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  • #41
  • Dec 14, 2007 9:23am Dec 14, 2007 9:23am
Quoting bapxyz
Please send me the name of your broker.

I need one that does not even have a loss column; like yours. No P/L no Loss WOW. Just plain PROFIT. They have got the correct attitude.

O yea. Maybe it's just me but usually a deposit has a memo item with the CC #, Electron Tran #, something that you would have to XXX out.

NEWBIES RUN!!!!
Unfortunately Newbies run to a thread like this and believe all and question nothing.

Instead what they question is anyone who tries to warn them. Oh well.
  • #42
  • Dec 14, 2007 9:25am Dec 14, 2007 9:25am
On 12/13 at 09:30 he sells g/j at 228.25.

Takes profit on the short on 12/13, 09:55, at 227.80.

My chart shows an up move at that time, from right around 227.80 to around 228.25

So, to answer the question in the first post: No. I cannot do it like you. You have special charts that I don't have.
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  • #43
  • Dec 14, 2007 9:26am Dec 14, 2007 9:26am
Quoting SunTrader
Unfortunately Newbies run to a thread like this and believe all and question nothing.

Instead what they question is anyone who tries to warn them. Oh well.
You know, I am beginning to think survival on the fittest. Unforutunately...

Maybe thinning the herd..
  • #44
  • Dec 14, 2007 9:27am Dec 14, 2007 9:27am
Quoting acidguy
what do you think of this, i have converted a $2 account into $20 in 2 months and a half. i also want a medal.
You are one hellava trooper, and I'm not being sarcastic, I mean it. I read another post of yours and am rooting for you all the way. Keep us posted.
  • #45
  • Dec 14, 2007 9:31am Dec 14, 2007 9:31am
Quoting acumen
This site has a mix of seasoned traders and very novice members.

When people new to Forex see posts similar to yours they believe this is the norm.

This is gambling.

A seasoned trader would never risk this kind of capital because they understand money management.

An impressive post should read....

How I averaged 10% a month this past year with a great system and proper money management.
Of course that statement is also like the one week statement and shows your dealing with an intermediate trader who has likely only been at it one year; or its a trader who is picking out a single year from his trading not disclosing the rest...

The long time traders will post a thread that says... "How I managed to survive five years in the market and STILL make 15% a year on average."

It's all perspective... The Newb doubles his money in a week and feels great. Someone has a 100% year and they feel great. Do it long enough and you'll understand that yes those things happen, but they don't happen very often.
Trade Small. Be Patient. Learn to Survive.
  • #46
  • Dec 14, 2007 9:31am Dec 14, 2007 9:31am
Doubling 5k to 10k is not really new!

It's been done over and over again...all the samem congrat!

And stick to your winning strategy.
  • #47
  • Dec 14, 2007 9:32am Dec 14, 2007 9:32am
received a pm saying "stop lying, noob", if anyone dont bellieve send me a pm and i will tell you the broker.

is nice noobs can break the scheme with sweet money management, when be risky but pretty sure of what you are doing, get the profit and send it straight to tha bank. thats my money management strategy.

to all of you who think no one can make more than 100% on a year withouth a proper strategy. ***** off.

thats why most traders are mediocres, same than any other area of life.
shoot the monkeys, break the system!.
  • #48
  • Dec 14, 2007 9:34am Dec 14, 2007 9:34am
Quoting blueruby
Has anyone looked at the statement?

He did not over-leverage.
The term 'over leverage' is a matter of opinion but I don't think there are many traders who wouldn't consider this over leveraged on a serious trading account.

He traded 2 round lots (£200k - don't forget GBP was the base currency) with just over $5000 equity. Leverage of roughly 80:1. If he went 3-400 pips down he's dead. My absolute limit is 3:1, any more than that and I start getting the fear. I've never doubled my account in a week, but then I've never blown an account either.
  • #49
  • Dec 14, 2007 9:37am Dec 14, 2007 9:37am
Quoting moneybags
But we can't really know if he overexposed himself, because there were no stop losses.
For all we know, he had 300 pip mental stop losses that if they were hit would've destroyed his account.
We can't really discuss it because we have no idea what was done here.
That is true. I have a basic rule of thumb, one mini for each $1000 in the account, but that's a bad thinking habit I need to break, for the reasons you and birdt stated.

In fact, that very thing (fixed thinking on lot size, not using 1 mini per $1000) got me this week. I was tired and took a trade before calculating the correct position size. It turned out OK, next time I do things in the right order.
  • #50
  • Dec 14, 2007 10:06am Dec 14, 2007 10:06am
A thread like this always bring out all sort of people saying this can be done and a lot more saying it can't!!! People saying if you're trading with real money you would never produce results like this!! To many traders in here are waisting money with overprotective MM and in the same time say to them selves that they don't thrust their tradingstyle. Why have a account with $10000 and only put in $1-300 on a trade? By doing this you are saying you are afraid you will go wrong some 100 times in a row and then you should probably not be trading. You're money is not working to the full potential..

Now ofcourse, timeframe and number of trades you have running at the same time would justify smaller positions, but with scalping/very shorttime you need to put the money in the trade, take the position, add to it if it goes your way or bail if it does not, less initial risk and more gains, thats the most productive and less scary way of hard trading.

One of my accounts is at FXDD and they are running a contest for live accounts that have more than $1000 on it as of some 3 weeks ago. All top 20 leaders all have made over 100% on their accounts (LIVE ACCOUNTS), the top leader is up 1200%.

It's all about how much risk your heart can handle and if you actually are a trader. 100% is no problem and many can do it, but not many can do it over and over..

I also believe that it is not right for any newbie to think this is easy, because your brain will do strange things to you when you start out attempting this. But please stop all this bullsh*t about this can not be done.. you are just to scared to do it yourselves or you don't trust your tradingcapacity.. And if you dont trust it, it does'nt matter how small sizes of your account you use as per "Good MM", cause you will not make any money anyway, you will loose but it takes longer.. And if you actually are successful, you dont get paid enough for your risk..

yeah.. you can all hit out at me now, i dont care, i'm happy with my trading, making more than 100% per month.. but my money are working, not just in my account for show.. but then I also trade multiple systems all day in an attempt to spread my risk..
  • #51
  • Dec 14, 2007 10:06am Dec 14, 2007 10:06am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting birdt
The term 'over leverage' is a matter of opinion but I don't think there are many traders who wouldn't consider this over leveraged on a serious trading account.

He traded 2 round lots (£200k - don't forget GBP was the base currency) with just over $5000 equity. Leverage of roughly 80:1. If he went 3-400 pips down he's dead. My absolute limit is 3:1, any more than that and I start getting the fear. I've never doubled my account in a week, but then I've never blown an account either.
You would need to make a really bad call to go down 3-400 pips! On a bad day that's almost impossible even with a highly leveraged account!

You should blow an account just to test your limits. I can assure you that once you blow up a real account you learn a lot.

Try this... deposit $1000 into an account and test your limits... you'll be surprised at how well you do when the fear of loss is controlled.

I personally divide my portfolio into risk categories.... and strangely enough, forex falls into the extremely high risk group!!!

My high risk investments are always pushed to the limit.... every day when I trade I risk my ENTIRE previous days winnings and that becomes my limit. I now trade GBP/JPY with a 100pip stop loss and ensure that my pip value for 100 pip's does not exceed the previous day... so, if I loose, I only go backwards by one day.

Profitable pips to all!

TrevA
  • #52
  • Dec 14, 2007 10:26am Dec 14, 2007 10:26am
Quoting frankiev2
yeah.. you can all hit out at me now, i dont care, i'm happy with my trading, making more than 100% per month...
After you own the earth, moon and the stars above - can you at least let me keep my small little piece that I have, please.


+ + +

If they ever required traders to be licensed (which I am not advocating) knowledge of simple math including compounding should be the first thing.
  • #53
  • Dec 14, 2007 10:36am Dec 14, 2007 10:36am
Quoting blueruby
On 12/13 at 09:30 he sells g/j at 228.25.

Takes profit on the short on 12/13, 09:55, at 227.80.

My chart shows an up move at that time, from right around 227.80 to around 228.25

So, to answer the question in the first post: No. I cannot do it like you. You have special charts that I don't have.
please look at my chart
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  • #54
  • Dec 14, 2007 10:46am Dec 14, 2007 10:46am
Quoting bapxyz
Please send me the name of your broker.

I need one that does not even have a loss column; like yours. No P/L no Loss WOW. Just plain PROFIT. They have got the correct attitude.

O yea. Maybe it's just me but usually a deposit has a memo item with the CC #, Electron Tran #, something that you would have to XXX out.

NEWBIES RUN!!!!
i used straighthold & NorthFinance or one of them with many brokers servers
  • #55
  • Dec 14, 2007 10:49am Dec 14, 2007 10:49am
This is ridiculous:

Quoting akanze
Doubling 5k to 10k is not really new!

It's been done over and over again...all the samem congrat!

And stick to your winning strategy.
  • #56
  • Dec 14, 2007 10:50am Dec 14, 2007 10:50am
  •  mld
  • | Joined Sep 2007 | Status: Pips Raining Cats & Dogs | 85 Posts
lol
Quoting tdion
This is ridiculous:
lol
  • #57
  • Dec 14, 2007 11:08am Dec 14, 2007 11:08am
Quoting TrevA
You would need to make a really bad call to go down 3-400 pips! On a bad day that's almost impossible even with a highly leveraged account!

You should blow an account just to test your limits. I can assure you that once you blow up a real account you learn a lot.

Try this... deposit $1000 into an account and test your limits... you'll be surprised at how well you do when the fear of loss is controlled.

I personally divide my portfolio into risk categories.... and strangely enough, forex falls into the extremely high risk group!!!

My high risk investments are always pushed to the limit.... every day when I trade I risk my ENTIRE previous days winnings and that becomes my limit. I now trade GBP/JPY with a 100pip stop loss and ensure that my pip value for 100 pip's does not exceed the previous day... so, if I loose, I only go backwards by one day.

Profitable pips to all!

TrevA

I'll look into blowing an account immediately then! It's not like I haven't made some shit over-leveraged trades without placing SL's and not had the balls to close them and ended up in the hole. If the definition of insanity is doing the same thing again and again and expecting different results then when faced with this situation you've to change your behaviour so it doesn't happen again. I do have a small high risk account but I still aim to make money with it. After all I'm not here to lose money and certainly not on purpose.

Frankiev. No-one is saying that 1200% a month isn't possible, of course it is, just like you could win a whole bunch of money gambling in a casino. But is it probable or sustainable? Ever flipped a coin and it landed on heads 7 or 8 times in a row, it's really nothing extraordinary so when you're right and you're overleveraged you double your account. But what about if your stack was on tails? How many people blew their accounts trying to top the FXDD table? You don't hear about them, no-one's placing them up on a pedestal are they. Hey, look at this guy who blew his account in 10 minutes! Doesn't sound quite as good does it. Cowboys go around pedaling this nonsense and the newbie's buy into it hook, line and sinker when the reality is that if you trade without good money management (ie. gambling) chances are you'll be going home broke.
  • #58
  • Dec 14, 2007 11:18am Dec 14, 2007 11:18am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting birdt
I'll look into blowing an account immediately then!
Hahaha, this is all just good fun and I take your point!

TrevA
  • #59
  • Edited 11:42am Dec 14, 2007 11:21am | Edited 11:42am
Quoting SeekingLight
Given his name I am just waiting for the sales pitch
That has to be the funniest thing I have heard this entire day.
  • #60
  • Dec 14, 2007 11:46am Dec 14, 2007 11:46am
I've been trading on and off for twenty years; when I came to forex I brought to it several models and approaches. At the time I was still basically a technical trader and hadn't gotten into the computer modeling that I do now. I knew I wanted to do this as a career and hand pulled in a family member as a partner in the startup. I started trading with a version of Mark Fishers ACD system... Its a break out system that I had had relative success with in the past, but that was also skewed by the rediculous trends and volatility that had been present in the equity markets during the bubble.

When I began trading the account I started very small. I threw $1000 into a mini account and began trading the appraoch. In three months the account was up to $1700... My partner was exstatic... I was mortified. We had sat down to review and she simply couldn't understand why I was so concerned... I said this can't last and there has to be a problem somewhere: we're either over-leveraged (duh) or we're extremely effecient (statistical run) and are getting ready for a correction. By the end of the fourth month we were back to even and I halted trading to get a better handle on this asset class.

Leverage in FX, even for a seasoned trader, can often be something new... In equities we really don't get any, in futures you can get a little... In Forex its gaga... In the mini account with a $1000 deposit I was running 10:1. I began to back test a little more carefully and then did some monte carlo simulations to try and generate what a negative return might look like with a negative statistical run. My risk of ruin at 10:1 was 100% in almost every simulation. High leverage and extreme "short term" efficiency in the appraoch had made me money very quickly (I had curve fitted my parameters to the most recent price action), but it simply wouldn't last, and it didn't.

I'm amazed when people don't question why something is working beyond what can reasonably be expected... It should send up as many red flags as a deep drawdown, especially if you plan on trading for than a few weeks/months out of your life.

Thats my 2... back to the data-set
Trade Small. Be Patient. Learn to Survive.
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