My way to highway

Friday, NFP, end of the week...

a short trading day today, as i was expected quiet time before NFP, so, havent start to trade until that...
and was done in about 2 hours from there.
a relative good scalping day, mostly USD related, and some GBP pairs.
9 entries, 9 wins, second day in the row 100% win rate. impressed myself!
there was more chances, but no need to force, sometimes those cost the most.

today result +0.4%
the week ended at +1.7%
a strong start for October! i am very happy with this results!
( as usually, flat, all closed, at equity high)

happy weekend!

PS:
next week may reach the 100% mark.
currently @

Gain:

+97.69%

Abs. Gain:

+32.88%

new week.
lots of holidays + Monday = to a quiet start.
limited myself to GA and GJ, one set each, about 15 pips net, or +0.18% gain.
for such day like this, better than expected.
trading was start to finish done in less than an hour. feels like a holiday.



since there is not much interest in the thread, in general, and i am not that fond of having conversation with myself, i am considering that maybe daily updates change to a weekly summary.
let this week be as is, and decide over the weekend.

Well I for one really enjoy your posts.... I read them every day.

thanks for letting me know, happy you like them

i think you should quit forex. sign up with futures trading and go with topstep trader. you'd be trading 30-50k in no time

Hilmy, thank you for the suggestion.
In fact i am trading in that range already ( on my own right). And i am trading a lot more otherwise.
(Only that those channels are slow to pay up their side, once mine delivered.)
As far as trading goes, it is against my belief that i would have to dole out 100s if 1000s of $$$ to sign up with a so called "prop shop" that more interested in me to repeat a combine/test than succeed as a prop trader.
i think if i say i come from lower, working class income background, that explains why i have no instant access to high net worth individuals.
given that, it takes time to prove oneself, more time...but hey, getting there, slowly.
should in the meantime all who owe me money pay up, i would be even further ahead but one step a time.

Great decision! It's stating to be boring reading how great, how fantastic, how profitable your trading day is ... I'm joking! but there is a little truth too ... I think you should build the story around the trade ... but also it depends on what you're looking for, a stand-up or a conversation.

Basicly it is a journal...so I am not really looking for anything.
Not much to discuss on a scalping entry.
Generally day to day what I do supposed be mostly the same, thus a bit boring.
Perhaps there is more to discuss on money management aspects, or ways for a trader to grow, or motivations...but these tend to be topics less interesting for traders on FF I guess.
Anyway, something will be, end of the week

MM is a tricky aspect and different strategy should be applied according to the account capital.
I'll give my full attention to this subject, but I won't create much audience.

partly agree.
the max drawdown's effect is same on every account capital.
for me, the starting point is limiting max account drawdown.

I guess what could be really interesting to explore is what happens when you have nailed your trading strategy but are under capitalised to truly fulfil your ambitions?

Lets take an example where a trader has spent years learning their way of trading and in doing so has likely sacrificed a full time income..As such their capital for trading is low but they now know how to trade and are delivering say 2% - 5% pcm.

In the UK you'd need a good £100k+ to even make it into the 'average wage' bracket returning 2.5%+.

Now - How many have a £100k to trade with and how many have sacrificed years of learning to only just make an 'average wage' out of trading...

So what are the options;

1. Sell trading signals (hmm - fraught with problems and realistically not that profitable a business model).
2. Get backing: Sounds good but how realistic is it...How many 'self taught' traders from home have really got backing and are earning a good living trading Prop or OPM.

Instead of buying fish & chips for £10, trade that money, make £100 out of it and dream how would have been if you would have had £10k to trade with ...
Once you're at £100 a smart MM might offer some food and few other tries to grow the account instead of loosing it all the next step.

What's the smart MM formula? ... maybe someone can came up with something realistic.

why i feel a serious topic would deserve some serious answers? i dont know.
what i know? there is plenty enough funny threads. for one.

Why is not a serious thing in finding a good MM that will start building an account from few 2-4 figures, taking some risks at the beginning?

..., or maybe I was enlarging too much this aspects when they should be limited to serious traders that have accounts big enough to support a living with a 5%/mo

Dealing with a big account is interesting to me more than toying out 100$.
Is there a best practice how to manage let's say 50-100k trading capital? how to organize, etc ...

E.g: have 100k
Split in X subacc: one for scalping, one for long term view trade, one for ...
When arrive to % return do zyx...

I think another good point to make is the difficulty to go from a small account to a big account quickly.... I prefer to keep the accounts growing naturally.
Making continued profits is probably not the problem but keeping to the expected profit target in % is !
Why ? because although your pip target and % target remains the same, when you see that larger monetary profit on the table (because you are now trading in larger lot sizes) you will be much more likely to derisk quicker and take it off the table before you maybe hit that pip target. I try and look at pips only but it is always going to be a natural reaction to take the profit too quickly.

good topic.
i will try to add my thoughts, as well some answers to few above posts...

lets start with FXClarity

in a way having a lower 5 digit, 10-30k equity feels like a no man's land.
it is most certainly big enough to try to pull those gamble runs for 40-100%, there is just too much to lose!
but it is also little bit on the short end of trying to make a living, having nailed a 3-8% monthly return, (take 5% on average for math)...as 500-1500$ just simply would be on the edge or outright now enough.

yet no question that going forward toward a more serious account size, it is a more viable way to aim for 5% a month vs 50-100%.
big part, as with a larger account of 10-30k, supposedly drawdown and risk of loss already tamed to a 5-15% max DD.
that said, it is just no way that in a relative short time ( especially trying to withdraw for a living) that 10-30k to grow to 100k range on its own.

aa4fx:
a 2-3 digit account most of the time ends up being a toy account, traded as a toy account, and invariable blown up in a few days or weeks at best.
the simple reason -as i see it- is that having 100$, even a 2% a day gain worth 2$ a day....in in any person's mind 2$ just doesnt sound enough!
not enough? 2% a day?....yet most wont see it as 2% a day that 2$, and would try to take more.
over risk, over leverage, over trade...and game over! sooner rather than later.

maybe somewhere around 5-6k comes the point ( depend on trader's own financials of course too) where suddenly it start to hit home that even 5-10% a month can be a decent, acceptable part time income of a few 100$.
if it does, that opens the way toward the 10-20-30k, and with the larger funds the need to a reduced drawdown, and thus a lower return, but more dollar return!


NoStopsXXL:
the pip target can remain the same.
to counter the larger $ amount swing stress, one can just split his account, and use a smaller, familiar part as master, that copies his trades on his larger account/s.
that way, when trading dealing only with a less stressful, familiar P/L sheet.
i have my account set like this, basically, trading 10k on master, and more on a secondary account. helps with the numbers to handle in my mind.


now, to continue:
recent enough i wrote some about finding backing, trading OPM, and a few of its ups and downs.
i think from having stable, profitable results, but a lower 5 digit account, there is not many other way ahead, but via OPM, to some extent.

what i had learnt that there is 2 type, the small hopeful investor, and the more serious one.

the hopeful small investor has 100-2000$ probably to invest, and looking for some get rich quick results. inevitable something high risk what he think the more "experienced" can pull out, and he cant. most end up losing, usually faster than to recoup their funds, and then move on to the next promising 'manager'.

the more serious investor has 10-20k to start with usually, some even more. they looking for a more realistic return, though many still cant really stop thinking bellow the magic 10% monthly, but you can find most will accept 5% a month as a good result.
however, these investors most case looking to 5-10% max DD, sometimes even less. these in turn will define the fees.
20k account, 30% fee, 5% profit....will bring in a trader 300$...not bad. but obviously not enough.
so, how much of OPM to manage?
depend on the target income
say, if my target income is 5k/month....
and have 20k own funds, and make 5% a month...
that would translate to approx 250-300k OPM to manage to meet this number.

so, how to find it?
the next good question
will continue.

just a quick update of the day.
had some broker problems, ( or my internet according to them), few very delayed executions.
been able to still manage some profits, adverse conditions or not.
net 29 pips, +0.28% gain.

Nice, dude!
My crystal ball says it looks like a one-day loss this month.

Since the stat average is still 1 losing day every 2 month, I am sort of hoping to skip losing day in this one...
Nearly survived half, so, will see!!

Update:
on the suggestions of my friend LuXing, i will give a try first to ForexVPS.com
the application from IC's side already approved ( of course, way above the 15 lot required volume), took only like 30 min, now waiting to hear from the VPS guys to start with setup.



a tech question, but please only answer if have first hand experience...

IC offers free VPS, and suggests me to try some to improve on execution.
2 options:
ForexVPS.com or BEEKS FX VPS

is any better than the other?
is VPS actually able to improve on exection? (mind you, i dont run EAs)
would the latency be any different to VPS than it is to broker diffectly?

thanks in advance!