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4% A Day Forever

  • #1
  • First Post: Jul 22, 2009 6:16pm Jul 22, 2009 6:16pm
My name is The Fool and I am a scalper. I began forex trading this year. Demo traded for 3 months, and have been trading live for almost 3 months.
I have made money over all. Lost some too. Do pretty well when I stick to doing what I know works, which is scalping the EUR/USD almost exclusively in the times that have the best price action for scalping. The hardest thing for me has been to learn how to cut short losing trades, but I think I've got that one now. I will describe some of my trading habits in this journal later on.

So as the journal title implies, I am trying to hit a gross account increase of 4% per day, day in and day out. Check out my spreadsheet, which clearly shows that I will be a millionaire by this time next summer. Man that'll be sweet. I hit 4.2% today by the NY close so I will probably not trade again until around the FO/LO.

Yes, they say it can't be done. They will scoff. I will post my spreadsheet results from time to time and we'll see how it goes.
Attached File(s)
File Type: xls earn-project-001.xls   51 KB | 4,501 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
  • #2
  • Jul 22, 2009 6:29pm Jul 22, 2009 6:29pm
As your only V sponsor let me add myself to this

Also a Scalper, also the issue of holding to long when it's going against me, also getting over it maybe.

4% per day can be done, can you do it is another question, but everything is possible

Looking forward to seeing your setups dude!!

To millionaires by next Summer
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3
  • Jul 22, 2009 7:11pm Jul 22, 2009 7:11pm
Quoting Turveyd
As your only V sponsor let me add myself to this

Also a Scalper, also the issue of holding to long when it's going against me, also getting over it maybe.

4% per day can be done, can you do it is another question, but everything is possible

Looking forward to seeing your setups dude!!

To millionaires by next Summer
Listen lads, I don't want to burst yours or anyone else's bubble. But, if you started with £1000 ( I know you're in the uk like me, Turvey) if you assume 20 trading days a month, at 4% a day you'd have over £12 million in a year. Not very likely is it?
  • #4
  • Jul 22, 2009 7:15pm Jul 22, 2009 7:15pm
Quoting TheGreatMilenko
Listen lads, I don't want to burst yours or anyone else's bubble. But, if you started with £1000 ( I know you're in the uk like me, Turvey) if you assume 20 trading days a month, at 4% a day you'd have over £12 million in a year. Not very likely is it?
Well, I will be taking some out from time to time. I needs alot of dental work.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #5
  • Jul 22, 2009 7:17pm Jul 22, 2009 7:17pm
Quoting The Fool
Well, I will be taking some out from time to time. I needs alot of dental work.
Oh well, it's even less likely then. Good luck anyway.
  • #6
  • Jul 22, 2009 7:20pm Jul 22, 2009 7:20pm
Quoting TheGreatMilenko
Listen lads, I don't want to burst yours or anyone else's bubble. But, if you started with £1000 ( I know you're in the uk like me, Turvey) if you assume 20 trading days a month, at 4% a day you'd have over £12 million in a year. Not very likely is it?

Yeah okay, I think 9Mil is more likely

It'll get trickier as the money goes up cause you'll have to start trading at $5000+ per pip when you get to the 10Mil level to make 4% and you won't really want to be taking that kinda risk.

My account is smaller and frequent swings of 50%+ per day just need less of the down swings!!!


But making 4% per day on his account size should be EASY until he gets to 20K+!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #7
  • Jul 22, 2009 7:26pm Jul 22, 2009 7:26pm
Quoting Turveyd
Yeah okay, I think 9Mil is more likely

It'll get trickier as the money goes up cause you'll have to start trading at $5000+ per pip when you get to the 10Mil level to make 4% and you won't really want to be taking that kinda risk.

My account is smaller and frequent swings of 50%+ per day just need less of the down swings!!!


But making 4% per day on his account size should be EASY until he gets to 20K+!!
If you risk say 0.5% per trade on a $1000 account and your account grows to say $1, 000,000, you shoud be confident enough to be still risking 0.5% per trade. Yes , the actual amount of risk will be higher in terms of £££s but the risk /reward will be the same, if you're using the same method. So you will carry on making the same % gains, but in terms of £££s your gains will be higher because you're trading with a larger account. See?
  • #8
  • Jul 22, 2009 7:27pm Jul 22, 2009 7:27pm
Quoting Turveyd
Yeah okay, I think 9Mil is more likely

It'll get trickier as the money goes up cause you'll have to start trading at $5000+ per pip when you get to the 10Mil level to make 4% and you won't really want to be taking that kinda risk.

My account is smaller and frequent swings of 50%+ per day just need less of the down swings!!!


But making 4% per day on his account size should be EASY until he gets to 20K+!!
Honestly, I would not dream of having more than $100k in a retail brokerage account. I have opened 2 other accounts with winnings from the first spot account, both in futures, and they trade larger than what is shown as a start in this journal. If you want to trade large - well, what do I know? But I intend to keep diversifying accounts as I am able.

The spreadsheet is for fun but I will report accurately my results. I can appreciate any level of skepticism but, at the same time, I honestly believe I can scalp for 4% per day.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9
  • Jul 22, 2009 7:30pm Jul 22, 2009 7:30pm
Quoting The Fool
Honestly, I would not dream of having more than $100k in a retail brokerage account. I have opened 2 other accounts with winnings from the first spot account, both in futures, and they trade larger than what is shown as a start in this journal. If you want to trade large - well, what do I know? But I intend to keep diversifying accounts as I am able.

The spreadsheet is for fun but I will report accurately my results. I can appreciate any level of skepticism but, at the same time, I honestly believe I can scalp for 4% per day.
I'm sure there will be days when you can scalp 4% in a day. But you will NEVER EVER EVER average 4% a day for a year. NEVER.
  • #10
  • Jul 22, 2009 7:32pm Jul 22, 2009 7:32pm
Quoting TheGreatMilenko
If you risk say 0.5% per trade on a $1000 account and your account grows to say $1, 000,000, you shoud be confident enough to be still risking 0.5% per trade. Yes , the actual amount of risk will be higher in terms of £££s but the risk /reward will be the same, if you're using the same method. So you will carry on making the same % gains, but in terms of £££s your gains will be higher because you're trading with a larger account. See?

It's easy to risk a £1000 account, where as £1Mil Ugggg the pyscological stress of trading and risking money at even $100 per pip sounds scarey to me, maybe it won't be when I get to the Mil ??

I'm not trading for the Mil anyway, I want 3K-5K per month that'd enable me to pretty much do what ever I wanted!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #11
  • Jul 22, 2009 7:36pm Jul 22, 2009 7:36pm
Quoting TheGreatMilenko
I'm sure there will be days when you can scalp 4% in a day. But you will NEVER EVER EVER average 4% a day for a year. NEVER.

You can't say never, just cause you've not managed it yet, 4% to me seems Easy to be honest, yes he'll have negative days but I honestly think average 4% per day should be easy.


Depends on how good his trading system is and how good he is pyscologically and how much he's willing to risk, if it's GOOD and GOOD then he can risk a lot to make a lot.

Easy!!!

And Scalping gives you A LOT more control over your money then longer term 4H trading which is almost a 50/50 game, you can scalp and rarely take a loss and even then keep your losses really small compared to your winners.

Scalping is HARD but when mastered don't under estimate the possibility of it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #12
  • Jul 22, 2009 7:37pm Jul 22, 2009 7:37pm
At this level of funding I am trading two minis or one 0.2 lot, each with a 7-pip default sl (which I don't typically let get hit) so 1% account risk per set. Reward is default at 10 pips but I just want to take money off the table, all the time, whatever I can get, even 1 pip at a time is fine. I play with these numbers as account grows, and as it gets larger I tend to have more multiples - 2 to 5 traded at a time, but never more than 2% total risk per trade.

I will show trade setups later, there's not very much to see, though. Just s/r lines, BB's, and candelsticks.

Thanks to anyone interested. I'll probably add to the journal even if there's little interest, thoug - it helps me stay focused.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #13
  • Jul 22, 2009 7:38pm Jul 22, 2009 7:38pm
And anyways, sit back and see and stop being so negative that kinda thing will ruin a guys confidence!!


You don't want to know what percentage I'm planning to make per day for the next 8weeks before backing off
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #14
  • Jul 22, 2009 7:40pm Jul 22, 2009 7:40pm
Quoting The Fool
Thanks to anyone interested. I'll probably add to the journal even if there's little interest, thoug - it helps me stay focused.

Yeah man, know you've thrown the gauntlet down you'd better not screw it up especially as I Vouched for you LOL


No stress though
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #15
  • Jul 22, 2009 7:46pm Jul 22, 2009 7:46pm
Quoting Turveyd
You can't say never, just cause you've not managed it yet, 4% to me seems Easy to be honest, yes he'll have negative days but I honestly think average 4% per day should be easy.


Depends on how good his trading system is and how good he is pyscologically and how much he's willing to risk, if it's GOOD and GOOD then he can risk a lot to make a lot.

Easy!!!

And Scalping gives you A LOT more control over your money then longer term 4H trading which is almost a 50/50 game, you can scalp and rarely take a loss and even then keep your losses really...
Over £12,000,000 in a year from £1,000? NEVER.
  • #16
  • Jul 22, 2009 7:50pm Jul 22, 2009 7:50pm
Quoting TheGreatMilenko
Over £12,000,000 in a year from £1,000? NEVER.

Well yeah thats kinda a no brainer, sure he's not taking the 4%+ that seriously either, but it's his target and his dream.

As already said he wouldn't leave more than 100K in a Retail account, 10K will likely be my limit 20K MAX, I plan to just withdraw everything over 10K ( 6months out still for me ) on a month basis, targetting 30%-50% when i get to that level.

Do me nicely!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #17
  • Jul 22, 2009 7:52pm Jul 22, 2009 7:52pm
Quoting Turveyd
Well yeah thats kinda a no brainer, sure he's not taking the 4%+ that seriously either, but it's his target and his dream.

As already said he wouldn't leave more than 100K in a Retail account, 10K will likely be my limit 20K MAX, I plan to just withdraw everything over 10K ( 6months out still for me ) on a month basis, targetting 30%-50% when i get to that level.

Do me nicely!!
30-50% a month?
  • #18
  • Jul 22, 2009 8:00pm Jul 22, 2009 8:00pm
Quoting TheGreatMilenko
30-50% a month?

Yes, I'll be lowering my risk with that account size alot compared to what I'm playing with currently to

I recently saw a account low of £50.49 ( £50 is the margin level $1 per pip ) to £302 with 6 trades in 2 days, CLOSE call on being Margined out hey

Lucky totally, my gave up didn't care attitude got me trading well for abit, slipped back to negative but still a works in progress.

Does show the potential IF your a good trader.

And Scalping I had a run of 23 trades without a single loser a few months back.

I'm going full time next week, with a few months of cash in the bank LOL
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #19
  • Jul 22, 2009 8:04pm Jul 22, 2009 8:04pm
I'll add plan is, when at 10K+ I'll build a 10K+ buffer in my bank account so if the worst happens I can fund it back to 10K and keep trading.


10K is all I need to trade $20 per pip which is the highest I plan to go, so why have more ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #20
  • Jul 22, 2009 8:12pm Jul 22, 2009 8:12pm
Quoting The Fool
My name is The Fool and I am a scalper. I began forex trading this year. Demo traded for 3 months, and have been trading live for almost 3 months.
I have made money over all. Lost some too. Do pretty well when I stick to doing what I know works, which is scalping the EUR/USD almost exclusively in the times that have the best price action for scalping. The hardest thing for me has been to learn how to cut short losing trades, but I think I've got that one now. I will describe some of my trading habits in this journal later on.

So as the journal...

I love when someone does something against a common believe and succeed...

as president Bush once said " a fool can't get fooled again ".

Good luck !

(how many trades a day do you make?)
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