28 Levels to 10k... | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Going live with 10k: Advice/insights please! 16 replies

i doubled 5k to 10k in a days 110 replies

Demo-From 1k to 10k (Forex Journal) 7 replies

Turning US$300 into $10k in a month... is it possible? 20 replies

When exchanging pairs that do not have the USD as a base/quote, is $10k used to open? 3 replies

28 Levels to 10k...

  • #81
  • Nov 15, 2006 12:42pm Nov 15, 2006 12:42pm
28 Levels to 10k
Day 46

Currently no open positions.
Equity: $197.26
Current level: 12, trading 4 lots @ .10/pip.
Pips till next level: 12

The dollar rally was looking a bit ragged earlier on the hourly charts, but then the bottom dropped out on cable. I wonder if it will resume and go down to 1.8800.

Next up:
Level 13
Equity needed $202.13, trading 5 lots @ .10/pip. Need 101 pips to reach level 14.
  • #82
  • Nov 15, 2006 1:47pm Nov 15, 2006 1:47pm
Congratulations Sister!!!!!

You are doing GREAT!!!

It's bad I can't say the same about me

I hope you keep your good work!!



  • #83
  • Nov 17, 2006 7:32am Nov 17, 2006 7:32am
28 Levels to 10k
Day 48

Currently long 4 lots @ 1.8938.
Equity: $185.26
Current level: 12, trading 4 lots @ .10/pip.
Pips till next level: 42

You know, it's kind of funny, but I can't seem to increase my equity past $200. It's like it's a mental resistance level that I need to break. At any rate, it looks like cable almost turned on a dime. So maybe we're headed back up to 1.9100 again.

Next up:
Level 13
Equity needed $202.13, trading 5 lots @ .10/pip. Need 101 pips to reach level 14.
<!-- / message -->
  • #84
  • Nov 20, 2006 1:00pm Nov 20, 2006 1:00pm
28 Levels to 10k
Day 51

Currently short 4 lots @ 1.8962.
Equity: $184.00
Current level: 12, trading 4 lots @ .10/pip.
Pips till next level: 45

I't's taken me a little over two and a half months to get to level 12, not quite halfway to 28, but close. Maybe it will take me another two and a half to reach level 28, if I can ever break $200.

Next up:
Level 13
Equity needed $202.13, trading 5 lots @ .10/pip. Need 101 pips to reach level 14.

<!-- / message -->
  • #85
  • Nov 21, 2006 5:05pm Nov 21, 2006 5:05pm
28 Levels to 10k
Day 52

Currently short 4 lots @ 1.8984.
Equity: $163.62
Current level: 12, trading 4 lots @ .10/pip.
Pips till next level: 96

It's a short week with low volatility. Can you say boring? I have however managed to lose some money, I had to re-short after my original short was stopped out. This current trade has a relatively tight stop too, but I'm hoping MACD divergence on the hourly will hold true and price will fall.

Next up:
Level 13
Equity needed $202.13, trading 5 lots @ .10/pip. Need 101 pips to reach level 14.
  • #86
  • Nov 21, 2006 6:44pm Nov 21, 2006 6:44pm
I think you need a better trading plan, I mean 52 days and you are up less than 100 bucks, it just seems like a lot of time invested with little return. JMHO
But I do commend you on your perseverance,
Same Whore .... Different Dress
  • #87
  • Nov 21, 2006 8:55pm Nov 21, 2006 8:55pm
I believe you are not 'progressing' towards your goal is because you are risking way too much based on your equity. And if your system is not profitable in the long run (low expectancy) you pretty much bouncing back and forth at these levels without much improvement

Just a thought
  • #88
  • Nov 21, 2006 9:33pm Nov 21, 2006 9:33pm
I seem to have missed the overall plan or method of the 28 steps strategy, would you please lay yit out for me or add a link to the plan, Thanks
Same Whore .... Different Dress
  • #89
  • Nov 22, 2006 7:20am Nov 22, 2006 7:20am
Quoting andersenws
The goal of the plan is to develop one's trading skills until one is proficient enough to begin a full-time trading career. And believe me, if you make it through these levels, you should seriously consider going full-time. So the main objective of this plan is to learn to make pips, not necessarily money. I read one trader say on here the other day, "I make pips. The money just follows."
This question has been raised and answered before. See Page 5. This is from my post, #61. The point of the plan is to make skills, not money. That can (and will) come later.

Stay strong Sister, I know you'll break this plateau.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #90
  • Nov 22, 2006 7:30am Nov 22, 2006 7:30am
OK..... I guess I wasn't clear.

just what is the plan layout?
level 1, you start with 10 bucks (according to Efex) and make 50% before you can go to level 2.
level 2, you now have to make 40% of that total (15 bucks) before you can move to level 3.

that is as far as the explanation of this 28 levels to 28k went......so my question here is ....what are the next 26 steps?

just want to know so I can do some figuring
Same Whore .... Different Dress
  • #91
  • Nov 22, 2006 7:52am Nov 22, 2006 7:52am
I'm not sure if I have made this clear, but I've only been trading live since Febuary of this year. So I still have a lot of learning to do. With regards to johndoe's recent comment, I am trading micro-lots which only generate a net loss or gain of .10. However, I would encourage you to look at the rate of return. Within this 52+ day span, I have doubled my account twice. How many of you can say that?
  • #92
  • Nov 22, 2006 8:07am Nov 22, 2006 8:07am
LEVEL DOWN!!!
28 Levels to 10k
Day 53

Currently no open positions
Equity: $152.23
Current level: 11, trading 4 lots @ .10/pip.
Pips to next level: 24

I seriously dropped the ball on this one. I closed my long from last week, because I saw hourly divergence and I tried to do what I normally don't do, which is try to pick a top...twice. Needless to say, cable has strengthened like crazy, and I never received a signal to go short within the context of my system. I should still be holding my long. I still have a way to go before I reach a level of mental discipline that will allow my to be successful as trader.

Next up:
Level 12
Equity needed $161.70, trading 4 lots @ .10/pip. Need 101 pips to reach level 13.
  • #93
  • Nov 22, 2006 2:16pm Nov 22, 2006 2:16pm
Quoting SisterCurare
I'm not sure if I have made this clear, but I've only been trading live since Febuary of this year. So I still have a lot of learning to do. With regards to johndoe's recent comment, I am trading micro-lots which only generate a net loss or gain of .10. However, I would encourage you to look at the rate of return. Within this 52+ day span, I have doubled my account twice. How many of you can say that?
Quoting SisterCurare
I'm not sure if I have made this clear, but I've only been trading live since Febuary of this year. So I still have a lot of learning to do. With regards to johndoe's recent comment, I am trading micro-lots which only generate a net loss or gain of .10. However, I would encourage you to look at the rate of return. Within this 52+ day span, I have doubled my account twice. How many of you can say that?
yea but didn't you lose them back!?, if you doubled it twice

$70 - $140 - $280

So you should have about $280 dollars if you doubled it twice. The thing is you lost all that you made

Here's my honest opinion of why I think you should change this plan completely.

I think this plan is mentally exhaustive. YOu go up and down levels COUNTLESS times. You feel refreshed when you're up and dissapointed when you're down (losing the profits). It's not psychologically healthy for traders to experience this rocky emotions during trading because it hinders your ability to think straight.

I admire your dedication to the plan. But I think the plan is flawed right from the beginning because

1.it has a SET monetary goal. I think this is a NO NO because in trading, you shouldn't even think about how much money you will make, bu rather how well you will PROTECT from losses. When you take care of your losses, refine your systems in terms of expectancy, etc. the money WILL come.

2. You pretty much setting a mental 'barrier' because of these 'levels' Think about how you feel as you gain the levels. If you experience any kind of relief and fear, than you know these are not characteristics of a good trader.

3. Pressure! the fact that you are doing this journal and you have a monetary goal puts A LOT of pressure on yourself i'm sure.

So newbie to newbie, stop trading by this plan. Revise it or alter it completely. Focus on refining your trading plan, money management, and your state of mind. And don't concern yourself with money, but just focus your mind on trading (i hope i made sense)

newbies 4 lyfe
  • #94
  • Nov 23, 2006 7:24pm Nov 23, 2006 7:24pm
I comend you sister, on your persaverance ..... but the main idea is to keep increasing your account size ..... not pretending to be a yoyo....double it then lose it to double it and lose it again......that is where the money management comes in.

good luck and do hang in there, you'll make it.
Same Whore .... Different Dress
  • #95
  • Nov 24, 2006 8:06am Nov 24, 2006 8:06am
I appreciate everyone's comments and advice. I especially appreciate helpful advice, even if it goes contrary to what I think I should be doing. I want you all to know that just because I don't take your advice, it doesn't mean that I haven't given your words some thought. Thank you all. Having said that, I do believe it is necessary to have concrete goals to measure progress and growth as a trader. I do indeed experience ups and downs when I achieve a level or when I have a set back, and doing this for the entire world to see does add a bit more pressure, but I feel like I can take it.
  • #96
  • Nov 24, 2006 8:18am Nov 24, 2006 8:18am
28 Levels to 10k
Day 55

Currently no open positions.
Equity: $133.23
Current level: 11, trading 4 lots @ .10/pip.
Pips till next level: 71

Again, thanks for all the great advice. Some I have decided to take, and some I haven't. I will indeed take a very close look at my money management rules and make some adjustments. I do intend to continue to follow the plan, if only as a way to have a goals to strive toward.
I completely missed this rally, which is more than a little frustrating, especially after watching cable break 1.9300. I even tried to short it a few times. Silly me. Oh well, on to the next trade and opportunity.

Next up:
Level 12
Equity needed $161.70, trading 4 lots @ .10/pip. Need 101 pips to reach level 13.
  • #97
  • Nov 27, 2006 5:06pm Nov 27, 2006 5:06pm
Quoting hilmy83
yea but didn't you lose them back!?, if you doubled it twice

$70 - $140 - $280

So you should have about $280 dollars if you doubled it twice. The thing is you lost all that you made

Here's my honest opinion of why I think you should change this plan completely.

I think this plan is mentally exhaustive. YOu go up and down levels COUNTLESS times. You feel refreshed when you're up and dissapointed when you're down (losing the profits). It's not psychologically healthy for traders to experience this rocky emotions during trading because it hinders your ability to think straight.

I admire your dedication to the plan. But I think the plan is flawed right from the beginning because

1.it has a SET monetary goal. I think this is a NO NO because in trading, you shouldn't even think about how much money you will make, bu rather how well you will PROTECT from losses. When you take care of your losses, refine your systems in terms of expectancy, etc. the money WILL come.

2. You pretty much setting a mental 'barrier' because of these 'levels' Think about how you feel as you gain the levels. If you experience any kind of relief and fear, than you know these are not characteristics of a good trader.

3. Pressure! the fact that you are doing this journal and you have a monetary goal puts A LOT of pressure on yourself i'm sure.

So newbie to newbie, stop trading by this plan. Revise it or alter it completely. Focus on refining your trading plan, money management, and your state of mind. And don't concern yourself with money, but just focus your mind on trading (i hope i made sense)

newbies 4 lyfe
Nothing wrong with the system.

Its good and its risque...we just have to learn to accept the fluctuations due to the risks this system carries.

In essense Sistercurare has already made 10x100% and thats commendable. You can say its possible coz its a small amount of money to even begin with, but hey when you put it all down in pen and paper 2mths and 1000%, its fantastic... No point trashing the system...we wield the sword that slays the dragon.

I've seen the template for this system...you risk abt 20% in average when you place a 50pip stop loss, i think. I will not reccomend this system for swing trading, but if you're scalping day trade setups for 10-30 pips profit, its still manageable since the pips you risk is about 10-15 pips which brings down your risk to <10%...some might say its still too much but if thats the appetite the wielder is willing to take, i usually give em the benefit of the doubt. Best is to run this on a 5min chart.
  • #98
  • Nov 28, 2006 8:32am Nov 28, 2006 8:32am
Quoting jest1081
...you risk abt 20% in average when you place a 50pip stop loss
You're just about right. In fact I was risking more because I would have a stop loss of at least 65 pips. Which is pretty risky. I am happy that I was able to double the account, even if it was a micro account. I've always thought that if you can't turn $100 into $200, what makes you think you can turn, say $10k into $20k?

I have decided to discontinue following the system as it is currently because of the outsized risk. I intend to adjust the levels to reflect a more modest risk of about 6%, which is still aggressive, but I have a high tolerance for risk. 10k is still my goal, I just have to approach the problem differently. What I'm saying is I will temporarily discontinue the thread until I can update the levels. Thanks for following the thread, and thank you for all your posts, including the ones I disagreed with...especially the ones I disagreed with.

When I do reach 10k, I'll change my name from "SisterCurare" to "Mother Blessing".
  • #99
  • Nov 28, 2006 8:44am Nov 28, 2006 8:44am
Quoting SisterCurare
I have decided to discontinue following the system as it is currently because of the outsized risk. I intend to adjust the levels to reflect a more modest risk of about 6%, which is still aggressive, but I have a high tolerance for risk. 10k is still my goal, I just have to approach the problem differently. What I'm saying is I will temporarily discontinue the thread until I can update the levels. Thanks for following the thread, and thank you for all your posts, including the ones I disagreed with...especially the ones I disagreed with.
While I havn't agreed with you during this thread, I am glad to see you come to this conclusion. Trading is not about doubling your account a few times then losing it all again, its about slow and steady growth. Just like people can turn a $10,000 demo account into $100,000, people can turn $10 into $100. 6% sounds very reasonable, but I still think you should look into determining what the "optimal" risk is for your trading style. Record some trades, determine drawdown, and calculate your risk accordingly. There are programs out there that can determine these statistics for you, and I believe are extremely helpful. Hang in there, whatever doesn't kill you just makes you stronger. Well, in trading at least.
  • #100
  • Nov 28, 2006 2:22pm Nov 28, 2006 2:22pm
I'd be lying if I said I wasn't disappointed that you'e discontinuing, but I support your decision.

Wish you the best in your other trading endeavors.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
0 traders viewing now