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4% A Day Forever

  • #1,381
  • Nov 9, 2011 2:17am Nov 9, 2011 2:17am
my first trade of the day +15

mla
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"The Heart is the hub of all dances; go there and chill out"
  • #1,382
  • Dec 27, 2011 4:31am Dec 27, 2011 4:31am
I first of all am not currently a successful trader so take what I say with a grain of salt. I have seen the book "Trading in the zone" by Mark Douglas quoted by many traders from a equity day trader friend of mine to a few people in this forum to people from other sites. I have bought the book and have started to read it. One thing he says and I would quote it but I can't find it but he basically says that the 95% of unsuccessful traders look at the the successful ones in awe as the the haves seemingly just print money as if it was the easiest thing. Then the have nots figure that they need to learn more so they study harder what they know or they change their system. He says that the difference is not the trading system but in the attitude and the psychology. There is much more but basically from just the beginning I can say that he wants you to treat every trade as a mathematical probability and that you can lose or win on any trade and that the outcome should not even surprise you. You should not enjoy winning and you should not hate losing.
  • #1,383
  • Dec 31, 2011 8:38pm Dec 31, 2011 8:38pm
Quite honestly to become a successful trader is very simple. You simply learn to master just one high probability setup that you can identify repeatedly and simply trade that over and over and over again.



Quoting bfis108137
I first of all am not currently a successful trader so take what I say with a grain of salt. I have seen the book "Trading in the zone" by Mark Douglas quoted by many traders from a equity day trader friend of mine to a few people in this forum to people from other sites. I have bought the book and have started to read it. One thing he says and I would quote it but I can't find it but he basically says that the 95% of unsuccessful traders look at the the successful ones in awe as the the haves seemingly just print money as if it was the easiest...
  • #1,384
  • Jan 1, 2012 3:11am Jan 1, 2012 3:11am
Quoting myfxjournals
Quite honestly to become a successful trader is very simple. You simply learn to master just one high probability setup that you can identify repeatedly and simply trade that over and over and over again.
That's true but if you haven't got the attitude down then you will trade setups that don't qualify, you will risk too much and possibly blow accounts, and when you do see your setup you will be so scared that you won't place the trade. I will take it even further. A person could probably master a good setup in a few days or maybe a week. An idiot could do it in a month. He might take a year or 2 mastering the attitude.
  • #1,385
  • Jan 1, 2012 7:30pm Jan 1, 2012 7:30pm
Quoting myfxjournals
Quite honestly to become a successful trader is very simple. You simply learn to master just one high probability setup that you can identify repeatedly and simply trade that over and over and over again.
The issue is, same setup different market conditions and you'll get a totally different expected result, you need a bank of setups then you pull the setup which is currently working best in the hope it'll keep working for a bit longer, simply not trading for a period of weeks / months isn't an option as you'll get bored and just gamble it all away.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,386
  • Jan 1, 2012 7:33pm Jan 1, 2012 7:33pm
Quoting bfis108137
I first of all am not currently a successful trader so take what I say with a grain of salt. I have seen the book "Trading in the zone" by Mark Douglas quoted by many traders from a equity day trader friend of mine to a few people in this forum to people from other sites. I have bought the book and have started to read it. One thing he says and I would quote it but I can't find it but he basically says that the 95% of unsuccessful traders look at the the successful ones in awe as the the haves seemingly just print money as if it was the easiest...

The main issue is it's not 95% it's 99%, 4% of the 5% are lying so unsuccessful traders are trying to emulate the method's of liars, the entire " why does this work for you, but won't for me when I try the same " cause you guessed it they are lying.

Actually about 30% of the people on here claim to be profitable so thats a 29% lie rate.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,387
  • Jan 12, 2012 4:56pm Jan 12, 2012 4:56pm
I scalp 30 second charts with tight stops, have been trading forex for nearly 2 years, the last year live. I have tried many systems and timeframes, I always go back to short term scalping off small charts. To me the smaller time frames are way less stressful than long term day or swing trades. My trades usually last less than 15 minutes, many cases less than 5. I have finally created a sytem I believe will hold up long term, started first of this year, up 10.5% so far, however the test for me will be if it holds up for 6 months, lol!
  • #1,388
  • Jan 12, 2012 5:59pm Jan 12, 2012 5:59pm
Quoting Salestrainer
I scalp 30 second charts with tight stops, have been trading forex for nearly 2 years, the last year live. I have tried many systems and timeframes, I always go back to short term scalping off small charts. To me the smaller time frames are way less stressful than long term day or swing trades. My trades usually last less than 15 minutes, many cases less than 5. I have finally created a sytem I believe will hold up long term, started first of this year, up 10.5% so far, however the test for me will be if it holds up for 6 months, lol!
method's don't die, they just lose strength, when that happens have a method ready which fits that market condition and switch out, my last method ran nearly perfectly for 3 months barely any losses and 50/50 here shame puts the dampers on me making a living any time soon

The previous Trend system is working again though, so hopefully it'll switch between the 2, Trend and Chop and all is fine


Keep it up!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,389
  • Jan 12, 2012 6:04pm Jan 12, 2012 6:04pm
Turveyd, thanks for the response! I have read many of your posts here, and we have similar ideas I believe. I read amd study much more than I post. However this is a lonely business when no one else you know trades. Plan on posting more online this year to compare notes and ideas with fellow traders.
  • #1,390
  • May 20, 2012 5:02pm May 20, 2012 5:02pm
Initial account = £1,422.00 + 4% per day

3 years later.....................

................. Current return on investment = £14,667,997,276,889,500.00


..................That's a a lot of scalping.
  • #1,391
  • May 20, 2012 5:59pm May 20, 2012 5:59pm
Quoting TangibleAss
Initial account = £1,422.00 + 4% per day

3 years later.....................

................. Current return on investment = £14,667,997,276,889,500.00


..................That's a a lot of scalping.
that's why he hasn't posted here recently, he bought a couple of countrys and is kinda busy.

1 scalp can get you 4%, so 15mins per day and hey presto own country!!

I hear Greece is going real cheap
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,392
  • Edited 7:08pm May 20, 2012 6:56pm | Edited 7:08pm
Quoting TangibleAss
Initial account = £1,422.00 + 4% per day

3 years later.....................

................. Current return on investment = £14,667,997,276,889,500.00


..................That's a a lot of scalping.
In my opinion this is entirely possible just from a raw perspective. The problem is discipline. To scalp in my opinion you should be making just 2-5 trades a day. It sounds so simple. Forget 4% a day. Try 2% a day or even 1% a day for just 3 years. After 3 years you could make 1.29 million from just 1000. The problem is that we are human. We crack. We take trades we shouldn't take. Soon 1% turns into .1% to .01% and then a loss. So yes it is possible but only in theory.
  • #1,393
  • May 21, 2012 3:51am May 21, 2012 3:51am
£1,000

@1% = £12,500 in 1st year (255 trading days)

@1.5% = £43,000

@2% = £153,000

How many can claim 15,000% profit in first year, few if any.

Even Mr Miyagi doesn't have that much patience.

Sure there are legendary characters in the pages of history
  • #1,394
  • May 21, 2012 4:08am May 21, 2012 4:08am
Quoting TangibleAss
£1,000

@1% = £12,500 in 1st year (255 trading days)

@1.5% = £43,000

@2% = £153,000

How many can claim 15,000% profit in first year, few if any.

Even Mr Miyagi doesn't have that much patience.

Sure there are legendary characters in the pages of history

Trading at 2% risk on £153,000 is £3060, he's a scalper so think 8 SL, TP @4pips, you'd have to trade at £382.50 PER PIP. 4 of those per day with no losses to get to 4%

It's okay with £1000
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,395
  • May 22, 2012 8:23am May 22, 2012 8:23am
Tangible Ass ... that's a serious nickname LOLZ I like it.

Quoting TangibleAss
Initial account = £1,422.00 + 4% per day

3 years later.....................

................. Current return on investment = £14,667,997,276,889,500.00


..................That's a a lot of scalping.
forget about tomorrow, just steal away into the night
  • #1,396
  • May 22, 2012 9:30am May 22, 2012 9:30am
If you can consistently make a 4% return on equity each trading day, you will quickly become sought after by almost every hedge fund out there. Consistency is key. I wish you the best of luck continuing to make that return. Experience tells me that it will extremely difficult to do that on a consistent basis though. I personally risk 1% of my equity on trades and am happy to make 2%-3% a week. I'm attempting to build up a solid track record on myfxbook so that I can professionally manage money in the future. I think if you want to get picked up by money managers/hedge funds, consistency is the MOST IMPORTANT part of your trading track record. Consistency also means that you don't have any large losses. Your losses should always be tightly controlled with a good risk management system.
  • #1,397
  • May 22, 2012 10:28am May 22, 2012 10:28am
Quoting _David_
If you can consistently make a 4% return on equity each trading day, you will quickly become sought after by almost every hedge fund out there. Consistency is key. I wish you the best of luck continuing to make that return. Experience tells me that it will extremely difficult to do that on a consistent basis though. I personally risk 1% of my equity on trades and am happy to make 2%-3% a week. I'm attempting to build up a solid track record on myfxbook so that I can professionally manage money in the future. I think if you want to get picked up...

You lot realise, this is a really old like 2 years or something thread yeah and it's all been done before.

He had a good stab at it, did better than most and the 4% bit was never meant to be taken that seriously.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,398
  • May 22, 2012 12:50pm May 22, 2012 12:50pm
Quoting Turveyd
You lot realise, this is a really old like 2 years or something thread yeah and it's all been done before.

He had a good stab at it, did better than most and the 4% bit was never meant to be taken that seriously.
Yeah but its still funny cos we've all been there or are still there, we've all done that maths at some point and all crashed down to earth shortly afterwards.

Like most things in life if it were so easy everyone would be doing it, or perhaps trading forex is the best kept secret in the world?

Sadly for 99.99% of mortals 1-2% p/d is reality.
  • #1,399
  • May 22, 2012 12:57pm May 22, 2012 12:57pm
Quoting TangibleAss
Yeah but its still funny cos we've all been there or are still there, we've all done that maths at some point and all crashed down to earth shortly afterwards.

Like most things in life if it were so easy everyone would be doing it, or perhaps trading forex is the best kept secret in the world?

Sadly for 99.99% of mortals 1-2% p/d is reality.
haha. very true. I think the reality for most mortals is actually a negative number. Hopefully we can all learn from each other though and eventually trade profitably on a consistent basis.
  • #1,400
  • May 22, 2012 4:13pm May 22, 2012 4:13pm
Quoting TangibleAss
Yeah but its still funny cos we've all been there or are still there, we've all done that maths at some point and all crashed down to earth shortly afterwards.

Like most things in life if it were so easy everyone would be doing it, or perhaps trading forex is the best kept secret in the world?

Sadly for 99.99% of mortals 1-2% p/d is reality.

Simpler maths, get to a point where you can make say 60pips profit per day, average ofcourse some better some maybe even down, what do you need to trade at to make a good living ?? $2 per pip ?? $3 per pip ?? for me it's 3 pips, $180, £120, £600 per week, £2400 per year, then why stop at $3.

Simple math's it's my plan, got 20pips today 40 more to go!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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