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4% A Day Forever

  • #801
  • Jan 4, 2010 5:01pm Jan 4, 2010 5:01pm
Quoting The Fool
Hey D.,

I have thought about spending some time in Europe if I keep going with this. Actually, if it turns into a career change I had thought I would do some time in Chicago, New York, & London - just to see what I could learn from the traders who are concentrated there. Definitely, though, sitting in Europe somewhere makes a big difference. You can trade the best of the European & N. American sessions & still have a normal day. I have a friend lives in Prague & he seems to have too much fun.

Anyway, time will tell - I'm not burning any bridges...

I don't think you'd learn anything different by being a different country you might get to sleep more but thats about it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #802
  • Jan 4, 2010 5:03pm Jan 4, 2010 5:03pm
Quoting The Fool
Hi Primate,

I'm in at a standard lot per $5k, or 50:1. I have gotten quite mechanical about the 5-pip max sl with max 0.2% of account per pip. This is probably pretty aggressive trading by anybody's standards, I suppose. But one good thing about being aggressive is it forces you to be right. And it forces you out of being wrong. If that makes sense. As you say...works for me & that's all that matters.

Best of Luck to you, too.

Been sharpening my entrys and reducing my SL 7-10 + Spread currently, using a Trailing stop that follows at 0.1pips to so if it moves 6pips then turns fast on me, my loss is reduced by 6pips, seems to work in theory so far.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #803
  • Jan 4, 2010 6:35pm Jan 4, 2010 6:35pm
Quoting Turveyd
I don't think you'd learn anything different by being a different country you might get to sleep more but thats about it.
Probably true, but I need to cultivate that high-flying international currency trader image. Probably need to get new overalls & everything....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #804
  • Jan 4, 2010 6:41pm Jan 4, 2010 6:41pm
If you want to be a high-flying foreign currency trader, then you need to make enough money to buy a blimp, that way you can trade from wherever you want

I don't have a problem with the leverage someone is using... it only matters what your eventual risk is. Seems like you have that part down
  • #805
  • Jan 4, 2010 9:24pm Jan 4, 2010 9:24pm
Quoting Zsx
If you want to be a high-flying foreign currency trader, then you need to make enough money to buy a blimp, that way you can trade from wherever you want

I don't have a problem with the leverage someone is using... it only matters what your eventual risk is. Seems like you have that part down
Dude, I always wanted my own blimp. And I agree with you - risk, and its control, is the key issue. Leverage is a part of the game & can be embraced as such so long as risk is controlled.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #806
  • Jan 4, 2010 9:26pm Jan 4, 2010 9:26pm
and a new pair of sh*t kickers.....lol
Annoying Precision
  • #807
  • Jan 4, 2010 9:29pm Jan 4, 2010 9:29pm
Quoting erikte279
and a new pair of sh*t kickers.....lol

yeah...or them shoes that look like feet, so I can always be barefootin'. Got to stay mellow...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #808
  • Jan 4, 2010 9:38pm Jan 4, 2010 9:38pm
I tried scalping, found it very stressful.
Annoying Precision
  • #809
  • Jan 4, 2010 9:42pm Jan 4, 2010 9:42pm
Quoting erikte279
I tried scalping, found it very stressful.
The best fights are over quick, regardless of the outcome.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #810
  • Jan 4, 2010 9:43pm Jan 4, 2010 9:43pm
Quoting erikte279
I tried scalping, found it very stressful.
me too. i much prefer short time frame entries for long running trades.
  • #811
  • Jan 4, 2010 9:43pm Jan 4, 2010 9:43pm
Quoting The Fool
The best fights are over quick, regardless of the outcome.
lol nice saying
  • #812
  • Jan 4, 2010 9:44pm Jan 4, 2010 9:44pm
Quoting magnumfreak
lol nice saying
Hey buddy. Say hi to the ghost of James Brown, if you see him around downtown.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #813
  • Jan 4, 2010 9:46pm Jan 4, 2010 9:46pm
Thats how ive been taking my setups, still working on my exits regarding the long running portion.

Quoting magnumfreak
me too. i much prefer short time frame entries for long running trades.
Annoying Precision
  • #814
  • Jan 4, 2010 10:11pm Jan 4, 2010 10:11pm
Quoting The Fool
Hey buddy. Say hi to the ghost of James Brown, if you see him around downtown.
James Brown actually sang happy birthday to a friend of mine. He happened to be eating at the same place. He walked up right after the waiters sang to my friend and in his James Brown voice said "HA! They ain't got no soul!" He proceeded to bust out a really cool version of happy birthday along with a patented James Brown dance. The whole place went nuts, clapping and cheering him on.

I only saw him one more time before he passed away. I waved to him as he got into his limo, he waved back and smiled. As I walked into the store his bodyguard came up to me and gave me an autographed CD of his greatest hits.

Not sure how he was when he was younger but in his later years, he was cool in my book. Very approachable.

There is a really nice tribute to him at our local museum.

Anyway, sorry for the trip down memory lane. It's an old person thing. LOL!
  • #815
  • Jan 5, 2010 12:50am Jan 5, 2010 12:50am
Well so far today I am the little scalper. First trade of the year a positive. Great way to start. Stuff I learned on Turv's board.

Missed my good 5m entry by 25 min. been 40 pip run. I was busy running around the house doing family stuff. I am half tempted to try doing this very early in the morning when all are in bed. But then no sleep for me.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #816
  • Jan 5, 2010 1:05am Jan 5, 2010 1:05am
Quoting The Fool
Hey buddy. Say hi to the ghost of James Brown, if you see him around downtown.
hey buddy i want to be like or even do more than you. i want to turn my 1k to mill in 2.5 years by making about 3-5% per day that means i will be targetting about 25pips a day by risking a awesome % of my account(10%). some people here myt say im risking too much but i can tell u im not risking more than what i can bear. i will have like 2 to maximum of 3 trades per day. i will be posting my progress here everyday. pls i want encouragement as i dont want to be discouraged. i have done this on my demo account and almost done it on my live account. now im taking a step higher.
i use a very very simple setup and dont consider my trading as scalping.
goodluck to me.
i have already made my 25+ pips today on the account, now playing with my demo
  • #817
  • Jan 5, 2010 1:36am Jan 5, 2010 1:36am
Quoting beejay
i will be posting my progress here everyday.
Hey beejay,

That sounds like an ambitious plan. Just remember to cover your ass & you will probably do great. The bottom line of your trading account will tell you how well you are doing - that will be the most important counsel you can ever find.

Go ahead & start your own trading journal thread, though, & let me know when you have it up - I will be interested to witness your progress.

Good Luck!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #818
  • Jan 5, 2010 1:44am Jan 5, 2010 1:44am
Quoting Rufus
I was busy running around the house doing family stuff. I am half tempted to try doing this very early in the morning when all are in bed. But then no sleep for me.
Hey Rufus,

This 2230-midnight run is pretty prime; London/NY overlap is choice but that's a hard one. I have got to where I will wake up at around 0445 even without an alarm - even if I finally just went to sleep around 0200. But then if I trade for an hour or so during NY I am wiped out in the afternoon & need a nap. Not always doable, not at all if you have a regular job.

Pretty much your only option is to start making them megabucks so you can trade with size for a couple hours a day. Or trade on the h4/daily if it suits you. I'm retarded so I will just keep scalping.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #819
  • Jan 5, 2010 12:19pm Jan 5, 2010 12:19pm
Quoting The Fool
Hey beejay,

That sounds like an ambitious plan. Just remember to cover your ass & you will probably do great. The bottom line of your trading account will tell you how well you are doing - that will be the most important counsel you can ever find.

Go ahead & start your own trading journal thread, though, & let me know when you have it up - I will be interested to witness your progress.

Good Luck!
yep, I will also like to know when the journal is up to follow it.
  • #820
  • Jan 5, 2010 1:56pm Jan 5, 2010 1:56pm
M5 and M1 coupled with trendlines seem to provide some good entries.
Annoying Precision
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