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4% A Day Forever

  • #21
  • Jul 22, 2009 6:12pm Jul 22, 2009 6:12pm
I know old Stock trading lad, he started with 10K dropped over 3months to 1K, figured it out within 18months had over the Mil without adding any more.


So IT is possible, although very rare!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #22
  • Jul 22, 2009 6:15pm Jul 22, 2009 6:15pm
Quoting Turveyd
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...
Brace yourself for a huge disappointment on the 30-50% a month. Hopefully you will make SOME money however. Good luck.
  • #23
  • Jul 22, 2009 6:19pm Jul 22, 2009 6:19pm
Quoting TheGreatMilenko
Brace yourself for a huge disappointment on the 30-50% a month. Hopefully you will make SOME money however. Good luck.

Disappointment is covered by my Sh#t happens clause And is expected, the only universal constant


Been working on this for a long long time, inbetween working and having fun so not going into this lightly I've got a really good system I've been perfecting for AGES!! and is finally ready

Company is pretty much dead due to recession so time to devote more time to trading mid next week when current contracts are finished!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #24
  • Jul 22, 2009 6:22pm Jul 22, 2009 6:22pm
Quoting Turveyd
I know old Stock trading lad, he started with 10K dropped over 3months to 1K, figured it out within 18months had over the Mil without adding any more.


So IT is possible, although very rare!!
From 10k to over one million in 18 months is A LOT less than 4% a day.
Good luck though.
  • #25
  • Jul 22, 2009 6:29pm Jul 22, 2009 6:29pm
Quoting TheGreatMilenko
From 10k to over one million in 18 months is A LOT less than 4% a day.
Good luck though.

Still very impressive, he won a few of those 100K competitions against 1000's of others to that used to do on some sites.


Skip the negativity it doesn't help anyone and some people do a lot more than 4% per day, with real large accounts.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #26
  • Jul 22, 2009 6:37pm Jul 22, 2009 6:37pm
Quoting Turveyd
Still very impressive, he won a few of those 100K competitions against 1000's of others to that used to do on some sites.


Skip the negativity it doesn't help anyone and some people do a lot more than 4% per day, with real large accounts.
I'm not being negative, I'm being realistic. Do the maths. If you did 4% a day with a real large account, ...well you do the maths. Again, I'm not being negative, good luck. Will you keep me informed of how you get on?
  • #27
  • Jul 22, 2009 6:38pm Jul 22, 2009 6:38pm
Quoting TheGreatMilenko
I'm not being negative, I'm being realistic. Do the maths. If you did 4% a day with a real large account, ...well you do the maths. Again, I'm not being negative, good luck. Will you keep me informed of how you get on?
Forgot to say, being wildly unrealistic doesn't help anyone either.
  • #28
  • Jul 22, 2009 6:41pm Jul 22, 2009 6:41pm
Quoting TheGreatMilenko
Forgot to say, being wildly unrealistic doesn't help anyone either.

Thats your view and conventional wisdom, people do buck the trend you realise!!

Depends yet again on 1 thing, IS HE A GOOD TRADER, IF YES then it's possible if not well ofcourse doomed, but I think he'll do fine.

Sorry Fool for ruining your thingy, lets leave it at this people and wait and see!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #29
  • Edited 10:52pm Jul 22, 2009 6:55pm | Edited 10:52pm
Quoting ForexSV
(how many trades a day do you make?)
To get to 4.2 % so far today I have made 14 trades, 9 winners and 5 losers. At one point I was down about -1%. But I cut short the losers, I did not move the stop losses. And as far as I can tell so far, the latter two abilities is what I really need to succeed. Biggest loser was 7 pips, biggest winner was 9 pips.

I usually see some price action I want to scalp between 2300 and 0100 GMT (11PM - 1AM my time). I will see what the witching hour brings. (Asian session is usually not worth tuning in to, for my tastes.)

edit: oops, 11PM - 1AM my time (PDT) is 0700 - 0900 GMT.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #30
  • Edited 10:08pm Jul 22, 2009 7:37pm | Edited 10:08pm
I see two options here, you can believe what the naysayer is telling you and ratchet your goal down to something "reasonable", fall short of that goal and end up with "average" (which seems to be what the majority wants to shoot for), or you can keep the big dreams, and if you fall short you still achieve something extraordinary, above average.

Just because someone else has not been able to do it does not mean you can't. I believe you can. I have a +150% month and a +35% month in my short time trading, so I know it's possible. It's more about controlling yourself, specifically the greed.

Of course once you start building a large account you have to worry about your fills, but even at that point someone mentioned the possibility of having several accounts at oanda and trading them through the manager.

At any rate, I believe you can do it, don't listen to anyone else. If men who have achieved great things in the past had listened to those who said it was impossible, we'd all still be walking around in animal skins, clobbering our women and dragging them back to the cave, ect.

EDIT: Just ran across this quote while reading "Trade Your Way to Financial Freedom" by Tharp.

Quote
Nevertheless, my belief is that the largest profit percentages are made by short-term traders who really have their psychology together. I've seen short-term traders who could make as much as 50% or more per month (on small amounts of money such as a $50,000 account) when they were in tune with the market and themselves.
page 85, Trade Your Way to Financial Freedom, 2nd Edition, Tharp

I think the key statement is 'really have their psychology together'. He also mentions the psychological pressures of short term trading could destroy you.

Anyway, sorry for butting in.
  • #31
  • Jul 22, 2009 10:57pm Jul 22, 2009 10:57pm
Quoting Jimmy Jones
EDIT: Just ran across this quote while reading "Trade Your Way to Financial Freedom" by Tharp.

page 85, Trade Your Way to Financial Freedom, 2nd Edition, Tharp

I think the key statement is 'really have their psychology together'. He also mentions the psychological pressures of short term trading could destroy you.

Anyway, sorry for butting in.
Not at all, JJ, and thanks for checking in to my journal. I have not read the Tharp book but I do know what he means about psychology. The hardest aspect of this for me has been learning how to lose. If you have a competitive nature, as I do, it can be very hard to admit defeat. Failure to do so has cost me LARGE blowouts in my account, several times. I have learned from those mistakes. Losing money (sometimes) is just part of the game.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #32
  • Jul 22, 2009 11:09pm Jul 22, 2009 11:09pm
So, its Frankfurt open, and I am looking for some good price action to start scalping. I try to establish a bias, because I might play a larger position on a scalp in the direction I thought the market might move in the near-term.

This morning I am biased long a bit, because the US stock index futures and OIL futures are green. Price has been ranging tightly, might continue to do so. That's fine. So I might look for some dips and start scalping long.

So what is good PA? I am looking for volume and volatility & I can see it in the movement and amplitude of the candles. On a M1 chart I'd like to see candles getting up to and beyond 5 pips long.

On my charts I have:

BB (2.5, 21); the 100 and 200 SMA, s/r lines (horizontal) that I think are significant, maybe diagonal s/r or channel lines...and that's all.

I look at M1, M5 and M15 charts to find and entry for short term scalps based on trendlet exhaustion. i.e., I am looking to trade reversals of the small waves that are often prevalent in the E/U PA at these tf. I will also trade with the trend if it looks like it will run.

One thing I have learned: I can't do my best if I am dicking around with FF at the same time I am trying to trade. So, I will check back later, after the damage is done.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #33
  • Jul 22, 2009 11:49pm Jul 22, 2009 11:49pm
Quoting The Fool
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.
So, if you lose you lose $14???



What every new trader doesn't know about, even though it's been said a million times, is that losing coffee money means shit. Wait until your average position loses $5,000. Then tell me how you're going to keep scalping 4% a day.

Everyone, and I mean EVERYONE, has a psychological limit as to how much they can stand risking and losing. What that limit is you won't know until you get there. But I promise you, it's a hell of a lot lower than you think.

Yes, the math says that a 1% loss is a 1% loss regardless if it's $50 or $5,000. I say the math isn't putting the damn trades on and watching the money flow away.

When you start risking $1,000 a trade, then come tell us how you're going to be a millionaire. Right now, you're just building castles in the sky.
  • #34
  • Jul 23, 2009 12:05am Jul 23, 2009 12:05am
Quoting Dopey
So, if you lose you lose $14???



What every new trader doesn't know about, even though it's been said a million times, is that losing coffee money means shit. Wait until your average position loses $5,000. Then tell me how you're going to keep scalping 4% a day.

Everyone, and I mean EVERYONE, has a psychological limit as to how much they can stand risking and losing. What that limit is you won't know until you get there. But I promise you, it's a hell of a lot lower than you think.

Yes, the math says that a 1% loss is a 1% loss regardless...
Castles are cool. I just spent an hour scalping and lost $2. So I finished Day 1 up 4.1%.

I hear what you're saying; I have traded (and do trade) bigger accounts than this and I am well aware of the effect larger sums may have on one's psyche. Thanks for your concern, though. Stop in anytime.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #35
  • Jul 23, 2009 12:14am Jul 23, 2009 12:14am
Quoting Dopey
Everyone, and I mean EVERYONE, has a psychological limit as to how much they can stand risking and losing. What that limit is you won't know until you get there. But I promise you, it's a hell of a lot lower than you think.
So are you saying that limit is hard wired and there is nothing one can do to overcome it? An honest question btw, not trying to be a dick.
  • #36
  • Jul 23, 2009 1:39am Jul 23, 2009 1:39am
Quoting Dopey
What every new trader doesn't know about, even though it's been said a million times, is that losing coffee money means shit....
That's so true...

Anyway, good luck! You'll need it because you won't make it. Call me a pessimist but that's the way I see it. Making 4% daily in average is just against all probabilities. Making 10% per month in average is already outstanding.
  • #37
  • Jul 23, 2009 2:08am Jul 23, 2009 2:08am
Quoting Dopey
So, if you lose you lose $14???



What every new trader doesn't know about, even though it's been said a million times, is that losing coffee money means shit....
@ Dopey,
2% of 1,000 = 20
2% of 10,000 = 200
2% of 100,000 = 2000
if he can absorb the loss of 2% of 1k why wouldnt he be able to absorb the 2% of 10k or 2% of 100k, its all the same 2%, it is more than realisable. it is still the same psychological limit 2%, 20$ of 1k is as good as $2k of 100k,
thats how I see it
kos
John 3:16 - From THIS love no power on earth can me sever.
  • #38
  • Jul 23, 2009 2:26am Jul 23, 2009 2:26am
Quoting Kosomolate
@ Dopey,
2% of 1,000 = 20
2% of 10,000 = 200
2% of 100,000 = 2000
if he can absorb the loss of 2% of 1k why wouldnt he be able to absorb the 2% of 10k or 2% of 100k, its all the same 2%, it is more than realisable. it is still the same psychological limit 2%, 20$ of 1k is as good as $2k of 100k,
thats how I see it
kos
No, it's not the same.
  • #39
  • Jul 23, 2009 2:46am Jul 23, 2009 2:46am
I think that the psychological difference between losing 20$ o 2000$ is that the first is easier to forget and look forward without planning to make back the loss. The second is kind of more painful, and it might lead the trader towards trying to make them "back", regardless of the % at least for the most of us... I'd say... 95%?
  • #40
  • Jul 23, 2009 3:26am Jul 23, 2009 3:26am
Quoting Dopey
So, if you lose you lose $14???



What every new trader doesn't know about, even though it's been said a million times, is that losing coffee money means shit....
the math isn't putting the damn trades on and watching the money flow away

lol, thanks for this post
Invincibility lies in the defence, the possibility of victory in the attack
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