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Turning $800 into $1 million in 1 year

  • #161
  • Jun 28, 2017 4:12pm Jun 28, 2017 4:12pm
Stopped out by the broker automatically at 5pm EST during rollover.

They left $210 remaining.

Now if there's still $210 in the account, doesn't that mean that there was enough money to cover whatever it had to cover during swap + wide spreads?

If I am to get margin called, shouldn't the account be left with something minimal like $5 or $10, just enough so it doesn't go to negative?

Why close all the trades and leave $210?
  • #162
  • Jun 28, 2017 4:25pm Jun 28, 2017 4:25pm
Quoting raphaelfx
Stopped out by the broker automatically at 5pm EST during rollover. They left $210 remaining. Now if there's still $210 in the account, doesn't that mean that there was enough money to cover whatever it had to cover during swap + wide spreads? If I am to get margin called, shouldn't the account be left with something minimal like $5 or $10, just enough so it doesn't go to negative? Why close all the trades and leave $210?
Depends on your broker margin call policy I guess. A lot wont let your account go below a certain % . They don't just stop you at or near zero, its too risky for them in a worst case scenario. They see that the % acts as a buffer/maintenance amount if you like. Although I may be wrong..time to check the small print.
Bad luck though. I hoped the news might have helped your positions earlier.
All the best.
  • #163
  • Jun 28, 2017 4:30pm Jun 28, 2017 4:30pm
Quoting Spoon138
{quote} Depends on your broker margin call policy I guess. A lot wont let your account go below a certain % . They don't just stop you at or near zero, its too risky for them in a worst case scenario. They see that the % acts as a buffer/maintenance amount if you like. Although I may be wrong..time to check the small print. Bad luck though. I hoped the news might have helped your positions earlier. All the best.
Fxopen website says Margin Call is when margin level is less than 50%.

If I'm not mistaken my margin level was about 100% prior to NY closing.

$500 equity and about $470 margin used.
  • #164
  • Jun 28, 2017 4:37pm Jun 28, 2017 4:37pm
Not sure what fxopen's current rule is, but that is about less than 5% of your balance what is left...
At that point with very low equity, between fully paralyzed unable to open new trades, the midnight widening spread, the triple swap...I think you should be rather happy with that there is 200$ left at least.
Sorry, but I don't think with about 1.7 lot open, the broker had hardly more than 10 pips till a possible negative balance, and you had hardly more than a final prayer for a turn for good.

From past experience made that offer to take all off at around 1600$ (100% gain still) take a day off, and rebuild the positions anew.
I think many of us had blown up account/s in past, and been there with the feeling to fight till lost drop of blood or last cents this case.
Tough to get back to square 1 after approx 2500$ gain, but imagine up that feeling from 50k, or 200k, sticking to the plan with and even more reinforced belief that you doing the right thing, cos it was working that many weeks longer that point...
I think you if attempt again similar run, you should work in some rules/failsafes for capital protection, or maybe a withdrawal plans at milestones, like each week, etc.

Anyway, sorry for your loss. Best of luck!
there is always, always another trade!!
  • #165
  • Jun 28, 2017 4:40pm Jun 28, 2017 4:40pm
Quoting abokwaik
Forget the money, focus on pips gained, and increase your lot size as your equity increases.

Making 5 to 10 pips a day is enough if you can make it consistently.

You can trade with pip value equal to 1% of your equity (balance), so that making 5 pips a day adds 5% to your equity.

Hitting +5 pips a day is far easier that targeting +50 pips a day.

Once you hit your daily pip target, close everything and leave.

When your account grows heavily, split it into multiple accounts (preferably on multiple reliable...
golden tips, thsi guy gave you think hard about it !!!

This is what i actually do; you can use high probability candles/pattern formation on lets say 4 hour/daily charts, aim for 5/10 pips set and forget.. practically guaranteed to hit the target if you take a good signal..

Have a robust money management in order to achieve your target % and thats all you need.. well that, and military style discipline


PRO TIP: hide the balance/running/profit, etc trade window and focus on the chart only; if you trade the right way, money will come, dont worry
  • #166
  • Jun 28, 2017 4:43pm Jun 28, 2017 4:43pm
Quoting raphaelfx
{quote} Fxopen website says Margin Call is when margin level is less than 50%. If I'm not mistaken my margin level was about 100% prior to NY closing. $500 equity and about $470 margin used.
OK, correct.
But add that stop out is at 50%!!
470 margin used, 50%= 235....the 210$ is about OK with some slippage....
there is always, always another trade!!
  • #167
  • Jun 28, 2017 4:58pm Jun 28, 2017 4:58pm
Quoting profitfarmer
{quote} since he uses progressive lots, average pip count is irrelevant. to give an example: GBP/JPY Buy 144.07145.160.3282:1 4.6% $310 109 GBP/JPY Sell 143.64145.180.0615:1 -1.2% -$83 -154 what is the average pip count? ( hint: -22.5 pip) is he making profit on this? ( hint: YES!) some measurements are useful on one way of trading, some on another. there is a big difference between...
Sorry I may not be understanding what you have done to obtain that -22 pips per trade, have you weighted the pips gained with the lot size used to place the trade? I.e. 10 pips at 0.01 lot = 10pips and 5 pips at 0.02 lot= 10pips?

If that is the case I addressed that issue by simply stating that keeping the lot size at 0.01 for every trade would mean that an average pip per trade >1.0 would still make you a profitable trader.
Trading is a Zero sum game. Someone winning means someone losing.
  • #168
  • Jun 28, 2017 5:30pm Jun 28, 2017 5:30pm
Quoting profitfarmer
Not sure what fxopen's current rule is, but that is about less than 5% of your balance what is left... At that point with very low equity, between fully paralyzed unable to open new trades, the midnight widening spread, the triple swap...I think you should be rather happy with that there is 200$ left at least. Sorry, but I don't think with about 1.7 lot open, the broker had hardly more than 10 pips till a possible negative balance, and you had hardly more than a final prayer for a turn for good. From past experience made that offer to take all off...
Well, the consensus here is that I was lucky to still have the $200 left then. So it's better for me.
I'm not trying to blame fxopen or anything, but just wanted to ask here to confirm if things were right to be this way on the broker end. I'm not one of those sore losers that blame anything but themselves. I know I got to this because I wasn't good enough yet.

In hindsight yes, I should have stopped or taken a break at $1600. Or when I was just over at $3000 equity that happened a few times. But then how I'd know that what I was doing was wrong? So, really I don't really waste time looking back at things in hindsight with that "I should have done this or that" mentality. It is what it is.

I had reasons to take those trades, that's why I believed in them and took them. And they were wrong. Now I improve it and move on.

Myfxbook says that my equity peak was 287.38% return. That's almost $3300.

So I guess that means that I got something, I just need to keep improving it.
  • #169
  • Edited 8:50pm Jun 28, 2017 8:34pm | Edited 8:50pm
raphaelfx

Can't say that losing money is any fun but we do learn a lot from the mistakes we make. I thought you were right when you figured GBPJPY would go back up, but I think you started to waver lately. This is never a good scenario. Made the same mistake and took profit at 143.00. Your trading is good and I don't think you'll make the same mistakes again. I've had two margin calls over my year in FX. Happens when your equity drops below 5% of your margin, although they only close lowest open positions until your above the 5% again. Wish I was watching your account to see how this all went down, seems like a perfect storm scenario. I'll be watching your thread for next moves. The goal is still possible I don't care what anyone else has to say. If its possible to turn $800 into $3000 then there's no reason you can't continue to $1,000,000. One year is the goal, if it takes two who cares.
  • #170
  • Edited 9:16pm Jun 28, 2017 9:01pm | Edited 9:16pm
Boom!!!
Sorry nothing else came to my mind....
A lot of broker would be smiling to the bank this week ...
My deepest condolences..
If there's something I admire about you is the fact that your Patience with for entries...
But mostly in the negative, cut your losses and don't hold onto them for too Long.
I mainly focus on the usd pair's they don't offer much every week or months but it has a good reward to risk ratio. it's more of a price action crosses.
People say GBPJPY are more volatile pair but some of these moves are false move ( entry hunters/ price manipulation)and when you get caught up in these situation you might not recover. The USD pairs has less of these tendencies. Don't get me wrong am not saying this pair can't be traded with high success rate but.....
  • #171
  • Jun 28, 2017 9:04pm Jun 28, 2017 9:04pm
raphealfx

I see you were fully hedged at the time of margin call. Your equity must have been very low and when fees were added it dipped below 5% and started a cascade of sells, each one changing your equity to margin ratio and triggering another sell. Didn't think this could happen, I think everyone on this thread should study this scenario. I find it fascinating. I'm trying to go back through the sells and try to figure out why it didn't stop sooner, do you know what your equity was when it started selling.
  • #172
  • Jun 28, 2017 9:11pm Jun 28, 2017 9:11pm
Quoting ohakaba
Boom!!! Sorry nothing else came to my mind.... A lot of broker would be smiling to the bank this week ... My deepest condolences.. If there's something I admire aboard t you is the fact that your Patience with for entries... But mostly in the nagative
In trading currencies, traders can make money no matter which direction a currency pair goes. The trick is to pick the right direction. Not always written in stone.
  • #173
  • Jun 28, 2017 9:14pm Jun 28, 2017 9:14pm
Quoting Jr123
raphealfx I see you were fully hedged at the time of margin call. Your equity must have been very low and when fees were added it dipped below 5% and started a cascade of sells, each one changing your equity to margin ratio and triggering another sell. Didn't think this could happen, I think everyone on this thread should study this scenario. I find it fascinating. I'm trying to go back through the sells and try to figure out why it didn't stop sooner, do you know what your equity was when it started selling.
Thank you for the kind words.

Basically it was exactly what you described what happened.

Equity was about $500, margin used $470, margin level I think 100% and free margin $30 if I'm not mistaken. Balance $7000 if that matters.
  • #174
  • Jun 28, 2017 9:21pm Jun 28, 2017 9:21pm
Quoting ohakaba
Boom!!! Sorry nothing else came to my mind.... A lot of broker would be smiling to the bank this week ... My deepest condolences.. If there's something I admire aboard t you is the fact that your Patience with for entries... But mostly in the nagative
Well, technically it's not over yet. There's still $200 in the account and I'll continue to trade.

So it's not the right time to wish your condolences yet.

If I turned $850 into $3200 like I did, I should be able to turn $200 into $750.
  • #175
  • Edited 10:52pm Jun 28, 2017 9:29pm | Edited 10:52pm
raphaelfx

No balance doesn't matter, equity is what your account is valued at any moment in time. Strange, with $470 margin I didn't think a margin call would activate until $47.00 equity.
  • #176
  • Jun 28, 2017 9:35pm Jun 28, 2017 9:35pm
Quoting profitfarmer
{quote} OK, correct. But add that stop out is at 50%!! 470 margin used, 50%= 235....the 210$ is about OK with some slippage....
His negative entries were closed before the positive entries, your broker kinda helped there.
But then again if that were the case they would have let the positive entries Ride.
  • #177
  • Jun 28, 2017 9:42pm Jun 28, 2017 9:42pm
Quoting raphaelfx
{quote} Well, technically it's not over yet. There's still $200 in the account and I'll continue to trade. So it's not the right time to wish your condolences yet. If I turned $850 into $3200 like I did, I should be able to turn $200 into $750.
No doubt... With Patience and lowering your expectations because this is a smaller account and could easily lose it too.
  • #178
  • Edited 10:09pm Jun 28, 2017 9:48pm | Edited 10:09pm
raphaelfx

I don't think I like your broker. Looks like your being charged swap fees even if you close a trade before rollover. Some trades only a few minutes long. I'm using Questrade because its regulated in Canada and also trade stocks with it. No swap fees if closed before rollover each day. Also if trading pairs such as GBPJPY buy position they pay swap fees to me.

Update:
Just checked into FXopen and was wrong about there fees, they charge commission of $1.50 USD per lot and up. Not sure about swap fees. No commission at Questrade.
  • #179
  • Jun 29, 2017 4:09am Jun 29, 2017 4:09am
Quoting havo
{quote} golden tips, thsi guy gave you think hard about it !!! This is what i actually do; you can use high probability candles/pattern formation on lets say 4 hour/daily charts, aim for 5/10 pips set and forget.. practically guaranteed to hit the target if you take a good signal.. Have a robust money management in order to achieve your target % and thats all you need.. well that, and military style discipline PRO TIP: hide the balance/running/profit, etc trade window and focus on the chart only; if you trade the right...
Trading 4h/daily chart and aiming 5 to 10 pips? Whaaaaaaat???? What's the SL if any?
  • #180
  • Jun 29, 2017 4:15am Jun 29, 2017 4:15am
Damn. Really wanted you to succeed with that same pair hedge thingy. Overall nothing lost but 600$. Good advice would be that next time draw the initial capital and just trade market money so if you're wrong again you can start over.

So look back what you can do better, fund it, trade it and succeed!
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