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The Journal of a rich trader

  • #21
  • Jan 7, 2010 2:21pm Jan 7, 2010 2:21pm
Quoting tradestar1
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.
Thats exactly what i will do... i will trade demo first, then i will trade live with my broker that allows positions of $1.
Get rich or die trading.
  • #22
  • Jan 7, 2010 3:30pm Jan 7, 2010 3:30pm
Much better to do that.
I'm demo trading at the moment but i do have a live account. It's still in a very healthy state but i took a whopping hit on one of my first days trading - turned out I had a lot to learn! I stayed with the live one for a while, made back quite a bit of what I lost, but it's still not what it was originally. At the moment I'm setting up rules and logical goals, etc, but honestly - it took me ages to be able to treat the demo seriously because it "doesn't matter".
Opening a live one and losing makes you over-analyze, but it also makes you appreciate demo trading!!
|/ Dream as if you'll live forever... Live as if you'll die today. \|
  • #23
  • Jan 7, 2010 10:03pm Jan 7, 2010 10:03pm
Short eur/usd

open:1.4289

stpoloss: 1.4316

target: 1.4235
Get rich or die trading.
  • #24
  • Edited 10:41pm Jan 7, 2010 10:26pm | Edited 10:41pm
CLOSED BY STOPLOSS
http://img683.imageshack.us/img683/1324/55439168.png

RESULT= -27 pips

% LOST= 5%

TOTAL ACCOUNT = $949.99


Notes to learn: One of my most stupid mistake was to open the trade before the candle closed, just after i opened the trade the price did go up and then the candle closed and i was in negative. the next candle did hit my stoploss.

I want to add this trade was a crap....
Get rich or die trading.
  • #25
  • Jan 7, 2010 10:38pm Jan 7, 2010 10:38pm
its fantastic!you must try on demo account first before you start on live account.as Me also doing the same.I also start my trading on the demo account the reason being you can make any kind of mistakes.Whixh youy can beware on Live account.wish you all the best and pray for me as well that i also become a well trader......
TRADE WHAT YOU SEE AND NOT WHAT YOU EXPECT
  • #26
  • Jan 7, 2010 10:51pm Jan 7, 2010 10:51pm
I'm agree with you do it on demo first then start in on live account


Gud Luck Trade well!
TRADE WHAT YOU SEE AND NOT WHAT YOU EXPECT
  • #27
  • Jan 7, 2010 11:00pm Jan 7, 2010 11:00pm
wish u all the best...
  • #28
  • Jan 8, 2010 5:12am Jan 8, 2010 5:12am
Quoting Magodelforex


Notes to learn: One of my most stupid mistake was to open the trade before the candle closed, just after i opened the trade the price did go up and then the candle closed and i was in negative. the next candle did hit my stoploss.

I want to add this trade was a crap....

Dont' put too much on candles closing, 30seconds later something happened it happens get over it.

And you likely entered cause they moved the market down X pips and you just on it short hoping for it to continue, they do this and reverse to trap newbie's, your just falling for 1 of many of there little tricks.

Losses happen don't take them personally or you'll never be able to function proper!!"
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #29
  • Jan 8, 2010 9:11am Jan 8, 2010 9:11am
Quoting Magodelforex
CLOSED BY STOPLOSS
http://img683.imageshack.us/img683/1324/55439168.png

RESULT= -27 pips

% LOST= 5%

TOTAL ACCOUNT = $949.99


[font=System][color=Blue]Notes to learn: One of my most stupid mistake was to open the trade before the candle closed, just after i opened the trade the price did go up and then...
Hello Mago my friend. Part of good money management is risking a small enough % of your trading capital per trade, so that you can withstand a long string of losers and still have enough left to carry on trading until hopefully you hit that long string of winners. If you think 5% is ok to risk per trade that's up to you...but have a good think about it. If you trade for a long time it is quite possible to have a string of 30, 40, even 50 ( heaven forbid) losers in a row. Do the maths and think how this would impact on your account and ability to make decent money. Best of luck.
  • #30
  • Jan 8, 2010 9:22am Jan 8, 2010 9:22am
Quoting TheGreatMilenko
Hello Mago my friend. Part of good money management is risking a small enough % of your trading capital per trade, so that you can withstand a long string of losers and still have enough left to carry on trading until hopefully you hit that long string of winners. If you think 5% is ok to risk per trade that's up to you...but have a good think about it. If you trade for a long time it is quite possible to have a string of 30, 40, even 50 ( heaven forbid) losers in a row. Do the maths and think how this would impact on your account and ability to...

Hello Mago my friend. LOL

I just rolled a 7 losers in a row before a profit, so based on that and not adjusting your Lot size as you can't that accurately you'd of lost 35% of your account in simple terms.

My best run is 23wins in a row I got 13wins in a row before this losing streak, thought I was invunerable.

I say 3% area, 7 losers would = -21% the advantage is 7 winners would get you +21% which is what you want at 1% your spinning your wheels but not really going anywhere.

It's weird how winning and losing streaks happen, mate was up 300% on a small account in 2 days then all the way back down without barely 1 winner, very strange!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #31
  • Jan 8, 2010 9:34am Jan 8, 2010 9:34am
LONG eur/usd

open:1.4380

stpoloss: 1.4353

target: 1.4434

Reason to trade: I see the 15min chart for 3 seconds , i see it is going up
Get rich or die trading.
  • #32
  • Jan 8, 2010 9:41am Jan 8, 2010 9:41am
Quoting Turveyd
Hello Mago my friend....
Turv my friend you're going to have to brush up on your maths.7 losers in a row at 5% risk of capital per trade would result in a loss of approx 30.2%. 7 losers at 3%risk would result in a 19.2% loss. If you risk 1% per trade with a positve expectancy, your wheels ain't spinning, you're making money. Come on turv, get your act together!
  • #33
  • Jan 8, 2010 10:16am Jan 8, 2010 10:16am
Update

A friend gave me a system called 5emas forex system, i will dedicate this weekend to learn how it works, and maybe start to trade it on sunday evening, so far i have used 3 diferent systems, lmt forex formula worked well but the trades lasted for days or weeks, vegas tunnel system is great and i will keep using it, the same with sidus method. so far i think that day trading can be more profitable than position trading.

I have found that trading a random direction can be profitable ( at least in short term) using a fixed mm model. so i think if i use a system combined with a fixed mm model, i can have more probabilities or a movement in the direction of the entry signal.
Get rich or die trading.
  • #34
  • Jan 8, 2010 10:26am Jan 8, 2010 10:26am
CLOSED BY TARGET
http://img163.imageshack.us/img163/7034/39582823.png

RESULT= +54pips

% PROFIT= 42%

TOTAL ACCOUNT = $1,348.99

Notes to learn: as i said, this position was almost ramdom in its direction, but not in its money management, i saw the 15min chart, and i tried to feel the direction of the market, no analysis, this proves that you can be profitable (at least in short term) using just money management. i risked 21% of my account on this trade, so i won 42%, but it would be 10%. in this case i would have made my day, no more trades, enjoy the rest of the day.
Get rich or die trading.
  • #35
  • Jan 8, 2010 11:32am Jan 8, 2010 11:32am
RESULTS OF THE WEEK #1.

Total trades: 2
Total loses: 1
Total wins: 1

Total % grown: 34.89%

TOTAL ACCOUNT = $1,348.99
Get rich or die trading.
  • #36
  • Jan 8, 2010 1:10pm Jan 8, 2010 1:10pm
Magodelforex

Just to give you some tips from my little experience in trading the market live for more than 2 years.

1. Go and open a small micro account. Why? you cannot know yourself unless there is real money involved. Trading demo and real are two opposite experiences.

2. The best time to trade are market open or closes. Either london,US and Asia. My personal experience is that there is a lot of momentum during the london open and less whipsaws. You can apply a trending following system on the 5 or 15 min chart and get at least 40 pips daily on GU or Gchf just trading the first three hours of london open.( Do not enjoy trading the US open too choppy and a lot of whipsaws. By the way blew 2 live accounts trying to trade the us market).

3. Pls do not use a fixed tp or sl. It is a recipe for failure. Trading is all about support and resistance. You can't place a stop in the middle of nowhere and expect it wouldn't get hit. Place your stops some pips behind resistance or support. You can use the pivot points as targets and watch out for daily and weekly highs and lows. Price more often than not bounce of these levels.

4. And finally stick to one system. Understand the edge the sytem gives you and its short comings and what currency pair it works best and time frame. There are no one size fits all.

So in summary know thyself and know the market.
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #37
  • Jan 8, 2010 1:22pm Jan 8, 2010 1:22pm
Quoting TheGreatMilenko
Turv my friend you're going to have to brush up on your maths.7 losers in a row at 5% risk of capital per trade would result in a loss of approx 30.2%. 7 losers at 3%risk would result in a 19.2% loss. If you risk 1% per trade with a positve expectancy, your wheels ain't spinning, you're making money. Come on turv, get your act together!

Ahhhh I covered that by saying, If you don't change the Lot size or SL cause lets face it you can't always trade smaller, so I was working the 5% as a fixed amount.

I class 1% as a waste of time, maybe if you've got a 20K account fair enough but for most of us, life is just too short trade at 3% make 3x's the money sorted!!

Yes I'm greedy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #38
  • Jan 8, 2010 2:27pm Jan 8, 2010 2:27pm
Quoting okehiedon
Magodelforex

Just to give you some tips from my little experience in trading the market live for more than 2 years.

1. Go and open a small micro account. Why? you cannot know yourself unless there is real money involved. Trading demo and real are two opposite experiences.

2. The best time to trade are market open or closes. Either london,US and Asia. My personal experience is that there is a lot of momentum during the london open and less whipsaws. You can apply a trending following system on the 5 or 15 min chart and get at least 40 pips...
Thank you very much for your advice, i appreciate it so much, i will try to stick to one system, this weekend i will learn a system called 5emas forex system, i hope i understand it and trade it. I have traded lmt forex formula, but it was too slow for my personality, it was great making +400 pips a month, but i haved to risk 40% to get the same resutls i am trying to get with lower risk 5%, maybe a 4h system would work for me too, but for now i will try this 5emas forex system, which i think it is a scalper and day trading system...
Get rich or die trading.
  • #39
  • Jan 8, 2010 2:53pm Jan 8, 2010 2:53pm
Quoting Magodelforex
Thank you very much for your advice, i appreciate it so much, i will try to stick to one system, this weekend i will learn a system called 5emas forex system, i hope i understand it and trade it. I have traded lmt forex formula, but it was too slow for my personality, it was great making +400 pips a month, but i haved to risk 40% to get the same resutls i am trying to get with lower risk 5%, maybe a 4h system would work for me too, but for now i will try this 5emas forex system, which i think it is a scalper and day trading system...

I have my own MA ( 3 EMA's, 1 SMA ) System which I tweak around so EMA's work it's about the only thing that truely does so it's a good bet.

If you want M15 then EOHATERs thread is a good bet to, no way you can make good money on a H4 system is still my opinion especially with a small account and 25SL, you'd need a $0.10 Micro account to consider that with only $1000.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #40
  • Jan 8, 2010 2:57pm Jan 8, 2010 2:57pm
Quoting Turveyd
I have my own MA ( 3 EMA's, 1 SMA ) System which I tweak around so EMA's work it's about the only thing that truely does so it's a good bet.

If you want M15 then EOHATERs thread is a good bet to, no way you can make good money on a H4 system is still my opinion especially with a small account and 25SL, you'd need a $0.10 Micro account to consider that with only $1000.
yes, i think too that 4h charts may be to slow to grow the account, because you can get 2 to 5 trades a month, and that would need a big risk to get the same goals as a day trading system.

thanks for the advice of eohaters thread, i will check it..
Get rich or die trading.
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