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4% A Day Forever

  • #741
  • Dec 21, 2009 12:17pm Dec 21, 2009 12:17pm
Quoting Primate
Hi Fool, I have been reading a lot of this thread with interest, and wish you success with your endeavour. It is interesting how much can be learned from someone else, so thank you.

I believe you can do 4%, you have been quite candid about your demons. Best of luck to you, ...oh no, there isn't any luck - I remember. I'm off to read posts 300 thru 600, should take me over Christmas...
Thank you, Primate - I am glad you have gotten something useful from this thread. 4% per day would be truly stupendous. I am at this point simply looking for an equity curve that increases with no big jags. If I can do just that month-on-month I will consider myself a graduate of forex trading grade school.

Best of Luck & Happy Holidays!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #742
  • Dec 21, 2009 6:16pm Dec 21, 2009 6:16pm
Quoting The Fool
Thank you, Primate - I am glad you have gotten something useful from this thread. 4% per day would be truly stupendous. I am at this point simply looking for an equity curve that increases with no big jags. If I can do just that month-on-month I will consider myself a graduate of forex trading grade school.
I do hope you graduate. Reading through your thread brings back some painful memories. A couple of years ago, I was up 50% in my demo account in 3 months and thought I had graduated.

Little did I know that the fear/greed demons were lurking on my shoulder ready to rip 25% of my capitol account out of my hands.

I do applaud you for your openness and honestly. I will continue to follow your thread and throw an encouraging word or two at you once in a while.

Regards,
JT
Balance in Everything
  • #743
  • Dec 21, 2009 7:27pm Dec 21, 2009 7:27pm
Quoting jackm1
Big banks who shorted EU at 1.51 or somewhere close, have Phds in math writing computer algorithims like crazies.

These Phds would have been in NASA or somewhere else but their is no budget to get these nuts over there.
So what they do, they find financial markets and write algos they would be writing to simulate flight paths and missile tracking systems.

If there is a wave, the quants ( phds ) can write algorithims to manipulate that wave, now that wave could be a forex or stock chart or a flight path.

You are up against these number...
If you'd been trading the Vegas 1HR tunnel method, you'd have been in on this downmove. Don't talk bollocks, just keep learning and looking at charts and watching prices. If you're really committed , you'll get there.
  • #744
  • Dec 21, 2009 8:01pm Dec 21, 2009 8:01pm
Well, I don't know if its me or the thin market moves - but I have been flailing lately. Was down last week about 4-5% and was negative trying to scalp last night, too.

I am having no trouble at all talking myself into taking a break now.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #745
  • Dec 21, 2009 8:15pm Dec 21, 2009 8:15pm
Happy holidays fool, my friend...I wish you a great new year....and I hope you can continue on your 4% a day goal.

I will be following your thread and look forward to posting.

golferfx
  • #746
  • Dec 22, 2009 10:01am Dec 22, 2009 10:01am
Yea well there is no volume, so what the point of trading a method that requires volume to work properly. I'm taking the next 2 weeks off, all the pro traders are on their skiing trips
  • #747
  • Dec 23, 2009 3:01pm Dec 23, 2009 3:01pm
Quoting golferfx
Happy holidays fool, my friend...I wish you a great new year....and I hope you can continue on your 4% a day goal.

I will be following your thread and look forward to posting.

golferfx

Happy Holidays, golferfx - and same to Turveyd, calderone, Ace, & any and all traders who stop by here.

I am enjoying not trading and probably won't do anything more than a random scalp for the next 2 weeks. I have been reworking my Trading Plan, reading some of the trading books I have - mostly those that relate to self-coaching. It has been about a year since I first heard the word "forex" - & I feel like I have come a long way - but I still have not made money. Creeping back up on break-even, though. I think in the coming year I will become more consistent in my trading. I know I am getting past some of the bad habits that have plagued me.

Here's to a profitable 2010 - God Bless Us, Every One!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #748
  • Dec 23, 2009 4:08pm Dec 23, 2009 4:08pm
Quoting The Fool
Happy Holidays, golferfx - and same to Turveyd, calderone, Ace, & any and all traders who stop by here.

I am enjoying not trading and probably won't do anything more than a random scalp for the next 2 weeks. I have been reworking my Trading Plan, reading some of the trading books I have - mostly those that relate to self-coaching. It has been about a year since I first heard the word "forex" - & I feel like I have come a long way - but I still have not made money. Creeping back up on break-even, though. I think in the coming year I will become...
Thank you and Merry Christmas to you as well! I am doing the same thing, not trading but studying and reading etc.

I know that you will have a much better year.
  • #749
  • Dec 23, 2009 5:39pm Dec 23, 2009 5:39pm
Quoting The Fool
..... OK here's why & tell me if you think I'm being paranoid.

I think they are already trying to get rid of me by glitching the trading platform. I will be in a scalp and have the order window open, ready to quickly close an open trade with a small profit or loss. I will click on the submit button to close the trade and nothing will happen. Sometimes I will have to click 10-20 times before the order takes, sometimes it will never take no matter how much I click the mouse. It is very frustrating to see a winner go south and even hit a sl because...
...aah-ha! I have been waiting for this little gem to leak out. There has been talk in this thread of which broker to use with larger account sizes and I was waiting to see if anybody cast a vote in any particular direction. When OandA was a favorite broker a few people complained that they did not seem to like the scalpers, but were happier with position traders. Now you have endorsed exactly that situation.

Hats-off to you for making the money which you do despite your broker apparently working against you.

This whole aspect has made me consider where to go next. I could take what I know into CFDs or spread-betting, but that may be no better. For the time being I shall stay with my broker - but I am exploring alternatives. It may be that when larger volumes are traded it is possible to get onto a different trading basis.

There are now a few brokers offering different inducements for traders with larger account sizes and/or larger trading volumes. With your current position size and the number of trades you make in a day your daily volume is around $2.5m. That should be enough to satify most brokers and I am at a loss as to why your broker would hamper your efforts. It also concerns me that this behaviour may be common to most if not all brokers. Please somebody prove me wrong.

Keep at it, and drinking to your success (nice Merlot - from California as it happens)


JFYI when I thought this was happening to me with my previous broker I would simply log-off and shut down my system, and then try again the next day. After a while that seemed to sort things out. However I fouled-up later and shut my account rather than give them any more money.
Minesweeper target: 284
  • #750
  • Dec 23, 2009 6:22pm Dec 23, 2009 6:22pm
Quoting The Fool
Happy Holidays, golferfx - and same to Turveyd, calderone, Ace, & any and all traders who stop by here.

I am enjoying not trading and probably won't do anything more than a random scalp for the next 2 weeks. I have been reworking my Trading Plan, reading some of the trading books I have - mostly those that relate to self-coaching. It has been about a year since I first heard the word "forex" - & I feel like I have come a long way - but I still have not made money. Creeping back up on break-even, though. I think in the coming year I will become...

You too dude!!

Same here on the trading, no point during low volume periods even trying, re jigged my system a bit to so studying the results from that.

Enjoy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #751
  • Dec 23, 2009 8:07pm Dec 23, 2009 8:07pm
Quoting Primate
...aah-ha! I have been waiting for this little gem to leak out. There has been talk in this thread of which broker to use with larger account sizes and I was waiting to see if anybody cast a vote in any particular direction. When OandA was a favorite broker a few people complained that they did not seem to like the scalpers, but were happier with position traders. Now you have endorsed exactly that situation.
Hi Primate,

The problem I was having with non-execution of trades disappeared shortly after I complained about it in several threads here on FF. Isn't that interesting?

However, the other issue I mentioned - where price action would immediately stop whenever I had a market order filled - if only briefly - is persistent and common on all of my trades & quite noticeable on the 5s/10s chart. I believe OandA has an algorithmic approach to matching given trades to corresponding "opposite" trades - and this must be done within the tight parameters of the real interbank currency pair price data flow - but there is some leeway for them to do so by "smoothing" & otherwise manipulating the "real" data. The manipulations performed are not noticeable on a M5 or maybe even a M1 chart, but are on the faster charts. Frankly, I am not sure what the purpose of this is. It occurs to me that there could be an effort to smooth PA in such a way as to delay its progression from my specific buy/sell point toward profit beyond the spread. Its beyond me. But I find it bizarre: I am specifically attacking price that exhibits momentum and every time my puny little 1/2-lot order is executed the momentum stops - if only for a few seconds, but sometimes longer. Long enough for an aggregation of opposing orders to pile up against mine and move PA back toward my entry? Long enough to maybe make me think twice about my entry and perhaps kill the trade with a small loss? Hmmm....

I'll tell you: I have long thought that this online trading industry is a glorified casino game. Forex has got to be the worst of it. (Futures, I used to think, was beyond the pale - but I got regularly slipped at scalping futures, too.) The forex brokers do not need winning traders - their business model can not allow a growing percentage of winners. They need a constantly replenished stream of newbies - and they have the big advertising budgets to continuously bring those sheep to the slaughter. And, so far, I have been just another lamb. I have long imagined that I would eventually get out of the poor money management habits that kept eating the steady profits I made scalping - and then the broker would do whatever it took to get rid of me, including platform glitching or theft or deletion of my profits or unilateral termination of my account. I think I will have a chance to find out about that in the new year.

Good Luck to all of us Sheep!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #752
  • Dec 23, 2009 8:31pm Dec 23, 2009 8:31pm
Quoting The Fool
Hi Primate,

The problem I was having with non-execution of trades disappeared shortly after I complained about it in several threads here on FF. Isn't that interesting?

However, the other issue I mentioned - where price action would immediately stop whenever I had a market order filled - if only briefly - is persistent and common on all of my trades & quite noticeable on the 5s/10s chart. I believe OandA has an algorithmic approach to matching given trades to corresponding "opposite" trades - and this must be done within the tight parameters...

Yep thats all true, why they push the bad don't scalp H4 crap on everyone to take there money.

It's worse than that though, over all, all of the funds / banks are profiting from there Forex trades, there professionaly if there not making money and paying there huge expenses aswell they wouldn't bother simple as, so if there all making money where does this money come from ??? Yes US!!

Why they also preach you need 100K to do well, it suckers in the 100K brigade which quickly lose it and give up, easy money for them.

Where as the $500 brigade ie me, keeps plugging at it till we eventually end up over in profit They don't like us at all.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #753
  • Dec 27, 2009 10:57pm Dec 27, 2009 10:57pm
Quoting Turveyd
Yep thats all true,...
And yet, knowing that, do you still trade?

What are you still doing here on FF if all the forex system is just an big scam?
  • #754
  • Dec 27, 2009 11:36pm Dec 27, 2009 11:36pm
He's got us Turveyd. Nothing left to do now but hang it up and repair to the day job.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #755
  • Dec 28, 2009 4:40pm Dec 28, 2009 4:40pm
Quoting Melisky
And yet, knowing that, do you still trade?

What are you still doing here on FF if all the forex system is just an big scam?
It has taken me four years to wonder whether there is any hope. There is hope. The brokers don't need you to be successful, they just need you to keep trying. They particularly don't want you to be successful as a scalper because it is difficult for them to manipulate pricing in their favour, and it would appear that some resort to other methods.

There is no doubt that if you trade H4 or longer then you can make a profit if you know what you are doing. Indeed I suspect that the reason why veteran traders use longer time frames is because they use low leveraging and can wait-out the market movements. Taking a bland view of things, if you had a $200k account you could afford to make 2% per month and be comfortable on that. The rest of us are trying to build from under $10k.....

To check on what the customers feel about their brokers, and remember you need a large pinch of salt for each listing because mainly only the disgruntled traders post stuff, check out the Forex Peace Army website.
Minesweeper target: 284
  • #756
  • Dec 30, 2009 6:25pm Dec 30, 2009 6:25pm
I ran fractal breakout trades on my back tester for over a 2 year period. DAMN! Such high probabilities! Almost every breakout was an instant hit for 10 pips......

I didn't use stops and eventually on the 2nd year, the price retraced to oblivion blowing the gains, but I used large lots and no stops.

I'm going to back test some more with stops to include the spread and lower position size to see what probabilities come out of it..
In Charts We Trust!
  • #757
  • Dec 30, 2009 8:18pm Dec 30, 2009 8:18pm
Quoting Melisky
And yet, knowing that, do you still trade?

What are you still doing here on FF if all the forex system is just an big scam?
I just ignore the BS and the Scam part which everyone falls for and carry on trading, IF all of the trading houses are overall profiting from Forex then ofcourse we can to.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #758
  • Dec 30, 2009 10:49pm Dec 30, 2009 10:49pm
Hi Turveyd, X.Oden, & all other FF friends,

Hope you all are enjoying the holidays - I have been. Made a couple 5-10 pip scalps last night, - just for the hell of it - first trades I made since 12/20. Will be glad to get back in the mix but I don't mind waiting another week or two for that to happen.

Meanwhile, been catching up on my reading and tying up loose ends. Have a project about to get built starting in January & lucked out to get them (the State - deep pockets) to hire me to do construction management - about an 8-week gig. This will force me to be disciplined about trading as I will only have about 2 hrs per day max to scalp - around the FO/LO as usual.

Have also been re-working my Trading Plan & may post it here fwiw when its done. Until I have full days to trade again, I am just going to be a short tf scalper. That's the only thing that has worked consistently for me - probably because its the only thing I have tried to do consistently. But at any rate, long tf trading will continue on demo for now.

It has been about one year since I first heard the word "forex" and started learning about daytrading - starting with babypips.com. I know I have learned alot - about trading and about economics, also, and about myself. Probably the single most important thing I have taken away from live trading for 7-8 months now is how important it is to be disciplined about sticking to a trading plan. In the last couple months I feel like I have started to jell those good money management habits that I needed. And so, I am hopeful for the future.

And I'm only in the hole about $5k! Not that I needed the write-down. But Uncle Sam will owe me some tax back. And I'll be back in black before too long, I am sure.

I hope you all have a happy and prosperous 2010!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #759
  • Dec 31, 2009 6:26am Dec 31, 2009 6:26am
Quoting The Fool

Have also been re-working my Trading Plan & may post it here fwiw when its done. Until I have full days to trade again, I am just going to be a short tf scalper. That's the only thing that has worked consistently for me - probably because its the only thing I have tried to do consistently. But at any rate, long tf trading will continue on demo for now.

Short TF's like your doing is the only thing that works consistently full stop well enough to be a wage replacement without millions in the account.

21ema added to my trading plan, strict ( pretty much ), longs on a move over and short on a move under with my other rules, stacks up pretty well.

Think I've been messing with Forex for 6years in total which is SCAREY, -$2500 so hobby money really, there has been years of down time though over that period.

I don't put much significance on a year change personally, same old same old is expected!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #760
  • Dec 31, 2009 6:40pm Dec 31, 2009 6:40pm
Quoting X.Oden
I ran fractal breakout trades on my back tester for over a 2 year period. DAMN! Such high probabilities! Almost every breakout was an instant hit for 10 pips......
Cool....when I get smarter I am going to try to code an EA for breakout trading - seems like that might be pretty easy to do algoritmically. Then I could be scoring those 10-pip gimmes on 10 pairs - couple times a day - while I work on my tan - sweet....
"If The Fool persists in his Folly he will become wise." - William Blake
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