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4% A Day Forever

  • #161
  • Edited 12:09pm Aug 4, 2009 3:34am | Edited 12:09pm
Tuesday 0135 AM and pretty close to bedtime. Up 11% for 8/3. Still have a short scalp open on E/G, @ .8499. DP is at .8504. Current price @ .8506 & I might have got on the wrong side of the pivot. I have not been watching E/G long. According to Jhig (and others) it obeys the DP's better than any other pair. Looks ripe for a retrace after a 25 pip move up. Moves slow. E/G currently pays @ $16/pip per std lot, so that's something to get used to, also.

E/U has been ranging sideways along 1.4400, no clues there..... E/G now crossing south over the DP, so I will try to stay awake.

MO is to hit this FO/LO and also the NY open. Nap time in the afternoon is precious.

EDIT: EG cooperated for 5 pips or so. Completely slept thru the NYO. Woke up in time to scalp a bit. Having day job duties & trying to catch the best times to trade is a real chore on the west coast.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #162
  • Aug 4, 2009 12:30pm Aug 4, 2009 12:30pm
Quoting Turveyd
Chasing her for a year, so doubt it
Guess what she read the thread with me here, had this vague inclinking of having done something stupid, she smiled but that was it


LOL

Atleast she didn't run away screaming, major improvement.

SLOW arsed day today, still @+10% though it'll do, but it's bugger all on the size of my account.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #163
  • Edited 1:45am Aug 5, 2009 1:24am | Edited 1:45am
Not much trading today. Pity because good price action for scalping to be had at various times, tight range in the E/U, but good price movement, too. Scalper gravy. But I am busy on the day job...

Scalped a little right after London close. Started a swing trade in the afternoon, around Tokyo open, short E/U, multiple entries around .4420, 15 pip sl, tp .4380, but have started to cash some of those in as price has moved below .4390 here around the FO.

Will be watching around LO to see how DP @ .4400 holds; stock & oil futures are down so further bumps down to R1 @ .4372 would be a nice way to close out the day.

Edit: tp .4380 hit on 2/3 of swings from .4420 & finish the day up 5.7%.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #164
  • Edited Aug 6, 2009 5:28am Aug 5, 2009 10:49am | Edited Aug 6, 2009 5:28am
Wed. morning woke up, turned on the box, saw Dow down 100 pts and E/U price still kissing the DP. I shouldn't be surprised by this anymore. Went short at .4395.

Edit: Thursday wee hours still in the short position around .4395. Holding out for a trip to S1. Have scalped some short over the day and am up 3.9% for Wednesday. Could have closed for a few pips profit several times but hell if I have waited this long...might just have to sleep on it.

Edit: Shorts tp hit on nice break toward S1. 3.5% up for Thursday at 0300.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #165
  • Aug 5, 2009 11:13am Aug 5, 2009 11:13am
Quoting The Fool
Wed. morning woke up, turned on the box, saw Dow down 100 pts and E/U price still kissing the DP. I shouldn't be surprised by this anymore. Went short at .4395.

Woke up, thought up trend, thought too hot and sticky here and to tired to care so went out and did something else instead.


Shame I wasn't trading with Girlie today instead of yesterday, but thats life!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #166
  • Edited 1:19pm Aug 5, 2009 1:18pm | Edited 1:19pm
Fool/Turveyd:

You 2 sound as crazy as I

If u trade enough hours and are good at it you WILL get very good ROI,keep at it.
5% a day is not unreasonable.

Most will never succede,and they will doubt anyone successful-and that's OK.
I'm sure there are many with great potential as traders,but can only trade a couple hours a day due to work/family commitments-at the wrong time of day,and their reality is different from those who are able and willing to pull out all stops and really go for it.

Others say "you'll be worth millions in a year so you're full of sh*t."
Thing is,as the account grows,you trade more lots up to a certain comfort level,and then the ROI % will drop.
But you can be making $thousands an hour.
At that point ROI becomes irrelavent.

I haven't accurately kept track of ROI for years,it's been about how much did I make today?
Just because one could put $1M in an account,doesn't mean he's gonna trade with $2000 pips.
Have traded 50 lots on occasion,but 25 lots is my limit,anything more and it's too much stress.

I'm comfy with 20-30 lots on s&p emini,which is $1000-1500 a point-got 12 yesterday,7 so far today.
Know someone who trades 200 lots-do the math.

You should get more monitors,I have 12-it makes things much easier.

Fool,I'm also west coast-getting up early for me is NFG,so i start the Euro zone at 10-11 Pm and go all night,catch the overlap,trade the N America start and got to bed at 11am or noon or whenever things wind down or I get tired.
If it's a busy time,I'll get up and catch some asian as well,then go back to sleep for 2-3 hours.

You guys should look into S&P 500 eminis,is very profitable and the time is better than Euro zone.

I know someone will post- Skippy you're a liar,stop bragging Skippy, prove it to us, etc etc

That just shows they don't understand the point of the post.
The harder I work,the luckier I get.
  • #167
  • Aug 5, 2009 1:39pm Aug 5, 2009 1:39pm
Quoting Skippy
Fool/Turveyd:

You 2 sound as crazy as I
Hey Skippy! I'm glad to hear from you. I agree with you, at a certain point %/day is irrelevant. I just thought I would track it for a while since I am in the process of proving to myself that I could do this for a living. I know that as I trade larger (and I have never been above 2 lots/trade lol) I trade more conservatively. If I had a $50k account to trade then even .5% a day would be enough for me to live on and 1% per day would be enough to live on and save quite a bit, so if I can do 4% a day, then the more conservative earnings levels should be cake. (One can hope...)

I have been trading futures, as well, and I track the S&P futures while I trade the euro fx futures. I have not traded the e-mini S&P but I intend to. I am trading mostly spot forex while I learn because of the lesser capitalization needed. If I can show steady progress through this month I am going to up the ante and add to the spot account and start trading larger....

The west coast dilemma is hard to get past. I have lately started trying to get up for the NY open but about 1/2 the time I sleep thru it. I can't seem to do both FO/LO and NYO, then go work at my job for 6-8 hrs. Maybe this winter I might spend a couple months somewhere different so that I can trade during normal hours. Nice to get out of here from like Nov-Feb anyway....

Happy trading to you!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #168
  • Aug 5, 2009 3:19pm Aug 5, 2009 3:19pm
Quoting The Fool
http://www.pbs.org/wnet/ascentofmone...to-bubbles/44/

Have been watching "The Ascent of Money" n PBS. You can read the book in less time than the 4-hr film, but the latter is better.

http://www.pbs.org/wnet/ascentofmoney/

... might be a better link.

Hey buddy..( for some reason dont wanna call you a fool )

so, thanks for the link...

and, if you made a trade that is worth of attention , please post a screen shot of it... lets learn together.

good luck, buddy.
  • #169
  • Edited Aug 7, 2009 1:58am Aug 6, 2009 11:28am | Edited Aug 7, 2009 1:58am
I wake up to see E/U sliding down below S1 and the .4350 psych level. I see I slept thru & missed a huge move in E/G. Since I am not used to trading E/G I have no regrets but again, schedule...

NFP coming up tomorrow and I don't expect any major moves til then. Will be watching for some scalpable pa for small pips only. I hesitate to enter a swing trade at current E/U price of .4353. I expect NFP negative impact so I might try to place a small short swing trade on any retrace north to catch the drop...

Edit: 6 hours later and e/u still @ .4351. There are only some choice times to show up for good scalpable pa on the E/U, and (especially this summer it seems) NY close (say noon PDT) to about FO (say 2230 PDT) is not it. This means graveyard shift for the Fool....

Edit2: haha 10 hrs later and E/U is at .4355...

Edit 3: end of day and E/U at 4351! Scalping pa picking up; ended day up 4.9%...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #170
  • Aug 7, 2009 4:38am Aug 7, 2009 4:38am
Scalping after the London open. In the first hour I was trying to fade the peaks & valleys of the little pa wavlets, and missed catching entries by <1 pip several times. Missed too many good opportunities there looking for the perfect entry. These trades were set up with a default tp of 5 pips and a 5 pip sl. One loss and 7 winners. Not all winners were 5 pips, though - mixed bag, some as low as 1.5 pips. However, in about 2 hrs this effort produced a +2.5% increase in the account value. In better times, with more volume, I have done the same game for +5% per hour.
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #171
  • Edited 4:53pm Aug 7, 2009 11:20am | Edited 4:53pm
Completely slept thru the NFP. Was tempted to place a short trade before bed & let it ride, as I expected higher #'s and a drop in the E/U, but did not. Woke up to see lower #'s and a 150+ pip drop in the E/U. Confusing results & wonder if temporary or a trend change and decisive reversal of $/S&P correlation...

Went long with a small beginner at .4163 & will see if a pa reversal is in order.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #172
  • Aug 7, 2009 11:59am Aug 7, 2009 11:59am
I got up about an hour after NFP--glad I stayed out of the first part of the blood letting, picked up some good pips on the way down
  • #173
  • Aug 7, 2009 12:17pm Aug 7, 2009 12:17pm
Quoting babyleaps
I got up about an hour after NFP--glad I stayed out of the first part of the blood letting, picked up some good pips on the way down
I was all here and ready to trade it, then my charts stopped for @5 mins in the first seconds of it

Then I went out, me lazy !!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #174
  • Aug 8, 2009 5:18pm Aug 8, 2009 5:18pm
Spreadsheet updated, shows account increase of 62.4%, (or 4.8%/day) in the 13 trading days since this thread was begun. This is not counting results of a trade I am holding over the weekend (E/U long position from about avg. .4175) which is currently in profit. I am expecting a retrace north on Sunday and have tp's set above .4225. Will post spreadsheet when that trade is closed, hopefully during Sunday Asian session.

I had a pretty good dayjob payday recently and some of that has gone into the spot and futures accounts. Spot account will trade with about $10k beginning Monday or Tuesday of the coming week. I intend to trade in the same way, with same risk management. Trading 2 full lots instead of 2 mini-lots should be the same, right? Still will mostly scalp with max account risk of 0.5-1.0% per trade, 2.5% per position.

I will find it a lot easier to be motivated for trading a little larger. Maybe I can even drag myself out of bed at 0-dark-thirty to catch the NY open. I will need to watch out for that old snake in the grass, Greed. Trading larger, more to lose, should mean a more selective, conservative approach will kick in. We shall see....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #175
  • Aug 8, 2009 5:54pm Aug 8, 2009 5:54pm
Quoting The Fool
Spreadsheet updated, shows account increase of 62.4%, (or 4.8%/day) in the 13 trading days since this thread was begun. This is not counting results of a trade I am holding over the weekend (E/U long position from about avg. .4175) which is currently in profit. I am expecting a retrace north on Sunday and have tp's set above .4225. Will post spreadsheet when that trade is closed, hopefully during Sunday Asian session.

I had a pretty good dayjob payday recently and some of that has gone into the spot and futures accounts. Spot account will trade...

62.4% in under a month ?? that makes you the best >$1000 trader on this site, I told everyone it helps to be a fool

Motivation will be a lot higher, but so will fear and greed should be interesting to see and thats a pretty good Pay day!!

Should be interesting to see dude thats for sure.

Converting your account to $10 per pip min ?? or going to enter to $10 positions ??

Wish I had that kinda capital lying around, very hard to get motivated about making £20 here and there, but its getting there!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #176
  • Aug 8, 2009 6:09pm Aug 8, 2009 6:09pm
Quoting Turveyd
62.4% in under a month ?? that makes you the best >$1000 trader on this site, I told everyone it helps to be a fool

Motivation will be a lot higher, but so will fear and greed should be interesting to see and thats a pretty good Pay day!!

Should be interesting to see dude thats for sure.

Converting your account to $10 per pip min ?? or going to enter to $10 positions ??

Wish I had that kinda capital lying around, very hard to get motivated about making £20 here and there, but its getting there!!
Dude, you know as well as I do that 4-5% per day is no big deal. I probably will not make 2-lot trades but will build some positions to that level, for sure. Probably 1-lot max per trade to start & we'll see how it goes. It is definitely alot more fun to be shooting for maybe $1000/day as opposed to one tenth of that, but I have been there before & you, too, I bet, and greed will make you do stupid things. I hope I have learned from my several big, dumb mistakes which I have publicized here on FF and I think the key will be just to stay cool and do the simple things I do, over and over, without taking stupid risks. I have not daytraded through a whole year yet and I am eager to see if volume picks up after summer is over - which is what I hear happens usually. The 4% per day spreadsheet and all was started halfway as a joke but I intend to see if I can stay with it. If I can, starting from $10k on about Monday, by Christmas I will have taken out about $75k, with about $175k left to trade. Woohoo!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #177
  • Aug 8, 2009 6:17pm Aug 8, 2009 6:17pm
Quoting The Fool
Dude, you know as well as I do that 4-5% per day is no big deal. I probably will not make 2-lot trades but will build some positions to that level, for sure. Probably 1-lot max per trade to start & we'll see how it goes. It is definitely alot more fun to be shooting for maybe $1000/day as opposed to one tenth of that, but I have been there before & you, too, I bet, and greed will make you do stupid things. I hope I have learned from my several big, dumb mistakes which I have publicized here on FF and I think the key will be just to stay cool and...
4-5% is a huge big deal, 95-98% of traders can't get above 0% likely 99% of traders on FF sadly I feel these days, hence the negativity if they can't do it you sure as hell can't, your a fool after all LOL ( don't think they understand sarcasm )

Yep, find something simple that works and repeat until it stops working or your so bored your about to blow your own brains out

Hoping for a better week with business out the way to settle down and try to average 70pips per day, that'll be enough money to live off in time ie before my reserves run out.

70pips like 4 - 5% is nothing IF you can trade.


Keep it up dude your in a elite club of profitable people!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #178
  • Aug 8, 2009 6:22pm Aug 8, 2009 6:22pm
Quoting Turveyd
4
Yep, find something simple that works and repeat until it stops working or your so bored your about to blow your own brains out

Hoping for a better week with business out the way to settle down and try to average 70pips per day, that'll be enough money to live off in time ie before my reserves run out.
Just stay cool T. & you will make it. Good luck this coming week!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #179
  • Aug 8, 2009 6:23pm Aug 8, 2009 6:23pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Hmmm...well good job in making $$$. I can't argue that. My question is how long do you realistically think you can keep up such performance and if you decide to trade larger amounts of money, how will that affect psychology?

In any case, good luck. Troll signing out...
"Wishful thinking dies hard." Igor T.
  • #180
  • Edited 6:54pm Aug 8, 2009 6:29pm | Edited 6:54pm
Quoting FxChi
Hmmm...well good job in making $$$. I can't argue that. My question is how long do you realistically think you can keep up such performance and if you decide to trade larger amounts of money, how will that affect psychology?

In any case, good luck. Troll signing out...
I'm just gonna do what I do and see how it goes. What I have been really trying to do lately is learn how not to lose money in my trades. I still think I suck at that and I have a long way to go. I think trading larger will help me in the risk management game, actually. Putting $50 at risk in a trade is something I would not even think about. But when its $5,000 then it will be different & I better have all my shit in one sock.
"If The Fool persists in his Folly he will become wise." - William Blake
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