4% A Day Forever | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex changed forever! 315 replies

an EA that worked forever 29 replies

Forever Demo Account 9 replies

Attachments: 4% A Day Forever
Exit Attachments

4% A Day Forever

  • #61
  • Jul 27, 2009 5:17pm Jul 27, 2009 5:17pm
Quoting The Fool
4% a day got off to a pretty rough start. I am in a short trade since late last week & waiting for it to come around. Trading FX futures in the meantime. I will put up some charts when I get back into spot fx trading. Need .4150 to break even....
In your first post you said you were a scalper?
  • #62
  • Jul 27, 2009 5:18pm Jul 27, 2009 5:18pm
Quoting TheGreatMilenko
In your first post you said you were a scalper?

He is a Scalper of the real sense, which makes mistakes and gets stuck against his system.

Emotions are a bitch!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63
  • Jul 27, 2009 5:20pm Jul 27, 2009 5:20pm
Quoting Turveyd
He is a Scalper of the real sense, which makes mistakes and gets stuck against his system.

Emotions are a bitch!!
Yeah, thanks... now I understand....
  • #64
  • Jul 27, 2009 6:12pm Jul 27, 2009 6:12pm
Quoting Turveyd
He is a Scalper of the real sense, which makes mistakes and gets stuck against his system.

Emotions are a bitch!!
I am a new daytrader and I struggle with maintaining the discipline it takes to stick to a set of simple rules to ensure, if not success, then at least survival. I like to scalp but I also let trades run for longer periods if it appears that they are well placed. I got caught in the (bear trap) spike down late last week with some short trades placed w/o a stop loss. And, so, here we are. I may well come out of this one ok, but what is depressing is that this is basically the same mistake I have made over and over to the gross detriment of my account.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #65
  • Jul 27, 2009 6:36pm Jul 27, 2009 6:36pm
Quoting The Fool
I am a new daytrader and I struggle with maintaining the discipline it takes to stick to a set of simple rules to ensure, if not success, then at least survival. I like to scalp but I also let trades run for longer periods if it appears that they are well placed. I got caught in the (bear trap) spike down late last week with some short trades placed w/o a stop loss. And, so, here we are. I may well come out of this one ok, but what is depressing is that this is basically the same mistake I have made over and over to the gross detriment of my account....
Please use a stop. If you don't put a stop in place you MUST watch the screen like a hawk on benzedrine, and if the price hits your mental stop get out quick. If you don't do this, one day, maybe sooner or maybe later you'll get into a trade at the start of a large move in the wrong direction for you and you'll be fucked. Please be careful. What % of your account are you risking per trade by the way?
  • #66
  • Jul 27, 2009 6:47pm Jul 27, 2009 6:47pm
Quoting TheGreatMilenko
Please use a stop. If you don't put a stop in place you MUST watch the screen like a hawk on benzedrine, and if the price hits your mental stop get out quick. If you don't do this, one day, maybe sooner or maybe later you'll get into a trade at the start of a large move in the wrong direction for you and you'll be fucked. Please be careful. What % of your account are you risking per trade by the way?

I do normally use a stop & position sizes max out at no more than 2% relative to stops used, individual trades are .5% - 1%. Of course, without a sl, everything is potentially at risk.

You are not telling me anything I don't already "know". The mistake I have to overcome is moving or removing the stops that are default settings on my trades. This is a bad habit that comes from the way I began trading - which was never using stops at all. I know that this is a habit I must break but bad habits sometimes are not broken so easily.

Thanks for your concern, anyways.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #67
  • Jul 27, 2009 6:53pm Jul 27, 2009 6:53pm
Quoting The Fool
I do normally use a stop & position sizes max out at no more than 2% relative to stops used, individual trades are .5% - 1%. Of course, without a sl, everything is potentially at risk.

You are not telling me anything I don't already "know". The mistake I have to overcome is moving or removing the stops that are default settings on my trades. This is a bad habit that comes from the way I began trading - which was never using stops at all. I know that this is a habit I must break but bad habits sometimes are not broken so easily.

Thanks for...
You're welcome. Remember at .5% loss per trade you could take 50 losers in a row and still have almost 80% of your account left, Don't worry about leaving in the stop and taking those small losses.As long as you've entered the trade for a valid reason and the stop is in a sensible place, you'll be fine.
  • #68
  • Jul 27, 2009 7:02pm Jul 27, 2009 7:02pm
There may be another factor here. I'm speaking from experience so bear with me on this.

Are your entry rules ever being ignored? The fact that you're moving/deleting stops sounds to me as if you're hoping losing trades will turn around rather than accepting that this is a good trade - based on the rules - but this time the market's decided to do its own thing. Been there, done that.

If you have set rules which you know have worked profitably in the past then sit back and analyse why those trades that have gone wrong went wrong. If they were bad trades, maybe just through the need to do some trading come hell or high water, then get those errors out of your system.

Re-assess your rules, set your stops and then accept that as a scalper there are going to be times when you just can't fight the market. That's what stops are for.
  • #69
  • Jul 27, 2009 7:07pm Jul 27, 2009 7:07pm
Quoting TheGreatMilenko
You're welcome. Remember at .5% loss per trade you could take 50 losers in a row and still have almost 80% of your account left, Don't worry about leaving in the stop and taking those small losses.As long as you've entered the trade for a valid reason and the stop is in a sensible place, you'll be fine.
Yup, good advice. I "know" - somewhat like the smoker "knows" smoking is bad for him. So just quit smoking, right? Easier said than done.

Actually, this predicament has made me see a defect in myself that is easy to see but not so easy to change. I hate to be wrong. I don't really have a problem admitting that I am wrong when I truly am, but even so, its hard to arrive at that conclusion.

So I place a trade, & PA goes against me. How could that be? How could I have been wrong? I'll just nix that pesky little stop loss, & price will come back around - proving I was right all along.

To tell the truth, I have had to force myself to place sl's and take losses. Sometimes just let the PA move and hit the sl while I might have cut the loss off earler, just to see it happen. Ignoring the emotional residue of "losing" is next on the list...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #70
  • Jul 27, 2009 7:11pm Jul 27, 2009 7:11pm
Quoting PeterFM
Are your entry rules ever being ignored? The fact that you're moving/deleting stops sounds to me as if you're hoping losing trades will turn around rather than accepting that this is a good trade - based on the rules - but this time the market's decided to do its own thing. Been there, done that.

If you have set rules which you know have worked profitably in the past then sit back and analyse why those trades that have gone wrong went wrong. If they were bad trades, maybe just through the need to do some trading come hell or high...
Actually, your point about "the need to do some trading" is spot on. I have had many days of 10% profit and better and sometimes it seems so easy, that I just figure I can dive in and milk some pips out of anything. However, I do have a good sense of when I want to be in the game and when it is a good idea to be out - but I have ignored that sense to my detriment more than a few times.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #71
  • Jul 27, 2009 7:15pm Jul 27, 2009 7:15pm
(Sounding like BA Baracas) The fact you know you have a problem in certain areas is half way to beating them. I know that's an old cliché but it's true.

It's those traders who don't face up to their weaknesses that make up the '95%' of losers (if that figure is at all valid).
  • #72
  • Jul 27, 2009 8:01pm Jul 27, 2009 8:01pm
This thread is a waste of time.

No one can manage 4% per day per year. No way.

Is it possible in theory? yes.

Is it possible in real life? No.
  • #73
  • Jul 27, 2009 8:23pm Jul 27, 2009 8:23pm
Quoting Jwentro
This thread is a waste of time.

No one can manage 4% per day per year. No way.

Is it possible in theory? yes.

Is it possible in real life? No.
No one is forcing you to check in.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #74
  • Jul 27, 2009 9:25pm Jul 27, 2009 9:25pm
Quoting The Fool
No one is forcing you to check in.
I didn't say anyone is, my concern is the wasted bandwidth that this website provides to threads like this.

Also I've yet to see any posts about results or methods about how you plan on doing this. (Granted I hardly looked I'm not going to lie)

Good luck. Maybe you should aim for .4% much more reasonable.
  • #75
  • Jul 27, 2009 9:50pm Jul 27, 2009 9:50pm
I have made over 800% in 10 hours before scalping...
  • #76
  • Jul 27, 2009 9:51pm Jul 27, 2009 9:51pm
Oops...forgot to mention that after I won that 800%, I lost 100% right after!

Guess what that leaves me with...700%!....ughh i wish.
  • #77
  • Jul 27, 2009 10:06pm Jul 27, 2009 10:06pm
Quote
I'll trade with a girl at her house while having a laugh.

You wouldn't be mixing business with pleasure would you Turveyd,you sneaky buddly?

@The Fool
It's a tall order,back in the day i tried setting goal % but i found that it didn't matter in the end because i had to take what the market offered me.No more,no less.
Good luck with your journey though,you have a good spirit.

Cheers
Steve
  • #78
  • Jul 28, 2009 6:24am Jul 28, 2009 6:24am
Quoting skfx
You wouldn't be mixing business with pleasure would you Turveyd,you sneaky buddly?

@The Fool
It's a tall order,back in the day i tried setting goal % but i found that it didn't matter in the end because i had to take what the market offered me.No more,no less.
Good luck with your journey though,you have a good spirit.

Cheers
Steve

Ohhhhh I WISH, sadly no joy there as yet

Why is .4% different to 4%, you just need to trade at 10x's the Risk / Lot size and .4% becomes 4% if your consitent at .4% why not trade at 10x's or even 100x's for 40%.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #79
  • Jul 28, 2009 7:36am Jul 28, 2009 7:36am
Quote
Ohhhhh I WISH, sadly no joy there as yet
Chin up bud,you'll get some candy.


Quote
you just need to trade at 10x's the Risk / Lot size
Unfortunately Turv,i don't have a set of big brass ones lol.I'm just a wuss,the most i risk is 5% and thats rare.
I think if i were to trade 10x i would need to strap the old nappy back on lol.
I can see what your saying though.
IMHO you would need nerves of steel and a very very very carefree view of money indeed.
Take it easy Turv.


Cheers
Steve
  • #80
  • Jul 28, 2009 7:41am Jul 28, 2009 7:41am
Quoting skfx
Chin up bud,you'll get some candy.



Unfortunately Turv,i don't have a set of big brass ones lol.I'm just a wuss,the most i risk is 5% and thats rare.
I think if i were to trade 10x i would need to strap the old nappy back on lol.
I can see what your saying though.
IMHO you would need nerves of steel and a very very very carefree view of money indeed.
Take it easy Turv.


Cheers
Steve
Chasing her for a year, so doubt it

No brass balls needed, just a consistent enough trading system / ability to know that you'll always win more than you lose.

As long as the first trade makes good money with big risks then atleast your trading with there money after that, so it's not so bad.


Not that I've gotten to that level yet, but never mind
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
0 traders viewing now