Level 9
Equity needed $89.83, trading 2 lots @ .10/pip. Need 60 pips to reach level 10
28 Levels to 10k
Day 22

Currently long 2 lots @ 1.8701
Equity: $76.62
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 66

Interesting rally by cable, I didn't really expect it to follow through. The rally peaked right at 1.8800 so it may stall if we don't get good news out of the UK tomorrow. I'm gonna try and hold on as long as I can.

Next up:
Level 9
Equity needed $89.83, trading 2 lots @ .10/pip. Need 60 pips to reach level 10
28 Levels to 10k
Day 23

Currently long 2 lots @ 1.8701
Equity: $86.09
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 19

Ok, so this week ended on a positive note, as I am slowly climbing out of the hole I dug for myself. Looking back at the trades I've made and my progress so far, I have to admit that I have not faithfully followed my trading system for the course of an entire week. And it caught up with me in a big way last week when I erased all my gains. So, obviously, next week I will endeavor to follow my system to the letter and hopefully the result will be profits made. Perhaps I might even make it to level 13 again.

Next up:
Level 9
Equity needed $89.83, trading 2 lots @ .10/pip. Need 60 pips to reach level 10
28 Levels to 10k
Day 23

Currently short 2 lots @ 1.8754
Equity: $80.17
Current level: 8, trading 2 lots @ .10/pip.
Pips to next level: 48

Lost a lot of equity when the rally stalled, so I pulled a close and reverse, we'll see what happens next.

Next up:
Level 9
Equity needed $89.83, trading 2 lots @ .10/pip. Need 60 pips to reach level 10
LEVEL DOWN!!!

28 Levels to 10k
Day 25

Currently long 2 lots @ 1.8758
Equity: $65.72
Current level: 7, trading 2 lots @ .10/pip.
Pips to next level: 17

My profitable trade turned into a small loss, which left me at around $71. I executed a close and reverse, and that trade is currently in the hole. There seems to be a lot of volatility, but no movement. Hopefully we'll have a dovish Fed tomorrow.

Next up:
Level 8
Equity needed $69.10, trading 2 lots @ .10/pip. Need 104 pips to reach level 9.
<!-- / message -->
This is a waste of time, in my opinion. How can you develop and test a system with a $65 account?
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