Will you be updating your MyFXBook profiles soon?
- #207
- Jul 23, 2010 9:24pm Jul 23, 2010 9:24pm
Hi Everyone
Has been a while since I last posted.
Well the markets were kind of crazy when I slowed my post, after all the DOW doesn't drop 900 points in few minutes exactly every month
Anyway, I don't get discouraged easily as I said before and right after I got down I got right up and I keep going. Someone said that its not important how many times you get down but how many times you get up and I believe he/she was right.
If anyone needs a proof they can check out my stats at myfxbook link in the signature. The method keeps working in fairly normal market conditions and by normal I mean everyday conditions except the situations with the DOW as described above. And given the latest adjustments I believe now I could even survive that kind of event.
I have lowered my goals down to about 30%-50% monthly range, which kind of takes us away from the subject of the thread but I have proven to myself and hopefully few others that 100% monthly can be done purposely and consecutively with only a few under performing months each year.
That said doing 100% each and almost every month comes with a price of high stress and lots of time away from family and other things in life - price which I decided was not worth it in the long run.
I've done over 50% this month without even trying too hard so I'll probably do 100% every now and then when I have more time for trading.
(myfxbook calculation methods are misleading on PAMM accounts because they lower the actual gain due to some technical issues, but still even taking what they show is a great return).
I'll read all the comments and try to answer any questions that may be there in the next few days and I'll try to get back to posting at least once a week.
R
Has been a while since I last posted.
Well the markets were kind of crazy when I slowed my post, after all the DOW doesn't drop 900 points in few minutes exactly every month
Anyway, I don't get discouraged easily as I said before and right after I got down I got right up and I keep going. Someone said that its not important how many times you get down but how many times you get up and I believe he/she was right.
If anyone needs a proof they can check out my stats at myfxbook link in the signature. The method keeps working in fairly normal market conditions and by normal I mean everyday conditions except the situations with the DOW as described above. And given the latest adjustments I believe now I could even survive that kind of event.
I have lowered my goals down to about 30%-50% monthly range, which kind of takes us away from the subject of the thread but I have proven to myself and hopefully few others that 100% monthly can be done purposely and consecutively with only a few under performing months each year.
That said doing 100% each and almost every month comes with a price of high stress and lots of time away from family and other things in life - price which I decided was not worth it in the long run.
I've done over 50% this month without even trying too hard so I'll probably do 100% every now and then when I have more time for trading.
(myfxbook calculation methods are misleading on PAMM accounts because they lower the actual gain due to some technical issues, but still even taking what they show is a great return).
I'll read all the comments and try to answer any questions that may be there in the next few days and I'll try to get back to posting at least once a week.
R
- #212
- Jul 24, 2010 2:37pm Jul 24, 2010 2:37pm
hope thats soon
R
Congratulations Robert on your efforts. 
I somewhat knew from the beginning this is where you will end up. I, for one, had the same experience and came to the same hurdle that "it comes with a price of high stress and lots of time away from family."
It doesn't have to be this way. It doesn't have to come with the high stress and time spent. The first time I looked at your account... I already knew you were complicating it. But, I was hoping your style of trading would be successful because I wanted to see a different approach.
I've been at this game for 10 years now... I can guarantee 100% monthly... I trade one pair... I work for 6-8 hours a day (full-time trader)... It may sound a bit of a cliche: If you can guarantee 20 pips daily consistently, you can make 100% monthly with ease.
Of course, I'm not suggesting 100% perfect with every trade, but 20 pips daily including a loss. The problem is people don't have a clue on how to achieve 20pips daily. Again I pose the objective: The majors moves 100-200 points daily... give me one good reason why you are not able to capture 10pips consistently daily.
Such cliche is a fantasy dream, but there are those who are living the dream... It takes a lot of time, energy, hard work and sacrifices to capture the gold-laying goose. As much as I like to explain how it is done, Forex is a simple game; one is the winner and the other is the loser. In order for me to win, someone has to lose. No-one is going to give away the goose that lays the golden eggs. I hope you will understand; All is fair in love and war.
All the best,
CrucialPoint
I somewhat knew from the beginning this is where you will end up. I, for one, had the same experience and came to the same hurdle that "it comes with a price of high stress and lots of time away from family."
That said doing 100% each and almost every month comes with a price of high stress and lots of time away from family and other things in life - price which I decided was not worth it in the long run.
I've done over 50% this month without even trying too hard so I'll probably do 100% every now and then when I have more time for trading.
I've been at this game for 10 years now... I can guarantee 100% monthly... I trade one pair... I work for 6-8 hours a day (full-time trader)... It may sound a bit of a cliche: If you can guarantee 20 pips daily consistently, you can make 100% monthly with ease.
Of course, I'm not suggesting 100% perfect with every trade, but 20 pips daily including a loss. The problem is people don't have a clue on how to achieve 20pips daily. Again I pose the objective: The majors moves 100-200 points daily... give me one good reason why you are not able to capture 10pips consistently daily.
Such cliche is a fantasy dream, but there are those who are living the dream... It takes a lot of time, energy, hard work and sacrifices to capture the gold-laying goose. As much as I like to explain how it is done, Forex is a simple game; one is the winner and the other is the loser. In order for me to win, someone has to lose. No-one is going to give away the goose that lays the golden eggs. I hope you will understand; All is fair in love and war.
All the best,
CrucialPoint
Now lets get back to the 20 pip thing, that is actually something I've been fighting with myself about for a while now. I have tried to stick to a hard TP like that but my greed just gets in a way too often and I try to get more even though I noticed that most of my trades reach about 20-30 pips then reverses before returning again which is another reason I've been trying to stick to it. Its definitely getting better but like everything else will probably take few more lessons if you know what I mean.
I used to reach 40-70 pips in 3 hours and then give it all back in the next 3 hours of trading.
I always analyze my trades at the end of the week. To an extent, greed does play a role. From years of research, here's what I can conclude: It doesn't matter how greedy you can get... if it is done right, it will be right. One can trade with discipline and be greedy at the same time, if you have a proven system (let me get to this proven system in the end).
Here is an interesting story. Believe it or not, this is true a true story. I traded for 18hrs straight (one time and never did it again). I took a break for 5 minutes every hour. In 18hrs, I turned $900 into $12,258
(approx 600pips). I went to sleep for the next 24hrs (just got up to pee then back to bed). Was it luck?... No. I'll explain in the end.First of all, let me make it clear: "I don't suggest anyone to try it."
Second of all, this is not: "let's gamble and see how lucky we can get."
So here is the explanation:
There are times when you greedy , you end up not following your trading plan. But what is more important is that there are times when you strictly follow your trading plan and you will lose.
The more I analyzed my trades, I found that 30% was greed and 70% was trading system which had led to failure. Every high achiever in trading has 2 systems; One is offensive and the other is defensive.
System 1 (offensive) is what everyone is working on. A trading system based on capturing pips; entries and exits.
System 2 (defensive) is what you don't hear about. This system is designed to identify losing trades before it happens.
For example:
System 1 will identify 100 of the high probability trades. System 2 will identify out of those 100 signals are the ones that will fail. It is not a mere decision of entering when your system tells you and not entering when there are no signal. Every system will produce a failed/false signal... The key is; Can you identify those failed signals? Because if you can't, you will end up giving back those pips.
If one just want to be profitable... all that require is (a proven) system 1 and a little discipline. If one wants to be the top 5%, one will need more than system 1.
Regards,
CrucialPoint
I know exactly what you mean
I used to reach 40-70 pips in 3 hours and then give it all back in the next 3 hours of trading.
I always analyze my trades at the end of the week. To an extent, greed does play a role. From years of research, here's what I can conclude: It doesn't matter how greedy you can get... if it is done right, it will be right. One can trade with discipline and be greedy at the same time, if you have a proven system (let me get to this proven system in the end).
Here is an interesting story. Believe it or not, this is...