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How to survive in forex? Help please!

  • #101
  • Apr 20, 2011 2:51pm Apr 20, 2011 2:51pm
Quoting Custos
I really would love to hear your edge. A compounded return of 50% a month gives you 12,875% over a year and a compounded return of 100% a month gives you 409,500% over a year.

As I wrote on many other threads, this seems impossible to me. I have never encountered a guy who could prove that he can pull this off consistently. But if you make such returns a year, then I apologize beforehand, cause then after two years of the conservative 50% a month you will be a multi-millionair, and after 3 years a billionaire, if you started with $1.000. And...
I have to ask even though this isn't part of the OP. Why do you always assume that daytraders compound and you use these stats?

I know some that may compound with a short time frame from a few weeks to a couple months and then move the trading capital back to a preset level.

You have stated over and over again you can't trade that way with large capital. I don't disagree with this statement, but yet you fail to realize or state that funds are removed, sometimes rather often.
  • #102
  • Apr 20, 2011 4:07pm Apr 20, 2011 4:07pm
Quoting MNFX
I have to ask even though this isn't part of the OP. Why do you always assume that daytraders compound and you use these stats?

I know some that may compound with a short time frame from a few weeks to a couple months and then move the trading capital back to a preset level.

You have stated over and over again you can't trade that way with large capital. I don't disagree with this statement, but yet you fail to realize or state that funds are removed, sometimes rather often.
okay, sorry, daytraders apparently don't compound and always use the same amounts. Now the maths fits.

You would be at a 136 million dollars after 3 years from a 1000$ account with a 50% per month and taxing 50% a year and after that taking out 50% each and every year. (Or 13 million % in 3 years).

Tell me how I should calculate it to fit your expectation. Any maths I do just results in spectacular amounts which I could not find in any newpaper or any other media yet. Seems strange that those really successful traders are so silent and are not giving interviews. After all they are setting new world records. No idea why they don't want the fame.

Complete bs, if you ask me. But it's your choice, if you wanna believe in every crap you read.
  • #103
  • Apr 20, 2011 4:25pm Apr 20, 2011 4:25pm
Quoting Custos
okay, sorry, daytraders apparently don't compound and always use the same amounts. Now the maths fits.

You would be at a 136 million dollars after 3 years from a 1000$ account with a 50% per month and taxing 50% a year and after that taking out 50% each and every year. (Or 13 million % in 3 years).

Tell me how I should calculate it to fit your expectation. Any maths I do just results in spectacular amounts which I could not find in any newpaper or any other media yet. Seems strange that those really successful traders are so silent and are not...
the ability to do primary school level maths clearly does not equate to being able to use common sense and reason.

if you can't find reason as to why home-based daytraders aren't on the front pages of the paper every day revealing the keys to wealth then you have serious issues. why you insist on trying to disprove something you obviously can't do is beyond me, and most people on the forum.

edit : further to that, would you reveal your edge right here in this very thread for all to see? if not, then why? from the way you talk you are clearly not aiming for large ROI so revealing your edge on the factory won't break the bank when a few hundred more people start trading it.
Congratulations ScalaFX for coming out of the closet!
  • #104
  • Apr 20, 2011 4:32pm Apr 20, 2011 4:32pm
Quoting nubcake
the ability to do primary school level maths clearly does not equate to being able to use common sense and reason.

if you can't find reason as to why home-based daytraders aren't on the front pages of the paper every day revealing the keys to wealth then you have serious issues....
sorry for that nubcake, I didn't wanna break out a new discussion with you. Just tried to make my point. My mistake to write out my opinion.

Won't do that anymore.
  • #105
  • Apr 20, 2011 4:32pm Apr 20, 2011 4:32pm
Quoting ThorsHammer
I obviously need to adjust my trading practices. But I was wondering since I am up 1700 pips, should I just keep in long. Since there is such a long term uptrend on the chart, I am leary about shorting anything. Anyone have any ideas? Thanks to all.
The answer to your question is simple. If anyone, ever, needs to ask such a question then they have no business having any positions open. Close your account and do a lot of research and practice before wasting your money.
Congratulations ScalaFX for coming out of the closet!
  • #106
  • Apr 20, 2011 4:35pm Apr 20, 2011 4:35pm
Quoting Custos
sorry for that nubcake, I didn't wanna break out a new discussion with you. Just tried to make my point. My mistake to write out my opinion.

Won't do that anymore.
you want to prove that daytraders don't exist using flawed reasoning and maths (which you simply don't understand why it's so wrong), and you want proof as to why it's all impossible. so can you prove the opposite then?

prove to us that it's impossible. prove that daytraders do not exist. prove that scalpers can't make a small account into a monster account.

if no one can prove that any of this is possible, then does this mean that someone can prove it impossible? i'd like to see it done so we can all pack our bags and go home.
Congratulations ScalaFX for coming out of the closet!
  • #107
  • Apr 20, 2011 4:37pm Apr 20, 2011 4:37pm
I also find it very hard to do well in Forex and survive, it is a very difficult business ;/

But the more I trade, I'm finding out all it is about is self discipline. Not your trading methods.
  • #108
  • Apr 20, 2011 5:11pm Apr 20, 2011 5:11pm
Quoting Custos
okay, sorry, daytraders apparently don't compound and always use the same amounts. Now the maths fits.

You would be at a 136 million dollars after 3 years from a 1000$ account with a 50% per month and taxing 50% a year and after that taking out 50% each and every year. (Or 13 million % in 3 years).

Tell me how I should calculate it to fit your expectation. Any maths I do just results in spectacular amounts which I could not find in any newpaper or any other media yet. Seems strange that those really successful traders are so silent and are not...
I take it your not making money from trading...hmmmmm I know what i do..please dont try to tell me differnt..did u visit the link I gave im doing around 30% per day ..

It can be done just because you cant and I dont mean that in a disrespectful way ..for all you know I give 70% of my funds to charity and why should I tell the world ..I have nothing to prove and your frustrated I feel sorry for you I was where you were several years ago
  • #109
  • Apr 20, 2011 5:36pm Apr 20, 2011 5:36pm
Quoting Paulus
I take it your not making money from trading...hmmmmm I know what i do..please dont try to tell me differnt..did u visit the link I gave im doing around 30% per day ..

It can be done just because you cant and I dont mean that in a disrespectful way ..for all you know I give 70% of my funds to charity and why should I tell the world ..I have nothing to prove and your frustrated I feel sorry for you I was where you were several years ago
What's the maximum you can make a week Forex trading?
  • #110
  • Apr 20, 2011 6:43pm Apr 20, 2011 6:43pm
Quoting ThorsHammer
I opened a real account with $1800 2 weeks ago....
1 lot for $1800 is fine if you are willing to lose it all. IMO that's where the power of leverage comes in. Make alot with a little. But you need to make sure you have the direction of the trade right...
  • #111
  • Apr 20, 2011 7:03pm Apr 20, 2011 7:03pm
Quoting Custos
okay, sorry, daytraders apparently don't compound and always use the same amounts. Now the maths fits.

You would be at a 136 million dollars after 3 years from a 1000$ account with a 50% per month and taxing 50% a year and after that taking out 50% each and every year. (Or 13 million % in 3 years).

Tell me how I should calculate it to fit your expectation. Any maths I do just results in spectacular amounts which I could not find in any newpaper or any other media yet. Seems strange that those really successful traders are so silent and are...
I don't get your logic, but let me explain my POV in a crude example.

I have $10k in capital in account to start with. You say 50% per month, fine. Lets say that at 2 months we pull our capital out to get us back to $10k. 50% per month equals $5k the first month and $7.5k the second for round numbers depending upon when lot size increased, assuming the trader did. That is $75k per yr with that math. Now that used as an example is a far cry from your assumed calculations. You can't assume that one day trader is the same as the rest and the same as some one who is trading as an investment.

IMO I don't understand why some look at the markets as a vehicle for only earning 5. 10, and 20% per year. I personally could find better things to do with my money if I was serious about getting good returns, but that's just me. Someone else managing my money, well then fine, but you better make damn sure I get those returns. If I am trading, not investing, I would not be happy even with the scenario I presented.
  • #112
  • Apr 20, 2011 7:06pm Apr 20, 2011 7:06pm
Quoting Xaron
Stop immediately!

You won't make $25 a day with a $500 account (in the long run). That's a return of 5% per day.

I'd say a realistic return in average over the long term is around 5-10% per month -> if you're good.

That would lead to a capital of $10k at least to get your $571. But I'd triple that at least because there will be bad months as well...
25 dollars 5% a day is not the same as $5000 10% a month, people read too much into these percentages.

some small businesses make alot more than 12.5% a year (sometimes) banks make about that much and its definitely not the same
  • #113
  • Apr 20, 2011 7:54pm Apr 20, 2011 7:54pm
Glad I stayed long, up over 2700 pip now and am near $1100. Its at 1.45675 as I write this. Just wish I had been in with all $1800. There's a lesson there in waiting for a pullback before plunking down your cash.

Didn't mean to ruffle anyone's feathers. I thought this was a rookie discussion. Maybe I was wrong.
  • #114
  • Apr 20, 2011 11:58pm Apr 20, 2011 11:58pm
Quoting myownenemy
What's the maximum you can make a week Forex trading?

pic a number its as big as that

Most large traders have various accounts for various time frames and systems its easier to keep accounts that way

On a 100k account making 5 to 40 % per week is easily reachable

If your trading blocks of 500 contracts the return can be huge

P
  • #115
  • Apr 21, 2011 1:14am Apr 21, 2011 1:14am
To survive in forex you have to follow the trend and observe major world events.
  • #116
  • Apr 21, 2011 6:34am Apr 21, 2011 6:34am
Quoting Alaskan
observe major world events.
Strict technicians would disagree.
  • #117
  • Apr 21, 2011 5:39pm Apr 21, 2011 5:39pm
Quoting rashygomez
Strict technicians would disagree.
To each their own and whatever method is profitable. Fundamentals can throw you off at the same time it can give you clues. But I'm of the belief that the more information you can analyze the better.

It definitely helps in seeing the long term picture. In the short term I like it to watch for possible key turn dates in trends. Upcoming <whatever x> meeting.
  • #118
  • Apr 22, 2011 1:55pm Apr 22, 2011 1:55pm
Quoting Paulus
pic a number its as big as that

Most large traders have various accounts for various time frames and systems its easier to keep accounts that way

On a 100k account making 5 to 40 % per week is easily reachable

If your trading blocks of 500 contracts the return can be huge

P
Hi Paulus. Must say you get some sweet results and I do believe its possible...

Quick question if I may:

Based on the risk profile you have (5%/trade), what would you consider to be a resonable/optimal DD for this type of risk (5%..)?

cheers
  • #119
  • Apr 22, 2011 2:05pm Apr 22, 2011 2:05pm
i have a question for all the traders in this thread.

im curious how you manage your risk and maximize profit

do you go all in on an assumption, indicator read, chart pattern?

or do you have a way to, minimize risk by initial small position size and a way to use your capital to rescue the trade if it goes underwater?

as i said before i dont use stop losses, because they make you vulnerable, and thats the best way to blow an account on compounding losses

even if you say risk 5% or 1% stop loss or SAR, last days low, ATR, or whatever hocus pocus calculation that is used. i dont like the damage that is done to my account of my morale to see the price waves moving as they should in increasing market condition. taking out my stops

so how can we survive the markets with a flexible plan.
1 that recognizes that the market is alive,
2 adapts to changes in the now
3 flexibly maximizes position sizes when needed to profit
and minimizes exposure when market sentiment changes.

that is how you survive

rigid a+b=c indicators or money management is how you die.

is not the chart patterns, formation, SMA crosses, or any one indicator is the feel, the rhythm of price and the adaptability to the market
AVT INVENIAM VIAM AVT FACIAM
  • #120
  • Apr 22, 2011 8:42pm Apr 22, 2011 8:42pm
Quoting ThorsHammer
I opened a real account with $1800 2 weeks ago. I was trading large 1 lot with the EURUSD. Using 1 lot with only $1800 is foolish and I was up or down several hundred dollars per day. I went long on the 13th and it dropped like a rock and after looking at the potential downside sold for a loss leaving me only $425 in my account. It dropped even further after selling and after seeeing an uptrend with the 4 hr chart I went long in at .25 lots at 1.43230 and am sitting there now waiting for the breakout above the 1.45250 range it has been trading at....
it seems you are trading without a stoploss?
if you do, that is a sure way to blow your acount.
atleast that is how I figure when you start with 1800
and suddenly you had only 425 left after one single trade?
by using stoplosses on all your trades you are preventing this from happening,
if you are up 1700 pips, WOW! thats a nice trade!
I wouldn't mind taking my profits here, but then it's not smart to sell off to soon either,
but you shouldn't be to greedy, you can allways take your profits and jump the bus again,
EUR/USD could be in for a reverse in the market soon, but I guess anything could happen.
Bulls are stupid Animals!especially when Im short!
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