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  • #365,601
  • Jan 16, 2011 2:52pm Jan 16, 2011 2:52pm
Quoting Chicky
Long time ago, I managed consulting unit of the world's then biggest accounting firm (now #2). A man walked into my office and showed his intention of establishing a gold trading company. The profit margin in this business at that time was 1%. He said, he could buy gold in the morning, sell it off in the afternoon and repatriate the funds back to exporting country in the evening. He added that there were 365 days in a year, calculate my ROI. He further added that all his inventory would be in gold. This is now one of the world's biggest gold trading...
wow chicky your daily target is 1 % ?
Hero calls followed by margin calls...
  • #365,602
  • Jan 16, 2011 2:55pm Jan 16, 2011 2:55pm
So...i can't understand your lookout....from 1,3380 is going to be bullish or bearing in few hours?
  • #365,603
  • Jan 16, 2011 2:56pm Jan 16, 2011 2:56pm
Quoting FibbinArchie
Was discussing 1% daily equity increase with compounding just last night...

The attached is borrowed from Mr Hatch, but the numbers are actually quite startling, starting with a modest $1000 account projected over 3 years...
LOL. Haven't checked the attachement and will not. Because I know what it would look like. I do this calculation several times in a month.
The Thief of Wall Street
  • #365,604
  • Jan 16, 2011 2:56pm Jan 16, 2011 2:56pm
Quoting rattyo
I trade 25£ per full power to 10£ per point depending on the stop. I only need 15-25 quick points in the morning. I then leave 4/5 running normally that can run into hundreds of points or get blown out break even which they normally do.

Trading micro must be a total waste of time as how you going to live on that?

take a long time to get a decent balance that way.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #365,605
  • Jan 16, 2011 2:56pm Jan 16, 2011 2:56pm
Quoting Magix
So, why not become a master of the micros?

Working backwards doesn't make sense, but that sure seems to be what a lot of traders do...start off floating their account with tens of thousands only to realize that this game ain't easy...

I have seen a lot of traders go from big accounts to trading micros, and some even back to Demos.

So, why not start small?

If you can throw a hundred bucks into an account and learn to take small consistent gains under safe measures, won't this translate to the same when you increase the size of your account...
Well, gratulations

and i thought im a young trader -.-
Hero calls followed by margin calls...
  • #365,606
  • Jan 16, 2011 2:56pm Jan 16, 2011 2:56pm
Quoting Chicky
Easier said, but doable. I started with a target of 0.03% daily average. 1% a day is still too too far away.
My avg since Sept is .87% a day. High probability setups, short term, 1-2 trade a day can pull in that 1%.

.03% a day for my balance wouldn't do much. If it was 100k+ then it wouldn't be a bad day's work.
  • #365,607
  • Jan 16, 2011 2:57pm Jan 16, 2011 2:57pm
Quoting Chicky
Easier said, but doable. I started with a target of 0.03% daily average. 1% a day is still too too far away.
There's the rub, working up to and maintaining a consistent 1% per day, it does sound a lot easier than it actually is...
  • #365,608
  • Jan 16, 2011 2:57pm Jan 16, 2011 2:57pm
Quoting GulfCoastPip
You may not understand this today or even tomorrow, but I guarantee you that if you can't successfully trade a $100, or even $1,000 account you can't successfully trade a $100,000 account!
I agree with you on that. Now however to the practical. What happens if the markets move 100 PIPS on a $100 Mini account. The patience and knowledge required for a $100 or even a $1000 Mini account is usually not within the skill set of a new trader. I traded demo accounts with $100,000 US and then with FXCM used $50,000 US and I learned enough to trade a mini however I started with $10,000 US Dollars real funds and had the patience and DISCIPLINE to make money. I had less patience and DISCIPLINE trading a $5000 US Dollars account because I over traded and put on too many positions trading a $5000 US Dollars account like say 3 and not have a absolute Stop Loss because of EGO.

We both know the Market is Always Right.
  • #365,609
  • Jan 16, 2011 2:57pm Jan 16, 2011 2:57pm
Quoting PhAnTi'
wow chicky your daily target is 1 % ?
Weekly, at the moment.
The Thief of Wall Street
  • #365,610
  • Jan 16, 2011 2:58pm Jan 16, 2011 2:58pm
Quoting Chicky
Weekly, at the moment.
kk
Hero calls followed by margin calls...
  • #365,611
  • Jan 16, 2011 2:58pm Jan 16, 2011 2:58pm
Quoting Magix
Example...I opened an account for my kid for Christmas...a MICRO account, shucking dimes. We have been working on this account for about a week now...1 loser in the mix for 18 pips, and the rest nice little gainers.

His $96 dollar account is now $146.93. On actual days traded, translates to about 10% gains per day...
Watch out for Magix#2!
  • #365,612
  • Jan 16, 2011 2:59pm Jan 16, 2011 2:59pm
BUY BUY BUY
Attached Image
rat
  • #365,613
  • Jan 16, 2011 3:00pm Jan 16, 2011 3:00pm
Quoting Chicky
Weekly, at the moment.
Latest update
Attached Image
The Thief of Wall Street
  • #365,614
  • Jan 16, 2011 3:00pm Jan 16, 2011 3:00pm
Bulls up and running again
Attached Image
rat
  • #365,615
  • Jan 16, 2011 3:02pm Jan 16, 2011 3:02pm
Quoting rattyo
Bulls up and running again
Based on what? I mean at the moment, all I see is Trichet's talks from the afternoon and there wasn't anything real 'bullish' about it ...
  • #365,616
  • Jan 16, 2011 3:02pm Jan 16, 2011 3:02pm
Quoting Chicky
LOL. Haven't checked the attachement and will not. Because I know what it would look like. I do this calculation several times in a month.
Yeah I did it with my trading partner a few years back when we both moved from stock investing to short term trading. We were sat in a pub and did it on a calculator and projected it 5 years, we were like, "f**ckin' 'ell!!!! Get them 911 GTs on order boy!!" didn't factor in how long (years) it would take to actually learn how to trade and become consistently profitable tho'
  • #365,617
  • Jan 16, 2011 3:03pm Jan 16, 2011 3:03pm
Quoting PhAnTi'
Well, gratulations

and i thought im a young trader -.-
At 19, you still have a grand start on a lot of the traders that venture through here daily...

A mastery of the markets, though is not easy, is possible.

Congrats on your early start and ambition.

I truly hope this market brings you everything you want and deserve.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #365,618
  • Jan 16, 2011 3:03pm Jan 16, 2011 3:03pm
Quoting Robert99
There is a very good reason for this. Because of the nature of Forex especially if you use 100-1 leverage which I learned upon since day one of first demo trading and then real trading the drawdowns on a $500 Mini account or a $5000 US Dollar account usually leads to margin calls or substantial losses.
Huh? Given the same position size the losses are the same instead of margin call your capital decreases. Only the percentage of loss is smaller.
What matters is that before you start a trade make a calculation
what is the probability of this trade ? (chance ratio)
how much can i afford to lose before I quit if the trade runs opposite?

This has not much to do with size of the account. In my personal experience
having a big account leads me to carelessness , with a small account I have
almost no drawdown because I don't go into trades with little chance.
  • #365,619
  • Jan 16, 2011 3:03pm Jan 16, 2011 3:03pm
Quoting chazzle
Watch out for Magix#2!
LOL.
The Thief of Wall Street
  • #365,620
  • Jan 16, 2011 3:06pm Jan 16, 2011 3:06pm
Quoting chazzle
Watch out for Magix#2!
When ya see the Nick magix_duece hitting the pages, you will know my mini me has arrived...

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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