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4% A Day Forever

  • #221
  • Edited 9:45am Aug 18, 2009 8:11am | Edited 9:45am
Your 4% target is possible! There is enough volatility in any market day to harvest 5-10 pips in about 50 trades in a day. Before I have a better understanding of money managent I increased the lot size arbitrarily to meet my goal faster and blew $8,000 (It was a $5000 a/c which I moved up in two trading days) demo account in 2 hours. I learnt a lot from that experience. Since then I have come to realise that the three key ingredients required for successful trading are the ability to understand the sentiments of the market, money management and discipline (stick to your strategy).

I am a newbie to forex, but I have studied the market over the last three months and understand it like the back of my hand. I have a $10,000 demo account that I increased to $15,000 within 10 trading days i.e. an average of 5% per day (that was actually my intention). I moved another $3,000 demo account to $4000 in three days. I am currently practing this technique on a live micro account. My intention is to run the live account for about three months before bringing the result out for assessment by the jury.

In summary, your target is achievable provided you know precisely what you are doing.

I wish you the best of luck!
  • #222
  • Aug 18, 2009 11:51pm Aug 18, 2009 11:51pm
Quoting Articulate
In summary, your target is achievable provided you know precisely what you are doing.

I wish you the best of luck!
Thanks Articulate, good luck to you too!

Well, a few minutes b4 the LO and I am sitting on 2.9% for the day ($320). I traded only 0.3 lot trades today, so a little over 100 pips. I am going to have to up my ante though, if I am going to get to 4% a day, so pretty soon I will start running 0.5 lots.

I have been getting to know the Asian session and I am starting to like it. There are some predictable break-outs and the last couple days the first few hours have had very nice big waves, easy to scalp.

I have been watching the geppy, and am tempted to try to scalp it. But its kinda scary, like a big big roller coaster...you must be this tall to ride this ride...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #223
  • Edited Aug 20, 2009 1:13am Aug 19, 2009 9:51pm | Edited Aug 20, 2009 1:13am
Gave up a pretty big loss this AM. Had some shorts riding down around E/U .4100 & everything seemed right for a big drop. Then I saw a real battle around .4100 and I said to myself hey Big Dog is not gonna let this slide. I actually had about 5 short trades open then and I closed 3 for short gains. I left 2 riding though & that was my mistake. Careless Hope. No sl. Nope. Stupid. Put in a 50-pip emergency sl dumbass, you're only scalping for max 20 pips anyway. Duh. So, let em ride, fell asleep, woke up they were 150+ pips up. I know I had some company gettin caught there but I shoulda trusted my gut all the way. So I scalped some shorts down from .4264 and made up some of the loss but I had to take those big ones - 2 .3-lot trades at about 120 pips gone. Anyway if I have the stones to do some more scalping before LO I might be lucky to break even on the day.


edit: slept thru the LO, wiped out, too many long days, still have couple more to go on current dayjob crunch, might be good to have some days away from trading.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #224
  • Aug 20, 2009 2:46am Aug 20, 2009 2:46am
I got caught out by the same punchy move, I had a number of small shorts (3x20pip stops), unfortunately I wasn't at my PC to cancel them - if I'd seen those speed bars on the 5m and 15m I'd have been out!
"I made all my money by selling too soon"
  • #225
  • Edited 4:47am Aug 20, 2009 2:55am | Edited 4:47am
Quoting The Fool
edit: slept thru the LO, wiped out, too many long days, still have couple more to go on current dayjob crunch, might be good to have some days away from trading.
Summer holidays are nearly over and then there might be some 'order' in the market!

Well, we can dream can't we? .
  • #226
  • Aug 20, 2009 3:27am Aug 20, 2009 3:27am
Hang on there right you'll never do 4% FOREVER I've just realised.


Unless you've got a cunning plan to live for ever ??

Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #227
  • Aug 21, 2009 4:39pm Aug 21, 2009 4:39pm
Wow, what a week. I just barely made it back from the screw-up in the early part of the week. Did not trade too much after that, scalped here and there, mostly around Tokyo open. Sitting at +7.5% on the week, but have some shorts I took at the upper end of Friday's run-up (around .4330) and will hold over the weekend to see if there may be a retrace below on Sunday afternoon (Asian session). After the big spikes up/down seen this week I really don't know what to expect. But it only confirms to me that I will be better off sticking to a plan of scalping for quick small gains. Get in, get out & stay out of Big Dog's way. At least until (if ever) I cultivate the discipline needed to stay in-play longer term without getting beat down. I have an Amazon order coming in tomorrow & may spend some time reading before I try to trade intensively again, because I have been feeling rattled ever since the NFP of week or so ago. Books include:

Trade Your Way to Financial Freedom, Van Tharp
Steidlmayer on Markets
Daily Trading Coach, Steenbarger
Extraordinary Popular Delusions & the Madness of Crowds

Have another project to jump on and try to crank out by the end of the month, so may not trade or post much until then.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #228
  • Aug 23, 2009 8:43am Aug 23, 2009 8:43am
I am also a recent convert to scalping. What I have found is that any temptation to stray from the True Path is usually rewarded by losses. Others may do well at H4, H1 or even M30, but I get nervous if I am in a position for a whole 30 minutes -- anything can happen in that time frame.

Therefore, I encourage you to stick to your original fast-in, fast-out plan. That's where I find the consistent results. To paraphrase Bill Williams, keep your powder dry until the "blind chicken" market develops.

Then take your scalp!

MM
  • #229
  • Aug 23, 2009 12:21pm Aug 23, 2009 12:21pm
Quoting Music Man
Therefore, I encourage you to stick to your original fast-in, fast-out plan. That's where I find the consistent results. To paraphrase Bill Williams, keep your powder dry until the "blind chicken" market develops.

Then take your scalp!

MM
Hey MM,

That might be some good advice. I have been telling myself that scalping is "just another tool in the box" and that I should have strategies for all time frames & all market conditions. But I am finding that it is not easy, psychologically, to make the transition from scalping to swing trading - there's a "gear shift" issue there, if you know what I mean. I might continue to try to swing trade, but I think I will not mix up my tf as much...

Good Luck to you.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #230
  • Aug 24, 2009 2:08pm Aug 24, 2009 2:08pm
Spreadsheet updated. Up 7.3% for last week. Yes, I am falling behind on the 4% per day schtick. But thats ok, I have forever to catch up.

In a swing trade short E/U since last week, hovering around BE at .4290, holding out for <.4200 this week. Have a pile of specs to write next few days but then can get back to f*&kin the dog, scalping in the wee hours like I should.

The Steenbarger book is good. I normally don't go in for "self Help" type literature (maybe that's my problem) but his approach to self-coaching is something that I might be able to use.

I am still demo trading NinjaTrader on futures, will soon start some demos on MarketDelta and Investor R/T as well - hopefully I will have time after this week to begin those. Not really wanting to spend extra money on charting/analysis platforms but the freebie platforms I am using at O and GF leave alot to be desired.
Attached File(s)
File Type: xls earn-project-082309.xls   53 KB | 391 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
  • #231
  • Aug 24, 2009 4:12pm Aug 24, 2009 4:12pm
Quoting The Fool
Spreadsheet updated. Up 7.3% for last week. Yes, I am falling behind on the 4% per day schtick. But thats ok, I have forever to catch up.

In a swing trade short E/U since last week, hovering around BE at .4290, holding out for <.4200 this week. Have a pile of specs to write next few days but then can get back to f*&kin the dog, scalping in the wee hours like I should.

The Steenbarger book is good. I normally don't go in for "self Help" type literature (maybe that's my problem) but his approach to self-coaching is something that I might be...

7.3% is better than anyone else on this site pretty much.

I can't pick a winner for all the tea in china recently, getting abit weird but hey summer low volume period is nearly over so here is hoping normality will resume.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #232
  • Aug 24, 2009 5:37pm Aug 24, 2009 5:37pm
Quoting Turveyd
7.3% is better than anyone else on this site pretty much.

I can't pick a winner for all the tea in china recently, getting abit weird but hey summer low volume period is nearly over so here is hoping normality will resume.
Hang in there buddy. The only advice I can offer is probably the hardest to enact. If you can pump some funds into your account it's well worth it. Having a big enough account buffer (and positions not oversized) has saved me as I stumble along trying to swing trade.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #233
  • Aug 25, 2009 3:49am Aug 25, 2009 3:49am
Quoting The Fool
Hang in there buddy. The only advice I can offer is probably the hardest to enact. If you can pump some funds into your account it's well worth it. Having a big enough account buffer (and positions not oversized) has saved me as I stumble along trying to swing trade.

Going to, bad times happen got to work through them and hope I've got hair left, ohhhh tooo late

Just added more money, twice the first check wasn't lost it just had a vacation somewhere, so I'll have quite a healthy less worry about small losses account from Friday!!

But SKINT because of it but hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #234
  • Edited 11:02am Aug 28, 2009 10:49am | Edited 11:02am
Well August has been a real roller coaster month. I feel fortunate to have come through with a healthy upside on the account. I'm sitting on +9.2% for the week, about $1150 - & still have Sunday Asian session to go. I have small gains in futures trading because I have mostly been demoing new platforms there. $1200/wk is about the minimum I'd need to gross in order to squeak out a living given my present circumstances - about twice that is more realistic & would allow me to continue to grow account size. So, I need to keep growing the current accounts & trade a little larger.

"Earn the right to trade larger" ..the saying goes. About the middle of this week I started trading 0.5-lots, no more than 3 at a time & typically 1-2. I feel like I am learning & trading better, so ok I have earned that upgrade (from 0.3-lots). I am not in a hurry to trade larger faster & am content to work my way there slowly, since oversizing positions is mainly what blew large holes in my accounts in the past. A good rule of thumb for me might be roughly 1-lot position size per $10k account balance.

So 4% per day? Well, we can dream. I am not really trading full-time - as if it were a job, so it remains to be seen if I can get back to that level when I run out of dayjob deadlines, which will be months from now, and have full days to devote to trading.

I am enjoying both the Steenbarger and Van Tharp books I mentioned a few posts ago & would recommend them to anyone who wants to become a better trader.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #235
  • Aug 28, 2009 11:08pm Aug 28, 2009 11:08pm
Quoting The Fool
Well August has been a real roller coaster month. I feel fortunate to have come through with a healthy upside on the account. I'm sitting on +9.2% for the week, about $1150 - & still have Sunday Asian session to go. I have small gains in futures trading because I have mostly been demoing new platforms there. $1200/wk is about the minimum I'd need to gross in order to squeak out a living given my present circumstances - about twice that is more realistic & would allow me to continue to grow account size. So, I need to keep growing the current accounts...
Good thread. While there is no definitive method mentioned, this will serve well as a trading journal whereby you stay on track with your goal. Always trade with an edge, and may the trend be with you.

Would also recommend these books:

From the Pit to the PC (Lewis Borsellino)
Art of the Trade (Jason Janovsky)

I won't wish you luck coz you don't need it. Stay disciplined and continue to master the psychology aspect of trading.
  • #236
  • Aug 28, 2009 11:47pm Aug 28, 2009 11:47pm
ARe you still making 4% a day? doesn't that mean you make a million a year with compound or something.
  • #237
  • Aug 29, 2009 1:27pm Aug 29, 2009 1:27pm
Quoting sojournerr
Good thread. While there is no definitive method mentioned, this will serve well as a trading journal whereby you stay on track with your goal. Always trade with an edge, and may the trend be with you.

I won't wish you luck coz you don't need it. Stay disciplined and continue to master the psychology aspect of trading.
I don't know if I will ever develop a definitive "method" or "system" - other than myself. I am the system, a work in (long, slow, and painful) progress.

Thanks & Good Luck to you too.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #238
  • Edited 5:28pm Aug 29, 2009 5:18pm | Edited 5:28pm
Quoting Zeroh
ARe you still making 4% a day? doesn't that mean you make a million a year with compound or something.
I am sorry, amigo, since I injected some new funding into my spot fx account to get it up to around the $10k level, I have not hit a 4% gain even on a single day. Best I have done in a day is 3.1%, and I have averaged "only" 1.6% per day over the last 3 weeks. (Still have Sunday Asian session to trade..)

Now, I have been really busy at my dayjob lately. I might have done better if I had a full, relaxed day to trade in every day. Or maybe not.

Maybe a 2% per day forever deal is more doable? (See attached spreadsheet.) Even 2% per day would be awesome & if I could hit that I would have a $300k account after taking out around $130,000, by next summer. Or if I only hit "just" my current average of 1.6% per day, then of course I would have to settle for a $150,000+ account with "only" $63,000 extracted by next August.

(Well, as I have said before, I wouldn't dream of entrusting those kinds of sums to a spot forex brokerage account. If I get that big I will be trading from an institutional account.)

Anyway, gotta love those spreadsheets. In reality, I just take it day by day at this point. I do know this: the more I have at risk, the more likely I am to trade conservatively - so I am not really expecting to hit large daily percentage gains as I trade larger sums. If I do so while trading within conservative risk management parameters, so fine - but I won't have to. If I can grow an account to $50k then even 4% per week would be just fine with me.

Then I can start the 4% Per Week Forever Trading Journal....or not.
Attached File(s)
File Type: xls earn-project-083009.xls   53 KB | 316 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
  • #239
  • Aug 29, 2009 11:18pm Aug 29, 2009 11:18pm
Quoting The Fool
I am sorry, amigo, since I injected some new funding into my spot fx account to get it up to around the $10k level, I have not hit a 4% gain even on a single day. Best I have done in a day is 3.1%, and I have averaged "only" 1.6% per day over the last 3 weeks. (Still have Sunday Asian session to trade..)

Now, I have been really busy at my dayjob lately. I might have done better if I had a full, relaxed day to trade in every day. Or maybe not.

Maybe a 2% per day forever deal is more doable? (See attached spreadsheet.) Even 2% per day...
Some very nice returns, great work! good luck to your future endeavors.
  • #240
  • Aug 31, 2009 11:48am Aug 31, 2009 11:48am
Well I hit 11.2% for last week and I feel good about that. (Up 1.6% for today, so far.) Still, I have not hit 4% in a day since I jumped up the account size. Been averaging 1.7% per day - quite a bit off 4% obviously. I am still trading mostly 0.5-lots, 0.3-lots if its a little dicey, and very occasionally a 1.0-lot on an easy scalp.

Maybe I am being too conservative? I could shoot 1.0-lots on many of the short-target scalps I do because they are really gimme's. I am hesitant. That is good and bad, I suppose. There is a line between careful and too careful and everyone must discover that for themselves. I am probably erring on the side of too careful, but at the same time I feel ok because I am cultivating some conservatism & discipline that has been lacking in earlier trading.

At any rate, I am glad to take what the market has given up to me recently. If/when I can grow this spot account to about $20k I am going to open another - at Dukascopy, I think. I am going to demo trade their java platform soon. Any feedback on Dukas would be appreciated.
Attached File(s)
File Type: xls earn-project-083009.xls   53 KB | 398 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
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