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My Journey to a $1,000,000

  • #61
  • Mar 7, 2007 5:06pm Mar 7, 2007 5:06pm
3/07/07
GBY/JPY
Entry - Sell 223.72
Result - Stopped Out By 40 Pip Dragging Stop +2 or +0.2%
  • #62
  • Mar 7, 2007 5:19pm Mar 7, 2007 5:19pm
I lost track...
Are you over 100% or below?
  • #63
  • Mar 7, 2007 5:27pm Mar 7, 2007 5:27pm
Quoting irusoh
I lost track...
Are you over 100% or below?
+63 Pips or +9.3% Profit
  • #64
  • Mar 7, 2007 5:43pm Mar 7, 2007 5:43pm
My question would be to those who say you can turn a small amount of money into a very large sum would be: Have you done it or do you know someone personally who has done it?

Don't get me wrong, I'm not a disbeliever because I'm looking to do it myself It would just be more encouraging to know of real life examples.

When I say a small amount, I'm speaking of a couple of hundred or a few thousand. When I say a large sum, I'm speaking of a hundred thousand or more.
  • #65
  • Mar 7, 2007 10:07pm Mar 7, 2007 10:07pm
Quoting HowManyPips
+63 Pips or +9.3% Profit
Ahh Great, maybe you could post it once a week.
  • #66
  • Mar 7, 2007 10:09pm Mar 7, 2007 10:09pm
Quoting SunTrader
90% of all traders lose. Retail/restaurants/services businesses all fail at a high rate.

One of the top reasons is being undercapitalized.

Do you think trying to turn a small amount into a big amount is not being undercapitalized, maybe.
In trading startup capital does play a role, but by no means in comparison to why a regular business fails. Those businesses when the reason for failure is due to insufficient capital failed because their strategy could not be properly executed with the available funds.

This is akin to not being able to set the right stop loss for the strategy being taken in forex, not initial startup capital. So the failure would not be initial capital at all, but rather failure to choose an account that can be properly leveraged for the startup capital involved (micro/mini/std)
To be one with the market, you must first be one with yourself.
  • #67
  • Mar 7, 2007 10:09pm Mar 7, 2007 10:09pm
Quoting southernmind
My question would be to those who say you can turn a small amount of money into a very large sum would be: Have you done it or do you know someone personally who has done it?

Don't get me wrong, I'm not a disbeliever because I'm looking to do it myself It would just be more encouraging to know of real life examples.

When I say a small amount, I'm speaking of a couple of hundred or a few thousand. When I say a large sum, I'm speaking of a hundred thousand or more.
How about Hillary. didn't she turn 1000 into 100,000 in some cattle trade
  • #68
  • Mar 7, 2007 10:45pm Mar 7, 2007 10:45pm
Quoting Unforeseen
In trading startup capital does play a role, but by no means in comparison to why a regular business fails. Those businesses when the reason for failure is due to insufficient capital failed because their strategy could not be properly executed with the available funds.

This is akin to not being able to set the right stop loss for the strategy being taken in forex, not initial startup capital. So the failure would not be initial capital at all, but rather failure to choose an account that can be properly leveraged for the startup capital involved (micro/mini/std)
You obviously have never started a business, but have you ever read a book about starting one? People start businesses all the time without the necessary funds. A business does not start making money from day one. If the owner does not have the "staying power" to hang in there till it makes money, does it matter if in the end "it would have been profitable". An expression from the business world is "Cash is king" as in cash flow. If a new business does not have great cash flow in the beginning, that is where having the necessary start-up money comes in handy.

Another example is how many people now are finding themselves in trouble with those low or no money down variable home mortgages. Can you say foreclosure. Reality sucks sometimes.
  • #69
  • Mar 7, 2007 11:45pm Mar 7, 2007 11:45pm
Quoting irusoh
How about Hillary. didn't she turn 1000 into 100,000 in some cattle trade
Women and cows... interesting...
  • #70
  • Mar 7, 2007 11:45pm Mar 7, 2007 11:45pm
Quoting HowManyPips
+63 Pips or +9.3% Profit
By the way did you say what broker you were using?
  • #71
  • Mar 7, 2007 11:58pm Mar 7, 2007 11:58pm
Quoting faro0485
By the way did you say what broker you were using?
Just started an account with InterbankFX
  • #72
  • Mar 8, 2007 12:10am Mar 8, 2007 12:10am
New format for posting trades:

Trade #12 & #13 Closed
DATE PAIR TRADE RESULT PIPS PERCENTAGE
3/7/2007 USD/CHF BUY 121.76 CLOSED -8 -1
3/7/2007 GBP/USD BUY 193.23 CLOSED +2 0.2
  • #73
  • Mar 8, 2007 4:22am Mar 8, 2007 4:22am
Quoting Unforeseen
Those businesses when the reason for failure is due to insufficient capital failed because their strategy could not be properly executed with the available funds.

This is akin to not being able to set the right stop loss for the strategy being taken in forex, not initial startup capital. So the failure would not be initial capital at all, but rather failure to choose an account that can be properly leveraged for the startup capital involved (micro/mini/std)
Brilliant observation. Very astute.
  • #74
  • Mar 8, 2007 4:24am Mar 8, 2007 4:24am
Quoting Unforeseen
Those businesses when the reason for failure is due to insufficient capital failed because their strategy could not be properly executed with the available funds.
Quoting SunTrader
People start businesses all the time without the necessary funds. A business does not start making money from day one. If the owner does not have the "staying power" to hang in there till it makes money, does it matter if in the end "it would have been profitable". ...If a new business does not have great cash flow in the beginning, that is where having the necessary start-up money comes in handy.
You guys are saying the exact same thing.
  • #75
  • Mar 8, 2007 8:30am Mar 8, 2007 8:30am
Quoting blueruby
You guys are saying the exact same thing.
If you believe that - then I give up.
  • #76
  • Mar 8, 2007 8:56am Mar 8, 2007 8:56am
Quoting southernmind
My question would be to those who say you can turn a small amount of money into a very large sum would be: Have you done it or do you know someone personally who has done it?

Don't get me wrong, I'm not a disbeliever because I'm looking to do it myself It would just be more encouraging to know of real life examples.

When I say a small amount, I'm speaking of a couple of hundred or a few thousand. When I say a large sum, I'm speaking of a hundred thousand or more.
Hi,, in my opinion.....FX is a biz, nothing more.....not a get rich quick scheme, and too many traders view it as a rags to riches route....I read many posts here while waiting for setups to occur....so many want "easy" and the latest "fad" or "system".....I "work" at Forex! I put in hours of "screen time" and I tweak the indicators that I have come to trust and also understand the best, and have studied many times over. I do not think, nor believe a trader can sit down for 1 hour a day and make big $$$. Nor even decent money, or even a living w/o putting in the blood, equity, sweat, and tears that any business owner puts into a brick and mortar type business.
Yes, I trade full time.....and pay my bills with my earnings ( they are not winnings! ) I invest in my computers and charts....though I do not pay for any guru software.....the "free" indicators" included are enough for me, and I only use 3, along with PP's, Fibs and trendlines....and I watch the fundies very close.....PLUS, I do not trade the news....I won't even enter the market til 5-15 minutes after an announcement. I also listen to ME, nobody else. Though I am open to learning....for me, simpler is better....I've seen some "systems" posted here that down right confuse the hell out of me....I have 3 1/2 years of trading FX under my belt ( 6 months prior, gearing up and learning, and a bit of Futures trading ) and YES, I blew out my first account!!!.... approaching 3 years this May as a fulltime trader. I only use approx 7:1 leveage, have gone to 15:1, though my a** starts to pucker, and I preserve my capital, as it is my business' life blood.
New to FF here, maybe in the last month.
I wish you the best.....like any biz....be capitalized and ready to work.
Proper Prior Planning Prevents Piss Poor Performance
  • #77
  • Mar 9, 2007 6:43am Mar 9, 2007 6:43am
Hi, keep the faith mate,i had the same dream too,though my account balance now severely wounded,still regain my confidence now..Glad u're the one I know from here that start from small and aim big.Gambate!!
  • #78
  • Mar 9, 2007 7:03am Mar 9, 2007 7:03am
Very good post here.

Although I support anyone and their rags to riches plan, there are usually "red flags" with most of them. What we usually see many times with these threads are similar trading ideals and habits:

1)Trading any and every pair
2)Any and every timeframe
3)Any and every hour of the day
4)Disbelief as in "The world's coming to an end" when a trade is lost (I can lose in my mathematical equation?...me? Letting trades run b/c a loss will ruin this equation and set them back on their path)
5)Do or die vernacular with a sense of revenge on the markets
6)And so on and so forth..................................

I'm not implying all or any of these are prevalent on this thread but those following such a thread should head.

You don't need to be a Mark Douglas fan to see where the pitfals are arising.

Study more, be patient, and be consistent in every move you make.

Good Luck/Good Trading,

kt

Quoting FxJarhead
Hi,, in my opinion.....FX is a biz, nothing more.....not a get rich quick scheme, and too many traders view it as a rags to riches route....I read many posts here while waiting for setups to occur....so many want "easy" and the latest "fad" or "system".....I "work" at Forex! I put in hours of "screen time" and I tweak the indicators that I have come to trust and also understand the best, and have studied many times over. I do not think, nor believe a trader can sit down for 1 hour a day and make big $$$. Nor even decent money, or even a living w/o putting in the blood, equity, sweat, and tears that any business owner puts into a brick and mortar type business.
Yes, I trade full time.....and pay my bills with my earnings ( they are not winnings! ) I invest in my computers and charts....though I do not pay for any guru software.....the "free" indicators" included are enough for me, and I only use 3, along with PP's, Fibs and trendlines....and I watch the fundies very close.....PLUS, I do not trade the news....I won't even enter the market til 5-15 minutes after an announcement. I also listen to ME, nobody else. Though I am open to learning....for me, simpler is better....I've seen some "systems" posted here that down right confuse the hell out of me....I have 3 1/2 years of trading FX under my belt ( 6 months prior, gearing up and learning, and a bit of Futures trading ) and YES, I blew out my first account!!!.... approaching 3 years this May as a fulltime trader. I only use approx 7:1 leveage, have gone to 15:1, though my a** starts to pucker, and I preserve my capital, as it is my business' life blood.
New to FF here, maybe in the last month.
I wish you the best.....like any biz....be capitalized and ready to work.
  • #79
  • Edited 3:34pm Mar 9, 2007 2:57pm | Edited 3:34pm
DATE PAIR TRADE RESULT PIPS PERCENTAGE
3/9/2007 GBP/USD SELL 1.9287 STOPPED OUT -43 -6.6

Well, it's back to square one for me. A lot of these last trades, I feel as if I had jumped the gun a little bit or traded during the wrong hours. (i.e. the end of the US session going into Asia) But I take full responsibility & will ponder over what we can do to improve entry positions. I am confident I will win more trades then I lose. I know the system was working as evident from the beginning of this thread and will stick to that.

Weekly wrapup -
-124 Pips or -14.5%
Total since thread start -
+14 or +1.9%

Have a good weekend all.
  • #80
  • Mar 9, 2007 6:58pm Mar 9, 2007 6:58pm
This was a hard week. A week after a hard and fast run up, with lots of news and a fabled dreaded NFP.
Hopefully next week will be more back to normal.

Also I noticed that after successful streak it is good time to lay back and relax, take it easy, gatner strength before the next foray.
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