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  • #41
  • Jan 10, 2009 3:32am Jan 10, 2009 3:32am
Quoting Xaron
Today I got burned. I should consider to avoid trading breakouts on NFP days.

http://www.xaron.net/dl/fx/2009/ib/account_090109.png
today u burned..next week and so on u will be rich...keep up the good work..
  • #42
  • Jan 10, 2009 4:23am Jan 10, 2009 4:23am
wouldnt get out of bed for a million

Now if you are talking 50 mio might be worth a punt.

LOL
https://linktr.ee/Soultrader
  • #43
  • Jan 10, 2009 4:26am Jan 10, 2009 4:26am
Quoting Xaron
Today I got burned. I should consider to avoid trading breakouts on NFP days.

http://www.xaron.net/dl/fx/2009/ib/account_090109.png
Owh, its more than double to what you earned on the 1st day!
Agreed! NFP is a nightmare scenario for those who not really prepared like me!

BTW, does Oanda provide some sort like graph as MT4 have?

Keep it up, may the pips come with you
QUITTERS never WIN! WINNERS never QUIT!
  • #44
  • Jan 11, 2009 5:24am Jan 11, 2009 5:24am
Quoting Estrader
if you go on like this you will half your account within the next 6 months
Want to make a bet?

Thanks for you posting. I'll change my money management a bit, found a better way to handle this. We will see how this turn out in the next months. 2 trading days might be a bit too short...
  • #45
  • Jan 11, 2009 7:52am Jan 11, 2009 7:52am
Quoting Estrader
Real professional fx traders dont trade in 25 dollar profits, they make 5-20k a single session.
True. Once you are professional you have the money to buy the corresponding lot size to do that. That's not how you should measure your own performance though if you are not playing in that league.
Other than that I absolutely agree with you money maybe is made slowly, but consistently.
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #46
  • Jan 11, 2009 8:08am Jan 11, 2009 8:08am
Xaron, are u still working with Du Toit ?
Don´t live for working, but work for living.
  • #47
  • Jan 11, 2009 8:15am Jan 11, 2009 8:15am
for sure it's a joke if you need the money to live off of it. but it's quite a good way to gain experience (and building up your account gaining that experience) when you don't have that kind of money yet. and forex is also, next to CFDs, the only way to make money with a pretty small account. Margin requirements on futures wouldn't allow you do anything with only 10000 in your account. At least not if your first trades are losers...
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #48
  • Jan 11, 2009 8:20am Jan 11, 2009 8:20am
Estrader,

you´re for sure the best trader around the globe.
Thank´s for your really helpful insights...
Don´t live for working, but work for living.
  • #49
  • Jan 11, 2009 8:20am Jan 11, 2009 8:20am
Quoting Xaron
Hi all,

starting this thread I will try to reach something that some already have done and most never will manage to do.

I want to make my first million by trading in the forex market starting with only 10,000 Euro over a period of 10 years. And I want to document it here so everyone can see if I fail or not.
....
So be warned this will be one of the most boring threads ever!
Its great Xaron. I wish you good luck fingers crossed

I have also started my little personal challenge with $1500 from january09.. Im subscribing to this thread and i will lurk here (or your thread on the Other forum..) time to time to compare my progress
  • #50
  • Jan 11, 2009 9:30am Jan 11, 2009 9:30am
Hey Xaron.... you can minimize the useless replies in your thread by setting the vouch limits a poster must have to be able to reply in your thread ....... that way only the people with enough vouches can post here..... here is a link about thread permissions... http://www.forexfactory.com/faq.php?faq=threadperms
Same Whore .... Different Dress
  • #51
  • Jan 11, 2009 9:39am Jan 11, 2009 9:39am
Quoting matsf
Xaron, are u still working with Du Toit ?
Yes, in my other account. That's a different game.
  • #52
  • Jan 11, 2009 9:40am Jan 11, 2009 9:40am
@Orion: Thanks and good luck to you as well!

@johnedoe: *gg* Thanks for that. Didn't know it. But for now I won't do it. All opinions are welcome. I know that I'm in the line of fire. And I can already see people laughing at me if I'm in a 10-20% drawdown (which will happen).
  • #53
  • Jan 11, 2009 9:42am Jan 11, 2009 9:42am
By the way: Where has this posting from EStrader gone? Just wondering...
  • #54
  • Jan 11, 2009 9:45am Jan 11, 2009 9:45am
I did some tests regarding a more clever money management as martingaling is.

I think I'll do it that way:

My risk/reward ratio will be 1.00:0.75 (TP:SL)

If I lose, I don't double up but just increase the position size. If I win I'll decrease it again.

An example (W=Win, L=Loss):

W: +1.00
L: -0.75
W: +2.00
L: -0.75
L: -1.50
L: -2.25
L: -3.00
W: +5.00
W: +4.00
W: +3.00
L: -3.00
L: -3.75
W: +6.00
W: +5.00
...

and so on... I'll reset that for every month. My backtests have shown that this can go up to the 11th step. And of course there are still negative months. Using a fix risk of 0.75% per trade, I get the following for the EUR/USD for 2008:

Jan: +18.50%
Feb: +23.50%
Mar: +7.50%
Apr: -11.75%
May: +17.25%
Jun: +19.50%
Jul: -7.50%
Aug: +18.25%
Sep: +11.00%
Oct: +17.50%
Nov: +14.00%
Dec: +18.00%

Overall: +145.50% without compounding(!)
DD max: -27.75%
Monthly average: +12.13%

If you just use a fixed ratio approach (again 0.75% risk per trade) you'll get the following for 2008 (again EUR/USD):

Jan: +8.25%
Feb: +3.75%
Mar: -1.50%
Apr: -5.25%
May: +8.25%
Jun: +5.75%
Jul: -2.50%
Aug: +11.00%
Sep: -1.25%
Oct: +2.25%
Nov: +1.50%
Dec: +7.50%

Overall: +27.50% without compounding(!)
DD max: -8.25%
Monthly average: +2.29%

And using my martingale approach (where I double up 3 times), I get the following:

Jan: +18.00%
Feb: +24.75%
Mar: +6.75%
Apr: -19.25%
May: +20.25%
Jun: +12.50%
Jul: +5.75%
Aug: +15.50%
Sep: -15.00%
Oct: +0.25%
Nov: +13.75%
Dec: +17.75%

Overall: +101.00% without compounding(!)
DD max: -27.75%
Monthly average: +8.42%
  • #55
  • Jan 11, 2009 9:47am Jan 11, 2009 9:47am
Quoting Estrader
Real professional fx traders dont trade in 25 dollar profits, they make 5-20k a single session.
Ahhh... missed that one. Sure. But those professionals don't trade with a 10k account.
  • #56
  • Jan 11, 2009 10:03am Jan 11, 2009 10:03am
Sorry Frank, missed your questions...

Quoting FrankBlack
1) If you trade for example 10.000 units with 1:50 leverage your used margin will be (10.000 X 1 / 50) = 200 €. Is that right?
That's correct - at least for the EUR/USD.

Quote
2) How about slipage. I see you have a take profit. With Oanda this take profit trade executed at the exact price you wanted or it got slipage?

I sometimes get slippage of 1-2 pips. The worst was this friday during the NFP news where I had a slippage of 10 pips on one entry.

Quote
I am trying to decide what broker to use. I like Oanda. It is very easy to use but I would like to know if the live account is so good like the demo account.

What I like at Oanda is how easy it is to enter and change(!) orders. That's a nightmare with MT4. There I have to cancel the old and enter a new one... What's important as well is the possibility to enter single units, not in microlots (1000 units steps). A (minor) problem is the spread widening during news...
  • #57
  • Jan 11, 2009 11:34am Jan 11, 2009 11:34am
Here comes the transactions log from friday:
http://www.xaron.net/dl/fx/2009/ib/t...ons_100109.png
  • #58
  • Jan 11, 2009 1:21pm Jan 11, 2009 1:21pm
Thanks for your help.

I will be watching you.
  • #59
  • Jan 11, 2009 7:02pm Jan 11, 2009 7:02pm
hi X, first happy new year and good success for 2009 ...

what s your timeframe you trade for the IB ?

hm, vielleicht habe ich diese Info überlesen?
okay, viel erfolg für die woche, have fun!
  • #60
  • Jan 12, 2009 12:39am Jan 12, 2009 12:39am
Zendo I use the hourly chart and trade only the London session (8:00-16:00 deutscher Zeit).

Danke, Dir auch alles Gute!
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