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4% A Day Forever

  • #1,401
  • May 24, 2012 5:50am May 24, 2012 5:50am
There are many different methods to make money in this business. It is difficult to make a consistent earning, but its definitely not impossible. I mentioned before that all it takes is identifying 1 trade setup and mastering it.......someone else responded with the markets change...no...they never change...it appears so because the markets are random or appear to be, but its simply a repeated cycle...nothing changes...its the same as it was a few years ago...may have more players now, but the general psychology of the markets are still the same...


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...
  • #1,402
  • May 24, 2012 5:57am May 24, 2012 5:57am
Quoting myfxjournals
There are many different methods to make money in this business. It is difficult to make a consistent earning, but its definitely not impossible. I mentioned before that all it takes is identifying 1 trade setup and mastering it.......someone else responded with the markets change...no...they never change...it appears so because the markets are random or appear to be, but its simply a repeated cycle...nothing changes...its the same as it was a few years ago...may have more players now, but the general psychology of the markets are still the same...
I would actually say it this way. There are 2 types of markets. Ranging and trending. You should have 2 setups. One for each type of market. IF you have one setup then you should at least know when you are in the right kind of market for your setup. This is very important since a trend setup in a ranging market is likely to get you whipsawed and a ranging setup in a trending market could have you going against the trend.
  • #1,403
  • May 24, 2012 1:43pm May 24, 2012 1:43pm
I can agree to that....



Quoting bfis108137
I would actually say it this way. There are 2 types of markets. Ranging and trending. You should have 2 setups. One for each type of market. IF you have one setup then you should at least know when you are in the right kind of market for your setup. This is very important since a trend setup in a ranging market is likely to get you whipsawed and a ranging setup in a trending market could have you going against the trend.
  • #1,404
  • May 24, 2012 4:39pm May 24, 2012 4:39pm
Quoting myfxjournals
....someone else responded with the markets change...no...they never change...it appears so because the markets are random or appear to be, but its simply a repeated cycle...nothing changes...its the same as it was a few years ago.....
I have to disagree on this point. When Lehman Bros went bust the forex market went doo-lally. The daily range on some pairs was 500 pips. When things settled-down again a couple of months later a normal behaviour gradually resumed. However we are now entering another period of strange behaviour, the EU crisis could become massively bigger than Lehman Bros and who knows what might happen.

As it happens I did rather well at the time, relatively speaking (I was still a novice), and I'm rather looking forward to the next episode. The thing that worries me is that the brokers may suffer illiquid trading issues.

I also agree with mastering a setup situation and then exploiting it.
Good trading to you.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #1,405
  • May 24, 2012 9:21pm May 24, 2012 9:21pm
Sorry but if you feel a 500 pip move is a big deal, you probably need to adjust your trading to be a bit more enduring.....I have withstood 4000 pip moves without a scratch and still continue to do quite well.....the markets haven't changed much, it just depends on how you pace yourself....

Trade a larger time frame and you'll see that not much has changed over the years...you're just hitting a cyclical period that some systems may not be designed for....but its just that, its cyclical...you can argue all you want but the last poster hit it on the head.....price are always ranging or trending, the question is can your system or trading style handle both?

Give it some thought...I spent about a year and a half of none trading after trading for many years.....in that time I simply watched and made no bias decisions..I simply watched.....you can learn alot by simply watching ....

Quoting Exodus
I have to disagree on this point. When Lehman Bros went bust the forex market went doo-lally. The daily range on some pairs was 500 pips. When things settled-down again a couple of months later a normal behaviour gradually resumed. However we are now entering another period of strange behaviour, the EU crisis could become massively bigger than Lehman Bros and who knows what might happen.

As it happens I did rather well at the time, relatively speaking (I was still a novice), and I'm rather looking forward to the next episode. The thing...
  • #1,406
  • May 25, 2012 3:03am May 25, 2012 3:03am
Quoting myfxjournals
....you can learn alot by simply watching ....
That is very true.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #1,407
  • May 5, 2013 5:49am May 5, 2013 5:49am
Having read a few of the early posts it must fascinating to witness how certain traders/posters have developed over the past 4 years. Hello btw.

Quoting Turveyd
{quote} 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.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #1,408
  • Nov 8, 2013 6:44am Nov 8, 2013 6:44am
Soooo...4 years later I wonder how The Fool is doing? If he succeeded, he is a millionaire. OR was it a lucky streak? Perhaps he remained successful but his monthly percentage decreased as it does with many longterm traders. Inquiring minds want to know.
  • #1,409
  • May 18, 2014 1:39am May 18, 2014 1:39am
Quoting sebring001
Soooo...4 years later I wonder how The Fool is doing? If he succeeded, he is a millionaire. OR was it a lucky streak? Perhaps he remained successful but his monthly percentage decreased as it does with many longterm traders. Inquiring minds want to know.
lol, I am still trading. I don't trade spot fx very much anymore but I do occasionally. These days I am working on using otc fx trades in positions that also include derivatives (futures and options) trades. I mostly trade options now and that suits me better. I am better off working with trades that evolve over weeks and even months, rather than minutes, although I do daytrade options around scheduled volatility events, and that's excitement enough for me. I'm not here to comment on the pros/cons of scalping or whether 4% per day is possible (!). I will divulge that I have more consistent and (at this point) larger returns trading options than I ever did scalping spot fx. I also have more free time, which allows me to do other things, like work in my profession, devote time to family and a long list of other interests outside of trading, etc.

I would urge anyone who is starting out trading fx to also learn to trade other markets, especially futures and options, and to trade all timeframes. Try everything and find what works for you - that's what I have done and will continue doing. Good Luck.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,410
  • May 18, 2014 5:19am May 18, 2014 5:19am
Quoting nAVIN2007
{quote} yes i do agree....i also starting to believe this..its all in the head
As long as you are doing something that does related to probability, there will be good luck and bad luck. No argument there, not ever.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,411
  • May 18, 2014 5:20am May 18, 2014 5:20am
I have been read the first 6 page threat since 2009.

I still don't see owner post his setups.

page 10 now.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,412
  • May 18, 2014 5:26am May 18, 2014 5:26am
Quoting The Fool
Completely slept thru the NFP. Was tempted to place a short trade before bed & let it ride, as I expected higher #'s and a drop in the E/U, but did not. Woke up to see lower #'s and a 150+ pip drop in the E/U. Confusing results & wonder if temporary or a trend change and decisive reversal of $/S&P correlation... Went long with a small beginner at .4163 & will see if a pa reversal is in order.
are you still trading NFP as scalper?
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,413
  • May 18, 2014 5:40am May 18, 2014 5:40am
Quoting The Fool
{quote} It's pretty hopeless at this point, T. Same weakness that got me into the averaging down trap keeps me from pulling the trigger on an exit. Currently sitting at -55%, margin call just about 50 pips away. Pretty close to the edge now, finally. I went out to meetings early this AM and was down about 40% at the time - came back 6 hrs later and more damage. I really picked a great time to fuck up. I keep waiting hoping praying for a decent retrace. Had one a few days back but it was just a quick spike down & I missed it. I could keep this up,...
-55% in 2 month of trading after 3 months demo trading, 14 pages.

Result is about right.

I'd say this is the lesson and reality check you would eventually encounter going down this path.

But that's 5 years ago.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,414
  • May 18, 2014 5:55am May 18, 2014 5:55am
Quoting The Fool
{quote} No, not silly, Henry. Anyone who has any aspirations of trading for a living has to have some idea of what they can earn so that they can assess the real potential of those dreams. I can tell you that, imho, its all relative, though. If I had the account equiity (and the stones) to trade for $50/pip then 20 pips a day would be fine. So 20 pips/day * 240 trading days/yr = 4,800 pips/yr. Down here at my level in the $10/pip crowd, let's say I need $8k/month to live, save a little & cover taxes and modestly grow an account: $8k/mo * 12 = $96,000/$10...
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,415
  • May 18, 2014 6:00am May 18, 2014 6:00am
Quoting HenryM
{quote} How many pips do the pros make per year? I'm not talking about the nay sayers on this forum. Let's think bank traders. What is their target for the year? Anyone knows? It has to be substantial, because they work for a boss and yet they drive Ferraris and have private jets. If it is 10 000 per year, I think we can aim for half that because they have more resources ito knowhow and support than we do. With a decent money management plan, there is no reason why one cannot turn a $1000 into a $million in a year, but doing that while holding...
If you are the pro who makes 4% per day and turn 1000 to 1mil in a year and the next, would you like to have your name posted here?

You didn't see it didn't mean it didn't exist.

Bottom line is theory is doable.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,416
  • May 18, 2014 6:17am May 18, 2014 6:17am
Quoting Turveyd
Trading trend changes based on a 200ema using M1 chart, after UK open, US open and Asia open seems to be very strong at the moment, easier to spot a change to a continue and generally worth alot of points for a relatively small SL.
Trading on the 1m ema for major market openings is way too risky if you need to maintain your 4% per day goal.

The first couple trade of the day would be the key to successfully complete your daily goal.

At page 20, you are trading 30 trades per day, and about 3 hours per day. that's 10 trades per hour or 6 minutes per trade.

Signal take at lest 3-4 bars to complete, would i be wrong if i say you are pulling trigger on every signal signal on 1m chart and not looking at any other time frame at all? WITH NO STOP.

does not look like a winning system at all at this point.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,417
  • May 18, 2014 6:29am May 18, 2014 6:29am
Quoting Jigsaw
{quote} I reckon you should implement a fixed SL. Try . . . 2xATR14 is a nice SL, or 10pips + spread on EURUSD. Start off risking .1% and shoot for 5R.
This is a good advice for the time being .
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,418
  • May 18, 2014 6:58am May 18, 2014 6:58am
Quoting The Fool
{quote} one should think about each trade feeding into a possible break-out.
what about the head fakes on 1m & 5M?

I would say the correct term is how would you be able to identify the break-outs.

  1. news breakout
  2. opening breakout
  3. closing breakout
  4. low liquidation breakout
  5. price level breakout
  6. physiological breakout
  7. event related breakout
  8. breakouts without any reason

On 1m and 5m, the breakout goes both ways, and the head fakes on 1m and 5m is the most painful areas.


With 3 months demo and 6 months live, it's impossible to understand how the breakout works and that's when your odds of winning overtime tanks.

If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,419
  • Edited 8:45am May 18, 2014 8:33am | Edited 8:45am
Quoting The Fool
{quote} lol, I am still trading. I don't trade spot fx very much anymore but I do occasionally. These days I am working on using otc fx trades in positions that also include derivatives (futures and options) trades. I mostly trade options now and that suits me better. I am better off working with trades that evolve over weeks and even months, rather than minutes, although I do daytrade options around scheduled volatility events, and that's excitement enough for me. I'm not here to comment on the pros/cons of scalping or whether 4% per day is possible...

Done reading your entire post, Fool.

Threat started June 2009, and according to you, you had 3 month demo experience and claimed to have 4% daily gain and heated discussion with FF. You goal was to turn 1k into 1 mil in a year.

 

  1. For the first 5 months you were doing fine and blogged trades everyday although there was hardly any setup and trade highlight.
  2. Suffered the 60% dd less than 3 month after the thread started.
  3. 2009 11/1 week, after weeks of consulting with FF members, you started scalping on news on 1m and 5m tf although there were ONE PERSON from your followers stood up and ask you not to scalp on news. That's right, ONLY ONE.
  4. 2009 11/23, your news scalping luck ran about 3 week average 12%+ weekly, and that person joined you among all others thinking you were on your path becoming the 4%+ daily legend.

    You had posted weekly gain screenshots 3 times though all the weeks you won, and you got cocky.
  5. 11/30, the 4th week, no more weekly reports, but "i do fine".
  6. 2010 5/19 You first break from the the 4% a Day Forever
  7. 2010 6/20 You unofficially called stop. ​

After spending hour reading you post, i must say your honesty was questionable after 11/30/09.






You shouldn't take the shortcut and scalp news, but your 4% goal left you no choice but to gamble on major news release.

This is normal for newbies. This is what happen when you expect to make 4% daily after only 3 months demo experience.

Fundamentally, I must say you started off on the wrong foot understanding the market.

It's ironic the 4% daily, but you failed to understand it fundamentally. You failed to understand a 4% daily system required extremely well planned sets rules and system to make.

again, is 4% daily doable, yes in theory, but NOT in this thread.

If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #1,420
  • May 18, 2014 11:49am May 18, 2014 11:49am
Quoting FXSayWhat
{quote} are you still trading NFP as scalper?
not scalping fx much anymore. But one should always pay attention to NFP, FOMC (and other major CB announcements), prelim GDP, big econ news out of China, etc - all are potential market movers. And there are ways to trade these events outside of scalping fx....
"If The Fool persists in his Folly he will become wise." - William Blake
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