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Go Kimi !!!

  • #1
  • First Post: Jan 1, 2008 5:56am Jan 1, 2008 5:56am
I started forex trading on Aug 07 and already blown 4 live account in period Aug - Oct..I never do demo in that period so as expected ...
So for Nov & Dec ,I stop trading and doing some reading and demo..

I really enjoy reading thread by PEterFM , James16 , Auslanco, Malaysia and Jacko .. really an eye opener..THank you guys..

So I will start trading back this Jan .
My start up live capital would be USD500 ( mini account )
I will risk 20% on first trading day.
So next day trade will be same 20% + the profit I gain previous day and so on till 20 trading days .. ( So I got 5 chances from USD 500 )..
My target profit are 25% per trade..
My target is 4 trades per day .. depends if 1 trade already gave me 25% day profit so, no more trade that day..

My trading time would be Mid Asian session to end London session..
I will trade only on GJ,GU,AU,NU,UCAD & UJ pair only.

So let see how far or long I can go this time..:
If I blew again this live account, I will stop trading till Apr and start back on May..

This is my projected figure for first trading month..

My trading system will be base on 4MA = 5SMA , 20WMA , 50EMA & 100SMA
MACD 12,26,9
FX Snipers' Ergodic CCI & Trigger 2,10,5,3

I will update weekly this thread with results of my trade..

HERE I GO.. Good luck myself
Attached Image (click to enlarge)
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  • #2
  • Jan 1, 2008 6:01am Jan 1, 2008 6:01am
Quoting kimi
I started forex trading on Aug 07 and already blown 4 live account in period Aug - Oct..I never do demo in that period so as expected ...
So for Nov & Dec ,I stop trading and doing some reading and demo..

I really enjoy reading thread by PEterFM , James16 , Auslanco, Malaysia and Jacko .. really an eye opener..THank you guys..

So I will start trading back this Jan .
My start up live capital would be USD500 ( mini account )
I will risk 20% on first trading day.
So next day trade will be same 20% + the profit I gain previous day and so on till 20 trading days .. ( So I got 5 chances from USD 500 )..
My target profit are 25% per trade..
My target is 4 trades per day .. depends if 1 trade already gave me 25% day profit so, no more trade that day..

My trading time would be Mid Asian session to end London session..
I will trade only on GJ,GU,AU,NU,UCAD & UJ pair only.

So let see how far or long I can go this time..:
If I blew again this live account, I will stop trading till Apr and start back on May..

This is my projected figure for first trading month..

My trading system will be base on 4MA = 5SMA , 20WMA , 50EMA & 100SMA
MACD 12,26,9
FX Snipers' Ergodic CCI & Trigger 2,10,5,3

I will update weekly this thread with results of my trade..

HERE I GO.. Good luck myself
good luck bro..
  • #3
  • Jan 1, 2008 6:53am Jan 1, 2008 6:53am
Quoting kimi
So I will start trading back this Jan .
My start up live capital would be USD500 ( mini account )
I will risk 20% on first trading day.
I urge you to reconsider the risk you are taking. You won't make it out of January risking 20%.
  • #4
  • Jan 1, 2008 7:03am Jan 1, 2008 7:03am
Quoting philmcgrew
I urge you to reconsider the risk you are taking. You won't make it out of January risking 20%.
Hard headed myself ...Thanks for reminding me ..I will revise if 1st 20% blown away..
  • #5
  • Jan 1, 2008 7:28am Jan 1, 2008 7:28am
Quoting kimi
Hard headed myself ...Thanks for reminding me ..I will revise if 1st 20% blown away..
why don't risk 1-3% per trade and compound until big?be patient my friend
  • #6
  • Jan 1, 2008 7:54am Jan 1, 2008 7:54am
Hi kimi,

I read that you have blown 4 accounts already, I was wondering what you have learned from your first 4 accounts and what structures or what you are going to do different from the first 4 times?

Remember if one keeps doing the same thing over and over again then one has not really learnt anything, they have just reinforced a habit.

Anyway I hope you do well and good luck

cheers
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  • #7
  • Jan 1, 2008 8:18am Jan 1, 2008 8:18am
This is a tough time to be taking large risks. Furthermore I would not set yourself to 25% gains as mandatory. Take less if it comes quick. You are not getting paid by the hour and sometimes waiting too long can cost you a good trade. Stay nimble in these markets - those JPY pairs can be murder if you dont have the capital to back it up - they have huge pip swings that will gobble up $500 in a day - or make $500 if you on the right side .

Good luck!
  • #8
  • Jan 1, 2008 8:25am Jan 1, 2008 8:25am
My view - GJ are heading south next month..
Maybe 215 are good area to go to at 50EMA monthly..
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  • #9
  • Jan 1, 2008 8:27am Jan 1, 2008 8:27am
He will trade with smaller risk ( 1-3 %) only after he will be convinced that he cannot make money in forex with 20 % risk. but not now. he needs time to get to trade with 1-3 % risk per trade. every newbie have to travel through some stages in learning forex..there is no shortcut.

i read also books in my beggining of my forex carrer.. i knew from the beggining that i have to trade with 1-3 % risk. but u think i traded following this rule? of course not. i traded with 20 % risk, even more 30 -40 % because my expectation from forex was high then.

it took me many months of suffering and lossing money till i realise whats possible in forex and what is not possible.

now after 1 year and 2 months i trade with 1-5 % risk , never exceed that.


all u need is patience. u have to be strong to stay long enough in forex to learn no matter what happens. because many quit at this stage.u will evolve every month. u will be happy after that.

good luck
  • #10
  • Jan 1, 2008 8:45am Jan 1, 2008 8:45am
Base on daily
I will look into D 50% retracement 224 area for short position and maybe Aug low 219 can be reach this week..
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  • #11
  • Jan 1, 2008 9:04am Jan 1, 2008 9:04am
Weekly - I see BULL bias..
Price may continue uptrend to reach next R 23.6 - 0.8992 or might go down to complete 50% retracement 0.8537 .
Attached Image (click to enlarge)
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  • #12
  • Jan 1, 2008 9:05am Jan 1, 2008 9:05am
Quoting kimi
I started forex trading on Aug 07 and already blown 4 live account in period Aug - Oct..I never do demo in that period so as expected ...
So for Nov & Dec ,I stop trading and doing some reading and demo..

I really enjoy reading thread by PEterFM , James16 , Auslanco, Malaysia and Jacko .. really an eye opener..THank you guys..

So I will start trading back this Jan .
My start up live capital would be USD500 ( mini account )
I will risk 20% on first trading day.
So next day trade will be same 20% + the profit I gain previous day and so on till 20 trading days .. ( So I got 5 chances from USD 500 )..
My target profit are 25% per trade..
My target is 4 trades per day .. depends if 1 trade already gave me 25% day profit so, no more trade that day..

My trading time would be Mid Asian session to end London session..
I will trade only on GJ,GU,AU,NU,UCAD & UJ pair only.

So let see how far or long I can go this time..:
If I blew again this live account, I will stop trading till Apr and start back on May..

This is my projected figure for first trading month..

My trading system will be base on 4MA = 5SMA , 20WMA , 50EMA & 100SMA
MACD 12,26,9
FX Snipers' Ergodic CCI & Trigger 2,10,5,3

I will update weekly this thread with results of my trade..

HERE I GO.. Good luck myself
Kimi,

Actually you got less than 5 chances. Dont believe me, re-calculate again. Just a question, "what's the rush?" and wish you good luck.

regards from a friend.
I am bored..
  • #13
  • Jan 1, 2008 9:36am Jan 1, 2008 9:36am
If you're still trading a couple of years from now, you will look back on this thread and laugh at yourself. In the meantime, enjoy blowing your fifth account. I'm not trying to be negative here, this is what happens to everyone. Notice, I didn't "some", I said "everyone". By the way, posting those charts with your analysis just adds to the absurdity of your situation.

You're in the dark.
  • #14
  • Jan 1, 2008 9:41am Jan 1, 2008 9:41am
Quoting G33maroon
Kimi,

Actually you got less than 5 chances. Dont believe me, re-calculate again. Just a question, "what's the rush?" and wish you good luck.

regards from a friend.
Thanks for your concen...I think I got the message now...
I will revise "for sure" my trading plan once I blow away my first 20%...
  • #15
  • Jan 1, 2008 9:46am Jan 1, 2008 9:46am
LOL - well kimi is just having fun with it. Good luck kimi.
  • #16
  • Jan 1, 2008 9:47am Jan 1, 2008 9:47am
Quoting mr.marketz
If you're still trading a couple of years from now, you will look back on this thread and laugh at yourself. In the meantime, enjoy blowing your fifth account. I'm not trying to be negative here, this is what happens to everyone. Notice, I didn't "some", I said "everyone". By the way, posting those charts with your analysis just adds to the absurdity of your situation.

You're in the dark.
Sure - I laughing at it now..Thanks man
  • #17
  • Jan 1, 2008 9:48am Jan 1, 2008 9:48am
Good luck with that. Get ready to blow account #5 (for reasons others have already stated.)
  • #18
  • Jan 1, 2008 10:14am Jan 1, 2008 10:14am
i highly advise you not to do this. you may get lucky on a couple of trades, but with the risks you are taking, i can assure you that it is only a matter of time before you lose. i assure you of this.

in the meantime, best of luck and a profitable 2008
Twitter: @forexpokerpro
  • #19
  • Jan 1, 2008 10:21am Jan 1, 2008 10:21am
Very interesting post to start the year with.

It seems you are putting the cart before the horse.

Money Management is irrelevant without a working strategy. Try your newly
developed strategy with a demo account. If you plan to start your
trade with $500 start trading your new strategy on demo account with
$500 equity. After 1 month you will be able to determine whether you will make it with your strategy and $500 - what is the point of blowing it away.

After 1 month you will be able to know whether your success or failure was because of :

1. Good strategy or
2. Small equity and large risks.

1-3% trader on large account will still blow it away if there is no knowledge of how to trade... it just take a bit longer.

Also do not forget that self medication is not good.
  • #20
  • Jan 1, 2008 10:31am Jan 1, 2008 10:31am
Kimi, let me quote Rocky Balboa for the better understanding of risk (money) management:

"But it ain't how hard you hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done."

Some wrong trades coming one after another and your account will be blown, you won't get the chance to take a breath. Losing must be calculated in your trading plan for you to be successful. Wish you all the best in the new year
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