What this thread is about: to share extraordinary trade ideas. What is "extraordinary"?
For the intent of this thread, extraordinary trade ideas will have to fulfill one of the following:
1. Potentially extremely huge returns
2. Extremely low risk (very good entry point, multiple-year low/high for instance)
3. A trade that has strong risk mitigation factors (for instance, going long on XXXCHF yields very attractive swap).
I'm open to adding more definitions, feel free to suggest.
Inspiration for this thread:
Credits to: https://www.forexfactory.com/mrdfx
https://www.forexfactory.com/thread/...409k-challenge (https://www.forexfactory.com/thread/972947-409k-challenge)
https://www.forexfactory.com/thread/...allenge-part-2 (https://www.forexfactory.com/thread/1052631-409k-challenge-part-2)
So TLDR, was reading through old threads/topics, found this interesting. In essence, start with $100, 5% a day, after a year you end up with $409,000.
I think several have tried and failed...the biggest problem with this is that it requires sniper entries and very disciplined exits. You could be leaving profits on the table, but you have to; because you can't get too greedy. This is very similar to someone in the gym. Even if you don't feel sore/tired in the gym, you cannot go crazy and do 30 sets of the same exercise. You will end up overtraining.
The conclusion drawn from 409k challenge: sometimes, we really need high quality, or in this thread, what I call "extraordinary trades". This is also necessarily in many instances (but not limited to):
1. You're trading on prop firm
2. You are down in recovery phase
3. You are already in several trades that are in drawdown.
Rules of this thread:
1. Be civil to everyone, except scammers. In fact, if you spot a scammer, happily bash him/her before my ban hits him/her (if you need an example how, you can see this (https://www.forexfactory.com/thread/post/15307331#post15307331)) and then further report him/her here (https://www.forexfactory.com/thread/post/15307429#post15307429).
2. This is not a signals thread. However, there is nothing I can do should anyone wants to trail/follow someone else's trade recommendation. That is your choice. But if you followed, then so be it. You deal with the consequences (good or bad yourself). I will be turning off my TE when markets go LIVE because I do not wish to deal with an insane amount of PMs.
3. Always state why you think your proposed trade idea is "an extraordinary trade idea". As mentioned, I'm open to more definitions, so feel free to state.
4. Please do understand that sharing a trade idea doesn't necessarily mean that the person who shared it has entered the trade. This can be due to a myriad of reasons but not limited to the following: market conditions have changed and in any case, no one goes through with all their ideas. If you wish to have "a claim" (for e-peen) to your "extraordinary trade idea", clearly state that you have entered the trade. This is to prevent squabbling in future.
5. All instruments are welcomed.
6. Feel free to share your charts, but I'm more interested with how you intepreted them. After all, everyone sees the same movements but will have vastly different forecasts.
7. All trade ideas must include an entry AND exit plan.
8. Extraordinary trades don't happen all over the place, feel free to chit-chat, I do allow it. In fact, real traders know that more time is spent on waiting and waiting, not furiously clicking the mouse. Even scalpers.
The potential rewards of this thread?
In an idealistic world, where we can find plenty of extraordinary trades, we could potentially make 3% each time on our trades. Which after 240 trades (aligning with trading days in a year), a mere $1,000 investment will snowball into a staggering $1.2 million.
As you can see from my LIVE trade explorer (to those who can see it before I turn it off), so far, I have managed to find 5 extraordinary trades that have quickly snowballed my account from $1,000 to around $2,400 at the moment, with a trade floating currently in drawdown, hoping it would become a sixth extraordinary trade.
Do I think I can turn $1,000 into $1.2 million? Not at all, that's not the point of this thread. This isn't a rags to riches thread. The point of this thread, as mentioned, is to find potentially extraordinary trades that you trade alongside your main account (why would you not do that is beyond me).
So...who's with me?