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Proof That Ultra Profitable Trading Is Indeed Possible

  • #101
  • Oct 3, 2012 12:45pm Oct 3, 2012 12:45pm
Quoting Supertrader9
I have just added a myfxbook monitoring account. I think it would be easier to see.
Link? Ah, on first page. Still looking good.
Fuck Forex Factory.Wake up people.
  • #102
  • Oct 3, 2012 12:46pm Oct 3, 2012 12:46pm
Hi, I've been trading for 2 months now but I've yet to find my drift. I also have a journal up and running, it can be found in my signature. I show my trades there as a way to keep myself focused and for me to look back at my past ideas to show myself where I went wrong.

I have revised my charts before I set up the journal and I thought it would do me good but apparently my trades aren't working out so good. I see that you've actually doubled your account in the short amount of time. Would you say that leverage is a key factor to your success or would it be the amount of time you have spent analyzing and understanding the market?
A 1 pip gain is better than a 1 pip loss.
  • #103
  • Oct 4, 2012 12:48am Oct 4, 2012 12:48am
Quoting aeternum
Hi, I've been trading for 2 months now but I've yet to find my drift. I also have a journal up and running, it can be found in my signature. I show my trades there as a way to keep myself focused and for me to look back at my past ideas to show myself where I went wrong.

I have revised my charts before I set up the journal and I thought it would do me good but apparently my trades aren't working out so good. I see that you've actually doubled your account in the short amount of time. Would you say that leverage is a key factor to your success...
I have traded for two years and yet i have so much more to learn..I have read many books and trading articles but i have yet to find a 'real edge' for myself.. I have watched the charts for thousands of hours but the more i watched the more learn..and that was literally everyday..

You are trading like an analyst...and analyst may know all the charting techniques..all the calculation of indicators but they don't make money and some of them can write books on T.A but the don't even 'know' how to trade ...few of them do..

My suggestion for you to become profitable consistently is to trade once per day...Tp 30 and sl 30...Learn how the to make a sharp entry..by reviewing many many charts...i have a system which caters to this...and its one of my favourite if i don't have time to trade..Its very simple you set it and you forget and tomorrow do the same thing again.

Leverage is so not the key to my success in doubling the account..its money management, that is the key. Leverage is a double-edged sword..and the way you trade on your charts suggests that you may bust you account quicker than ever. Leverage is just used to increase your buying power and that was it. Nothing more.

Please be reminded that i am trading the account to make significant profits and chose to risk more than what a good mm should be..
  • #104
  • Oct 4, 2012 12:52am Oct 4, 2012 12:52am
I busted the account...its okay...i have learned many things...i will resume to trade on the demo account and will get back here once i figure most of the things out
  • #105
  • Oct 4, 2012 1:07am Oct 4, 2012 1:07am
Quoting Supertrader9
I busted the account...its okay...i have learned many things...i will resume to trade on the demo account and will get back here once i figure most of the things out
I am sorry for your loss. But it's recoverable in future. I think money management is more important than rate at which we try to gain.

Trading on forums with a real account is not a very good idea. Self ego comes in way. I think if one wants to trade here with a real account $100 or $200 is the right amount to remain impartial
The Thief of Wall Street
  • #106
  • Oct 4, 2012 3:00am Oct 4, 2012 3:00am
I have to agree with Chicky.

Like I said, no shame in going back to demo to review yourself.

you are putting way too much pressure on yourself for no reason, trading is already pressure enough…

Good luck.
Fuck Forex Factory.Wake up people.
  • #107
  • Oct 4, 2012 7:20am Oct 4, 2012 7:20am
Supertrader,

I respect your preferences of disclosing the details of your method, that I am sure had received a lot of time and effort. However, if I were you would do this:

1. Table the basic concepts of the method

2. State my edge and logic why it should work

3. Tactics how this edge can be applied

4. What went wrong in experimenting my method,i.e. a) Is there something wrong with how I applied this?, or b) Is there something wrong with my edge?

5. If the 4 above concludes that the edge is right but there was an application issue, I won't worry too much. But if theres is something wrong with the edge, I will again check if a) The basic concept and logic is right, or 2) It needs some finetuning.

6. I expect myself to repeatedly violate my own rules out of emotions. But if I find some basic flaws in the logic of my edge, will start all over again and look for a new edge. One can always correct application issues, but cannot make a pig fly.

7. This is one reason why I always discuss bascis of my methods and thinking with the whole world. Few, out of all seven billion people living together at the moment for a very short time(and will die together) do point out something which one person ignores if working alone. The benefit of this is more than the loss of someone stealing my idea. In this business, there are so many holygrails that the person holding the right one still doubts if that grail is genuine.
The Thief of Wall Street
  • #108
  • Oct 4, 2012 7:44am Oct 4, 2012 7:44am
Stay positive.

"Many of life's failures are experienced by people who did not realize how close they were to success when they gave up."

"Results? Why, man, I have gotten lots of results! If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is often a step forward...."

Thomas Edison
  • #109
  • Edited 10:15am Oct 4, 2012 8:15am | Edited 10:15am
Chicky: Actually why i want to trade on forums was to catch some hedge funds attention and to just have fun with you all wonderful people..I don't have anything except passion for trading. Plus i need to go to classes which i just have no interest in but i still have to go as a backup plan and to please my parents. Yes about money management, today i think again i made a new discovery...almost everyday i found a new way to trade the market and each time it becomes clearer and clearer but it doesn't deviate from what i already discovered...it was like an add on to it. I understand now that my 'edge' is false and i need to 'restructure' it. I asked myself is there an edge which can't be broken..a foolproof? The answer i got was money management. If i can build a method using my already existed skill and combined it with a solid mm, i think it is very possible to have an ultra profitable system. It would be discretionary trading of course. One more thing was sl is very important. Define your risk and trade responsibly. Actually i will be back with a new live account monday next week. I will be trading the past years data first before i do that though..Its going to be a very long weekend with the charts..

Ramy: Yes, i will go back to demo and trade it all this weekend. Thank you ramy. I will be back with a new account next week.

Smokeymar: Thomas edison's quote was always in my mind. Thanks and it is a wonderful share my friend

I know i am very close to finding my 'own' system
  • #110
  • Oct 4, 2012 10:28am Oct 4, 2012 10:28am
Update: I have restructured my system. I found that my mm needs to be fixed. I will risk 3.3% per trade. The account should not have big drawdowns as i have a fixed stop in place. If i lose i will lose 3.3% of the account and if i win my account increase by 3.3% per trade. There will be several trades per day(depending on market condition).
  • #111
  • Oct 4, 2012 1:27pm Oct 4, 2012 1:27pm
Quoting Supertrader9
Update: I have restructured my system. I found that my mm needs to be fixed. I will risk 3.3% per trade. The account should not have big drawdowns as i have a fixed stop in place. If i lose i will lose 3.3% of the account and if i win my account increase by 3.3% per trade. There will be several trades per day(depending on market condition).
Why 3.3%? Just curious. Here is a Sensitivity Analysis showing strength of your system.

It will take 69 consecutive losing trades to lose 90% of the account, while 69 consecutive winners will make you forget about working for someone else.

I have experienced 52 consecutive losses and 34 consecutive winning trades. Calculate your average W/L ratio and do the math.

Good luck. It seems reasonable, but requires setting no time boundaries for achieving the target.
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The Thief of Wall Street
  • #112
  • Oct 4, 2012 6:32pm Oct 4, 2012 6:32pm
Do not want to beat down on you while you are already down.

But, you have learned lessons:

1.Trading live is a whole new ball game.
2.Any new system needs refinement.
3.Extra pressure is non-sense.

You will soon learn:

4.Over trading is useless.
5.You have nothing to prove to others, yet… or ever...
6.Do not, I repeat, do not put in more money yet, or start with a very, very small capital next time.
7.Find key entries and exits with your system. Work with that.

You do seem to have talent, build on that.

Remember to always do what “you” feel or think is right.
Fuck Forex Factory.Wake up people.
  • #113
  • Oct 4, 2012 7:19pm Oct 4, 2012 7:19pm
Chicky: Why 3.3%? Actually i want to make it 5% but it seems too much..I can have like 5 losing trades in a row..but i am following the trend and only trading when the market is active(london session only) with a stop loss. Thus statistically i should not lose more than 5 times consecutively. Hmmm...probably i should lower the risk? I will have about average of 3 entries per day.

Ramy: Yes i understand that and i am trying my very best to make an ultra profitable system. But this time i will start with small money and build on it. Your point number 7 was the think which the new system will have. Thanks ramy..Be sure to check on me sometimes ya
  • #114
  • Oct 4, 2012 9:54pm Oct 4, 2012 9:54pm
Quoting ramy3
Do not want to beat down on you while you are already down.

But, you have learned lessons:

1.Trading live is a whole new ball game.
2.Any new system needs refinement.
3.Extra pressure is non-sense.

You will soon learn:

4.Over trading is useless.
5.You have nothing to prove to others, yet… or ever...
6.Do not, I repeat, do not put in more money yet, or start with a very, very small capital next time.
7.Find key entries and exits with your system. Work with that.

You do seem to have talent, build on that.

Remember to always...
Excellent points!
Every trader must know this.

Quoting Supertrader9
Chicky: Why 3.3%? Actually i want to make it 5% but it seems too much..I can have like 5 losing trades in a row..but i am following the trend and only trading when the market is active(london session only) with a stop loss. Thus statistically i should not lose more than 5 times consecutively. Hmmm...probably i should lower the risk? I will have about average of 3 entries per day.

Ramy: Yes i understand that and i am trying my very best to make an ultra profitable system. But this time i will start with small money and build on it. Your point...
Supertrader ---Dont give up.

Now that you know what went wrong earlier , you have learnt one more way that was wrong . Just adjust those points in your next trading plan.
Having small and fixed risk is correct way to go.
Manage your risk depending on your trading systems probability of consecutive wins and losses.

All the best ..
BEING PROFESSIONAL IS ALL ABOUT HOW YOU CONTROL FASTEST THING--UR MIND!
  • #115
  • Oct 5, 2012 12:44pm Oct 5, 2012 12:44pm
Quoting Anup
Excellent points!
Every trader must know this.



Supertrader ---Dont give up.

Now that you know what went wrong earlier , you have learnt one more way that was wrong . Just adjust those points in your next trading plan.
Having small and fixed risk is correct way to go.
Manage your risk depending on your trading systems probability of consecutive wins and losses.

All the best ..

Thank you anup. I certainly will not give up..I think i have got it figured now...I need to resist the temptation to risk too much.
  • #116
  • Oct 5, 2012 2:17pm Oct 5, 2012 2:17pm
Do you think its okay to risk 5% if my system have statistically never had more than 5 losers in a row? Let me know your thoughts
  • #117
  • Oct 5, 2012 3:16pm Oct 5, 2012 3:16pm
Quoting Supertrader9
Do you think its okay to risk 5% if my system have statistically never had more than 5 losers in a row? Let me know your thoughts
Trade frequency and risk should be inversely proportionate. For more than one trades a day, even 0.5% is much risk.

A person risking 100% taking one trade a year is not so wise, so is a person taking 365 trades a year taking 0.27% risk per trade.

Win/Loss ratio could be anything from 0% to 100% in short term and therefore may not be part of this calculation.
The Thief of Wall Street
  • #118
  • Oct 5, 2012 10:58pm Oct 5, 2012 10:58pm
Quoting Supertrader9
Do you think its okay to risk 5% if my system have statistically never had more than 5 losers in a row? Let me know your thoughts

The run of losers greater than 5 is waiting for when you've got real money on !!!!.

Good luck with the fresh account next week. silent watcher

doc.
  • #119
  • Oct 6, 2012 6:47am Oct 6, 2012 6:47am
Chicky: Hmmm...yes i think i would need to discipline myself and trade smaller size. Will think deeply about it. Probably 1% per trade would be okay? I think i am too greedy

Dr.scalpall: Thank you doc! I believe what you have just said is very true because in hindsight it was always too easy
  • #120
  • Edited 12:29pm Oct 6, 2012 11:10am | Edited 12:29pm
Quoting Supertrader9
Chicky: Hmmm...yes i think i would need to discipline myself and trade smaller size. Will think deeply about it. Probably 1% per trade would be okay? I think i am too greedy

Dr.scalpall: Thank you doc! I believe what you have just said is very true because in hindsight it was always too easy
Super, the primary reason I spend so much time here is not want someone else to go through all the pain I had to go through. I believe in karma.

Once said that, with 1%, your account will initially grow at a very slow pace, so slow that you would think its not worth. But it will ultimately multiply. The good thing is that with this controlled risk you can start even with a large sum without worrying about the outcome and trading will be pleasure not stress.

But you have to follow that every fuckin time, no matter what. You break the rules even once, you will be history. Trust me.
The Thief of Wall Street
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