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4% A Day Forever

  • #441
  • Oct 23, 2009 4:24pm Oct 23, 2009 4:24pm
Quoting The Fool
Finishing the week about flat. Was up about 8-9% up until a dumb attempt at trading the news earlier today - short E/G. It was a straight up gamble - I bet on GB GDP growth and of course I was wrong. I was thinking it was a set-up all along, too. Then I saw the EUR going up hard before the news hit and I thought: leak? If I had more experience news trading I would have reversed my position right there - had plenty of time to do so. But no. Had sl's on two of three smallish trades & they were hit of course but I ended up scrambling to kill the third...
I think you're fine, just don't trade the news until you get your capital built up again. If you get bored-jump on the demo and fire away. lol

Have a great weekend!!!

Mike
  • #442
  • Oct 23, 2009 5:33pm Oct 23, 2009 5:33pm
dear Fool,

You call it the gamble gene, I call it greed. I had to learn a very, very hard lesson: "No system, no matter how good, can make you overcome your own fear and greed". That can only be done by the trader, and what is inside of him. Can the trader learn to supress those most primal instincts? Until he can, there is NO chance of success, no matter how good the system is or how much equity you have. I have an audio clip on my desktop from the movie "Top Gun". The clip is of Maverick saying, " I am NOT going to leave my Wingman!" and it plays this line over and over. Whenever I get the urge to take a flyer trade, I play that clip and let those words sink in. If it is not in my plan, I am not taking the trade! I hope you can find a way to overcome this problem that all of us struggle with. All the Best

Regards
  • #443
  • Oct 23, 2009 6:56pm Oct 23, 2009 6:56pm
Thanks all, Turveyd, GCoast, Calderone, Petra.

Yup. Fear. Greed. Boredom. Impatience. Trust. Confidence. Revenge. Etc. Its all just a big never-ending psychological test. One of the things I struggled with all week was sticking to the simple plan to trade only a few hours at the FO. I did that until last night (Friday morning) and then I traded all through the Asian session. Mistake, because the "Asian session" is a dead zone for a scalper like me. And that put me in a greedy mood that got the best of me when I saw the potential GB GDP news play. Woohoo Easy Money! A trader on the Cable thread even called that out as a setup and when I read that I thought, "probably so" but I jumped in the trade anyway as I was short scalping E/G. The newswire "feeds" were predicting another 100-200 pip drop and I got suckered right in. Then the pre-announcement negating whispers were obvious as E/G went up steadily but I went down with the ship which sunk to the bottom of the sea like it was loaded down with Fool's Gold.

Well, I'm still alive. If I get enough of these lessons behind me maybe I will become wise. Meanwhile, I have cancelled all the fantasies about spending wads of surplus cash. Actually, those have been dead for some time.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #444
  • Oct 23, 2009 7:23pm Oct 23, 2009 7:23pm
Quoting The Fool
Thanks all, Turveyd, GCoast, Calderone, Petra.

Yup. Fear. Greed. Boredom. Impatience. Trust. Confidence. Revenge. Etc. Its all just a big never-ending psychological test. One of the things I struggled with all week was sticking to the simple plan to trade only a few hours at the FO. I did that until last night (Friday morning) and then I traded all through the Asian session. Mistake, because the "Asian session" is a dead zone for a scalper like me. And that put me in a greedy mood that got the best of me when I saw the potential GB GDP news...

If it wasn't for those pesky emotions trading would be too easy.

Don't be too hard on yourself your a relative newbie ( 5 or 6 years nearly for me on Forex, 10 years total trade experience ), so trust me I've been there done that, I've had a lot of down no cash time I'll add only really been pushing since March and still loads of just watching learning skint time

You'll crack it, fairly sure there hopefully in way less time than average ( 2 - 3 years average before becoming profitable, trading hobby / part time ), most people on this site won't so your better than them, sadly.

Your learning and adapting still, which is good most people are stuck repeating there same mistakes for ever more thinking they'll get lucky sooner or later!!

And NEVER ever read any news wire, or news just trade the charts, reading news forms opinions and opinions in trading are for losers.

Have a good weekend dude, its worth the pain and about the only shot of being financially independent and out of the rat race, remember this and keep going!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #445
  • Oct 24, 2009 12:56pm Oct 24, 2009 12:56pm
Couldnt believe the negativity in this thread. Actually, I could.. its all over the place on every forum I ever read.

Maybe thats why I dont participate much on forums, not because the negativity would get to me, but that arguing with them over my own capabilities is counter productive. They dont know who I am and they dont know who you are.

I dont read much and see this much on forums, but its an attitude that you should have been taught when you were younger and I dont know if its taught much these days. "If at first you dont succeed, try try again".

This applies to more than the big picture, it applies to the little picture to. Trade by trade.

Even on 5 second charts, zoomed out fully, just watching higher highs, lower lowers, or vice versa. And hopping in on the breakout of the confirmation that the trend is still going. Your looking at a stoploss of typically 5-10 pips. You might get shaken out a few times in a row but once you get in on the main trend, your looking at a 50 pip move or more that you can trail pretty tightly by following the lows or highs of the trend.

Im not pushing this strategy, it just stresses 2 of my points. First being that the majority here think its suicide to trade anything under an hourly chart, but done correctly, 5 second charts are fine, and just goes to show that you dont have to do what everyone else thinks you should to be profitable. Second, you go into each trade knowing that it might be a small loss but a running trade is right around the corner that will be your major trade of the day. If at first you dont succeed, try try again.
  • #446
  • Oct 24, 2009 2:56pm Oct 24, 2009 2:56pm
Quoting Delfino
I dont read much and see this much on forums, but its an attitude that you should have been taught when you were younger and I dont know if its taught much these days. "If at first you dont succeed, try try again".
Hi Delfino,

I am the personification of "try, try again".

One always reads of 95% of traders failing. I don't know if that number is accurate but it probably safe to say most do. Then one always reads on the forums how successful traders had X margin calls and blew out X accounts before they became profitable.

It really hurts to fail and to lose money and I know the feeling of wanting to quit very well. It is very understandable & of course, somebody might have to quit due to purely financial limitations. But I am still here. I have never blown out an account & I have never had a margin call. (Several on demo....of course) I am looking forward to trading tomorrow. I know that I will make some good trades & that I will add to my account. With every dumb newbie mistake I get a little bit wiser. It is taking time for some of these lessons (risk management particularly) to sink in. (I am stubborn in the same way that I am persistent.) But I am going to learn.

Best of Luck to you & Happy Trades!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #447
  • Oct 24, 2009 10:36pm Oct 24, 2009 10:36pm
So have you been gaining 4 percent a day?
what kinds of gains have you experienced so far?
  • #448
  • Oct 29, 2009 1:38am Oct 29, 2009 1:38am
Crawling back. Wiser for sure. Have been scalping so far this week for about 1% per day but only putting in about 1 hour per day average. Have been overloaded with some real job deadlines and other life issues.

Cultivating patience to be selective re: entries a constant struggle. Killing losers is easier than ever but the two need go hand in hand.

Have been scalping G/J at the Nikkei open with good success but only playing small until I get more screen time there.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #449
  • Oct 29, 2009 2:30am Oct 29, 2009 2:30am
Fool when you say "entries a constant struggle" do you mean in indentifying a good entry or finding it hard to pull the trigger into what woulda,shoulda,coulda been a good entry?
  • #450
  • Oct 29, 2009 2:40am Oct 29, 2009 2:40am
Quoting siboy
Fool when you say "entries a constant struggle" do you mean in indentifying a good entry or finding it hard to pull the trigger into what woulda,shoulda,coulda been a good entry?
I mean that I have started to really pay attention to risk management in each trade and choosing proper entry is a big part of this.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #451
  • Oct 29, 2009 2:44am Oct 29, 2009 2:44am
OK cheers mate good luck with it nice to see you coming out on the right side...this bloody discipline can be hard but there is no second guessing it eh?
  • #452
  • Oct 29, 2009 7:41pm Oct 29, 2009 7:41pm
Fool, I screwed up yesterday (wednesday ) got Gambly, loaded on into EJ 3 Longs near 134.00 hoping for a bounce and it broke it and dumped so fast and kept going arrrggghhhh, trapped and no stops.


Account was down 60% at 1 point, 10% from Margin calling me, closed the day @20% down but nearly lost 70% of the account in no time.

Broke my own rules and traded against the trend on EJ aswell over the EUR Market close time doh!!!

See it happens to the best of us and even me
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #453
  • Oct 29, 2009 8:19pm Oct 29, 2009 8:19pm
Quoting andante9
Longs near 134 would now be in profit (135.82) as long as one did not over commit. . .

I'd of been margin called on the move over the night which went to new lows for definate and ofcourse there was no way to know that, EJ was just as likely to go 200pips lower and continue it's down trend.

Long term trades become a gamble, 17 profits in a row When sticking to the plan, the odds on rolling 17profits in a row with a 15-25SL Max are astonomical based on 50/50 which proves no there is no gambling normally.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #454
  • Oct 29, 2009 8:26pm Oct 29, 2009 8:26pm
If you plan to type in english maybe you should strive to make sense also.


Reads just fine to me, learn to read maybe ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #455
  • Oct 29, 2009 8:33pm Oct 29, 2009 8:33pm
Quoting andante9
I'm not sure what you are saying here. My point is this - if you kept your risk to account in line you could be in profit now with longs at 134

My account is small, I generally don't let things run away from me so I play with my risks high although never that high by design, I'm a short term trader not a buy and holder.

If the trade would of worked I'd of made 40pips x $3 per pip with a $600 ish account, plan was to exit on 134.00 breaking so I'd of lost 30pips, but EJ dumped 30pips my spread went to 15pips, so it immediately put me $150 down in sub 5seconds seriously.

It happens!!

I generally make 3x's my SL risk and trying to up that to 5x's+ currently.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #456
  • Oct 29, 2009 8:43pm Oct 29, 2009 8:43pm
Quoting andante9
I also use some very high risk strategies, although I am not yet trading them live they have been looking very profitable on demo.

High risk has bad down days, but over all if your starting from next to nothing it's about your ownly chance to turn next to nothing into something worthwhile.

13% per year is great for someone with a 1Mil account but worthless for me.

You need to be profitiing 70%+ of the time and aim for 2 - 3x's your SL risk.

And if you have a line in the sand and the price gets nearer, if there is a chance the price will reverse and go your way, average down your increasing your profit potentional with less risk down there on the new positions. Without the line in the sand which is close this strategy is doomed to blow your account in no time be warned.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #457
  • Oct 29, 2009 9:05pm Oct 29, 2009 9:05pm
Quoting andante9
I agree 100%.

In fact, even though I have a very high probability strategy - which I have been trading on demo, I am thinking about using an overall maximum loss that I can apply to the account so that I do not lose the account in the end while chasing a high probability strategy for overall gain.

I agree in your thinking that it should be beneficial to maximize the gains in a 'small' account to grow it to the size where simple 1 to 3% trades might provide the account owner with satisfactory gains.

My system gives me very defined lines, which I enter near with good odds on a reveral, basically I'm buying a pull back in a uptrend for instance, so I have a price.

Today's trade on GU, trade 1 taken at 1.6552, trade 2 1.6544, SL for both was 1.6535, this was 16:00 area GMT, risk #1 17pips, risk #2 9 pips as it neared the SL my risk got less so average down, I took profit at 1.6572 +20 +28 = 48 for a risk of 26 pips.

It's impossible to predict exactly where it'll turn so this way if it turns early I'm in, if it moves lower I'm in with more.

Put a 200ema on that chart aswell, it needs a range either side of 3 pips to filter noise to.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #458
  • Oct 29, 2009 9:08pm Oct 29, 2009 9:08pm
Also I'd keep the account small, stick to your high risk it's what you know and you'll be good at by then, but..... end of the month if the account is say 16K, withdraw 6K, spend some, put some safe incase you have a bad day and damage the account.

Have a bad day put it back, leverage wise you can trade $10-$20 per pip with 10K, thats enough for anyone.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #459
  • Oct 29, 2009 9:16pm Oct 29, 2009 9:16pm
Quoting andante9
https://www.myfxbook.com/portfolio/high-risk-fibs/3868

I also use a high probability reversal trade. check out my results. Like I said this is demo only at this point. I think I must have an overall account loss definded before trading this strategy live. . .

Averaging in and taking advantage of the better prices for lower risk and increased profit potential should work well for you then, start doing it on demo.

Those trades which annoyingly get to say -15pips then move up 30pips aren't so bad cause you get +15 and +30 for 1/2 the risk for the +30.


Without a system this works without you'll just blow your account be warned, yesterday was OFF system far off just playing around, test it to check it works for you.


Ramps your profitably up through the roof in theory.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #460
  • Oct 29, 2009 9:18pm Oct 29, 2009 9:18pm
Quoting andante9
Agreed. And I'm working towards this too. . .

Me to, leave the 100K+ account for no purpose traded at $10 per pip MAX for the posers.

That and don't trust my broker to not mess me around and refuse to hand it over or go under or whatever can happen.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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