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Make Millions Trading Fx

  • #161
  • Nov 22, 2009 9:33pm Nov 22, 2009 9:33pm
Quoting M.A.C.Doug
This is sports bet arbitrage. I am currently looking into this myself and was wondering, if it is such a holy grail, why are you bothering with something as risky as forex to get your third mil?

btw according to your rules you calculate your stoploss to be 1% risk but you lost 10% chasing 30% on that one pip stop out. There's your problem right there incase you didnt already know. Eliminate the possibility of that ever happening again and you'll have your 10% loss back in no time plus a valuable lesson that will continue to earn for you. Cost...
Good, very good.
  • #162
  • Edited 12:48pm Nov 26, 2009 12:30pm | Edited 12:48pm
Quoting M.A.C.Doug
This is sports bet arbitrage. I am currently looking into this myself and was wondering, if it is such a holy grail, why are you bothering with something as risky as forex to get your third mil?

btw according to your rules you calculate your stoploss to be 1% risk but you lost 10% chasing 30% on that one pip stop out. There's your problem right there incase you didnt already know. Eliminate the possibility of that ever happening again and you'll have your 10% loss back in no time plus a valuable lesson that will continue to earn for you....
MAC, What looks like sports bet arbitrage and the fx method I gave here are basic, and as mentioned in both examples, they are very basic to explain the concept. I use some refined versions of these methods, but basic principles remain the same. I am not sure if many would understand if I give an example of first and second favorite, win and place betting, making book in fluctuating rates environment before a race or during a game, etc.

I am in forex for my son, because bookmaking has money but not viewed as a reputable business like the old days. World is changing and we have to change accordingly.

As I explained in one earlier post, got to 10% by scaling up position risking accumulated profit, which I frequently do to maximize the return while keeping my original risk at 1% (1% own money + 9% accumulated profit), however, do considered that 9% part of my capital. Accumulated profit becomes part of my capital at the end of the month and then subjected to same rules, but before the month-end, it is still a revenue reserve. Same sl was a mistake which I regret to date.

ps. I recovered my 6%, then again back to 10% negative i.e. from where I started. I am still at 10% negative after weeks of efforts. One reason I always say, we don't know which will come first our 40% loss or 60% profit. I may see 40% loss before seeing 60% profit to net 20% gain, but this is the game and that is why it is simple but not easy on our minds.
The Thief of Wall Street
  • #163
  • Nov 26, 2009 3:22pm Nov 26, 2009 3:22pm
Quoting M.A.C.Doug
...........you'll have your 10% loss back in no time plus a valuable lesson ..........
MAC, I am not sure of your age group. If you are a youngster, you are like my son, and if you are of my age you are like my brother.

I can only express what worked for me without insisting others on what to do and what not to do.

Time investment to me is the primary element in any venture. I seldom expect quick returns in forex or expect price to instantly go in my direction. Time and money to me are interchangeable, more time I invest, more money it fetches. Therefore, time is a sort of capital invested in business. Many business valuations consider this factor and for good reasons. If one is short of capital (like I currently am) time investment is the alternate option.
The Thief of Wall Street
  • #164
  • Nov 27, 2009 3:29am Nov 27, 2009 3:29am
Hi Chicky
Im 45 so I'll have to take the brother option. We are the same, just trying to get through this thing the best way we can. i have two sons with need to build up my capital also, its a long term project. I wish you well in your endeavours
BTC Return This Year: na
  • #165
  • Dec 10, 2009 11:34pm Dec 10, 2009 11:34pm
I have really enjoyed reading through this thread. I look forward to each post. There is a lot of learning here'

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #166
  • Dec 10, 2009 11:46pm Dec 10, 2009 11:46pm
Chicky has officially retired from FF. However a young and upcoming trader may post as Chicky in the future.
  • #167
  • Jan 1, 2010 3:02pm Jan 1, 2010 3:02pm
Quoting GulfCoastPip
Chicky has officially retired from FF. However a young and upcoming trader may post as Chicky in the future.
???????????????
  • #168
  • Jan 1, 2010 4:07pm Jan 1, 2010 4:07pm
Quoting cyberfx
???????????????
Read this: http://www.forexfactory.com/showpost...stcount=169069
  • #169
  • Jan 1, 2010 8:49pm Jan 1, 2010 8:49pm
Quoting GulfCoastPip
Chicky has officially retired from FF. However a young and upcoming trader may post as Chicky in the future.
Retired but not retarded. Can still read posts.
The Thief of Wall Street
  • #170
  • Jan 1, 2010 9:53pm Jan 1, 2010 9:53pm
Quoting Chicky
Retired but not retarded. Can still read posts.
Very true. Had to go back and read my post to make sure I didn't have a typo. Luckily, I didn't. Hope you're doing well! Have a great New Year!
  • #171
  • Jan 1, 2010 9:58pm Jan 1, 2010 9:58pm
Quoting GulfCoastPip
Very true. Had to go back and read my post to make sure I didn't have a typo. Luckily, I didn't. Hope you're doing well! Have a great New Year!
You too have a great New Year, all 365 days of it.

I am not actively trading now but cannot resist checking FF whenever get an opportunity.
The Thief of Wall Street
  • #172
  • Edited 3:33am Jan 17, 2010 3:19am | Edited 3:33am
Quoting Chicky
The answer is ........

..Gold is trading around $1000, can it go to $340? can it go to $1660? Make a guess................, but do we have the courage? This is what separates successful traders from the mob.
The reward for this courage would have been 12% in three months, without the leverage.
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The Thief of Wall Street
  • #173
  • Feb 7, 2010 7:58am Feb 7, 2010 7:58am
So, bumping up this thread, cause I like it.

Yes, I want to make millions trading FX (arent we all?). I have thought about it for a long time, how can I achieve that? And came to the conclusion that there are no two ways about it - trading is a business, it is a serious enterprise, and a for life commitment. Now ask yourself - can you commit another three - five years of your life to learn it first, save your salary to acquire a reasonable starting capital and then another three-five years - to grow this capital? Think about it... what do you have to sacrifice in order to do this? Social life? Change of lifestyle? Time, money...?

How long does it take to become a good doctor, lawyer, musician? Where do you go to learn these professions? Surely, not to the medical or musical forums. You would go to the best university your money can buy. So in order to have even a slight chance of becoming a successful and profitable trader we must start learning from the best. Now we know this, how do we go about finding "the best"? There are here, for sure, but they wont jump on top of you offering the latest 100% winning formula. You have to find them yourself... One thing these long-term successful traders have in common - they treat trading as a business. Think about what it means and you will be on you way...
  • #174
  • Feb 8, 2010 12:43am Feb 8, 2010 12:43am
Quoting cammomiled
So, bumping up this thread, cause I like it.

Yes, I want to make millions trading FX (arent we all?). I have thought about it for a long time, how can I achieve that? And came to the conclusion that there are no two ways about it - trading is a business, it is a serious enterprise, and a for life commitment. Now ask yourself - can you commit another three - five years of your life to learn it first, save your salary to acquire a reasonable starting capital and then another three-five years - to grow this capital? Think about it... what...
Hi Cammomile,

Thanks for your thoughtful contribution.

This business is reasonably to very rewarding for those who take it as such. You very rightly put it "there are no two ways about it".
The Thief of Wall Street
  • #175
  • Feb 8, 2010 4:16am Feb 8, 2010 4:16am
Quoting Chicky
Time investment to me is the primary element in any venture. I seldom expect quick returns in forex or expect price to instantly go in my direction. Time and money to me are interchangeable, more time I invest, more money it fetches. Therefore, time is a sort of capital invested in business. Many business valuations consider this factor and for good reasons. If one is short of capital (like I currently am) time investment is the alternate option.
I like your posts
You're absolutely right, I had blown by account twice since i started trading in 2008 and now i am investing my time on sharping my skills and modifying methods... and importantly recovering my confidence and gut feels,,, before jumping back to business.
So as i am a full time employed in a " " company i am in this option currently

Thanks for sharing....
  • #176
  • Feb 8, 2010 8:40pm Feb 8, 2010 8:40pm
Quote
The reward for this courage would have been 12% in three months, without the leverage.

I like what Chicky once said: Capture big pips by trading on a larger TF. This is a good way for a newbie to start making pips.

The problem is most newbie starts to day trade which is incredibly tough. When i started to trade on daily candlestick with a monthly perspective in view, my trading improved.
  • #177
  • Apr 5, 2010 8:18pm Apr 5, 2010 8:18pm
Quoting kingfisher
I like what Chicky once said: Capture big pips by trading on a larger TF. This is a good way for a newbie to start making pips.

The problem is most newbie starts to day trade which is incredibly tough. When i started to trade on daily candlestick with a monthly perspective in view, my trading improved.
I completely agree: When you're still learning to become a profitable trader, it's much better to trade on the longer time frames. At least 3-hour, 4-hour, or daily charts. Now there's nothing wrong with trading on shorter time frames for experienced and profitable traders, but it's definitely much harder for beginners.

I'm a big believer in using a trading style that matches your personality, something you are comfortable with. However, I think that everyone should start by learning on the longer TFs, then you can move to short TFs once you're consistently profitable on the longer TFs.

There's definitely a learning curve to trading, and the truth is, some ways of learning are definitely better than others. To me, a beginner trying to trade on the short time frames is like someone who is trying to learn calculus before he can count! Or trying to play Bach as fast as Glenn Gould when you can barely read music!
  • #178
  • Aug 21, 2010 8:13pm Aug 21, 2010 8:13pm
Quoting mathematician
....... When you're still learning to become a profitable trader, it's much better to trade on the longer time frames. At least 3-hour, 4-hour, or daily charts.....

I'm a big believer in using a trading style that matches your personality, something you are comfortable with. ........

There's definitely a learning curve to trading, and the truth is, some ways of learning are definitely better than others. ......

...a beginner trying to trade on the short time frames is like someone who is trying to learn calculus before he can count!...
My first post after a break of many months. Still cannot trade but may resume trading in the next few weeks, if not days.

In the beginning, my personality did not match logically profitable trading systems. Therefore, followed trading systems and techniques that went well with my personality (or liking). Finally, after several margin calls and completing the learning curve, was able to adhere to logical systems keeping temptations under control. This transformation seemed easier after learning that "logically speaking, logic should prevail".
The Thief of Wall Street
  • #179
  • Aug 21, 2010 8:32pm Aug 21, 2010 8:32pm
Quoting Chicky
Gulf I waited days for a trade, entered last night at right time, right place and with right position but was a bit conservative on stop loss.

It hit my stop loss went just one pip against me and then went all the way in my direction. That would have been 30% profit on my main account. Now I am sitting on 10% loss. One fuc#ing pip.
If you lost 10% in one position, you have definitely risk to much!. How about risk 2% max in a trade?
  • #180
  • Edited Aug 22, 2010 12:24am Aug 21, 2010 8:52pm | Edited Aug 22, 2010 12:24am
Quoting clinicomp
If you lost 10% in one position, you have definitely risk to much!. How about risk 2% max in a trade?
Depends what is one's definition of "An Account". If it refers to all of your working capital then 2% is a bit too high for a trader who's win/loss ratio is no better than 60/40. Forty straight losses would drastically reduce operating capacity.

My normal risk appetite is 1% of amount set aside for a month's trading (i.e. amount I am willing to lose in a month). But everyone has a diffirent system and risk management mechanism, follow your own calculations.
The Thief of Wall Street
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