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Apply a 28 Levels Financial Plan to Forex and convert $10 to $10,000

  • #41
  • Sep 14, 2006 3:57pm Sep 14, 2006 3:57pm
Quoting priceless
Hello efex
Thanks for sharing the great plan. I wish you all the best for your success.
Please do not quit. there will be more trades to come in our way while we are facing some losers.we must keep in mind that it is the part of our journey inn this jungle of forex.
laos i shall salute you. you are bold enough to aceept the facts that you made some enotiona;l trading and blrw the a/c, most of the traders will never accept that , it requires a lot of courage. Your posts have given me all the motivation to join you in the journey of success. i have also sent you a pm .
Please do not feel sick of your failure and keep it up.

You may succeed with another blow
Success is failure turned inside out
It may be near when it seens so far
So stick to the fight when you are hardest hit
It is when things seem worse
YOU MUST NOT QUIT
Thank u very much priceless!
I am really excited and happy because other people is getting motivated and also feelling identified with things that happened.
I have also been motivated by all the words and support I have received here in the forum.
It is the first forum I read that has very valuable people and cooperation between everybody.
Let's keep educating and improving ourselfs!

Thanks again!
  • #42
  • Sep 14, 2006 7:30pm Sep 14, 2006 7:30pm
Stage: LEVEL 4
Date: 13/09/2006
Trades:
EUR/USD SELL 1 lot at 1.2726, CLOSE at 1.2728 TOTAL: -2 pips
EUR/USD SELL 1 lot at 1.2740, CLOSE at 1.2724 TOTAL: 16 pips
GBP/USD SELL 1 lot at 1.8900, CLOSE at 1.8871 TOTAL: 29 pips


Total for the day: 43 PIPS
Current Account Equity: $28.93

Comments:
Well, it was a good day again. Seems I am recovering my self confidence.
Will write comments tomorrow

Pips To Level 5: 40
Accumulated Pips: 0
Days Since Level: 4
Days since Start: 18
  • #43
  • Sep 14, 2006 8:04pm Sep 14, 2006 8:04pm
Efex,

I don't know what the 28 levels are, but I'd say if you trade your plan, whatever that is, whether the trade is profitable or not is not the important point. The only way to stay in this game is to keep emotions in check by trading the same no matter what.

And whenever you have a setback like you've had, it is best to take a couple of days away from the markets to get your head straight. Otherwise revenge trading happens or maybe a profitable trade or two reinforces the fact "its ok to lose big because I can just win it back." The key is to keep on lid on having big losses to began with. Big winners but small loses.
Sun
  • #44
  • Sep 14, 2006 9:25pm Sep 14, 2006 9:25pm
Quick Q Efex, what SL do you normally use? Your daily pips results pretty amazing..
  • #45
  • Sep 14, 2006 10:14pm Sep 14, 2006 10:14pm
i think you might need to define rules for stepping down a level. this will save you from wipe out.

say you are at level X and you have $100. if you have each pip worth $0.50 (0.5% of your account) and you take a 40pip loss you are now at $80. if you trade again at level X you will be using 0.625% of your account per pip.

it actually gets worse as you climb.
say you are at level 1 with 2cent pips and an account of $10.00, your goal is to get to 15.00 and 3cent pips
so 10.00/0.02 = you can loose 500 pips before wipe out
15.00-10.00/0.02 = you only need 250 pips to get to next level
looks good, you make 2nd level going for level 3 22.50/4c
15.00/0.03 = you can loose 500 pips before wipe out
22.50-15.00 /0.03 = you only need 250 pips to get to next level

there is the problem, you can only loose 500 pips ever.
even at level 160 (you have gained 250x160pips), if you loose 500 pips you will be out.
  • #46
  • Sep 15, 2006 12:06pm Sep 15, 2006 12:06pm
Quoting SunTrader
Efex,

I don't know what the 28 levels are, but I'd say if you trade your plan, whatever that is, whether the trade is profitable or not is not the important point. The only way to stay in this game is to keep emotions in check by trading the same no matter what.

And whenever you have a setback like you've had, it is best to take a couple of days away from the markets to get your head straight. Otherwise revenge trading happens or maybe a profitable trade or two reinforces the fact "its ok to lose big because I can just win it back." The key is to keep on lid on having big losses to began with. Big winners but small loses.
Sun
Agree Sun, there will be bad trades. The point is not letting emotions affect and make wrong decisions and not respecting your plan whatever it is.
Also, it is true after a big loss will be better to get away a couple of days to calm down to start again.
  • #47
  • Sep 15, 2006 12:31pm Sep 15, 2006 12:31pm
Wallym

The theoric SL I use is set to be no more than 25 to 30 pips on EUR.
As I use pivots as one of my tools (first time I disclose one of my tools ) it depends on the pivot bellow or above the price I entered.
Remember that my plan is made to get only 15 pips per day.
Also, as you see good profit some days, remember there will also be some with loses (I hope today is not one of those, but I am already losing with 4 lots ). The point is to learn to get pounched some days and not letting affect your regular trading ad to mantain a winning average at the end of the week or month or year, whatever your objective is.

Quoting wallym
Quick Q Efex, what SL do you normally use? Your daily pips results pretty amazing..
  • #48
  • Sep 15, 2006 12:58pm Sep 15, 2006 12:58pm
Yes, you are right. I have tought about that also. I will define a rule for that. It is important when I change pip values or lot amounts.
Maybe when I loss half the profit I needed to pass the previous level then I should go back to that level's conditions. (counting from the starting equity of current's level)
For example, right now I'm at level 4 with $33 on the account. The profit it took me to pass level 3 was $7.35, so when my account goes to approx $24.50 I will have to go back to level 3
What do u think about that?


Quoting witchazel
i think you might need to define rules for stepping down a level. this will save you from wipe out.

say you are at level X and you have $100. if you have each pip worth $0.50 (0.5% of your account) and you take a 40pip loss you are now at $80. if you trade again at level X you will be using 0.625% of your account per pip.

it actually gets worse as you climb.
say you are at level 1 with 2cent pips and an account of $10.00, your goal is to get to 15.00 and 3cent pips
so 10.00/0.02 = you can loose 500 pips before wipe out
15.00-10.00/0.02 = you only need 250 pips to get to next level
looks good, you make 2nd level going for level 3 22.50/4c
15.00/0.03 = you can loose 500 pips before wipe out
22.50-15.00 /0.03 = you only need 250 pips to get to next level

there is the problem, you can only loose 500 pips ever.
even at level 160 (you have gained 250x160pips), if you loose 500 pips you will be out.
  • #49
  • Sep 15, 2006 5:02pm Sep 15, 2006 5:02pm
Hello

Trades of the day posted here.
Good day, a little stressed but ended very well.


Stage: LEVEL 4
Date: 15/09/2006
Trades:
EUR/USD BUY 1 lot at 1.2645, CLOSE at 1.2657 TOTAL: 12 pips
GBP/USD BUY 1 lot at 1.8771, CLOSE at 1.8799 TOTAL: 28 pips
EUR/USD BUY 1 lot at 1.2657, CLOSE at 1.2659 TOTAL: 2 pips
GBP/USD BUY 1 lot at 1.8781, CLOSE at 1.8799 TOTAL: 18 pips


Total for the day: 60 PIPS
Current Account Equity: $39.23

Comments:
When I started my day and sat at the computer, I watched my indicators and made my mind about the direction it was going at that moment. It wasabout an hour after the CPI announcement (wich I stayed out as promised) and I saw some room on the indicators for a little retracement.
As you know, normally I wait to see price go against my call to enter and get a good price or if I see price is already on my way, I enter immediatly. So, I saw price went up 3 or 4 pips and I thought it was beggining to go up so I entered quick on both pairs.
Then I realized I was wrong and it still had to move down a little to finally make his move. As confident as I was on my inidicators and my decision, I entered those two other trades to catch the better price.
Effectivelly, it went down a little bit more but that was it. I never had more than 15 pips down on the new two trades but the first ones almost got stopped, but tey didn't (lucky me )
Then price, as my system had told me, went on my direction. It hit the next pivot just for me but I wasn't in front of the computer and when I came back it had retraced a little bit (12 pips on GBP) and I exited all my trades before the market close.

I am now back in level 5 wich makes me happy and at the same time remembers me it was on that level when the catastofer ocurred last week
I know I learned my lesson and I won't let that happen anymore!

Pips To Level 5: 0 (20 pips up for the next level)
Accumulated Pips: 60
Days Since Level: 5
Days since Start: 19
  • #50
  • Sep 18, 2006 5:11pm Sep 18, 2006 5:11pm
Stage: LEVEL 5
Date: 18/09/2006
Trades:
EUR/USD SELL 1 lot at 1.2685, CLOSE at 1.2705 TOTAL: -20 pips
EUR/USD SELL 1 lot at 1.2695, CLOSE at 1.2705 TOTAL: -10 pips,

Total for the day: -30 PIPS
Current Account Equity: $36.23

Comments:
My internet connection was gone for most of the morning so I shouldn't have traded today but I couldn't stay away

Pips To Level 6: -10 (10 pips down on current level)
Accumulated Pips: 30
Days Since Level: 1
Days since Start: 20
  • #51
  • Sep 18, 2006 5:36pm Sep 18, 2006 5:36pm
Ya dropped thirty pips today....don't trade angry and blow level 5 again.
  • #52
  • Sep 18, 2006 5:44pm Sep 18, 2006 5:44pm
Thanks Rince

Don't worry, I will focus myself very hard to not let that happens again.


Quoting Rincewind
Ya dropped thirty pips today....don't trade angry and blow level 5 again.
  • #53
  • Sep 18, 2006 5:52pm Sep 18, 2006 5:52pm
I was just about to say the same!!

And don't enter trades just for the sake of it...Wait and be patient for the right set up and the pips will come. Apparently...
  • #54
  • Sep 19, 2006 12:01pm Sep 19, 2006 12:01pm
Quoting Money Talks
I was just about to say the same!!

And don't enter trades just for the sake of it...Wait and be patient for the right set up and the pips will come. Apparently...
Yes, thankfor the advice. I think that is another problem I have to work in
  • #55
  • Sep 19, 2006 1:51pm Sep 19, 2006 1:51pm
Hello,

Thanks for sharing this information,it help to improve me alot
go on with your good work we're all waiting for your next step.
Please can you send me the PDF of this original financial plan
  • #56
  • Sep 19, 2006 3:34pm Sep 19, 2006 3:34pm
Hello Efex,

Your 28 levels financial plan is an extract of W. D. Gann's book "How to make profits in commodities"?

Regards,
Arto
  • #57
  • Sep 19, 2006 4:51pm Sep 19, 2006 4:51pm
Hi Arto,

No it is not. I haven't read that book. As I mentioned on the initial post, it is from a service I am registered with.

Regards

Quoting arto
Hello Efex,

Your 28 levels financial plan is an extract of W. D. Gann's book "How to make profits in commodities"?

Regards,
Arto
  • #58
  • Sep 19, 2006 4:52pm Sep 19, 2006 4:52pm
Quoting ginowise
Hello,

Thanks for sharing this information,it help to improve me alot
go on with your good work we're all waiting for your next step.
Please can you send me the PDF of this original financial plan
Hi,

Thank you.
Please send me a PM about the PDF
  • #59
  • Sep 19, 2006 5:17pm Sep 19, 2006 5:17pm
Stage: LEVEL 5
Date: 19/09/2006
Trades:
GBP/USD SELL 1 lot at 1.8862, CLOSE at 1.8826 TOTAL: 36 pips
EUR/USD SELL 1 lot at 1.2700, CLOSE at 1.2680 TOTAL: 20 pips
GBP/USD BUY 1 lot at 1.8824, CLOSE at 1.8825 TOTAL: 1 pips
GBP/USD BUY 1 lot at 1.8813, CLOSE at 1.8825 TOTAL: 12 pips

Total for the day: 69 PIPS
Current Account Equity: $43.13

Comments:
These are the days I like
Indicators and patience proves they are worth to wait for.
I did my call when I started my day but I doubted about entering at that moment and when I realized I had to enter, price was 15 pips away, so my trades could have given more. Also, as soon as I saw price indecision on a pivot I closed them, but after a few minutes price went on my direction again. I also could have taken some more pips because of that, but I now prefer to take my profit and leave.
After that I saw room for a little retracement and entered the B's. I had to see price touch the 8800 before market gave me the additional pips.

Pips To Level 6: 33
Accumulated Pips: 99
Days Since Level: 2
Days since Start: 21
  • #60
  • Sep 20, 2006 5:45pm Sep 20, 2006 5:45pm
Stage: LEVEL 5
Date: 20/09/2006
Trades:
GBP/USD SELL 1 lot at 1.8876, CLOSE at 1.8877 TOTAL: -1 pips
EUR/USD SELL 1 lot at 1.2693, CLOSE at 1.2698 TOTAL: -5 pips
GBP/USD BUY 1 lot at 1.8929, CLOSE at 1.8921 TOTAL: -8 pips
GBP/USD BUY 1 lot at 1.8932, CLOSE at 1.8918 TOTAL: -14 pips
GBP/USD SELL 1 lot at 1.8897, CLOSE at 1.8869 TOTAL: 28 pips
GBP/USD SELL 1 lot at 1.8879, CLOSE at 1.8869 TOTAL: 10 pips
EUR/USD SELL 1 lot at 1.2707, CLOSE at 1.2691 TOTAL: 16 pips

Total for the day: 26 PIPS
Current Account Equity: $46.06

Comments:
Today was a crazy day!!!
Here is the story.
I finally was at my computer at around 10am EST ready for the action. All my indicators were pointing SHORTS. I knew the rate decision was coming today but it was 4 hours after that, so I entered, confident price will go in my direction much before the news.
Price started going against me but my indicators still on short mode, so, as usual, I added one more lots on each GBP and EUR to get better price.
After that the market semmed to frozen just letting the time pass until the news came.
I was starting to worry, I didn't want to be part of the news. Anyways, I ended waiting for the news. I was not too worried because I tought it will be damn good if Fed raised rates again but if they didn't I saw also dollar strenght as that would mean less inflation terror in the minds of traders. So I was confident I will have winning trades for the day.
Efectivelly, Fed's rates unchanged and when I blinked I had almost 75 pips on hands combining all the trades. Again the greed starts to talk and told me to wait just a little bit more to gain a few more pips. I blinked again and price was going UP. (WTF!!) I got scared so I better closed the first two trades with not good price. When I decided to hedge (trades in brown) price was really high already. I was still bearish on the pairs so when I saw price coming back again I closed the hedges and assume the risk.
As you see, price came back to the levels where I had the 75 but I already had lost 28 pips and closed some trades.
Anyways, I could bite 26 pips today and I am happy about that.
I hope tomorrow I finally pass to level 6. Seems level 5 is a big ressistance for me Today I could have gone to half the way level 6 but it's better to have gained some pips after that crazy move.

Pips To Level 6: 7
Accumulated Pips: 125
Days Since Level: 3
Days since Start: 22
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