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4% A Day Forever

  • #1,181
  • Mar 10, 2010 12:41pm Mar 10, 2010 12:41pm
Yeah I mean forum and congratulations on the good trading, inspiring stuff!
The greatest force on earth is compound interest.
  • #1,182
  • Mar 10, 2010 1:01pm Mar 10, 2010 1:01pm
Quoting sebastionay
Yeah I mean forum and congratulations on the good trading, inspiring stuff!
Thank you. I am still in beginner mode, struggling for long term consistency. The payoff is starting to look very attractive though.

Electrical engineering, right? Correct me if I am wrong. Anyway, stay in school and don't be seduced out of a rewarding career by the promise of riches from trading. Anyone can see by all the recent attacks on "speculators" in the world press that Trading as a career choice is not the most secure one. The world will always need engineers, builders, workers who actually produce something with their hands and brains, rather than just pushing money around for insane profits...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,183
  • Mar 10, 2010 1:35pm Mar 10, 2010 1:35pm
Quoting The Fool
Thank you. I am still in beginner mode, struggling for long term consistency. The payoff is starting to look very attractive though.

Electrical engineering, right? Correct me if I am wrong. Anyway, stay in school and don't be seduced out of a rewarding career by the promise of riches from trading. Anyone can see by all the recent attacks on "speculators" in the world press that Trading as a career choice is not the most secure one. The world will always need engineers, builders, workers who actually produce something with their hands and brains,...
Yeah your right, important to have the security of a career that will always be in demand and that actually contributes back to society.

I think trading for a fund would be an amazing experience though with potentially better returns just not something to depend on 100% leaving myself with no other options.
The greatest force on earth is compound interest.
  • #1,184
  • Mar 10, 2010 1:47pm Mar 10, 2010 1:47pm
Quoting Turveyd
You can't say never, just cause you've not managed it yet, 4% to me seems Easy to be honest, yes he'll have negative days but I honestly think average 4% per day should be easy.


Depends on how good his trading system is and how good he is pyscologically and how much he's willing to risk, if it's GOOD and GOOD then he can risk a lot to make a lot.

Easy!!!

And Scalping gives you A LOT more control over your money then longer term 4H trading which is almost a 50/50 game, you can scalp and rarely take a loss and even then keep your losses really...
The trends on 3hr and 4 hr charts are much easier to follow for me. My strike rate is 70%, avg pips per day 22. I know this is sad compared to some traders out there, but keep in mind. I spend less than fifteen minutes a day looking at the charts. I'm free, I have a good life outside of charts and I don't have to think about candlesticks

Scalping also means you pay tons in spreads, I'm not a fan of that either.
  • #1,185
  • Mar 10, 2010 2:20pm Mar 10, 2010 2:20pm
uhh ermm ...yeah kid just forget about trading and getting these insane profits

jk lol

Quoting The Fool
rather than just pushing money around for insane profits...
Annoying Precision
  • #1,186
  • Mar 10, 2010 2:32pm Mar 10, 2010 2:32pm
Quoting erikte279
uhh ermm ...yeah kid just forget about trading and getting these insane profits

jk lol
I know, I know. But seriously, if a young dude ever asks me for general advice I usually tell them: Find something to do, something you like & something that people need, and get good at that & do it. And also, find somewhere to be from and work on being from there. Everything else falls into place from these.

Retail trading - the world doesn't need it. It can disappear tomorrow and the world won't care, probably won't even know.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,187
  • Mar 10, 2010 2:38pm Mar 10, 2010 2:38pm
Thats good advice. I'll be leaving for that place tommorow , 4 year service obligation is complete.

Quoting The Fool
I know, I know. But seriously, if a young dude ever asks me for general advice I usually tell them: Find something to do, something you like & something that people need, and get good at that & do it. And also, find somewhere to be from and work on being from there. Everything else falls into place from these.

Retail trading - the world doesn't need it. It can disappear tomorrow and the world won't care, probably won't even know.
Annoying Precision
  • #1,188
  • Mar 10, 2010 2:39pm Mar 10, 2010 2:39pm
check out aud/nzd....guess they didnt like the idea of no rate increase.....
Annoying Precision
  • #1,189
  • Mar 10, 2010 2:42pm Mar 10, 2010 2:42pm
http://www.nadex.com/trade/binary-options.html

Now, that said. Lets grab some cash.

For those of you who have gotten day-trading down, you might want to check out binary options in fx. This is basically like picking up money off the ground (if you know what you're doing...)

Good luck...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,190
  • Mar 10, 2010 2:43pm Mar 10, 2010 2:43pm
Quoting erikte279
Thats good advice. I'll be leaving for that place tommorow , 4 year service obligation is complete.
Awesome. Man I bet that's a good feeling.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,191
  • Mar 10, 2010 2:51pm Mar 10, 2010 2:51pm
Absofrigginloutley, back to the family, back to like minded sensible people. Back to the mountains (georgia sucks, flat, hot!) , starting my business, hunting fishing farming. I could go on for days................

I'm glad I did it though, I said I wanted to serve like my grandfather and even though it wasnt what I thought, I learned a lot. It also drove me too the forex (army dosent pay well) .


Quoting The Fool
Awesome. Man I bet that's a good feeling.
Annoying Precision
  • #1,192
  • Mar 16, 2010 3:49am Mar 16, 2010 3:49am
Yep I'm still here. 20 pips in 2 hrs is 1/2 a mortgage payment and my work is done.

You can usually count on a nice reversal across the Frankfurt window.

I am tempted to stay up for the ZEW news trade - it has been a reliable pipper in the past. Probably run outta steam though.

I am looking to trade the FOMC announcement though. Blab on the web is there's a 10% chance for some hawkish words and any hint of tightening on the horizon will drop the e/u like its hot. Same old tune might mean not much movement. Low odds but downside not too rough.
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,193
  • Mar 17, 2010 2:51pm Mar 17, 2010 2:51pm
Hello my friend!

Wanted to check in and catch up on your journal. Don't work too hard! I'm around but trading larger tf's so I don't have a lot to say. lol

Keep up the good work!

Mike
  • #1,194
  • Mar 17, 2010 7:18pm Mar 17, 2010 7:18pm
Quoting calderone
Hello my friend!

Wanted to check in and catch up on your journal. Don't work too hard! I'm around but trading larger tf's so I don't have a lot to say. lol

Keep up the good work!

Mike
Hi Mike,

I am trading sporadically now, only seem to get in 2 or 3 nice 1-2 hour scalping sessions in a week. I am trying my hand at longer trades - it is nice to set those up and then walk away. Only problem is, I don't have much talent for it, especially in a ranging market, so I just usually break even on those at best - and so they are small small - like 100 pips risks 1%. Scalping I am still doing 5-10% per week even very part time. I may just be a scalper, just like I say on Page 1....

I am still studying - my hours allow that at least. Mostly reading up on options trading. Had to realize there that my math skills are not what they used to be. I am going to need another long winter (or more) to catch up there. But I need to learn how to hedge if I am going to throw large sums in the market.

Which, I am somewhat astonished to say, I will be able to do if I want to, and pretty soon. Other people's large sums, that is. Don't think I am really ready for that yet. But, on the other hand, when Opportunity knocks, buddy you at least better go to the door - she might not come around again. Really, though - I am looking forward to it. I think I actually need the pressure. I have gotten so used to stress in my life that I get pretty bored without it...

So...options...right. I need to understand how to write the options if I am going to try to use them to optimally hedge. Lets see, I know the difference between a call and a put....

Thanks for checking in & hope you are doing well in the pip hunt. Ciao.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,195
  • Mar 18, 2010 6:33am Mar 18, 2010 6:33am
Quoting The Fool
Hi Mike,

I am trading sporadically now, only seem to get in 2 or 3 nice 1-2 hour scalping sessions in a week. I am trying my hand at longer trades - it is nice to set those up and then walk away. Only problem is, I don't have much talent for it, especially in a ranging market, so I just usually break even on those at best - and so they are small small - like 100 pips risks 1%. Scalping I am still doing 5-10% per week even very part time. I may just be a scalper, just like I say on Page 1....

I am still studying - my hours allow that at least....
It seems lately that the best thing to do on the longer timeframes is set a hard target of the first trouble area and walk away. Nothing wrong with that. I'm sure you will do well with options or anything you set your mind to!

Catch ya later!
Mike
  • #1,196
  • Mar 23, 2010 2:25am Mar 23, 2010 2:25am
I have been reading "Reminisences of a Stock Operator" by Jesse Livermore. About halfway through. Jesse's evolution - from gambler to "speculator", from scalper to longer tf trader - is one that many traders who stick around a while might recognize in themselves...

http://www.stock-market-seminars.com...-livermore.pdf
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,197
  • Mar 23, 2010 5:28am Mar 23, 2010 5:28am
Fool, your getting more time to trade than me, I've not even opened the Charts in weeks



Keep it up dude!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,198
  • Mar 23, 2010 10:56am Mar 23, 2010 10:56am
Hey buddy!

Well if that means you are working & putting some pounds in the bank then thats good. I am only getting in a few hours a week of scalping time. Otherwise I make some really small trades with wide sl's and forget about them. Kinda like Christmas for a minute when I check those after a day or so and they hit a wide tp. I liquidated most of my spot accounts last week & am back to scalping 1/2 lots at most. I really want to see how the CFTC leverage reduction rule shakes out, not sure when that will be decided exactly. 10:1 will be a game changer for me....

Hope things are going well for you. - Rich
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,199
  • Mar 23, 2010 12:54pm Mar 23, 2010 12:54pm
TF,

I'm sure you've entertained the idea of switching to a UK based broker...what are your reasons against this?

I've been with Fxsol since mid 2008 and had no issues switching the the UK based Fxsol late 2009. Same great customer service, ability to quickly withdraw funds, etc...no restrictions.

Cheers from the East side of the state

Quoting The Fool
Hey buddy!

Well if that means you are working & putting some pounds in the bank then thats good. I am only getting in a few hours a week of scalping time. Otherwise I make some really small trades with wide sl's and forget about them. Kinda like Christmas for a minute when I check those after a day or so and they hit a wide tp. I liquidated most of my spot accounts last week & am back to scalping 1/2 lots at most. I really want to see how the CFTC leverage reduction rule shakes out, not sure when that will be decided exactly. 10:1 will be a game...
  • #1,200
  • Mar 23, 2010 1:17pm Mar 23, 2010 1:17pm
Quoting The Fool
Hey buddy!

Well if that means you are working & putting some pounds in the bank then thats good. I am only getting in a few hours a week of scalping time. Otherwise I make some really small trades with wide sl's and forget about them. Kinda like Christmas for a minute when I check those after a day or so and they hit a wide tp. I liquidated most of my spot accounts last week & am back to scalping 1/2 lots at most. I really want to see how the CFTC leverage reduction rule shakes out, not sure when that will be decided exactly. 10:1 will be a game...
Well some money, paying the bills and more work in the pipe so guess it's all good.

I haven't got the kind of account you can do longer term stuff with.

May time I guess before I'm back trading from the look of it


But hey!!


Keep racking those pips without me!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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