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4% A Day Forever

  • #201
  • Aug 16, 2009 10:07am Aug 16, 2009 10:07am
I'd take 4% a month, what matters is consistency. If you could be sure to make 4% a month, start a fund and I can assure you that a pretty large number of big boys will be knocking on your door!
  • #202
  • Aug 16, 2009 12:25pm Aug 16, 2009 12:25pm
Quoting neurus
Sorry, The Fool. I saw your oanda attachments and I cant understand your system.
Does a person need a "system" to be able to trade successfully? A rhetorical question...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #203
  • Aug 16, 2009 12:26pm Aug 16, 2009 12:26pm
Quoting x1810
I'd take 4% a month, what matters is consistency. If you could be sure to make 4% a month, start a fund and I can assure you that a pretty large number of big boys will be knocking on your door!
Haven't been here yet. Not holding my breath either...

If I can consistently make 4% per day, or even 1/4 of that, I won't need them, and I don't, anyway...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #204
  • Aug 16, 2009 12:49pm Aug 16, 2009 12:49pm
Quoting The Fool
Haven't been here yet. Not holding my breath either...

If I can consistently make 4% per day, or even 1/4 of that, I won't need them, and I don't, anyway...

Knocking on your door to get you to stop trading is more like it
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #205
  • Aug 16, 2009 1:57pm Aug 16, 2009 1:57pm
Quoting The Fool
Haven't been here yet. Not holding my breath either...

If I can consistently make 4% per day, or even 1/4 of that, I won't need them, and I don't, anyway...
to make 1% a day on a 10:1 margin, you need 10 pips. It doesn't sound so hard, but to be consistent at it is what matters.
  • #206
  • Aug 16, 2009 2:11pm Aug 16, 2009 2:11pm
Quoting The Fool
Yeah, the "rules" need to be habits, internalized, made second nature. A few basic things though, off the bat, and you are right about trade size. No more full lots until I grow the account some more. Half-lot max; better to have a position of multiple small entries anyway, imho.

Also, stay away from trading the major news events. Tempting, but just too easy to get burned.

[b]I am going to try to focus on the things that have worked for me: scalping in the most liquid pairs at their most liquid times of day, maybe...
ive just read your thread/ posts and it all seems a bit mixed up from the start - to be honest after reading the posts im now confused to how you trade with your targets etc... exits and entrys mm the whole package maybe thats just me and my thoughts

maybe a chart would help and reasons why you enetered a trade say last week

i hope you all the best off course - but wheres the fairway gone
  • #207
  • Aug 16, 2009 2:47pm Aug 16, 2009 2:47pm
Quoting cohiba pips
ive just read your thread/ posts and it all seems a bit mixed up from the start - to be honest after reading the posts im now confused to how you trade with your targets etc... exits and entrys mm the whole package maybe thats just me and my thoughts

maybe a chart would help and reasons why you enetered a trade say last week

i hope you all the best off course - but wheres the fairway gone

It's a Journal with banter not a here is my system, I think he's got multiple setups and systems just don't work, you need to learn how to trade!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #208
  • Aug 16, 2009 2:47pm Aug 16, 2009 2:47pm
Quoting cohiba pips
ive just read your thread/ posts and it all seems a bit mixed up from the start - to be honest after reading the posts im now confused to how you trade with your targets etc... exits and entrys mm the whole package maybe thats just me and my thoughts

maybe a chart would help and reasons why you enetered a trade say last week

i hope you all the best off course - but wheres the fairway gone
Thanks for stopping by, amigo. "Mixed up from the start" --- hmm, that might really be it in a nutshell. I just started daytrading a few months ago, so I am not sure it is reasonable for me to be held to any standard of systematic trading, cogency of approach, etc. I will post charts from time to time but there is, as I have said before, not much to see. I have spent alot of time watching and trading the price action of E/U, and I am not sure I really need anything other than a candlestick or line chart with lines of S/R. S/R lines are those calculated relative to daily, weekly, monthly calculated PP, the "psych" numbers at .xx00, .xx50, attention also to 20/80 lines, & also horizontal s/r lines that can be derived from a perusal of the pa chart itself, i.e., recurring highs/lows. When I first started learning I read the candlestick charting books so I kind of have those patterns in the back of my mind, too...

I am constantly trying to integrate an understanding of "fundamentals" into how I approach trading, and monitor the econ news constantly. I also always have an eye on other pairs, Oil, US, EZ, and Asian stock indices, US stock futures, BDI, Gold, etc, etc. I also trade futures (euro & beginning S&P e-mini) and I keep the futures volume/price charts open for the S&P e-mini and euro while I trade spot if its during the US daytime. I like the VSA approach for futures trading and use it actively but I am a raw beginner there as well.

I have looked all over this forum and several others and I am aware of the lagging indicator based "systems" and I am not compelled by any of them. I keep a 100 & 200 SMA on my charts just as a reminder of where the trend is going. I guess I am on a more or less "discretionary" trading path and I am seeking a wholistic understanding of the markets and their movements and I know this will take a long time. I want to gain an understanding of how the largest players are moving money around in the fx world and to be able to recognize & anticipate those moves and to profit from that ability.

If somebody wants to tune into a forum and find a "system" they can use to trade fx & make tons of money then that's fine & if they succeed thats great, too. I just doubt it happens that way very often, if at all, and if it did, Oprah would be plugging that system & everybody would be a forex millionaire.

Although it may seem to some that I don't know what I'm doing, I don't share the sentiment at all. I have kinks to work out relative to discipline and risk management but all traders do or will, or they will be gone.

Anyway, enough rambling. Good luck to you.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #209
  • Aug 16, 2009 3:08pm Aug 16, 2009 3:08pm
I have been watching and reading this thread since you started it. I don't really have much to offer other than I sincerely hope you reach and sustain your 4% goal. Good luck.
  • #210
  • Aug 16, 2009 3:17pm Aug 16, 2009 3:17pm
Quoting magnumfreak
I have been watching and reading this thread since you started it. I don't really have much to offer other than I sincerely hope you reach and sustain your 4% goal. Good luck.
Hey, thanks. Best of luck to you, too.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #211
  • Aug 16, 2009 3:33pm Aug 16, 2009 3:33pm
lets think about this for a second you watch the entire market to scalp eu ( hard work ) and you use candle sticks together with s/r lines i assume on the 5min chart to scalp if im wrong then np but what im saying is a chart with your lines etc with positive/ losing trades would work much better - and you stated theres not much to look at '' thats what we look at all day long ''

but ill try and pop in now and then amogo
  • #212
  • Aug 16, 2009 8:25pm Aug 16, 2009 8:25pm
I will be keeping up with your journal. Hope all works out!
  • #213
  • Aug 16, 2009 8:34pm Aug 16, 2009 8:34pm
Quoting Fxknkw987
I will be keeping up with your journal. Hope all works out!
Hey thanks, stop in anytime, & welcome to the FF.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #214
  • Aug 17, 2009 4:24am Aug 17, 2009 4:24am
Hi Fool (meant in an endearing way I assure you),

I have just read your thread and I think it s fair to say that you have articulated over the past months what most new forex traders experience/d myself included. There's some gambling, some luck, some lessons learned and some emotional trades made that in hindsight look silly.

With reference to your post about creating yourself some rules, this is a definite must because you start at least controlling some of the myriad of variables that can possibly effect your trading.

In reality though the best place to start is to review your entire thread and write down all the mistakes you have made in previous posts and turn them into rules. In reality the fact that you have a written record since commencing trading is very powerful in helping to provide future direction.

I have been trading forex for the past 5 years and find that sticking with it is the key and probably most important to allow this to happen is obviously preservation of capital. It can also be easier on your stress levels and remove emotional reactionary trades by looking to increase your trading windows slightly.

Along with my own trades, I also subscribe to a couple of really great signal services that I have tried out over the past 6 months and find them to have a great return rate.

To get the most from these services you really need to be conservative and never trade more than 2% of your capital. They normally range from a 30min trade to a 36 hour trade however with SL's and TP's you can have enough confidence to leave your trading terminal to have a break.

To help you on the way to your trading goal, I will post a few trade suggestions on your thread from time to time. Know that I will only post trades that I have money in myself (sending bogus signals is both uncool and materially poor form) and see if this helps you get a few extra scores on the board.

I normally trade 2 parcels in each trade, one that can be closed at a short TP (normally 30-40pips) and then move SL on the other pair to break even with a target of 70-80 pips. You can always close out both pairs up 30 (60pips in total) and while you cap potential gains, they are also "in the bank".

Best of luck going forward and remember the worst time to trade is when you have just had one go against you and are looking to quickly make it back.

The man(or woman) who can admit defeat, is the only one on a path to trading success. My only other pearl of wisdom is, never take advice from someone who uses emoticons. They're like the internet version of guys with moustaches !!

Cheers!
  • #215
  • Aug 17, 2009 10:53am Aug 17, 2009 10:53am
Spreadsheet updated. Last week was a rocky one as I have discussed, but E/U's slide in (Sunday's) Asian session bailed me out of the short trades I had hanging since the FOMC.

Up 7.5% for last week and 2.5% so far today. Still have another crushing busy dayjob week in front of me but hopefully will get a breather by the end of it. Only intend to do some scalping here and there so will probably be short on the 20%/week thing again. That's cool, just so long as I'm not losing money...
Attached File(s)
File Type: xls earn-project-081609.xls   52 KB | 367 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
  • #216
  • Aug 17, 2009 10:56am Aug 17, 2009 10:56am
Quoting 4xAddict
Hi Fool (meant in an endearing way I assure you),

I have just read your thread and I think it s fair to say that you have articulated over the past months what most new forex traders experience/d myself included. There's some gambling, some luck, some lessons learned and some emotional trades made that in hindsight look silly.



Thank you for a nice post, 4xAddict, & since I see you are new welcome to FF.

Please feel free to stop in anytime & I'm always open to suggestions & advice.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #217
  • Aug 17, 2009 10:21pm Aug 17, 2009 10:21pm
Quoting The Fool
Thank you for a nice post, 4xAddict, & since I see you are new welcome to FF.

Please feel free to stop in anytime & I'm always open to suggestions & advice.
Dude, stick to your guns, and don't listen to anyone on here about what you can and cannot do. What people say you cannot do is what THEY cannot do. I personally know someone (an ex poker player) who opened a trading account with $5000 and in 18 months, ran that $5000 up into $18,000,000, which I believe is about 4% a day. Thats not a typo. He bought a great big house and some racehorses. Granted it was during the nasdaq tech boom, but what the heck, the next boom could be starting tomorrow. Moral of the story, if you dont shoot for the stars, you'll never hit them....

Good luck.
  • #218
  • Aug 17, 2009 10:33pm Aug 17, 2009 10:33pm
Quoting ThePipDoctor
Dude, stick to your guns, and don't listen to anyone on here about what you can and cannot do. What people say you cannot do is what THEY cannot do. I personally know someone (an ex poker player) who opened a trading account with $5000 and in 18 months, ran that $5000 up into $18,000,000, which I believe is about 4% a day. Thats not a typo. He bought a great big house and some racehorses. Granted it was during the nasdaq tech boom, but what the heck, the next boom could be starting tomorrow. Moral of the story, if you dont shoot for the stars, you'll...
Thanks, Doc. I am just gonna keep on truckin. Good luck to you!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #219
  • Aug 18, 2009 1:48am Aug 18, 2009 1:48am
Great scalping action on the E/U during first hours of Asian session today, lots of 20+ pip waves, easy to surf. I was busy but I checked in to catch a few. Account up 3.6%. Nice when you have enough account size so that 3-4% is a meaningful amount ($370 today) - this is what I had in mind when I thought up "4% a day forever"....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #220
  • Aug 18, 2009 2:35am Aug 18, 2009 2:35am
I usually try to scalp for a while around the LO. Here is a trade I just made. The dashed purple line is the monthly pivot & the solid purple line is just a line of short-term support I drew.

I noticed big candles coming up off the latter line of support - right at the LO and again about 15 min. later. Some large player at work. I bet that he would do it again and I set my limit buy at his level with a 5 pip tp. It worked. It often does. A quick $50.
Attached Image (click to enlarge)
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"If The Fool persists in his Folly he will become wise." - William Blake
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