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4% A Day Forever

  • #241
  • Aug 31, 2009 1:56pm Aug 31, 2009 1:56pm
Well you've increased your account 8x's or something so trading at 3x's the risk rate not 8x's well Lot size your not going to do 4%

But your positive that makes you a elite trader, when your feeling more confident and get your lot sized in line risk wise with your old account you'll be back to 4%, whats that approx $500 per day ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #242
  • Aug 31, 2009 2:28pm Aug 31, 2009 2:28pm
Quoting Turveyd
Well you've increased your account 8x's or something so trading at 3x's the risk rate not 8x's well Lot size your not going to do 4%

But your positive that makes you a elite trader, when your feeling more confident and get your lot sized in line risk wise with your old account you'll be back to 4%, whats that approx $500 per day ??
Hey T,

Thank you for your moral support & for keeping up with my progress. I hope things are going well for you.

I really have had the fear of blow-outs put into me and I don't know but it might be some time before I feel like a cowboy again. Every time I feel like loading up a multi-lot trade I feel those old scars start to burn.

But its all good. If I can steadily build up to $20k then 2% per day would be fine. $2000/week, $8000/month, about $100k/year, that's above the long-term average (gross) of my dayjob by about 20%. My hazy goal is to have multiple (at least 5) spot fx and futures accounts all trading from a $50k base, so yes it is going to take some time...some years. But if I could get there then a few trades a month from each account would be all it would take to live well. My fear at this point is that I will be forced to start taking draws from the trading accounts for living expenses, because work is scarce here now.

I have thought about peeling off an account to trade really aggressively from, a real all-in type thing, but I don't have the scratch or even the mind-set for that now. If I settle into a slow steady approach & accounts keep growing I won't feel bad at all...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #243
  • Aug 31, 2009 3:17pm Aug 31, 2009 3:17pm
Quoting The Fool
Hey T,

Thank you for your moral support & for keeping up with my progress. I hope things are going well for you.

I really have had the fear of blow-outs put into me and I don't know but it might be some time before I feel like a cowboy again. Every time I feel like loading up a multi-lot trade I feel those old scars start to burn.

But its all good. If I can steadily build up to $20k then 2% per day would be fine. $2000/week, $8000/month, about $100k/year, that's above the long-term average (gross) of my dayjob by about 20%. My hazy goal is...
All part of the service mate

Well find out soon, some of my money hit the FXCM account the first check I sent which got lost for 2 weeks, but the larger second replacement check is lost after they've taken my money LOL there good LOL

Blow outs when they happen, create doubt which create more bad trades and further blowing out the only solution I can see to this is, never losing

Why do you want 5, I understand eggs and baskets but surely your money is better under your bed, wouldn't trust banks ( PM your address for when you have 200K under your bed LOL ), not like you can trade 5 accounts at a time well not well

A demo account and real account seems to work for me, stupid trades go to the stupid and others go to the real LOL hey it's a plan, just got to work out a system to know which is which LOL


And someones got to be on the its possible side in this world of they can't do it so it's not possible!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #244
  • Aug 31, 2009 3:37pm Aug 31, 2009 3:37pm
Quoting Turveyd

Why do you want 5, I understand eggs and baskets but surely your money is better under your bed, wouldn't trust banks ( PM your address for when you have 200K under your bed LOL ), not like you can trade 5 accounts at a time well not well
OK, well I said it was a hazy plan, Already have 3 accounts, 1 spot, 2 futures, but the futures accounts don't get traded as much as they should - higher risk there, can't do mini-lots in futures - not on anything with any liquidity anyways.

I have a SEP-IRA that I'm about to roll into a self-directed IRA, soon as I figure out how to do that, so that might be a separate account, too - that'll be 4. Now I just need to trade my way up to an extra $200k or so. Sure no problem....

eggs/baskets - yes, that's part of it - also, I think it might be wise to keep earnings off a given broker under control. I have heard too many stories of too-successful traders given the boot.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #245
  • Aug 31, 2009 3:46pm Aug 31, 2009 3:46pm
Quoting The Fool
OK, well I said it was a hazy plan, Already have 3 accounts, 1 spot, 2 futures, but the futures accounts don't get traded as much as they should - higher risk there, can't do mini-lots in futures - not on anything with any liquidity anyways.

I have a SEP-IRA that I'm about to roll into a self-directed IRA, soon as I figure out how to do that, so that might be a separate account, too - that'll be 4. Now I just need to trade my way up to an extra $200k or so. Sure no problem....

eggs/baskets - yes, that's part of it - also, I think it might be...

Or brokers not willing to handle / can't afford to hand over your profits.

I'll likely setup a backup account myself incase a broker craps out on me and maybe trade vary which 1 I trade from ( Watch them both get banned same time LOL )

But 20K Max in the account and monthly withdraw all profits back to 10K is my plan, you just don't need 200K to trade at $20 per pip which is further than I'll likely go.

I just don't trust well anyone

2hours 15mins left to survive August, it's been a strange month do you think I'd hear a 747 before it lands on my house ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #246
  • Sep 1, 2009 4:37am Sep 1, 2009 4:37am
I am a forex junkie now. I typically only get about 2-3 hours of sleep at night. If I crash a bit after the LO, usually around 0200 - 0300 PDT, I will usually wake up again for the NYO without an alarm clock, at 0500. The computer stays running all night & the mouse is by the bed so I can flip throught the pairs screens if I wake up. I might catch another 1-2 hrs of sleep after NYO, from 0600 to 0800 maybe. I work a day job but I make the schedule and sometimes it needs 10+ hours/day, but I always have the charts on while I am working & I will scalp here and there or whatever during NY session. If dayjob work is light I will go home and sleep from 1400 to 1630 then catch the Tokyo open at 1700. Only the first hour or two of Tokyo are usually good so I have about 1900 to 2300 free to do family stuff, do chores, and kick back, until the FO at 2300. On the weekends if I don't have anything planned I find myself needing to sleep for about 12 hours at a stretch, because I only got about 5 hrs a day the previous 5 days.

If the dayjob schedule is light I will spend time reading (about 1/2 books on trading & economics and the rest mixed) and otherwise learning about trading. Or demo-trading. Or playing with stat spreadsheets I am working on.

So for all this investment of time & effort how come I ain't rich yet? This is a question that is starting to weigh on my conscience. I am going to have to start getting serious about making this endeavor pay.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #247
  • Sep 1, 2009 4:43am Sep 1, 2009 4:43am
Definately got it badly dude, I used to be the same about trading stocks up all night looking for new stocks and checking 1000's of charts so I can dig it.


But atleast its a addiction making you money and not shooting it into your arms
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #248
  • Sep 1, 2009 4:48am Sep 1, 2009 4:48am
Quoting Turveyd

But atleast its a addiction making you money and not shooting it into your arms
Yeah but I know that burnout is inevitable at this rate. And time is not really on my side. I am going to have to work out of conservative mode so I can begin to trade larger & get this show on the road.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #249
  • Sep 1, 2009 4:55am Sep 1, 2009 4:55am
Quoting The Fool
I am a forex junkie now. I typically only get about 2-3 hours of sleep at night...

If the dayjob schedule is light I will spend time reading (about 1/2 books on trading & economics and the rest mixed) and otherwise learning about trading. Or demo-trading. Or playing with stat spreadsheets I am working on.

So for all this investment of time & effort how come I ain't rich yet? This is a question that is starting to weigh on my conscience. I am going to have to start getting serious about making this endeavor pay.
Inspiring journal you have to join the 5-10% who profit from the markets. As much as the naysayers will say it is not possible, you have setup yourself a goal, and if you only achieve a fraction of it, it will be a huge success.

Concentrate on the execution and always trade with an edge, and emphasize less on the money gained or lost (something i am trying hard to do), and the rest should take care of itself.

On a separate note - i think the ultimate goal is to manage a fund, i.e. trade OPM. To reach this, we need a measurable method of showing your track record from certain brokers like MT4 platforms or Oanda. Or is it simpler to trade from 1 account only, and produce statements as evidence of your track record?
  • #250
  • Sep 1, 2009 9:15am Sep 1, 2009 9:15am
Quoting Turveyd
Definately got it badly dude, I used to be the same about trading stocks up all night looking for new stocks and checking 1000's of charts so I can dig it.


But atleast its a addiction making you money and not shooting it into your arms
Good quote!

Glad to hear I'm not the only one who goes through bouts of OBSESSED
  • #251
  • Sep 1, 2009 9:46am Sep 1, 2009 9:46am
Quoting TraderT
On a separate note - i think the ultimate goal is to manage a fund, i.e. trade OPM. To reach this, we need a measurable method of showing your track record from certain brokers like MT4 platforms or Oanda. Or is it simpler to trade from 1 account only, and produce statements as evidence of your track record?
http://www.myfxbook.com/

There are several websites one can use to track accounts at pretty much any broker, it seems.

I am waiting to do that on an account where I can show a smoothly increasing equity curve. Smooth, not jagged, like my current spot account.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #252
  • Sep 1, 2009 9:50am Sep 1, 2009 9:50am
Quoting babyleaps
Good quote!

Glad to hear I'm not the only one who goes through bouts of OBSESSED
Hi Tanya!

Hope things are going well with you & your trading. Congrats & thanks on the new Ladies' forum. I always have lurked there - best I not get involved though...I'm not the most genteel of characters. Although your "8-mile" stunt was right up my alley. Anyway, good to see you here and there.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #253
  • Sep 1, 2009 10:30am Sep 1, 2009 10:30am
Quoting The Fool
http://www.myfxbook.com/

There are several websites one can use to track accounts at pretty much any broker, it seems.

I am waiting to do that on an account where I can show a smoothly increasing equity curve. Smooth, not jagged, like my current spot account.
Thanks mate for the suggestion. Will be following your journal - i've just embarked on mine. Cheers!
  • #254
  • Sep 1, 2009 1:40pm Sep 1, 2009 1:40pm
Quoting The Fool
Hi Tanya!

Hope things are going well with you & your trading. Congrats & thanks on the new Ladies' forum. I always have lurked there - best I not get involved though...I'm not the most genteel of characters. Although your "8-mile" stunt was right up my alley. Anyway, good to see you here and there.
Thanks--we'll see if we can get some more ladies posting. I think all those fabulous heavy hitters that were so wonderful about congratulating may have made some of the women a bit timid--we'll have to see how things develop. I wish I was more of a technical trader so I could post more charts, fab insight, etc.

Trading is going well! I am still using small lots, still cranking along and reading everything in sight, and my goal is 10% growth a month. So far, so good!

PS--Glad the 8 miles wide thing didn't bug you.
  • #255
  • Edited 4:29pm Sep 4, 2009 3:28pm | Edited 4:29pm
End of another week. I had a good week & didn't really stress out about anything. Trading is starting to seem pretty easy (uh-oh - red flag) but I have not increased my risk profile at all - still only 1/2-lot max trades. I am continuing to spend LOTS of time around trading but it is mostly not in live trading - still reading trading books, doing lots of demo trading (in futures), and bullshitting on FF, of course.

I have been demo trading spot gold and boy that looks promising & risky.

Futures I am concentrating on emini S&P but also I'm looking at the ag futures - corn and wheat mostly.

Today all I have done is trade a good sized short position around the NFP. I had a pretty conservative tp set & it was hit but it could have been twice the payout. But its cool. Account up 13.0% for the week. I might trade Sunday if its sucky rainy like they say but otherwise I will be taking time off in the city (Bumbershoot...woohoo).

I found a securities law attorney in Tacoma - he used to be a stockbroker & I have an initial meeting with him in a couple weeks to talk about self-directed IRA's, tax issues for daytraders, trading institutional accounts, setting up a prop trading company, etc. Hope he knows his shit - I have lots of questions.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #256
  • Sep 7, 2009 5:28pm Sep 7, 2009 5:28pm
Last week hit 13.6%. $1800+ and that would be enough to squeak by on (on average) after setting aside the taxman's share. Still consider myself lucky that I don't have to draw off any trading accounts & can let them grow. Have inched back up to 2% per day average over the last 4 weeks. Have not really changed risk profile in last couple weeks & do not feel much impetus to do so now. To catch up to 4% per day at this point would be a tall order.
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #257
  • Sep 11, 2009 12:09am Sep 11, 2009 12:09am
Love the journal. I hope you're treating the market well these days.

I'll be in touch. We have similar goals.
  • #258
  • Sep 11, 2009 12:35am Sep 11, 2009 12:35am
Quoting DarkDays
Love the journal. I hope you're treating the market well these days.

I'll be in touch. We have similar goals.
Hi DarkDays,

Hope you are doing well for you.

Sad to say, but I am in the middle of a f*cked-up trade that is threatening to blow a big hole in my account. Short on the E/U, overleveraged, tried to average out of a loser, same old shit I've done before. Strayed from the path. I'm definitely not ready for prime time. Will chronicle it here as the deal goes down.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #259
  • Sep 11, 2009 3:06am Sep 11, 2009 3:06am
Just had a read through your journal and enjoyed the read...... appreciate your straightforward and refreshing approach and not taking too much notice of the doomsayers..

Thank you for it good luck mate and hope all goes well for you..
  • #260
  • Sep 11, 2009 3:19am Sep 11, 2009 3:19am
Quoting siboy
Just had a read through your journal and enjoyed the read...... appreciate your straightforward and refreshing approach and not taking too much notice of the doomsayers..

Thank you for it good luck mate and hope all goes well for you..
Thanks mate & good luck to you, too.
"If The Fool persists in his Folly he will become wise." - William Blake
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