I never thought I'd say this man, but I must confess I just found a new buddy on FF.
Will send you a PM after the day's sessions if you don't mind.
may the pips be with you lol
Twitter: @forexpokerpro
A "doable" way to take a $300 account to $1 million in 45 months
- #141
- Jun 20, 2012 1:50pm Jun 20, 2012 1:50pm
- | Joined Jun 2007 | Status: full-time trader wannabe | 975 Posts
may the pips be with you lol
- #143
- Edited 5:37pm Jun 20, 2012 5:24pm | Edited 5:37pm
why do you keep posting same rubbish,as i said if its thats easy make ten accounts of 300$ and in years time youll be half way there,but more like it seems you like speaking bullshit for others then rather making an effort yourself,o either your a bum who doesnt have 300$ to start off or looking for idiots to test your theory.I know if i knew a technique that made me rich in few years time i wouldn't be afraid to invest couple grand to get there,but you seem more like an idio$ as you share this with everyone and never bothered to try it out yourself....
As for me personally, with my current simple (pretty basic) system I am putting together, of which I plan to stick with instead of jumping from system to system like in the past, I actually feel better than ever about my chances to be successful in forex. I think these last 2 years of not trading have actually cleared my head a bit.
Anyways, pinkiaiii, thanks for your warm and fuzzy post...
"Trading is a mental sport." - Ziad Masri
- #145
- Jun 21, 2012 9:39am Jun 21, 2012 9:39am
- | Joined Jul 2011 | Status: Jesus is the way. | 1,450 Posts
I explain a bit in the post above of why I have never tried I...
As for me personally, with my current simple (pretty basic) system I am putting together, of which I plan to stick with instead of jumping from system to system like in the past, I actually feel better than ever about my chances to be successful in forex. I think these last 2 years of not trading have actually cleared my head a bit.
Anyways, pinkiaiii, thanks for your warm and fuzzy post...
All the best mate!
Don't just beat the markets, leave bruises.
Hi StormsRiders, I'm sorry if I sounded too harsh. I must have misconstrued your statement. Please accept my apologies...
Hope you had a nice day? Don't know if you trade the Fiber but hope you're enjoying the complex moves today?.
Happy trading to you.
- #152
- Jun 22, 2012 4:36am Jun 22, 2012 4:36am
- | Joined Jun 2007 | Status: full-time trader wannabe | 975 Posts
The goal of the plan in the article is to get 100 pips per month (combined with the other parameters the article mentions). REMEMBER, this is per MONTH. Not "per day" or "per week". Most currencies on most days move 70 pips ... 80 pips ... 90 pips ... 100 pips ... sometimes even more ... almost every day. It of course depends on the currency. Sure, there are sometimes a few days a month some currencies only move something like 30 or 40 pips. But generally currencies will move more than that. Currencies such as gbp/jpy usually move...
You are right. I admit I have not had success in Forex before. That is why for the past 2 years I've been away from it - except for occaisionally looking at the charts during that time. My lack of success is the reason I did not even attempt the plan in the article. It would have been a waste of time. Still, I've always had that article in my head about making big money with a small account and a small number of pips. And I always had it in my mind IF I can somehow figure how to secure at least 100 pips a month, that it would solve my money problems....
Ok, then solve your problem of securing 100 pips/month with a system or by studying more, or whatever. No rush
BBPI_fxtrader, you said, in regards to your doubts about the plan in the article, "If it really worked then I would lock myself in the house, and do this day in day out, wouldn't care about friends, going out, seeing the sun, etc. Screw it, i'll see the sun in 4 years from my house in the Bahamas."
Funny thing is, I am not too far away from doing just that. Lately I've been spending more time working on my trading system and getting myself together to trade, instead of hanging around my family and friends. I have been going more and more in the...
That was meant figuratively of course. The fac that you've been spending more time working on trading systems, and generally studying the market is great, however, i would advise you not to do that when you should be with your family/friend. You need a balance man, otherwise you'll burn out probably. Don't rush it. No one is putting pressure on you to start this "journey to 1 mil in 45 months" tomorrow, this month, or 2 months from now. Take however much time you need, and when you are ready, open a journal and start doing it. I will be your first subscriber.
In regards to the possibility you brought up of someone losing 20 trades in a row, coincidentally, in the trading room I mentioned in my paragraph above, the guy talked the other day about the odds of losing consecutive trades in a row. He wrote (and repeated out loud) the following on the screen of the trading room - of which I wrote down:
"Assuming the probability of a win or a loss on any one trade is 50%, if you risk 5%, you will wipeout as soon as you have 20 consecutive trades. That equals to 1 chance in 1,048,......
This is no way general. This depends on your trading system, stop-loss & all that. and as long as there still is 1 chance, liek you said, 1 in a million, there still is a chance !!!!! Expect the best, but always be prepared for the worse.
Go back to post #107 of this thread and you will see that I talk about a successful trader in this forum named "kostas1". He is a veteran member of FF that has made $500,000 since March of 2010. He says his stop loss "is no more than 15-19 pips". And he wrote, "My daily target is 30-40 pips. I can achieve this in 3-4 trades (each from 8-15 pips)."
[b]So my point is that a stop loss of 25 pips or less WILL WORK! And there are people that average more than 5 pips per day.
Ok, kostas1 can do it ? But can you ? How much does that 25 pips represent of kostas1's equity ? 5% ? I really do not know, that's why i'm asking
You are exactly right. Emotions have to be dealt with. A successful trader learns how to do this. If anyone is making 100+ pips month, then that is a good sign they are on the right track. The more pips & money they make, the more it is a sign they are not only a good trader but can also control their emotions. This is a big part of why I don't expect a beginner trader to begin making big money starting his first day of trading. It is because he most likely won't have the mental & emotional aspect under control. The trading plan in the article is...
Don't knwo how much you've traded before, past trading experience, and all that, and no offense, but you clearly have no idea about emotions under the circumstances you presented in the first post.
What is your net worth ? Have you ever had more than $100k in your bank accounts ? What is your current salary (if you also have a job) ? No need to answer, just think a bit about the answers.
If you've never had more than 100k in your bank account(money made by you !!!! not inherited or whatever) then you are in for a big surprise. Let me explain.
Imagine you get your account to $500k.
Your risk is 5% per trade, so $25k.
You place a trade, it hits your S/L, you lose $25k.
Account balance is $475k
You wipe it off, it happens, losing is part of trading.
You find another trade opportunity, risk 5% ($23.750).
It also hits your S/L.
Account balance $451,250
you've just lost 50k from 2 consecutive losing trades (if you tell me that losing 2 consecutive trades in a row will be rare and will have little chance of happening, you have absolutely no idea about trading).
Can you handle losing 50k from 2 trades ? maybe in the space of 1 hour ? 50K from your hard worked money ! your money !!!!!! that's why i asked in the beginning if you ever had 100k (your money in your account). Your earned money is a lot different than inherited money or whatever.
Seriously now, would you be able to handle it ? Depending on the country you live in 50k can be a 2 bedroom apartment. 4 losing trades will net you a loss of around $100k. 2 losing trades today, 2 losing trades tomorrow. IT HAPPENS. even to the best of the best. Will your head be clear to put another trade ? Seriously, think very very seriously about this. You will have half a million dollars in your account, and losing 4 trades loses you $100k
The strategy in the first post implies that you do not cash out any profits. You may be living in a 100k apartment now, with your parents or alone/girlfriend and it may be your apartment, or not. Don't know, as i don't know anything about you. But just think how you would feel if you lost an apartment in 1 day.
Of course we talk about not letting emotions getting in the way, not putting value to the $ amounts you are trading & all that. But if you never had that kind of money, you are in for a treat. And a pretty big one. You have absolutely no idea how you would feel, because well, i don't think you've lost 100k in a day before. And unless you're already a millionaire, 100k is a lot of money. It will literally crush you psychologically.
THAT'S WHY I SAID THIS WON'T WORK !!!!!!!!!!!!!
Everything works in theory, but the real thing is COMPLETELY DIFFERENT than theory. Search the forums for $1million or whatever amount in I don't know how many month. Has 1 single such thread survived ? Look at trading journals, where again participants want to make millions starting with x hundred $. Which one is still active ? And if they are not active after turning $300 into $50k yes, it could be that they no longer post because they have other lucrative things to do and don't really feel the need to keep the journal here anymore or whatever. But there are no such threads(that i kow of). Most of them start all super-excited and determined to turn that little 3-4-5hundred into hundreds of thousands of dollar in x amount of time. After a couple of months at most, the thread does not get updated anymore....
Ok, BBPI_fxtrader, you are actually inspiring me to commit myself even more to forex trading. I haven't got my trading system ready for use yet (I'm in the middle of fine-tuning it), but at some point I DO plan to open a thread detailing my trades. When I get my live account going, and in 45 months I've got at least $1 mill sitting in the bank, I fully expect you to be standing in my front yard of mansion, with a wash cloth and a bucket of soap. (be sure to bring the top quality soap for Ferrari's)...
I am really happy that I am inspiring you to commit. I like determination. Believe me when I say, I would be extremely happy if this works out for you. And yes, i would come to your house in 45 months and wash your Ferrari IF:
- you start with $300
- build that to $1million in 45 months
- always risk 5% of your equity per trade
- not withdraw any money until you have $1million
- a third person(eskrow) audits the account and trades - to make sure you always risked 5%
I do not want you not to succeed. Don't get me wrong. As i said i would be more than happy if this works out for you.
There is no competition among traders, do not take my words as words from a rival. I have nothing to gain if you lose moeny trading, and nothing to lose if you make money from trading. I just want to help, i believe in sharing knowledge.
And I promise you I will come and wash your Ferrari with whatever soap you want in 45 months after you start and if you abide by the expressed conditions(which are actually just statements you made in the 1st post - apart from the audit, which is a no-brainer).
All the best Quickdraw and let me know when you open your trading journal
Twitter: @forexpokerpro
- #155
- Jun 22, 2012 9:44am Jun 22, 2012 9:44am
- Joined Dec 2010 | Status: Trader | 2,136 Posts
Of course a trader can start small, and with patience and compounding, after a couple of years be able to withdraw 100k from the trading account for living expenses and what not, and not be affected that much(this is a whole other discussion and would be glad to discuss how i am going to do it for example, if you are really interested).
Ok, now that we determined that you cannot control how the market moves, why are you thinking about how much ROI % you want to achieve in a month ? For us to be able to do such a thing, we must take our system,...
About goal setting in trading, I understand that no single trader without the help of a genie can control what the market does, and every trader whether scalping or swing trading can only 'take' what the market can offer and their system can take hold of. The way I see it, yes "on average" every instrument moves x points a day/week/month, so whatever goal is set out will also be "on average" (always making allowance for losing strings and even high sigma events). The point is to get a rough idea of the size of the trading system edge that is/will/can be used, and also be used to sift out the lower and higher performing approaches.
Reading posts of Hanover, Kostas, RR, Cutos (and several others) really got me thinking about defining the parameters (W:L, R:R) and tweaking an approach (entries, SL, TP, trailing, move to B/E, fading, market timing etc) to create an overall system that ultimately, as far as a historical checks and degree of freedoms, has an edge, a positive expectancy. I agree with Custos when he says that the real reason he thinks most traders lose in fx, is not that they lack discipline or ability, but that they simply don't have positive expectancy systems, so they are set to fail from the start. This is a crucial point that isn't explained enough to new comers, that while all the indicators, colorful screens, cool codes, fancy price actions, SR lines all over the place may be interesting and make you look like a smart finance guy to the layperson, you've got to quantify the system day-day week-week month-month to judge if it makes or loses money over the long term.
There's my long winded 2c, and hours staring at charts actually makes doing the dishes appealing for a break
- #160
- Jun 24, 2012 3:04am Jun 24, 2012 3:04am
- | Joined Jul 2011 | Status: Jesus is the way. | 1,450 Posts
I already stated when i talked with Motion that ...
Of course we talk about not letting emotions getting in the way, not putting value to the $ amounts you are trading & all that. But if you never had that kind of money, you are in for a treat. And a pretty big one. You have absolutely no idea how you would feel, because well, i don't think you've lost 100k in a day before. And unless you're already a millionaire, 100k is a lot of money. It will literally crush you psychologically.
THAT'S WHY I SAID THIS WON'T WORK !!!!!!!!!!!!!...
But on a serious note, practically it would be giving the market's money back.
It seems to me that those "contests" encourage high risk taking. Making almost 12x your account is usually due to taking high leverage and lots of luck rather then having great trading skills. Also 25K$ prize that this dude is going to get, is great incentive for others to try to do the same thing. Unfortunately most likely they will blow up rather then reach first prize.
Stay away from these schemes and try to learn trading for a long run building something valuable rather then trying to make a quick buck. Also read this...
Here's an analogy:
Give two traders starting capital $100000 to risk 1% per trade.
Trader A uses a moving average crossover system which triggers late into a move. He buys at 2500, with an SL of 100pips at 2400 and TP of 100pips at 2600.
Trader B on the other hand who is a more skilled trader and already anticipates where the demand is already bought at 2410 with same SL and TP as trader A before the MA crossed over periods later.
Here's the logic: trader A only puts in a lot resulting in a loss of $1000 at $10 a pip if he get stopped or profit of $1000 if TP hits. Trader B on the other hand can afford to take 10 lots which results in the same $1000 (10lotsx$10x10pip) if SL hits and $19000(10lotsx$10x190pips) if TP hits.
In the end, they both traded the same markets and took the same risks. The differece is one took a high risk entry, the other one took a low risk entry. There's nothing like over leverage when a trader knows where the entries are. It is your job to scale down or up the amount of lotsize relevant to a position in respect to your precise risk. The trader who transformed that $5xx dollars to $6000 in a month simply knows what she is doing. She is simply skilled. Let's call a spade a spade. There are places on your chart where prices will touch and immediately return. If you know where such levels are, you simply place limit orders there. Price will never violate them more than 10 pips. If it does, then the level is invalid. Do you anticipate such levels? Or do you wait for an indicator to tell you what to do? Former or Later, your answer will determine if you are a skilled or non-skilled trader.
Don't just beat the markets, leave bruises.