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The Journal of a rich trader

  • #1
  • First Post: Jan 7, 2010 12:29pm Jan 7, 2010 12:29pm
The goal: Become rich trading forex.
I will become rich trading forex, so this is going to be my diary of trading.

I will try to double-triple my account every month.

but the first thing first, i am going to trade a demo account untill i do it good to start trading live.

I will start with a $1,000. demo account.
Get rich or die trading.
  • #2
  • Jan 7, 2010 12:31pm Jan 7, 2010 12:31pm
Be warned it'll take for ever for a demo account to become worth well anything at all
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3
  • Jan 7, 2010 12:43pm Jan 7, 2010 12:43pm
Good luck to you. This is a great way to hold yourself accountable and to monitor your progress as a trader.

I noticed that you are starting with a 1,000 demo account is that about how much you plan on starting the live account with later? If it is, that is a great way to start. It gives you a perspective on how you will need to trade the live account.
  • #4
  • Jan 7, 2010 12:51pm Jan 7, 2010 12:51pm
Quoting magnumfreak
Good luck to you. This is a great way to hold yourself accountable and to monitor your progress as a trader.

I noticed that you are starting with a 1,000 demo account is that about how much you plan on starting the live account with later? If it is, that is a great way to start. It gives you a perspective on how you will need to trade the live account.
correct
Get rich or die trading.
  • #5
  • Jan 7, 2010 1:01pm Jan 7, 2010 1:01pm
Quoting Magodelforex
The goal: Become rich trading forex.
I will become rich trading forex, so this is going to be my diary of trading.

I will try to double-triple my account every month.

but the first thing first, i am going to trade a demo account untill i do it good to start trading live.

I will start with a $1,000. demo account.
to be honest u will on a demo..and think u have a recipe to make money, only problem is live account and facing the possibility to lose a 3rd of yur accound, the stress with impede yur trading head and u will blow yur accound

best advise i can give u is: treat the demo like it is real money..risk 1% of the demo to make a fortune..if u can do this..u might have a chance..going in like a gambler will finish u in this and ruin yur head for trading
  • #6
  • Jan 7, 2010 1:05pm Jan 7, 2010 1:05pm
Quoting nAVIN2007
to be honest u will on a demo..and think u have a recipe to make money, only problem is live account and facing the possibility to lose a 3rd of yur accound, the stress with impede yur trading head and u will blow yur accound

best advise i can give u is: treat the demo like it is real money..risk 1% of the demo to make a fortune..if u can do this..u might have a chance..going in like a gambler will finish u in this and ruin yur head for trading
thank you for the advice, i will treat my virtual money as real.
Get rich or die trading.
  • #7
  • Jan 7, 2010 1:22pm Jan 7, 2010 1:22pm
Never been able to treat my virtual money as anything more than a game I kick ass at Demo or I make excuses for the fails and open a new account, 1 or the other

Open a Micro trading at 10cent account per pip then increase the lots slowly when your doing well and open a $1 per pip account later.

When profitable, think 3 - 4% at risk if your systems pretty tight, thats sustainable through the hard times, 1% is to slow and you'll lose interest.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #8
  • Jan 7, 2010 1:23pm Jan 7, 2010 1:23pm
OK, my trades are going to be like this.

stoploss = 25 pips + spread

target = 2 (stoploss)

I will start trading EUR/USD. I will risk 5% per trade. I hope to make 2 to 3 trades a day.
Get rich or die trading.
  • #9
  • Jan 7, 2010 1:27pm Jan 7, 2010 1:27pm
Quoting Magodelforex
OK, my trades are going to be like this.

stoploss = 25 pips + spread

target = 2 (stoploss)

I will start trading EUR/USD. I will risk 5% per trade. I hope to make 2 to 3 trades a day.

Target 2 ?? 2 pips with a 25SL, so you'll need 14 winning trades to compensate for 1 loser, also you'll need a 5pip move to get to the +2, so 60% of the move is wasted on spread.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #10
  • Jan 7, 2010 1:36pm Jan 7, 2010 1:36pm
Quoting Turveyd
Target 2 ?? 2 pips with a 25SL, so you'll need 14 winning trades to compensate for 1 loser, also you'll need a 5pip move to get to the +2, so 60% of the move is wasted on spread.
2 (stoploss) = 2 times stoploss
Get rich or die trading.
  • #11
  • Jan 7, 2010 1:52pm Jan 7, 2010 1:52pm
Quoting Magodelforex
2 (stoploss) = 2 times stoploss

Ahhhhh better, maybe!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #12
  • Jan 7, 2010 2:33pm Jan 7, 2010 2:33pm
a fixed stop loss and fixed profit target will just cause death by 1,000 stops...

you may be better to look for something that adjusts profits and losses distances with volatility. and adjust position size accordingly to keep risk consistant ....

if you are going to use a gambling concept which you are ... no use arguing that you may also try using fixed losses and profits

like
10$ for each loss and 20$ for a win no changing that not a % of account.. the difference is a lower win rate can make profits with fixed losses and profits... 1:2 fixed makes a profit at 35% win rate and 1:2 as a % of account breaks even at 50% win rate

good luck
  • #13
  • Jan 7, 2010 2:38pm Jan 7, 2010 2:38pm
Quoting domino
a fixed stop loss and fixed profit target will just cause death by 1,000 stops...

you may be better to look for something that adjusts profits and losses distances with volatility....
i will calculate my 5% for every trade, just 1 trade at a time. This is going to be amazing, if i win today i win $100, if i lose i lose $50. (virtual for now)
Get rich or die trading.
  • #14
  • Jan 7, 2010 2:47pm Jan 7, 2010 2:47pm
Quoting Magodelforex
i will calculate my 5% for every trade, just 1 trade at a time. This is going to be amazing, if i win today i win $100, if i lose i lose $50. (virtual for now)

Your much better off working on a direction basis, ie the market is going UP so you go long on a good price so waiting for a pull back at times and you hold this Long until the market either stalls or starts going down, then you exit.

SL only for emergency, No TP and you want to minimize your losses as much as possible without totally killing your win rate!!

Keep your Max Loss in the 10-15pip area depending on conditions, put a 25SL in as a worst case stop.

Profit wise, it could move 5pips up and stall or it might move 100pips.


If you keep it simple like that then the market is beatable, but it's never easy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #15
  • Jan 7, 2010 3:43pm Jan 7, 2010 3:43pm
Quoting Turveyd
Never been able to treat my virtual money as anything more than a game I kick ass at Demo or I make excuses for the fails and open a new account, 1 or the other

Open a Micro trading at 10cent account per pip then increase the lots slowly when your doing well and open a $1 per pip account later.

When profitable, think 3 - 4% at risk if your systems pretty tight, thats sustainable through the hard times, 1% is to slow and you'll lose interest.

yes dillian..what most people simply dont understand, i certainly didnt is that when yur on a demo, u can treat it like a real account..but nothing quite prepares someone for a loss on demo versus loss on real

demo loss..u shake off..
live trade loss...can make u cautious, over think

its a pyscological war which occurs where u end up learning so much about how yur emotions can play in yur trading results..

keep it as real as possible..u will be fine!!
the key is not to change yur rules regardless once u have yur edge..
  • #16
  • Jan 7, 2010 3:47pm Jan 7, 2010 3:47pm
Quoting nAVIN2007
yes dillian..what most people simply dont understand, i certainly didnt is that when yur on a demo, u can treat it like a real account..but nothing quite prepares someone for a loss on demo versus loss on real

demo loss..u shake off..
live trade loss...can make u cautious, over think

its a pyscological war which occurs where u end up learning so much about how yur emotions can play in yur trading results..

keep it as real as possible..u will be fine!!
the key is not to change yur rules regardless once u have yur edge..

Thats why start with Demo get the Basics down then Micro account keeping it small then onto a Mini account then full $10 Lot account then retire.

Easy he says!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #17
  • Jan 7, 2010 3:49pm Jan 7, 2010 3:49pm
Quoting nAVIN2007
the key is not to change yur rules regardless once u have yur edge..
Market changes sadly, so 1 set of rules could be profitable for a few months then wipe you out you've got to learn to adapt and think on your feet.

Thats what makes this game so tricky you think you've got it, it's all going well then all of a sudden it's not and ohhhhh
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #18
  • Jan 7, 2010 3:51pm Jan 7, 2010 3:51pm
Good luck to you. Most new traders that start a demo with $100,000 or even $10,000 trade unrealistic sums, knowing that when they open their first live account they'll do so with only a fraction of that.

Do yourself a favor and practice patience now. Once you get a trigger finger, it's hard to break!
  • #19
  • Jan 7, 2010 4:02pm Jan 7, 2010 4:02pm
At the risk of being redundant, I shall reiterate......
If you start with a demo and start consistently make a profit there is a 98% chance that when you open a live funded account you will blow up.....

A good alternative..... open an account with a broker that allows flexible trade sizing and a small initial balance, then trade small with real money.... you will get the emotions of live trading.

Believe me, even at 10 cents a pip when the market starts turning against you ... You will experience emotions.
  • #20
  • Jan 7, 2010 4:18pm Jan 7, 2010 4:18pm
Quoting Turveyd
Market changes sadly, so 1 set of rules could be profitable for a few months then wipe you out you've got to learn to adapt and think on your feet.

Thats what makes this game so tricky you think you've got it, it's all going well then all of a sudden it's not and ohhhhh
Unless... you create a system that works in both; trending and ranging markets. Or a system that tells you to stay away rather a system that indicates an entry
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