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

Stage: LEVEL 9

Date: 17/10/2006
Trades:
EUR/USD SELL 3 lot at 1.2545, CLOSE at 1.2535 TOTAL: 10 pips
GBP/USD SELL 3 lot at 1.8725, CLOSE at 1.8700 TOTAL: 25 pips
GBP/USD SELL 3 lot at 1.8706, CLOSE at 1.8701 TOTAL: 5 pips

Total for the day: 40 PIPS
Current Account Equity: $115.19


Comments:
As my friend Sistercurare would say:
LEVEL UP !!!

I'm very happy I just finished level 9
It took my two more days than the 4 stablished on the plan but what's important is to keep moving.

Regarding the pip count for levels, I had to recalculate, as I mentioned yesterday.
I needed an equity of $107.80 to end level 9 but I ended with $115.19
This gives me $7.39 in level 10. I divided this for $0.3 and gives me 24 pips on current level.

Pips To Level 11: 48
Accumulated Pips: 379
Days Since Level: 6
<!-- / message --><!-- controls --> Days since Start: 40

i just don't getit how u guy calculate the % of target and how many lots should be used? could someone explain it please? or just make a full table of the 28 levels? this thread is just so interesting....

LEVEL 10
Equity: $107.80
Target: 20%
Profit: $21.56
Total: $129.36
Lots: 3
Value per pip: $0.1
Needed Pips: 72


Sorry for not posting yesterday's results.
Here they are

Stage: LEVEL 10
Date: 18/10/2006
Trades:
EUR/USD BUY 3 lot at 1.2515, CLOSE at 1.2530 TOTAL: 15 pips
GBP/USD BUY 3 lot at 1.8669, CLOSE at 1.8694 TOTAL: 25 pips
GBP/USD BUY 3 lot at 1.8679, CLOSE at 1.8694 TOTAL: 15 pips


Total for the day: 55 PIPS
Current Account Equity: $130.56

Comments:
Very very very happy!!!!!
I just finished another level in ONE DAY!!!
This was supposed to be a 5 day level but I just did it in one.
I fell good but I also fell I have to be more cautios and not let my happiness interfere on my trading. I must think in the final objective and be disciplined!

LEVEL UP !!!

Pips To Level 12: 69
Accumulated Pips: 434
Days Since Level: 1
Days since Start: 41

To take names and kick arse efex....nice.

Or is that take arse and kick names?

Ahhh...whatever.

Good job, I have a lot of catching up to do!!! Keep it up!!!

Efex, I think you'll do fine the rest of the way. Didn't you already go through a period of drawdown where you almost blew up your account? I think the days of euphoria clouding your judgement may be past. You've still got a long way to go, but congratulations on making it to level 10. I expect to make it back there soon myself.

Thank you guys for your words!

But I am sorry to say today was a REALLY BAD day!

I fell very dissapointed (AGAIN?) with myself and I fell I have dissapointed you.
Today was the first time my SYSTEM failed. In other occations I was the problem not closing on time my trades but today was different.
My system was giving me STRONG signals to one direction and price kept moving in the other.
After that I was REVENGE TRADING over and over thinking WHEN price will finally come my way and it NEVER DID!
I was just about to take the day off because of my previous performance Also I had already closed my platform when I took the first loss but I just couldn't stay away!

I lost BIG! I'm not in the mood right now to post the usual format with trades and everyting.

I will just tell you my actual equity: $75.56

It was a BIG % loss and I know some of you will talk about bad MM for losing about 40% of my account in one day ....... be my guests.

It is hard to take this loss but I'm very confident I will recover to the point I was. I just don't like to waiste that kind of time.

So, Sister, we are back again on the same level

I don't want to think about this anymore for today, I think I'm one or two levels down. Tomorrow I will talk about this

As you know already, yesterday I did a lot of bad things and converted a very good week into a disaster.
I went back to level 8! 3 levels down on just a day!
It's easy to make rules on paper for targets and MM stating how much you are allowed to take for a loss in one day, but once you take a couple of losses and you start to try to recover and you "think" it's going your way enter, re-enter, etc etc. = DISASTER!

Anyways, today I was able to recover more than 50% of yesterday's losses and end the week with a profit (49 pips) and above the hundred dollar mark (psychologic factor)

Here are today's results:

Date: 20/10/2006
Trades:
EUR/USD BUY 3 lot at 1.2605, CLOSE at 1.2617 TOTAL: 12 pips
EUR/USD BUY 3 lot at 1.2610, CLOSE at 1.2620 TOTAL: 10 pips
GBP/USD BUY 3 lot at 1.8809, CLOSE at 1.8839 TOTAL: 30 pips
GBP/USD BUY 3 lot at 1.8809, CLOSE at 1.8844 TOTAL: 35 pips


Total for the day: 87 PIPS
Current Account Equity: $101.66

Comments:

So, I'm in level 9 again. I hope next week I will complete level 9 and level 10 again.

Pips To Level 10: 21
Accumulated Pips: 366
Days Since Level: 7 (6 it took me originally and one for today)
Days since Start: 43

Stage: LEVEL 9

Date: 23/10/2006
Trades:
EUR/USD SELL 3 lot at 1.2547, CLOSE at 1.2546 TOTAL: -1 pips
GBP/USD SELL 3 lot at 1.8705, CLOSE at 1.8721 TOTAL: 16 pips

Total for the day: 15 PIPS
Current Account Equity: $106.16


Comments:
Today only got the daily target of the plan, wich is not bad.

The EUR didn't go anywhere after I placed the trade. It picked to 4 pips but I couldn't close it on positive.

The GBP did go to 730 but I couldn't close and had to close with 16 only. After I close price went up again to 737 but was better not risking what I already had done.

Still on my way to recover last week's losses.

Pips To Level 10: 6
Accumulated Pips: 381
Days Since Level: 8
<!-- / message --><!-- controls --> Days since Start: 44

Just found this thread and went to the last page...

Why not start with $100 and go to $10K? Going from $10 to $100 has taken you 40 days. Could have probably went to 1K in that time from $100.

more risk

Eh...still doesn't make sense why not go with $100...$90 isn't much to risk, but it would boost the gains

Let me be so bold as to respond for Efex:

Its not about making money, at the moment. Its about learning to trade with as little exposure as possible.

Let me put it another way: I jumped into this forex system and started learning the ropes costing myself about three thousand. I'm still not consistently profitable, but certainly getting better. Efex has achieved everything that I've achieved in terms of learning, and probably a lot more, but its cost him far far less. advantage: Efex. And mind you, its not demo account trading, which we all know is far far easier.

What efex is doing is challenging and admirable. He's learning. Thats his objective right now. And if he reaches his goal, he'll be more profitable still in the long run.

Eventhough Rincewind has already given a very good response, I felt like I had to add something too.

As Rince say, it is NOT about the AMOUNT of money you end with.
It is all about having a north, be disciplined, respect your objectives, advance levels and make the money growth according to the plan. Of course, mainly about LEARNING.
If I go to another forum whith big money participants, they would say why not start with $1K to make one million! again, that's not the point. I think you haven't read the thread completelly or you didn't understand it's purpose.

When I decided to apply and start the plan, I have already lost about $1k trading and my account was with only $10 left. I was about to retire from trading Forex. Then I started with the plan and I have proven myself until now that I can trade profitable. I have increased my account around 330% since I started (starting from $30 because of the mistake I made and had to deposit). If we start calculating on $10 that would give around 1200% in 2 months, wich is really the important thing about this.

I must say AGAIN this is a plan that was already made with another purposes and I set it to work for MY forex trading.
I have said before that anyone can and have to accomodate the plan to his own objectives and trading techniques.
Someone can change lot number and value per pip to reduce or increase risk according to their usual SL's. Someone can change the starting equity or as Sister did, start on a determined level of my original plan.

So, again, it is not important the plan itself, what's important is its CONCEPT and all the LEARNING you aquire.

The easy way is to critizice something and I want you to remember this is only the way I am doing it. I'm not telling anyone this is HOW it should be done. This plan can be adjusted in too many ways and there can be too many things that could be changed or modified, so please DO with confidence. This is a journal I started thinking on myself and my own situation at the point I started it.

By the way, thanks Rincewind

Stage: LEVEL 9

Date: 24/10/2006
Trades:
EUR/USD BUY 3 lot at 1.2541, CLOSE at 1.2556 TOTAL: 15 pips
GBP/USD BUY 3 lot at 1.8709, CLOSE at 1.8736 TOTAL: 27 pips
GBP/USD BUY 3 lot at 1.8745, CLOSE at 1.8752 TOTAL: 7 pips

Total for the day: 49 PIPS
Current Account Equity: $120.86


Comments:
Ended again level 9 and I'm back in level 10. I hope tomorrow I will be back again in level 11.

As far as today's trades, I was too conservative.
I was in the right direction but when I saw price doubt and retrace a little I went out. I still have the loss in my mind so I didin't want to losse any more pips I had made. After that Cable went to 766 wich could had given me at least 20 more pips on that trade. Same with EUR.
When I saw price had room, I re-entered and my trade went to 20 pips but I thought it was going to be a huge move so I didn't close, but price went down heavily after that peak. Even now is still going down.
Anyways, it was a good day and the money is on my pocket

Pips To Level 11: 29
Accumulated Pips: 430
Days Since Level: 9
<!-- / message --><!-- controls --> Days since Start: 45

Hi Efex,


I am interested in this money management system ....is there anyway you can post the full documentation on your plan?

It's best to go slow and steady when walking on a tight rope.

Stage: LEVEL 10

Date: 25/10/2006
Trades:
GBP/USD SELL 3 lot at 1.8773, CLOSE at 1.8775 TOTAL: -2 pips
EUR/USD BUY 3 lot at 1.2589, CLOSE at 1.2589 TOTAL: 0 pips
GBP/USD BUY 3 lot at 1.8775, CLOSE at 1.8764 TOTAL: -11 pips
EUR/USD SELL 3 lot at 1.2589, CLOSE at 1.2584 TOTAL: 5 pips
EUR/USD SELL 3 lot at 1.2585, CLOSE at 1.2584 TOTAL: 1 pips
GBP/USD SELL 3 lot at 1.8764, CLOSE at 1.8760 TOTAL: 4 pips
GBP/USD SELL 3 lot at 1.8770, CLOSE at 1.8772 TOTAL: -2 pips


Total for the day: -5 PIPS
Current Account Equity: $119.36


Comments:
Ok, I didn't like today
When I started there was no clear signal but I placed the first trade based on other criteria. When I had 5 pips I started to doubt about direction but I couldn't close early and ended with negative.
Then, I reversed the trade and entered the other one on EUR. Again, it didn't move and decided to close and in that moment price made a move to the downside and had to close with -11.
After that I did see a signal, not as clear as I like, to the downside and so I entered the other trades. Again, price wasn't moving much and time passed and rate desition coming at 2:15pm EST
As I had said, I wasn't going to let my trades open during news. SO 5 minutes before news, I closed all the trades except the last one on GBP. That trade had the best price, at that moment it had 10 pips, and I decided to let it open just in case. I placed a tight stop 2 pips away from opening and waited.
No rate hike was the announcement, and price did went down but just for a few seconds. My trade went to 20 pips or so, but then the price reversed and hit SL.
That's the full story for today

Hope tomorrow will do better and end that level.


Pips To Level 11: 34
Accumulated Pips: 425
Days Since Level: 1
<!-- / message --><!-- controls --> Days since Start: 46

One question - which forex platform you are using to trade with such a small capital? I know that easy forex is offering $25 accounts but there the spread is 10 pips for mini accounts and this is more than a killer. So let me know.

Thanks
Siim