How I Turned 1k To 100k In A Wk!!! | Page 12 | Forex Factory

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How I Turned 1k To 100k In A Wk!!!

  • #221
  • Nov 27, 2007 1:52pm Nov 27, 2007 1:52pm
Hi Freefox,

I had the message problem too - I'll try removing the candle time indicator and see if that helps.

This thread: http://www.forexfactory.com/showthread.php?t=37073 seemed to address how to use the Demark indicator mystic genie is using, although no one in the thread claims to be an expert. I don't see a lot of recent discussion of this indicator, so my guess is that like most systems, the demark - based systems hit a rough patch and washed out the over-leveraged and EA dependent traders.

Hope that helps.
  • #222
  • Nov 27, 2007 2:48pm Nov 27, 2007 2:48pm
Hi Dr Zeus,

Thanks for pointing me to the Demark thread.

That expalins a few things and I can now understand what all the lines are that are plotted!!
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #223
  • Nov 27, 2007 3:36pm Nov 27, 2007 3:36pm
If you really want to know DeMark, the only right way is to buy his books. Most of what I have seen on the net, including much of what is here on FF, is wrong.
  • #224
  • Nov 27, 2007 3:50pm Nov 27, 2007 3:50pm
Quoting SunTrader
If you really want to know DeMark, the only right way is to buy his books. Most of what I have seen on the net, including much of what is here on FF, is wrong.
This is very true, and his books are cheap compared to other trading authors at Amazon.
  • #225
  • Nov 27, 2007 4:20pm Nov 27, 2007 4:20pm
Thanks SunTrader, that is one reason I'm hesitant to use the Demark indicators I find littered around this site. I'm just not coder enough to write my own. But if Mystic Genie has had some success with the Demark indicator he is using then it might be "good enough."
  • #226
  • Nov 27, 2007 4:50pm Nov 27, 2007 4:50pm
Quoting dr_zeus
Thanks SunTrader, that is one reason I'm hesitant to use the Demark indicators I find littered around this site. I'm just not coder enough to write my own. But if Mystic Genie has had some success with the Demark indicator he is using then it might be "good enough."
It is not the code I am refering to. I use TradeStation and not MetaTrader so I don't what the Meta indicators have coded. What I meant is the way that Tom DeMark methods are used by some traders. If the Mouteki thread uses TD lines as myticgenie does to estimate price targets that is something new. DeMark has qualifiers to trade or fade the lines themselves, but I am unaware of any use for targets.
  • #227
  • Nov 27, 2007 5:14pm Nov 27, 2007 5:14pm
I turned $50 into $80 in 3 months.

Im the best trader
  • #228
  • Nov 27, 2007 5:15pm Nov 27, 2007 5:15pm
Quoting The Pippinator
I turned $50 into $80 in 3 months.

Im the best trader
Trade what you see, not what you think.
  • #229
  • Nov 27, 2007 5:54pm Nov 27, 2007 5:54pm
I really do hate negativity when it comes to Forex. Yes blah blah blah 95% of traders will not make it, however I aim to be one of the ones who do. To turn 1000 into over 100K is totally possible. Let me tell you about a little experience I had, and this is on a live account.

When the US announced the second to last interest rate move (I think just before the sub-prime news came out), I had a small account with MBT just 1000 USD or so to test new strat's that I though merited attention. I dont believe in demo accounting (this is just for me, I find it hard to attach any emotional risk to play money, so therefore my risk perception is different). Well anyway, the news came out and immediately all the USD paired currencies started dropping. Good time to go short I thought I'd do a bit of scalping, 10 pips here or there. Well within 4 days I had turned that mini test account into 12000 USD. This is all live, can provide the trade details, however what I'm getting at is, anything is possible in Forex (as with any type of trading/speculation). My success with that account is a fluke, a one off situation where everything seemed to line up and bang, got it. So yes you can make ridiculous amounts within a very short time, but only if basically the stars and planets are all in alignment, its the whole perfect storm scenario, but it can be done. A little bit (well ok a lot) of patience, meticulous charting, and having a little bit of faith once your in the trade that you have read the signals correctly. All you naysayers please go away, Im not naive enough to know that everyone will get rich off Forex, but for me I enjoy the challenge, doing this is a completely different thing to what Im used too, but I do feel it will work once all the above emotional aspects are sorted. If you doom and gloomer's dont think you can do it, then perhaps your better off buying a lottery ticket rather then spending the hours poring over someone elses system just to shoot them down.

MysticGenie good on you, well done, now protect your profit...lol
  • #230
  • Nov 27, 2007 6:56pm Nov 27, 2007 6:56pm
Quoting tdion
Well, the reality is that you can double your account in an hour, given the right leverage and market.

So, everything the guy says makes sense, whether you THINK it does or not.

He already said it only happens a few weeks out of the year. What is so unbelievable about that? There are probably 45 weeks the guy is blowing his $1,000 account. Think about that for a minute. Those are a hell of a lot of blown accounts.

So doing striking gold rarely is absolutely possible.
45k lost over 45 weeks to get 100k profit in one week!!
creating wealth one pip at a time.....
  • #231
  • Nov 27, 2007 7:09pm Nov 27, 2007 7:09pm
Why Don't U Share The Current Portfolio. In This Thread.

So That Other May Also Turned 1k To At Least 10k...
  • #232
  • Nov 27, 2007 7:30pm Nov 27, 2007 7:30pm
Thanks for the interest in my trading system & strategy friendz---I agree, that you should read Demark's book to get a hang of the indicator---I use the indicator to orient myself to the recent TD lines in that particular TF---Demark has also explained in his book how to estimate at target profit, which I believe this indicator draws more or less correctly---ofcourse, exit lies at trader's discretion & that's where a winning trade can turn a loser if one does not adjust his/her target profit w/ prevailing market sentiments---As I said before, I'll post my trades occasionally to illustrate my system---

GL/GT
  • #233
  • Nov 27, 2007 7:35pm Nov 27, 2007 7:35pm
10,000% ROI in 1 week? Nice gambling.
  • #234
  • Nov 27, 2007 7:46pm Nov 27, 2007 7:46pm
Now I do remember how Tom DeMark uses his TL's to project price objectives. Don't know if you use this formula but TD takes the difference between the trendline and the lowest low below it, for an upside breakout, and adds the amount to the breakout level. Reverse for downside breakout.

But he doesn't use the TL's themselves as exits.

Also his preference is to trade disqualified TL's, not qualified ones as most would. Because the reaction to a TL that is not qualified is more violent and therefore more profitable and faster moving. At least a higher probablility to be so.
  • #235
  • Nov 27, 2007 8:12pm Nov 27, 2007 8:12pm
Quoting SunTrader
Now I do remember how Tom DeMark uses his TL's to project price objectives. Don't know if you use this formula but TD takes the difference between the trendline and the lowest low below it, for an upside breakout, and adds the amount to the breakout level. Reverse for downside breakout.

But he doesn't use the TL's themselves as exits.

Also his preference is to trade disqualified TL's, not qualified ones as most would. Because the reaction to a TL that is not qualified is more violent and therefore more profitable and faster moving. At least a higher probablility to be so.
That's correct--I also use more or less the same way--- Thanks for explaining the basics for other fellow traders---
GL/GT
  • #236
  • Nov 27, 2007 8:24pm Nov 27, 2007 8:24pm
Just to add a little more wood.
At ATC2007, the first place, Better, make 1000% with almost 2 months.

I find some surreal real(?) accounts records.

like this:
Someone (?!? lol) make 2400% in 2 days with real account. http://www.moneytec.com/forums/f14/s...ys-real-16865/

- about a person who in Oct7,1998 started with 10k and ended up with 552,524+ in two days trading yen (7 hours of total trade time) which is 2712% in a day.

Maybe just a joke, I DonīT Know.
  • #237
  • Nov 28, 2007 9:42am Nov 28, 2007 9:42am
Hi Mystic Genie

Been reading this thread and very interesting strategy. I hope you dont mind me asking a few questions, I noticed that the indicators you use are for metatrader platform, but your profit report is from FXCM, so do you do your analysis on MT4 and then place your trades on the FXCM platform?

Also I am just learning about forex so, if anyone (since Dr. MysticGenie might not have the time) can better describe the money management technique used here, I would really appreciate it. I am just learning on demo account, and place trades for one lot or two lots, and get out with 2-5 pips, making about 10 - 20 USD profit. I am sure its not the best way, but I am just learning.

Thanks for your time everyone.

Jenna
  • #238
  • Nov 28, 2007 10:02am Nov 28, 2007 10:02am
Hello Mystic Genie,
I have been blown away by your results. What could I say? Congrats!
You mentioned you had had margin call(s) with FXCM. I wonder (might be some had asked , but I could not find) , not being rude, how many 1k accounts had you tried to archive this 1k to 100k? The reason I ask is we want to learn from you and would know the efforts you have had.

Thanks lot!

SZB
  • #239
  • Nov 28, 2007 10:03am Nov 28, 2007 10:03am
Quoting jg75201
Hi Mystic Genie

Been reading this thread and very interesting strategy. I hope you dont mind me asking a few questions, I noticed that the indicators you use are for metatrader platform, but your profit report is from FXCM, so do you do your analysis on MT4 and then place your trades on the FXCM platform?

Also I am just learning about forex so, if anyone (since Dr. MysticGenie might not have the time) can better describe the money management technique used here, I would really appreciate it. I am just learning on demo account, and place trades for one lot or two lots, and get out with 2-5 pips, making about 10 - 20 USD profit. I am sure its not the best way, but I am just learning.

Thanks for your time everyone.

Jenna

Jenna,

That's my daughter's name

Your scalp works on demo, but probably won't work in real trading. Price will slip on you, and besides you are risking way too much for a small profit. Here's my money management plan, for what it's worth; actually it's not mine, it's what all the smart people have said in these forums. I'm just an ignorant noob doing his best bobble-head impression when the pros speak.

1. Determine your stoploss.
2. Risk no more than 1%-2% of your account - if your stop gets hit, you should only lose this much.
3. Respect your stoploss. Don't change it if the trade goes against you.

As for mysticgenie's system, I haven't quite figured it out yet and wouldn't be willing to take the crazy 10%-30% account risks that he did in these two trades. He said it's the same system that he uses with sane money management, so if you stick to 1%-2% risk levels, you might be able to figure out before you blow your account.

Also, I believe he said that he uses MetaTrader for charting and then takes trades with FXCM's platform. FXCM will offer MT4 in the future, if they don't already. I personally use Oanda because I only put $100 in my account and Oanda lets me lose it $1 at a time

That's my tuition for learning how to trade. My demo account is up 40%, my real account is down 25%. Go figure.

By the way, I want to thank Mystic Genie for re-sparking my interest in James16 price action and COT. I've also started reading about Demark lines and indicators which is a new thing for me. Right now I'm trolling the James16 chart thread and copying a lot of the significant charts and comments into a Word doc for easy printing.
  • #240
  • Nov 28, 2007 10:19am Nov 28, 2007 10:19am
Thanks for your information - I appreciate you not blasting me for asking beginner questions. I too am interested in Mystic Genie's strategy, not only because it performed so well for him, but to learn more details about how he implemented it.

I always wondered if my demo performance was any indication of how I might do in live account, no you made me more alert to the differnces. After I understand a little more about forex, I will open a small forex account and try to learn from the live side. I am getting used to the functions of MT4 and would like to use that when I open my small live account, any recommendations on what brokers use mt4?

Jenna is my short name, for Jennifer.

Thanks for your time.

Jenna
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