4% A Day Forever

I am trading consistently well but I am having some doubts about whether to stay with spot fx or not. Have had recent really suspicious glitchiness in the Oanda platform.

But to answer your question - I think personally I would need to trade fx from about a $50k account to reliably be able to make a living and save out about one out of every 4 pips earned to pay the tax man. I am still trading max. 1 std. lot per $5k of account @ 50:1 leverage. At that rate I will be at $50/pip max early next year. Shooting for min. 20 pips a day at that level and to keep growing the trading equity - I think anyone should be able to do that after they have cut their teeth trading for a year or so. Just be careful and don't give any/much of it back.

I don't really know if I would want to trade full time. Aside from the prudence of having other sources of income besides trading, for me personally I just get bored with it when it becomes a 8-hr/day job. Time zone issues also factor in & I am not sure I am ready to move just to accomodate trading.

Meanwhile trading hours are very curtailed - currently I am overextended with the other business I have but that will pass around December. I am still considering setting up a pool and soliciting investor funds but I do not have the trading record to support that quest. Not so much that I have not realized good returns but the drawdown numbers are still a little scary and that is something I am concentrating on bringing into tighter rein.

Anyway, that's where I'm at these days. TurveyD, hang in there man. Its worth it to build up some decent sized equity to trade from and until you're there just stay in the game a bit until you are ready to come back seriously.

Good Luck all.

We shall see.

Great stuff here guys, anyone that's new to the thread, read it front to back. Priceless pointers and inspiration.

Best to you this week TF...October has been kind to me thus far, let's see how we wrap up the last couple of weeks.

I was trying to, but too much going on sadly work and personal life wise and 3 weeks off pretty much ='s starting from almost scratch so watching the building up to real trades and head certainly not in the game.

Sucks I was doing okay

Good to hear your still trucking on with the plan though!!

[quote=sam0182;4102276]We shall see.

Great stuff here guys, anyone that's new to the thread, read it front to back. Priceless pointers and inspiration.


Yes have to agree with the above some great stuff here.The Fool has a knack of not only excellence in turning a phrase but can but things in a clear and concise way and is up front with his honesty.Like us all Fool has been caught out in tough times as he has explained here but the important thing is to be able to have ability to bounce back.

Myself have been going through a bit of a barrier whereby I am just recovering from a major open heart surgery operation (last month) having had 5 bypasses!!! I have always done plenty of excercise and regard myself as being pretty fit but this mother got me with no indication apart from some twinges
last time on the tennis court from where it all sorta hit the fan.So after such I am now more than ready to hook back into some good old fx scalping.As Fool said to make money in fx position size is most important and that is where I need to put myself now.Sure with increased position size comes increased risk but also increased awareness of that risk.

My most common trade is G/Y sure the spread can be bit of a pain but when you get a good run on it the spread becomes irrelevant because of the good return and the increased pip return at present 1.23 although can bite when in a loss situation.

All the best with trading fellas and cheers again to Fool.

Cheers siboy and oh my gosh I hope you make a speedy and complete recovery. I just had eye surgery a month ago but that was just a stubbed toe compared to what you have been through. All the best to you.

Here are my FO/LO trades for tonight and this is all I can do today. I often trade smaller on Sunday night (ie Asian Monday) because after the weekend I am not quite into the trading mindset, not in sync with the market, etc - but even at reduced size this was a 1% account increase just on 2-5 pip winners. Groceries for a week.

Have a good week ya'll.

Thanks TF all going pretty good no good dwelling on things too much but to be perfectly honest did not have much time to think about it and it really sounds worse than it is if you can get my drift...

Find the early sessions for the week to be the same as you ..spreads are normally wide and a bit hard to get the head in the right place.I am in Qland Aust so we have it pretty good time wise
with all the sessions to trade.Easy getting up and can trade right through the Asian and the Fo Lo opens are 4/5 pm for us and the US open is 10.00 local time.

Good trading all .........

http://icmagroup.org/getdoc/ea5deded...formation.aspx

http://www.xtrakter.com/freedata.aspx

http://www.markit.com/en/

http://www.dtcc.com/products/derivse...e/ps_index.php

https://www.theice.com/ice_trust.jhtml

http://www.dfm.ae/marketwatch/default.aspx

http://www.igcp.pt/index.php

What are these links?

My trading folders are crammed and disorganized so sometimes I put little nuggets here. Among the above are sites I think (or thought) would help me in my approach to the markets.

There are lots of links preceding. But since you asked - the two in my last post are:

http://www.dfm.ae/marketwatch/default.aspx

A traders market watch site out of Dubai. I like to trade about the time the Dubai banks/market opens and it might be helpful to know what's going on there in realtime. I'm not sure if this site will help or not but I found it by accident so I stashed it here.

http://www.igcp.pt/index.php

This is the Portuguese government debt agency site. I am still trading mostly the E/U and the euro is heavily impacted by EMU sovereign debt sales/manipulations lately. You can look at scheduled debt auctions on the different sovereigns' treasury websites. You can watch the floating spreads on the sovereign debt instruments vs. the German bunds. You can also watch futures on some of the most liquid debt instruments - bunds, Schatz, etc. You can monitor (if you have a Markit subscription or other high-priced data feed) CDS spreads on the sovereign debt instruments in real time. Good information is very valuable.

So, is this effort worthwhile? I think so. Market-moving information is not on your charts right now - and if you wait for it to show up you are already late. JMO.

Hope you are doing well bud and making lotsa dough. Merry HoHo & Happy New Year to you and to any who stop by.

My intuition was telling me it had to do with such when you posted the first set of links, I hope to gain a more in depth understanding at some point. For now I'm just focusing on reversal identification at key S/R and consistent disciplined execution. I'm getting better.

I appreciate the explanation and hope you enjoy your Holidays as well.

Dont forget that 100 mio challenge

E/U simple setups in anticipation of a retracment because of yesterdays daily close

Hows the 4% a day coming update Please

its nice of you to shoot your first FF post on my thread

best regards

(I hope that's not a waste of my first post on your thread)

You have lurkers!

I did not read the whole thread but if 4% A Day Forever is possible then the fool will be a trillionaire. Forget billionaire.

Good to see your still going Fool.

And lurkers and disrespectors ( if there even a word ) I honestly believe The Fool is the only profitable person on this site and yes he has bad days and gives the odd wedge back for charity.

The fool, are you earning 4% a day since July 2009. I did not read the whole thread. if yes, start your investment company. your company will be richest in the world.