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The Journal of a rich trader

  • #41
  • Jan 8, 2010 8:10pm Jan 8, 2010 8:10pm
Quoting Turveyd
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!!
I GIVE UP.
  • #42
  • Jan 10, 2010 7:38pm Jan 10, 2010 7:38pm
Update

Today i was reading the manual of a strategy, and watching how some patterns work, so far today i have not opened a position, i think today i wont open a new position.
Get rich or die trading.
  • #43
  • Jan 10, 2010 9:11pm Jan 10, 2010 9:11pm
I have a sell signal by my new system.

Short USD/JPY

open:92.29

stpoloss: 92.77

target: 91.33
Get rich or die trading.
  • #44
  • Jan 11, 2010 5:13am Jan 11, 2010 5:13am
Quoting Magodelforex
CLOSED BY TARGET
http://img163.imageshack.us/img163/7034/39582823.png

RESULT= +54pips

% PROFIT= 42%

TOTAL ACCOUNT = $1,348.99
[color=yellowgreen]
[font=System][color=yellowgreen]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...
I thought I would subscribe even after the binned threads you started but I am revoking my subscription thoughts based on this post. Yes you are new but so far nothing has sunk in. You mentioned a number of times ' I will calculate and risk 5% on my trades' and that 'you'll treat this virtual money as real'. You broke both trading rules plus more in this post by risking 21% on a 3sec glance at a 15 min chart.

I was going to follow your thread and your progress and along the way hoped to be of some help but it seems you think this is a joke and that your way to be rich is to gamble.
  • #45
  • Jan 11, 2010 7:30am Jan 11, 2010 7:30am
the rules changes, the market changes...
Get rich or die trading.
  • #46
  • Jan 11, 2010 10:12am Jan 11, 2010 10:12am
Quoting Razor_trader
I thought I would subscribe even after the binned threads you started but I am revoking my subscription thoughts based on this post. Yes you are new but so far nothing has sunk in. You mentioned a number of times ' I will calculate and risk 5% on my trades' and that 'you'll treat this virtual money as real'. You broke both trading rules plus more in this post by risking 21% on a 3sec glance at a 15 min chart.

I was going to follow your thread and your progress and along the way hoped to be of some help but it seems you think this is a joke and...

Lighten up man, maybe thats something you can learn from him.


He had a high probability and he bet large or let it run longer as it was on the move either way profit is profit kinda.

And it's hard to take Demo seriously, hell I still do above on a live account we all do!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #47
  • Jan 11, 2010 1:11pm Jan 11, 2010 1:11pm
actually betting higher sums on high probability accounts over 11% at even just 1risk 2reward over the long run even at 60% hit rate will bankrupt you and he was at 21%!!!! because of the inability to recover from a loss... razor is right... this isnt trading it is gambling and trying to trade with fluctuating risk is a sign not only of someone with only a gambler mindset but a newbish gambler mindset as well.

the only thing to learn from this thread is how to blow your account up..

and it wasnt a high probability trade he said " i glanced at it for 3 sec and pulled the trigger...and it was a random position...."""
  • #48
  • Jan 11, 2010 1:46pm Jan 11, 2010 1:46pm
Quoting domino
actually betting higher sums on high probability accounts over 11% at even just 1risk 2reward over the long run even at 60% hit rate will bankrupt you and he was at 21%!!!! because of the inability to recover from a loss... razor is right... this isnt trading it is gambling and trying to trade with fluctuating risk is a sign not only of someone with only a gambler mindset but a newbish gambler mindset as well.

the only thing to learn from this thread is how to blow your account up..

and it wasnt a high probability trade he said " i glanced...
right, if it is gambling the way to win, i wil get rich gambling... i will try all the things i can til i find the profitable way that works for me....
Get rich or die trading.
  • #49
  • Jan 11, 2010 1:52pm Jan 11, 2010 1:52pm
Quoting Magodelforex
right, if it is gambling the way to win, i wil get rich gambling... i will try all the things i can til i find the profitable way that works for me....
Your're missing the point. These people are telling you that gambling is NOT the way to win. Only bookmakers and casinos win in the long run . Gamblers lose.
  • #50
  • Jan 11, 2010 2:08pm Jan 11, 2010 2:08pm
Quoting Magodelforex
....i will get rich gambling...
Magodelforex,

OK, so you're a new member, with not a lot of trading experience, and you are starting on demo, with very high risk. (just my observations)

The problem you'll find, and I know it's already been said, is that you're going to have a trade that goes the wrong way and devastates your account. It would take several years of experience, an awesome skillset, and a very forgiving market to avoid this.

You might think, "That's ok... it's just a demo". But it's not ok. The psychology factor sets in and ruins your ability to think clearly. Confidence is lost.

Confidence should be protected as closely as your money.

You might not understand all of this just yet, but you will.

Confidence, and belief in yourself is vital. It comes from experience. Be very careful with your confidence, if lost it can take years to recover.
  • #51
  • Jan 11, 2010 2:31pm Jan 11, 2010 2:31pm
He's on Demo, he's not losing anything and he'll ownly learn if he learns for himself and what you class as high risk might be acceptable for him after all he might actually be good at trading.


We've all been there, I trade at his risk level at times sometimes it pays off huge, I never let it lose what it pays off though so it's all good.



Yes Gamblers Lose, but there is more to winning that just trading like a total wuss, you need a simple repeatable method that puts the odds in your favour that is whats key.

Your on demo, nail it hard makes 1000's of trades, risk big, risk small see what works for you then when profitable try your damnest to trade exactly the same which is the tricky part!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #52
  • Jan 11, 2010 2:34pm Jan 11, 2010 2:34pm
Regards glanced at for 3seconds!!

All the starring at the chart in the world won't improve your odds, if he can keep to his the market is going up, not over think it and just go long, something we all fail to do pretty much then he'll do fine

When he starts to over complicate it with indicators and trying to call perfect tops / bottoms, thats when he's screwed.


In the mean time hats off to you sir, keep keeping it simple and you'll do fine, don't fall for the forex / trading trap.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #53
  • Jan 11, 2010 2:39pm Jan 11, 2010 2:39pm
Quoting Turveyd
Regards glanced at for 3seconds!!

All the starring at the chart in the world won't improve your odds, if he can keep to his the market is going up, not over think it and just go long, something we all fail to do pretty much then he'll do fine

When he starts to over complicate it with indicators and trying to call perfect tops / bottoms, thats when he's screwed.


In the mean time hats off to you sir, keep keeping it simple and you'll do fine, don't fall for the forex / trading trap.
As someone who isn't doing fine yourself, what makes you think that you are qualified to tell someone who is gambling using a demo account, that they'll do fine? Serious question.
  • #54
  • Jan 11, 2010 2:43pm Jan 11, 2010 2:43pm
Quoting TheGreatMilenko
As someone who isn't doing fine yourself, what makes you think that you are qualified to tell someone who is gambling using a demo account, that they'll do fine? Serious question.
I'm doing okay, had a bad week last week, account is still +200% from it's low's, hey it's a tough game, haven't added money for 6months or had time to trade really in 4 months

Do I think your doing better ?? NO, so why are you giving advice??

Serious question!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #55
  • Jan 11, 2010 2:45pm Jan 11, 2010 2:45pm
Quoting TheGreatMilenko
As someone who isn't doing fine yourself, what makes you think that you are qualified to tell someone who is gambling using a demo account, that they'll do fine? Serious question.

Because I understand how to trade with none of the BS, just slipped back into being unable to trade that way, the way thats required is the way he's trading.


Which direction is the market going ??

UP.

Go Long!!! Without fear which is easy to do on a demo account.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56
  • Jan 11, 2010 3:02pm Jan 11, 2010 3:02pm
Quoting Turveyd
I'm doing okay, had a bad week last week, account is still +200% from it's low's, hey it's a tough game, haven't added money for 6months or had time to trade really in 4 months

Do I think your doing better ?? NO, so why are you giving advice??

Serious question!

Well im probably qualified... turveyd... I probably think that you are either a good trader or that you will be one.. I dont know your system or your posts but you can tell whether someone can trade or has the ability to trade based on their attitude.

But coming from someone who has done this a long time... hes starting off wrong.. it will take him much more time to succeed this way... he will train himself wrong its easy in a demo he will look at how much he made ... he will put money on the line then blow it and say ef this or repeat the cycle go back to demo get some control make money open an account fund it lose it all again just to realize that over time the system was bs or changes frequently like 99% of them ... his actual risk tolerance is 1/2 of what he trades because it wasnt real money so he doesnt know risk tolerance. so hes settin himself up for atleast 3 blowouts and if he doesnt quit by then he made scrap everything he knows and learn the right way but odds are he wont.

weve all been through this just trying to save him the struggle...
  • #57
  • Jan 11, 2010 3:06pm Jan 11, 2010 3:06pm
Quoting domino
Well im probably qualified... turveyd... I probably think that you are either a good trader or that you will be one.. I dont know your system or your posts but you can tell whether someone can trade or has the ability to trade based on their attitude.

But coming from someone who has done this a long time... hes starting off wrong.. it will take him much more time to succeed this way... he will train himself wrong its easy in a demo he will look at how much he made ... he will put money on the line then blow it and say ef this or repeat the cycle...

I have my good months and my can't pick a trade winner for the love of blondes but hey getting there, but not about me.

I'm not worried about his risk factor this is secondary, ability to simply pick a direction and jump on the direction without over complicating it, then react to any changes equally as quickly ( bailing to take profit / minimize loss ) is whats required to be profitable.

Demo is never the same as Real anyway far from, I'm sure 99% of us are demo billionaires quite easily!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #58
  • Jan 11, 2010 3:53pm Jan 11, 2010 3:53pm
just remember its not the largest risk that makes you money check out spreadsheet1

its the best efficiency check out sheet 2
Attached Images
  • #59
  • Jan 11, 2010 3:56pm Jan 11, 2010 3:56pm
Quoting domino
actually betting higher sums on high probability accounts over 11% at even just 1risk 2reward over the long run even at 60% hit rate will bankrupt you and he was at 21%!!!! because of the inability to recover from a loss... razor is right... this isnt trading it is gambling and trying to trade with fluctuating risk is a sign not only of someone with only a gambler mindset but a newbish gambler mindset as well.

the only thing to learn from this thread is how to blow your account up..

and it wasnt a high probability trade he said " i glanced...
this is what i mean mego... check out the attached sheet its a thing of beauty
If you wanna gamble use the theory atleast
Attached File(s)
File Type: xls revised sheet.xls   12 KB | 327 downloads
  • #60
  • Jan 11, 2010 5:46pm Jan 11, 2010 5:46pm
CLOSED BY STOPLOSS
http://img705.imageshack.us/img705/154/21368400.png

RESULT= -3pips

% LOST= 0.66%

TOTAL ACCOUNT = $1,339.86


Notes to learn: in this trade i used a new system, so i didt understand well how to use it, so in the end i lost 9 dollars, you can see here i moved my stoploss to break even, because of slipage it closed -3 pips. i think i get better resuts using my own approach to trading, so i will continue and will not use the new system.
Get rich or die trading.
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