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Make Millions Trading Fx

  • #21
  • Oct 11, 2009 11:42am Oct 11, 2009 11:42am
Quoting tinkywinky
Well, firstly the title suggests the impossible....
Compounding is key, I speak from experience. Sticking, I repeat:STICKING, to your gameplan is crucial. What happens is, traders get overconfident and enter trades based on hunches. I once traded a sleeping account up from $110 to $12,000 within 2 months. It can be done. Currently we're trading a $30,000 account and made 130% in the last 2 weeks, averaging 50% a week with 5% risk per trade. The thing is: We don't withdraw for 2 months, compound and split profits after 2 months. It can be done, it is done.

If you're having trouble with selfdiscipline, I'd suggest looking for a trading group to keep you inline with your strategy. Worked for me.
  • #22
  • Oct 11, 2009 2:44pm Oct 11, 2009 2:44pm
Quoting Leonlorenzo
'Plan your trade, trade your plan', is this what you were trying to say?
Yes indeed, but to add more, one should plan the trading as a whole - that includes:

1. Assessing economic, geopolitical, etc. situations over a longer term period e.g. 2 - 3 years to guess the general market direction

2. Watch market to see if any major trends developing in that direction

3. Plan where to catch those trends (and exit when such major trend exhaust)

4. Decide entry point and position size for individual trade

Few traders consider only the point number 4 above as a plan.
The Thief of Wall Street
  • #23
  • Oct 11, 2009 2:50pm Oct 11, 2009 2:50pm
Quoting cspip
Maybe trying it with compounding interest might get there 'abit' quicker to the million...
Compounding is one great advantage these markets offer. One can grow a business to a certain level i.e. upto maximum achievable market share. In this market achievable market share is in billions of dollars and therefore no limit to growing business by compounding.
The Thief of Wall Street
  • #24
  • Oct 11, 2009 3:00pm Oct 11, 2009 3:00pm
Quoting tinkywinky
Well, firstly the title suggests the impossible. You need millions to make millions. Just use calculator and calculate how much per pip you need to invest and how long you'll be waiting.

If you have an account of $10,000 you need to have $1000 per pip ( to make a million as 100 pip move will only mak 10,000) and allow for 300 pip move at least, if you are in waiting game, and this is already impossible. If you invest $100 per pip, you also don't have enough wait for 300 pip move before it comes your way (think about it 300 pip move, ay in eur/usd...
If you start with $1, at 5% per month return on "investment*" it will be $1M in less than 24 years (283 months).

One does not invest in currency. It is always traded. You have to sell one currency in order to buy a currency because currency prices are denoted in currencies. That's why they come in pairs.
The Thief of Wall Street
  • #25
  • Oct 11, 2009 3:01pm Oct 11, 2009 3:01pm
Quoting Chicky

1. Assessing economic, geopolitical, etc. situations over a longer term period e.g. 2 - 3 years to guess the general market direction
With all due respect, Chicky, but point 1 is a bit too deep... Just talking about myself here, I spent eight years working as analyst in various investment banks in the City, and, trust me, such (correct) assessment can be worth a top City/Wall str economist's reputation. Of course, anybody can guess... But what is the point in guessing?

IMHO fundamental analysis is only of value to an extent, too much of it and my trading suffers. I prefer pure TA in the short to medium term. And of course the long-term analysis is just an educated guess... which I like to discuss with my friends while drinking some nice wine.

This is just my personal opinion.
  • #26
  • Edited 3:31pm Oct 11, 2009 3:09pm | Edited 3:31pm
Quoting cammomile
With all due respect, Chicky, but point 1 is a bit too deep... Just talking about myself here, I spent eight years working as analyst in various investment banks in the City, and, trust me, such (correct) assessment can be worth a top City/Wall str economist's reputation. Of course, anybody can guess... But what is the point in guessing?

IMHO fundamental analysis is only of value to an extent, too much of it and my trading suffers. I prefer pure TA in the short to medium term. And of course the long-term analysis is just an educated guess... which...
The answer is:

In January 2009 oil was trading at $39.

Could it go to $1? (it has drilling and refining cost)
Could it go to $80?

What direction would you have guessed?

Your $39 would have become $1, if first crazy scenario had happened
Your $39 would have turned into $80, if you were a person of normal intelligence and little courage

We are not considering leverage that could have multiplied your earnings.

That's why guessing is important + Assurance does not exist in this business.

ps. Gold is trading around $1000, can it go to $340? can it go to $1660? Make a guess................, but do we have the courage? This is what separates successful traders from the mob.
The Thief of Wall Street
  • #27
  • Oct 11, 2009 3:29pm Oct 11, 2009 3:29pm
Quoting Chicky
The answer is:

In January 2009 oil was trading at $39.

Could it go to $1? (it has drilling and refining cost)
Could it go to $80?

What direction would you have guessed?

Your $39 would have become $1, if first crazy scenario had happened
Your $39 would have turned into $80, if you were a person of normal intelligence and little courage

We are not considering leverage that could have multiplied your earnings.

That's why guessing is important + Assurance does not exist in this business.
The USD is at a low level. Should we buy it? Or will it go so low that euro 1.60 is low. Maybe it will go so low that it will go to euro 2.000?
When you look back in a year from now, what direction would you have guessed?
  • #28
  • Oct 11, 2009 3:50pm Oct 11, 2009 3:50pm
Quoting Chicky
The answer is:
That's why guessing is important + Assurance does not exist in this business.
For me, assurance exists on my chart. I really don't care what is the current price of oil (since we are using oil as an example). I care about the trade setup I see on my chart (I trade dailies and H4), what is the market doing at the moment (trending, consolidating), current PA and where is the nearest S/R level. If I see a strong bullish PA at swing low/ret - I buy, and vice versa. Then its all down to trade management, moving stop to BE quickly and holding and moving SL with the market. If I get taken out - so what, there is another one round the corner. I trade about 3-5 times a month, working full time.

Is this a guess? Yes and no.
  • #29
  • Oct 11, 2009 4:05pm Oct 11, 2009 4:05pm
Quoting cammomile
For me, assurance exists on my chart. I really don't care what is the current price of oil (since we are using oil as an example). I care about the trade setup I see on my chart (I trade dailies and H4), what is the market doing at the moment (trending, consolidating), current PA and where is the nearest S/R level. If I see a strong bullish PA at swing low/ret - I buy, and vice versa. Then its all down to trade management, moving stop to BE quickly and holding and moving SL with the market. If I get taken out - so what, there is another one round...
Cammomile, I also do use charts and several technicals including trendlines, fibs, bull/bear flags, SMAs, stochastics, etc. If you re-read ROASO Levi referred to winning on balance when he did not find right set-up. Mark Douglas gave a refined version of what Levi ment by winning on balance. It is very effective if one following Mark and winning on balance. I think you do the same. It is laboring hard work but surest possible thing in this business. I do the same but combining ROASO and Trading in the Zone with traditional golden rules. What ROASO and Mark gave us are just Tactics not strategies. To make these tactics work one needs strategy, that is why Levi referred to Old Turkey many times in his book. "You know, this is a bull market". This is what many forget when they try to adopt those tactics. I apply both these tactics (especially Mark's) in view of general market trend i.e. if it is bull or bear market. It is very difficult to anticipate what market will do in next few hours or days, but easier to anticipate what it will do in next few months. Therefore I just wait for right opportunities in the direction of my guessed direction. If my guess is wrong tactics will save me, if my tactics are wrong direction will save me, but if both are wrong I am screwed big time.
The Thief of Wall Street
  • #30
  • Oct 11, 2009 4:09pm Oct 11, 2009 4:09pm
Quoting Chicky
The answer is:
ps. Gold is trading around $1000, can it go to $340? can it go to $1660? Make a guess................, but do we have the courage? This is what separates successful traders from the mob.
Sorry, Chicky, I don't agree. Successful traders never guess, they patiently wait for the right opportunity. They wait for the PA to show them what to do.

That is if you trade your own account. On the other hand, if you trade with institutional money and/or under invested, that is when all the "guessing" takes place...
  • #31
  • Oct 11, 2009 4:15pm Oct 11, 2009 4:15pm
Quoting cammomile
Sorry, Chicky, I don't agree. Successful traders never guess, they patiently wait for the right opportunity. They wait for the PA to show them what to do.

That is if you trade your own account. On the other hand, if you trade with institutional money and/or under invested, that is when all the "guessing" takes place...
I cannot convince you man, but the fact is that every action in this market is based on guessing. If there was slightest assurance these market would not have existed.
The Thief of Wall Street
  • #32
  • Oct 11, 2009 4:23pm Oct 11, 2009 4:23pm
Quoting Chicky
but if both are wrong I am screwed big time.
LOL me too!

Agreed, there is a great book by JJ Murphy called Intermarket Technical Analysis. I am sure you know it. I find it superb for "guessing" the general market trends based on various markets' correlations.

BTW, I missed that latest bullish Gold move, will buy if it retraces to 1020 with the right PA. Will see next week...
  • #33
  • Oct 11, 2009 4:34pm Oct 11, 2009 4:34pm
Quoting cammomile
LOL me too!

Agreed, there is a great book by JJ Murphy called Intermarket Technical Analysis. I am sure you know it. I find it superb for "guessing" the general market trends based on various markets' correlations.

BTW, I missed that latest bullish Gold move, will buy if it retraces to 1020 with the right PA. Will see next week...


It was good discussion Cam. My bank does not offer trading in gold, but maybe I put some money in gold with some broker once it convincingly breaks 1034.

I will check this book. Thanks for providing the name.
The Thief of Wall Street
  • #34
  • Oct 11, 2009 4:38pm Oct 11, 2009 4:38pm
Chicky, you sound even more negative than I do and more it's all a con and no way to predict or anything.

I'm impressed


Vaguely judging the direction, getting in on a pull back ( hoping it's not a change, bailing quickly if so ) and taking it for a ride is the only way to trade.

Anyone doing anything different with Forex goes into my LOSER bin!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #35
  • Oct 11, 2009 4:41pm Oct 11, 2009 4:41pm
Quoting Chicky


It was good discussion Cam. My bank does not offer trading in gold, but maybe I put some money in gold with some broker once it convincingly breaks 1034.

I will check this book. Thanks for providing the name.
Cool thread, thanks for opening.
  • #36
  • Oct 11, 2009 5:46pm Oct 11, 2009 5:46pm
Quoting Turveyd
Vaguely judging the direction, getting in on a pull back ( hoping it's not a change, bailing quickly if so ) and taking it for a ride is the only way to trade.

Anyone doing anything different with Forex goes into my LOSER bin!!
That's pretty much my strategy! Based on the trend, wait for a reversal (pullback), enter on the trend continuation. Bail out quickly if my "guess" turns out to be a loser.

If anyone is doing anything different, I know for a fact you are NOT profitable! I'm calling you (95% of traders that lose) out.
  • #37
  • Oct 11, 2009 5:47pm Oct 11, 2009 5:47pm
Quoting cammomile
LOL me too!

Agreed, there is a great book by JJ Murphy called Intermarket Technical Analysis. I am sure you know it. I find it superb for "guessing" the general market trends based on various markets' correlations.

BTW, I missed that latest bullish Gold move, will buy if it retraces to 1020 with the right PA. Will see next week...
I read an article today that said that gold is going to $1500.
  • #38
  • Oct 11, 2009 5:50pm Oct 11, 2009 5:50pm
Quoting Jhig
That's pretty much my strategy! Based on the trend, wait for a reversal (pullback), enter on the trend continuation. Bail out quickly if my "guess" turns out to be a loser.

If anyone is doing anything different, I know for a fact you are NOT profitable! I'm calling you (95% of traders that lose) out.

Good I see I'm not alone in realising this, Forex is just entirely a math's game at the end of the day, totally meaningless.

And nothing you can swing trade off too much news and changes it's direction to often!!

Good
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #39
  • Oct 11, 2009 5:53pm Oct 11, 2009 5:53pm
Quoting Turveyd
Good I see I'm not alone in realising this, Forex is just entirely a math's game at the end of the day, totally meaningless.

And nothing you can swing trade off too much news and changes it's direction to often!!

Good
I realized that Forex was one huge math equation in the end, look under my user name.
  • #40
  • Oct 11, 2009 5:56pm Oct 11, 2009 5:56pm
Quoting Jhig
I realized that Forex was one huge math equation in the end, look under my user name.

LOL

As your 1 of the first people to get that you sir deserve your first V


You do to Chicky by the way
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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