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4% A Day Forever

  • #621
  • Dec 4, 2009 5:55am Dec 4, 2009 5:55am
Quoting Turveyd
We are in the same boat I see, I'll expect all my projects will be over mid Jan, Late Feb at the very latest, I'll have some money coming in for a bit from it to get me by while I get forex to a liveable status, shouldn't be hard really.

Nice coincidence there to, 15years of self employeed here, I really couldn't go back to the 9-5 grind where your life isn't really your life, without a job getting in the way you'll be able to make a living of trading easy I'd bet.
I'm in my first year full time and as you said it can be done. Some months are better than others but I will never work for anyone again.....I know I shouldn't say never but I feel strongly about it! I know Fool can do it too! Jeez, if I can do it.........

By the way, Hey Turv!!!
  • #622
  • Dec 4, 2009 5:59am Dec 4, 2009 5:59am
Quoting calderone
I'm in my first year full time and as you said it can be done. Some months are better than others but I will never work for anyone again.....I know I shouldn't say never but I feel strongly about it! I know Fool can do it too! Jeez, if I can do it.........

By the way, Hey Turv!!!

Your a great inspiration, if you can do it as you say anyone can do it

I bet in the last 2mins you've just blown your account already and looking for work

Expect them to ban Forex shortly after I crack it ofcourse, SORRY!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #623
  • Dec 4, 2009 6:25am Dec 4, 2009 6:25am
Quoting Turveyd
Your a great inspiration, if you can do it as you say anyone can do it

I bet in the last 2mins you've just blown your account already and looking for work

Expect them to ban Forex shortly after I crack it ofcourse, SORRY!!
Haha!!! I better be careful now that I said this openly! lol I did have a bad month in July and some real stinker trades off and on. lol I'm sure that once trading becomes boring and routine, the US will do something really stupid and only allow us to buy and not sell or something.
  • #624
  • Dec 4, 2009 10:37am Dec 4, 2009 10:37am
Hey Turveyd & calderone!

I have high hopes for us all. Stay alive, keep learning & keep earning. There's huge upside potential in this game if you can last long enough.

Have a great weekend, boys.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #625
  • Dec 4, 2009 11:12am Dec 4, 2009 11:12am
Quoting The Fool
Hey Turveyd & calderone!

I have high hopes for us all. Stay alive, keep learning & keep earning. There's huge upside potential in this game if you can last long enough.

Have a great weekend, boys.
Thanks! I'm learning every day.

Bad news is I have to go to the in-laws for a x-mas party Saturday night. I'll miss UFC.

Catch ya later!
  • #626
  • Dec 4, 2009 12:04pm Dec 4, 2009 12:04pm
Quoting The Fool
Hey Turveyd & calderone!

I have high hopes for us all. Stay alive, keep learning & keep earning. There's huge upside potential in this game if you can last long enough.

Have a great weekend, boys.

Always learning dude, thats why we have a chance, but the issue is at nearly 39 I forget 3x's what I learn every day


Off out playing with the boys on Mountain bikings throwing ourselves down hill sides, so staying alive could be trick


Enjoy too dudes!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #627
  • Dec 4, 2009 3:31pm Dec 4, 2009 3:31pm
Quoting Turveyd
Always learning dude, thats why we have a chance, but the issue is at nearly 39 I forget 3x's what I learn every day


Off out playing with the boys on Mountain bikings throwing ourselves down hill sides, so staying alive could be trick


Enjoy too dudes!!
  • #628
  • Edited 9:50pm Dec 4, 2009 9:33pm | Edited 9:50pm
Hi Fool

I compare your trading with the EMA9/20 crossovers Scalping on 10 sec., 30 sec. and M1 TF's EURUSD with the 10'000.- $ "Cash Flow" Account, with normal risc but very high consecutive wins.

I read a just a little on your threat. That sounds fine,...but do you think getting a millionaire within one year is really practicable?

... or sounds like a wager? :-)

Kindest regards
  • #629
  • Dec 5, 2009 5:23pm Dec 5, 2009 5:23pm
It is possible to make a million in a year. I know a scalper on here that is about quarter million away from it that started with a mere $50. I will not name him.

I also know another trader who trades the 5M that started a year ago that is well over a millionaire now. His name is Eusebio. Great trader.

Quoting Forexcube
Hi Fool

I compare your trading with the EMA9/20 crossovers Scalping on 10 sec., 30 sec. and M1 TF's EURUSD with the 10'000.- $ "Cash Flow" Account, with normal risc but very high consecutive wins.

I read a just a little on your threat. That sounds fine,...but do you think getting a millionaire within one year is really practicable?

... or sounds like a wager? :-)

Kindest regards
In Charts We Trust!
  • #630
  • Dec 5, 2009 11:15pm Dec 5, 2009 11:15pm
Wassuuuuup? Just checking in to get some inspiration and see how King Scalper is doing. Have you tried trading AUD yet? I'm a liking A/J the most at the moment. Gold might be a good buy soon too - I've got my eyes on $1,126 area for starters. Was hoping to see some killer account percentage gain for this week so I can try to achieve the same growth in a couple of months ..... if I'm lucky

Keep it green
Nothing worth having is easy.
  • #631
  • Edited Dec 6, 2009 12:06am Dec 5, 2009 11:20pm | Edited Dec 6, 2009 12:06am
Quoting X.Oden
It is possible to make a million in a year. I know a scalper on here that is about quarter million away from it that started with a mere $50. I will not name him.

I also know another trader who trades the 5M that started a year ago that is well over a millionaire now. His name is Eusebio. Great trader.
OK. OK. I'm bringing the spreadsheet back.

To tell you the truth, I somehow had $10k/week as my upper end of the possible. But, really, the limits of the possible are well beyond that. Thanks for the inspiration X.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #632
  • Dec 5, 2009 11:32pm Dec 5, 2009 11:32pm
Fool, I think you can make a killing as long as you cut your losers fast-just like you had been. Just saying.....
  • #633
  • Edited Dec 6, 2009 12:04am Dec 5, 2009 11:50pm | Edited Dec 6, 2009 12:04am
Quoting calderone
Fool, I think you can make a killing as long as you cut your losers fast-just like you had been. Just saying.....
Thanks for that, amigo. I know I have been doing better in the discipline department. I know that over time that will become habitual.

Aggressive scalping really leaves no room for mistakes. I can have a 90+% hit rate but if I slip up on the risk management even once then that could be (and often has been) the mistake that wipes out weeks of steady profits, since the trades are so steeply leveraged.

So I am working into some safer, less aggressive trading styles, as well. Will keep scalping and expect to keep growing an account that way. I have the separate accounts at OandA set up now but the funding level is small in the swing trade accounts. I am going to trade those regularly, though, in some more ranging pairs like AUD/CAD or EUR/CHF or EUR/GBP - will be talking about those trades here, too - still demo'ing.

I have assets I could move into trading but I have not really pulled the trigger there, yet. Still waiting to really know that I can profit consistently. I'd say most of the time I actually feel that way, but the account balance over time is the only witness that counts - I'm looking for a minimum of 3-4 months of smooth equity increase. If I can stick to a Trading Plan that long without making any serious mistakes then I will fund up the accounts and take a stab at trading for a living.

How long did you trade before you went full-time?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #634
  • Edited 12:39am Dec 6, 2009 12:26am | Edited 12:39am
Quoting Patience
Wassuuuuup? Just checking in to get some inspiration and see how King Scalper is doing. Have you tried trading AUD yet? I'm a liking A/J the most at the moment. Gold might be a good buy soon too - I've got my eyes on $1,126 area for starters. Was hoping to see some killer account percentage gain for this week so I can try to achieve the same growth in a couple of months ..... if I'm lucky

Keep it green
Hey V.!

XAU was very good to me last Friday and I hit about 15% account increase on the day - caught about 2,000 pips out of the total 5,000 XAU slide - playing $0.25/pip on 500-pip scalps. Called it on the E/U thread. If I didn't have "scalper mind" I would've got close to the whole enchilada, but I ain't complaining. That was gratifying because I had been scalping XAU all week and was not quite getting it done well. I will be watching Gold for more big moves as the year closes - I think there are going to be some really wealthy traders who do the same. Who knows, maybe I'll buy and hold for a 10,000-pip winner with you? $1,126? I expect lower but I wouldn't want to bet against higher highs, maybe not until after the New Year, we'll see....

Also rode the E/U retrace from 1.51ish down to 1.485. Called that out on E/U thread as well re: a rumored large DNT at 1.5150/1.4850 and I expected a repeat of same thing re: November 20, and sure enough....they did it again. So ~25% on the week. Enough to divvy into some dedicated accounts. I am looking forward to scalping out of a dedicated scalper account & I think that will really help me in the risk/money management department.

Happy Trades!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #635
  • Dec 6, 2009 7:12am Dec 6, 2009 7:12am
That's damn good advice, but he also has to let his winners run....and if done this way, it won't be scalping anymore...but think about it....who really cares? If it makes more money...isn't that the goal?

Quoting calderone
Fool, I think you can make a killing as long as you cut your losers fast-just like you had been. Just saying.....
In Charts We Trust!
  • #636
  • Dec 6, 2009 11:07am Dec 6, 2009 11:07am
Quoting The Fool
... So ~25% on the week. Enough to divvy into some dedicated accounts. I am looking forward to scalping out of a dedicated scalper account & I think that will really help me in the risk/money management department.
Ho, ho, ho - Santa Claus is obviously visiting you. Nice

25% - sheesh, I'm really gonna have to pull my finger out now. Give me about three months to try to match that. I've got different accounts too with varying amounts of money but it's not quite working as I planned and sometimes I forget to check what account I'm in and go bam, bam, bam whacking positions on and then think "$&!%, that's my smallest account!"

I have found that it has been easier to increase the percentage growth on my smaller account than it is on my larger ones though. I'm not upping the risk enough on my larger accounts so that's why I check in with your thread to give me some inspiration to up that position size.

You thinking gold will go lower? $1,126 is the 50% fib from last swing high on weekly and $1,128 is 34 EMA on my daily chart which has acted as good support in the past as well as being nearly $100 down from the high. 50 MA on daily is at $1,090. I see China is only going to buy on dips http://www.telegraph.co.uk/finance/c...-reserves.html

I'm thinking we might test 78.00 on USDX leading up to Xmas/NY. But then again I thought that a couple of weeks ago and it slapped me in the face and had me looking the wrong way missing trading opportunities.

Good trades this week
Nothing worth having is easy.
  • #637
  • Dec 6, 2009 2:36pm Dec 6, 2009 2:36pm
Quoting X.Oden
That's damn good advice, but he also has to let his winners run....and if done this way, it won't be scalping anymore...but think about it....who really cares? If it makes more money...isn't that the goal?
Indeed. Hey - Cut your losers short, let your winners run. I'm gonna have to remember that one. Seriously, tho, X, I'm for whatever I can make work & whatever pays the most. I know letting some winners run is a key to larger gains & I have been working on that. I am going to take a play from the X.Oden book and try to do some longer-term trading of ranging pairs using hedging - still working on that in demo....

On the other hand, I am going to try to stick with what does work & not jump around for the sake of novelty alone.

I think finally trading different methods from these separate accounts is going to really help me. There really is an interference between "scalper mind" and the saner mind needed for longer term trading. Keeping those "minds" segregated in different accounts will be a good thing.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #638
  • Dec 6, 2009 2:47pm Dec 6, 2009 2:47pm
Quoting Patience

I have found that it has been easier to increase the percentage growth on my smaller account than it is on my larger ones though. I'm not upping the risk enough on my larger accounts so that's why I check in with your thread to give me some inspiration to up that position size.
25% was a gift from gold crashing - over 15% of that was in those long scalps on Friday's big XAU drop. I was down about 2% on the account before Friday, mostly because of losing out trying to scalp smaller moves in XAU. I still don't know if I want to be a gold trader, but I will be on the lookout for big breakouts and any resurrection of an unstoppable trend.

I had the same problem with my spot account when it started to get into 5-figures, I would not up the trade size and 2-4% a day slid to 1-2% per day. Nothing wrong with that, but... My approach now is just to scale up the trade size linearly with account size. There will probably be an upper limit to that approach but it may be some time before I reach it.

I have not live traded any AUD pair yet. I figger if I am going to trade AUD/USD I might as well just trade XAU - it pays better - but I am not committed there, either. I am looking at AUD/CAD for a range-trading strategy I want to trade large and that seems promising so far.

Good Luck V. - I think we are in for some more ranging PA in the coming week, but I'm just along for the ride & will try to make the most of it whatever it may be...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #639
  • Dec 6, 2009 3:39pm Dec 6, 2009 3:39pm
Quoting The Fool
Thanks for that, amigo. I know I have been doing better in the discipline department. I know that over time that will become habitual.

Aggressive scalping really leaves no room for mistakes. I can have a 90+% hit rate but if I slip up on the risk management even once then that could be (and often has been) the mistake that wipes out weeks of steady profits, since the trades are so steeply leveraged.

So I am working into some safer, less aggressive trading styles, as well. Will keep scalping and expect to keep growing an account that way. I have...

I traded demo for about 7 months and jumped in live with full lots, got my ass handed to me a few times and reduced my positions accordinly and dumped all the bs from my charts. lol Nothing but candles and trendlines-maybe an ichimoku chart for fun but it was not an easy jump. I thought I could be cool and think of my live account as a demo. hahahahaha!!!!

I didn't start making profits again until I cut the positons......amazing how that enabled the old brain.

Truth is, I made it harder than it really has to be. Analysis is easy-it's keeping me from sabotaging my trades that was hard. Now I set and forget. Just my thing.
  • #640
  • Dec 6, 2009 3:58pm Dec 6, 2009 3:58pm
Quoting calderone
..... Now I set and forget. Just my thing.
I'm guessing that you're not a full-time trader. Set and forget? Sounds like a "Get Rich Scheme" or Infomercial.

Any full-time trader with such a method...will fail. All trades need baby sat. Some need baby sat every few seconds, minutes, tens of minutes, or hours, but you DON'T SET and FORGET!

Sounds reckless to me. If not, then explain yourself.
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