Make Millions Trading Fx | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

If you make money, does Oanda make money? 35 replies

How do I make millions trading Forex? 136 replies

slow and steady trading to the millions... 18 replies

trading with 10 millions VS 1 million ?? 24 replies

Attachments: Make Millions Trading Fx
Exit Attachments

Make Millions Trading Fx

  • #101
  • Oct 26, 2009 4:37pm Oct 26, 2009 4:37pm
Quoting Chicky
Gulf I waited days for a trade, entered last night at right time, right place and with right position but was a bit conservative on stop loss.

It hit my stop loss went just one pip against me and then went all the way in my direction. That would have been 30% profit on my main account. Now I am sitting on 10% loss. One fuc#ing pip
Quoting Chicky
So far recovered 2%. Now will have to take 40 trades of 1% r/r with 60:40 win:loss ratio to recover remaining 8%.

ps. Have kept a USD/JPY long open over the weekend, sl at 2% loss
LOL.
  • #102
  • Oct 26, 2009 4:41pm Oct 26, 2009 4:41pm
Quoting forexmick
How did you know the outcome of a certain news release prior to its release?
I don't... I know what the outcome of the market will be after it's release.
  • #103
  • Oct 26, 2009 4:53pm Oct 26, 2009 4:53pm
I've been Margin Called and account wipes due to 1 pip, it looked like FXCM hadn't close it for 30mins so I was up nicely when it vanished and account sat there dead doh!!

So Win Win Win lose lose = 5 trades for 1% so yeah 40trades quite scarey when you look at it like that.

Don't know why you have to risk 1% to only make 1% though, can't you make say 2 or even 3% ??

at 2%, thats 5 trades - 4% profit so only 10trades required.


More room to tweak / improve your system or is that speed okay to you ?

Whats the average hold time for 1 trade ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104
  • Oct 26, 2009 5:37pm Oct 26, 2009 5:37pm
Quoting Chicky
Also check this link

http://www.forexfactory.com/showpost...4&postcount=10

Not sure what you are trying to get at here, if your point is consistent performance day in and day out is not possible your right some days I do better and some I do worse but one needs a goal be it a daily, weekly, or annual goal. It is your job as a trader to make sure you walk away each day in the green.
  • #105
  • Oct 26, 2009 8:03pm Oct 26, 2009 8:03pm
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.
You need millions to make millions. You have obviously never seen the power of compounding.

Quote
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 are in waiting game, and this is already impossible. And I see that you not only want to make millions trading FX. But you want to do it without waiting years.

  • #106
  • Edited 8:33pm Oct 26, 2009 8:22pm | Edited 8:33pm
Quoting endroute
Not sure what you are trying to get at here, if your point is consistent performance day in and day out is not possible your right some days I do better and some I do worse but one needs a goal be it a daily, weekly, or annual goal. It is your job as a trader to make sure you walk away each day in the green.
Endroute, Did I say anything other than what you are suggesting?

Yes. One can pick any profit target from Margin Call to Infinite Profit per day. But, I don't and won't suggest so because I don't know whether I will get my next trade set-up in the next two seconds or not even in next two months.

No one on this earth can walk away in green everyday, or in red for that matter.
The Thief of Wall Street
  • #107
  • Edited 9:44pm Oct 26, 2009 8:54pm | Edited 9:44pm
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.
Quoting tinkywinky

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...

It's not impossible, very much possible and simple, but not easy for everyone. Requires more of a mental aptitude that trading skill.

One needs only $1 (100 cents) and 287 months (24 years) to make one million out of this at 5% profit per month (compounded monthly, not even daily or weekly).

$1 x (1.05) to the power 287 = More than $1 million.

You can still take rest 26 years off.

ps. Making millions out of millions is everybody's game, but to make it from scratch or turning even a liability into asset requires balls.
The Thief of Wall Street
  • #108
  • Oct 26, 2009 9:55pm Oct 26, 2009 9:55pm
Quoting corpralj
LOL.


Don't laugh. Encourage me.

I am back to normal profit/loss range with 6% to recover, but cannot tell if next few trades will be profits or losses.

I now require 30 more trades of 1% proift/loss each to snatch back my 6% from the market with 60:40 success:failure ratio.

18 Profitable trades of 1% each = 24% profit
12 Losing trades of 1% each = 12% loss
Total 30 trades of 1% P/L each at 60:40 win/lose ratio = 6% profit

Now let's hope winning trades come before the losing ones, otherwise you would be again laughing at me Shame on you
The Thief of Wall Street
  • #109
  • Oct 30, 2009 6:43pm Oct 30, 2009 6:43pm
Quoting Chicky
My first few posts depict my views about technicals. I initially never believed in them. After few weeks of joining this forum, moved to fundamentals, then to technicals, then to .......................I now believe in:
1. Market knowlege and price behavior 50%
2. Risk Management 50%
3. Trader's mindset 500% (This is not a mistake it is five hundred percent)
1. A methodical system based on probabilitites of basic Technical Analysis tools 50%
2. Patience 50%

Result xxx % return
  • #110
  • Oct 30, 2009 7:20pm Oct 30, 2009 7:20pm
If your P/L ratios are solid why dont make 2 or 3 % risk trades ?

Quoting Chicky


Don't laugh. Encourage me.

I am back to normal profit/loss range with 6% to recover, but cannot tell if next few trades will be profits or losses.

I now require 30 more trades of 1% proift/loss each to snatch back my 6% from the market with 60:40 success:failure ratio.

18 Profitable trades of 1% each = 24% profit
12 Losing trades of 1% each = 12% loss
Total 30 trades of 1% P/L each at 60:40 win/lose ratio = 6% profit

Now let's hope winning trades come before the losing ones, otherwise you would be again laughing at me Shame...
Its all in the mind.
  • #111
  • Oct 30, 2009 7:44pm Oct 30, 2009 7:44pm
Quoting 5abi
If your P/L ratios are solid why dont make 2 or 3 % risk trades ?

I agree, move upto 2%, if you take a run of losers move back down to 1%, if you get a run of winners move upto 3%.


As long as over all your profiting, you might aswell get 3x's the bang for your time I say.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #112
  • Edited 2:57am Oct 31, 2009 2:21am | Edited 2:57am
Quoting 5abi
If your P/L ratios are solid why dont make 2 or 3 % risk trades ?
Several reasons. The primary reason is my broker does not allow smaller lots.

With the above limitation, it is almost impossible to take a shorter term position (day trade) for less than 1% risk. Since I try to split my entry into three or four lots, that would mean taking 4% risk on first trade, 3% risk on second, 2% risk on third trade and 1% risk on fourth trade. That adds up to 10%.

If want to reduce my risk from 10%, 1% is the only workable solution. In this case, I have to wait, wait, and wait for right set-up to appear at right time. If I cannot add to my positions, it is better to let the risk and reward remain at 1%. The only thing I will lose with 1% risk/reward is time. But brinnging it to 2% or 3% will require risking money as well.

This is exactly what happened two weeks ago. I lost 10%, but recovering that loss in the trades that offer 1% risk and 1% rewards. I gain 1%, then agian 1%, but then lose 1%,.......... this goes on until I am positive on the balance lets say 8 winners and 3 losers will fetch me 5% net. But each time, I now have to wait for a very good set-up.

If I take risk more than 1%, five or six straight losers will not only double my loss but also eat-up my margin reducing my trading capaciity.

One option is to enter a trade with 2% or 3% risk but 10% reward. I am considering this possibility, though it will be a bit away from my trading method which is based on equal risk/reward, unless market shows extreme generousity.

ps. This whole move after my previous post gave me only 1% more. In normal situation, I would have gained atleast 30% with this kind of a move. I am now underdog by 5%, recovered half of my loss. Kindly don't forget, all this opportunity cost is all because of sl short of one fuck#n' pip.
The Thief of Wall Street
  • #113
  • Oct 31, 2009 3:42am Oct 31, 2009 3:42am
Quoting Turveyd
I agree, move upto 2%, if you take a run of losers move back down to 1%, if you get a run of winners move upto 3%.


As long as over all your profiting, you might aswell get 3x's the bang for your time I say.
Turveyd, my achievable win/loss ratio is about 60:40, if six winners, four losers in a set of ten trades.

The issue is, if those four losers come before the six winners, I will lose 4 x 3% = 12%, therefore limiting my bets to 1%. As I say, it is better to lose an opportunity than to lose money.

Once, I fully replinish my capital, will go back to normal risk/reward ratio that vary from 1% to 10% depending upon the strength of set-ups I would like to trade.

As a rule, no trade more than 1% risk AND 1% reward, if in losing position - my risk appetite is directly related to account balance.

I can risk upto 30% of my account balance, but no more than 1% at a time from my capital at the beging of the month. If I have to risk more than 1% of my account balance, market should loan me this amount before I offer it back to the market. I am not going to give this market more than 1% at a time from my own money (or market's money that becomes my property at the end of the month ).
The Thief of Wall Street
  • #114
  • Oct 31, 2009 4:50am Oct 31, 2009 4:50am
Quoting Chicky
Gulf I waited days for a trade, entered last night at right time, right place and with right position but was a bit conservative on stop loss.

It hit my stop loss went just one pip against me and then went all the way in my direction. That would have been 30% profit on my main account. Now I am sitting on 10% loss. One fuc#ing pip.
That was 20 days ago. That means I am doing ok. 5% recovery in 20 days is not bad at all.
The Thief of Wall Street
  • #115
  • Oct 31, 2009 10:39am Oct 31, 2009 10:39am
Quoting Chicky
Solution: Remember and believe even if your method is a piece of shit, you still have 50% probability of getting 50 winners out of 100 trades. All one needs to do is to stick to equal dollar amount of profit or loss per trade. With risk / reward not more than 1% per trade, one at most will break even in 100 trades if law of probability is something. So what is the issue? Is it a rocket science?
Wrong. Because of the bid/ask spread and commissions, the odds are stacked against you right from the beginning. In fact, that's the real cause of traders' loss. The only way of beating that disadvantage would be trading in a real marketplace/ECN with chump change commissions and provide liquidity (that is, using well-placed limit orders countering someone else's market order slippage, being able to buy on the bid and sell on the ask).
  • #116
  • Oct 31, 2009 1:50pm Oct 31, 2009 1:50pm
Quoting Yosako
Wrong. Because of the bid/ask spread and commissions, the odds are stacked against you right from the beginning. In fact, that's the real cause of traders' loss. The only way of beating that disadvantage would be trading in a real marketplace/ECN with chump change commissions and provide liquidity (that is, using well-placed limit orders countering someone else's market order slippage, being able to buy on the bid and sell on the ask).

Although thats true if your a scalper and your after 3pips profit so require a 6pip move, with a 6SL requires a 3pip move, then your odds are 66% of the time you'll lose 6, so -6-6+3 = -9 over all. ( with random entries )

But you get target say 30pips, 30sl and +33 and -27 to hit either then your about 55% chance of hitting the SL with random entries.

So by picking smart entries you've got to improve your game by 5% to make up for the spread, and at 100pips your looking at 1.3% but 100pip moves are harder to trade than 30pips moves.


And ECN's are a con anyway, yeah the spread is less but then when you add in the Comm charge it becomes to about the same anyway, they just don't tell you that in there advert.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #117
  • Oct 31, 2009 2:03pm Oct 31, 2009 2:03pm
Quoting Yosako
Wrong. Because of the bid/ask spread and commissions, the odds are stacked against you right from the beginning. In fact, that's the real cause of traders' loss. The only way of beating that disadvantage would be trading in a real marketplace/ECN with chump change commissions and provide liquidity (that is, using well-placed limit orders countering someone else's market order slippage, being able to buy on the bid and sell on the ask).
True. No arguement on this from my side because what you are saying is true. Rather I would support your opinion by saying probabilities work over longer term and this long term may be from many years to several millions years for odds to even out.

But the point I am trying to make is how to take greed and fear out of traders mind. It can be done only if they look at the market in terms of probabilities while keeping their positions as small as possible (the only reason 1% has been recommended).

I do not give much weight to spread, because 1 or 2 pips for a move of 100 to 150 pips to me is insignificant, but very significant for a profit target of 20/30 pips. And it is not always 1 or 2 pips, brokers increase it to 7, 10 or sometimes even to 17 pips.

If a trader has an edge or develops such an edge while probabiliity keeps him/her afloat until such time these costs become cost of doing business. With 60:40 consistent win:loss ratio one should be in a position to not only cover such costs but also make consistent profits.

That is why I mentioned, this game is not for pussy cats and a trader should be williing to accept certain degree of risk. No business in this world is completely risk free and no one can do any kind of business without some risk appetite. Many fail because they do not look at the dark side (risk) but many fail also because they do not look at the bright side (reward).

One cannot steal a lion's cub without entering into her den.

ps. Even with 60:40 win:loss ratio, one never knows either first 40 trade will be losses or the last 40 or in between. How many can withstand 40% (plus spread) drawdown, if they do not have some comfort about next 60 trades? This business is not for everybody.
The Thief of Wall Street
  • #118
  • Oct 31, 2009 2:14pm Oct 31, 2009 2:14pm
Quoting Chicky

ps. Even with 60:40 win:loss ratio, one never knows either first 40 trade will be losses or the last 40 or in between. How many can withstand 40% (plus spread) drawdown, if they do not have some comfort about next 60 trades? This business is not for everybody.

Thats the problem with bumping your account upto say 3% risk, it's all well and good if your first trade profits ( not win's thats the gamblers ), but if you get 2 - 3 losers straight away that'll have a bad effect on your account and you physiologically.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #119
  • Edited 2:41pm Oct 31, 2009 2:22pm | Edited 2:41pm
Quoting Chicky
True. No arguement on this from my side because what you are saying is true. Rather I would support your opinion by saying probabilities work over longer term and this long term may be from many years to several millions years for odds to even out.

But the point I am trying to make is how to take greed and fear out of traders mind. It can be done only if they look at the market in terms of probabilities while keeping their positions as small as possible (the only reason 1% has been recommended).

I do not give much weight to spread, because...
I changed my broker from 1 pip one to the one that charges 2 pips or more on eur/usd (and accordingly times more on other pairs than cost effective brokers). My profitability has increased. I do not want to go into the details, many would not like to hear.
The Thief of Wall Street
  • #120
  • Oct 31, 2009 2:29pm Oct 31, 2009 2:29pm
Hi all


well every successful Poker player BJ card counter (back in the days)
and even the pro traders out there ,has to withstand draw downs ..
thats part of the buissnes..

you need to friggin manage your money.. to withstand those loosing streaks

if you have an 1% edge you will be profitable in the loong run .. if and only if you still have left some money in your account after a loosing streak..
0 traders viewing now