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Proof That Ultra Profitable Trading Is Indeed Possible

  • #221
  • Nov 4, 2012 9:33am Nov 4, 2012 9:33am
Quoting 5percent
No, that's not what i am saying but what supertrader is referring, he said that he wants to achieve about 10% growth per day, with 3% risk per trade.

Assuming 3% risk is $300 each,

he wants to make $1000 at 10%.

If a trade is taken at 3% risk, tell me what kind of risk reward and leverage he is using to achieve 10%? that's my question and doubt. I am not criticizing, but wonder is leverage or risk bet.

Because u see, some people trade like that, they are using 3% risk on an example of 15 pips stop loss leverage, and they target a 45 pips 1:3...
5percent, what is your advice for a retail account if I risk 3% per day. So that means if I take 3 trades a day I will allocate 1% per trade, if all 3 trades lost I would lose 3% and halt trading for the day. I must also work out a weekly loss limit too.

So for 3% risk per day, targeting 2:1 risk reward per trade, would that be a sound plan? But then I can't set a goal of how much to achieve per day. I can only take what the market gives .....

What is your advice?
No longer trading forex. Looking for full time job.
  • #222
  • Nov 4, 2012 10:45am Nov 4, 2012 10:45am
First and foremost focus on your trading strategy because everything evolves from there...your mm target etc...i manage my trades(i trail it manually) so per trade i may get -2%, +6% etc....its not an easy push the button and forget kind of trading. The push the button and forget is good when you don't have time to trade.

On average there will be several trades per day.
  • #223
  • Nov 4, 2012 11:02am Nov 4, 2012 11:02am
Quoting mmaker
5percent, what is your advice for a retail account if I risk 3% per day. So that means if I take 3 trades a day I will allocate 1% per trade, if all 3 trades lost I would lose 3% and halt trading for the day. I must also work out a weekly loss limit too.

So for 3% risk per day, targeting 2:1 risk reward per trade, would that be a sound plan? But then I can't set a goal of how much to achieve per day. I can only take what the market gives .....

What is your advice?
just sharing my point of view.

First of all, as very basic about risk and money management that will generate and build good trading ethics is to be conservative first as a retail trader, though different personality suits different risk appetite, but sooner or later, most account will succumb to greed and unable to manage it due to having too many trades or collapsed trading in the same direction towards margin call or against the trend scenario.

It's not about risk per day or risk reward, you need to ask yourself, what account size are you trading, and how much money you are willing to lose each time. Is your style; scalping, ranging, breakout pips, long term pips etc, it's a very individual answer and set up.

the thing about retail account is that, if you are trading a $1000 account, it may not be substantial to you because if you are trading at only 0.01-0.1 u might not feel anything nor be interested. So the account size matters to each individual and how much value; is it perceived to him.

Generally, its very good that you want to set a limit cap for per day losses, 3-5% is encourage-able. Risk reward differs on individual and their trailing stops usage, some people wants to be stop out or hit their profit, but most of the time, u might not hit your profit, so you might consider trailing to break even and with market price, which is also why profit target may not be hit and rr may not be balance as mentioned 1:2 or even 1:3 etc.

I have seen consistent portfolios, that gets only 0.10% 0.5% 0.35% 0.05% per trade wins, but the key is that because of all these small gains and accumulation, the account was eventually more than few hundred % per year. Some days things favor, account grow even faster, so consistency is what a retail trader might pursue first. Not many good days of gains and lose everything in 1 day or 1 week which happens to most retail traders because they can't manage profits accumulation/protection and eventually endangering their capital. And they can't seems to let go of their gains because they dun want to lose what they had got from the market.


Your risk of 1 is always intact which is what you want to watch, we cannot know how much we can win, but we know whats the max loss we want to take each time. Forget about having up to 3 trades per day in my honest opinion, if you have lower frequency trade of having either 1 or nil trade per day, you are likely to be score better than having high frequency trade, unless you can trade like a robot or pro scalper to follow all market action. If you can catch the quick breakout, it's normally only 1-2 hours max the price would leap from one point to another in about 30-100 pips in most volatile pairs like eur/usd, gbp/jpy etc.
  • #224
  • Nov 4, 2012 12:47pm Nov 4, 2012 12:47pm
Quoting 5percent
just sharing my point of view.
I've specified my plan above about how much to risk per trade and per day, and on average how many trades I will take. But it seems like you need to know my account size in order to differentiate between what you presumed is "retail account" or "portfolio account", we do not know your definition between the two types. So sticking to the plan I listed in above post, and using a live US$25,000 account, would your advice be the same? I would like to put it in practical terms than to generalize like what you did. Thanks for your time.
No longer trading forex. Looking for full time job.
  • #225
  • Nov 4, 2012 3:01pm Nov 4, 2012 3:01pm
Quoting mmaker
I've specified my plan above about how much to risk per trade and per day, and on average how many trades I will take. But it seems like you need to know my account size in order to differentiate between what you presumed is "retail account" or "portfolio account", we do not know your definition between the two types. So sticking to the plan I listed in above post, and using a live US$25,000 account, would your advice be the same? I would like to put it in practical terms than to generalize like what you did. Thanks for your time.
as you are a newbie to trading real capital, stick to something like 0.25% risk per trade until you can *earn* the right to trade bigger risk, with consistent results. the cash demon is one thing...then the size demon is another. If your trading decent capital, risking 3% per day (as a newbie) is going to sink your psyche, as you will have volatility in your equity results
  • #226
  • Nov 4, 2012 10:21pm Nov 4, 2012 10:21pm
Quoting qwerty00
as you are a newbie to trading real capital, stick to something like 0.25% risk per trade until you can *earn* the right to trade bigger risk, with consistent results. the cash demon is one thing...then the size demon is another. If your trading decent capital, risking 3% per day (as a newbie) is going to sink your psyche, as you will have volatility in your equity results
qwerty00,
Do you have myfxbook or TradeExplorer tracking that you can share? I would like to see how you trade, just as Supertrader9 is showing his real live myfxbook here in this thread. No offense, but many people are giving advice somewhat unqualified if they themselves are also demo trading newbies, if you know what I mean. Often when tested, these "experts" turned out to be still struggling to prove on demo. Supertrader9 was one of the only few to show his live myfxbook and TradeExplorer to public.

Have you tried 0.25% yourself? Or you are just suggesting something that you heard or think can be advise but actually not doing it yourself? Really good to know, thanks!
No longer trading forex. Looking for full time job.
  • #227
  • Nov 4, 2012 11:31pm Nov 4, 2012 11:31pm
Quoting mmaker
qwerty00,
Do you have myfxbook or TradeExplorer tracking that you can share? I would like to see how you trade, just as Supertrader9 is showing his real live myfxbook here in this thread. No offense, but many people are giving advice somewhat unqualified if they themselves are also demo trading newbies, if you know what I mean. Often when tested, these "experts" turned out to be still struggling to prove on demo. Supertrader9 was one of the only few to show his live myfxbook and TradeExplorer to public.

Have you tried 0.25% yourself?...
It all depends on your system...i risk 3% because i already calculated how much i can lose....for others i recommend 0.5% per trade..Well again one will always trade different than another. MM needs to be developed in conjunction of a system.

P/s The next attempt will be safe and consistent...i aim to no longer do dangerous trades..Expected drawdown will be less than 20%..i know that it is possible to make 100% per day but it is too risky.

Does anyone here know where to find a firm/individuals which will take me to become their trader if i can consistently say make 3% per day for 3 months?

I am a fairly good trader if i just stop thinking about getting 100% per day
  • #228
  • Nov 5, 2012 12:14am Nov 5, 2012 12:14am
Quoting Supertrader9
Does anyone here know where to find a firm/individuals which will take me to become their trader if i can consistently say make 3% per day for 3 months?
Do you have a myfxbook or TradeExplorer showing that 3% per day for 3 months? Having a track record is useful as a resume. Don't show them those 3 days blown up live accounts, LOL.

Are you re-starting a live account this week?
No longer trading forex. Looking for full time job.
  • #229
  • Nov 5, 2012 12:23am Nov 5, 2012 12:23am
Quoting mmaker
Do you have a myfxbook or TradeExplorer showing that 3% per day for 3 months? Having a track record is useful as a resume. Don't show them those 3 days blown up live accounts, LOL.

Are you re-starting a live account this week?
having a track record is just one part of it, everyone have their own trading style and risk appetite and their own ways of money management.

Discipline trading and following a particular system in all trades execution is what's sought for, even in time of losses to be incurred are part of trading.

Any fund corporation/prop firm etc, would be more interested in an individual's trading ethics, emotions and psychology management. Not 1 system is going to work all the time, that's why continuously learning must be involved and new strategies to be tested over and over again.

But then when it comes to live trading, the trader must follow and abide the rules he had laid out, discipline trading is what head hunters look for. Not few days of success and when handling big accounts, stress level become unmanageable and the trader goes rogue.

for example, if ur live account is merely between 1k - 25k, how would u feel when u are handling a 500k - 2.5m account/portfolio? its alot of difference.

Quote
quoted;

Three Disciplines of Successful Traders
1. A trader must believe in The 10 Keys to Successful Trading and merge them into their
personality. Success depends on creating a trading plan, and maintaining the discipline to TRADE
THAT PLAN!
2. A trader must be committed to Continuing Education. Study technical analyses and the
psychology of successful trading. A trader must make logical decisions, void of emotions, while
trading. Learn to trade in control!
3. A trader must map out a sensible equity management plan to ensure a a Return On Investment.
Trade no more than 20% of a Margin Account and expose no more than 5% of that account on
any single trade.

Levels of Traders
Level One
Beginner Trader - Studies and paper trades for a minimum of one month with pretend currency, gaining
the experience required to establish a track record of profitable performance.
Level Two
Advanced Beginner - Trades one or two lots with real money, learning to overcome emotions and at the
same time, establishes a track record of making money.
Level Three
Competent Trader - Trades with control over their emotional distractions. Utilizes proper equity
management and achieves a positive financial return.
Level Four
Proficient Trader – Trades with confidence, education and experience. Achieves positive financial
returns.
Level Five
Expert Trader - Instinctively executes profitable trades without emotion..

I personally still continues to do alot of paper trading to test out new strategies and alot of plotting. because not 1 system is going to work in all situation.
  • #230
  • Nov 5, 2012 1:51am Nov 5, 2012 1:51am
mmaker: Yes i am restarting today. Haha..of course i would never show them that. It all just a part of the steps which lead me to where i am today. I will link it to myfxbook later.

5percent: Nope, i would trade just the same. I never think in terms of money just percentage. I don't care if its thousands or billions.
  • #231
  • Nov 5, 2012 3:40am Nov 5, 2012 3:40am
[quote=Supertrader9;6161764]

Does anyone here know where to find a firm/individuals which will take me to become their trader if i can consistently say make 3% per day for 3 months?

morning from uk bud, if you are showing or suggesting consistency in your trading they will find you out. i get the occasional phonecall/email. We have a good start to the week e/u and us oil... Take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #232
  • Nov 5, 2012 6:08am Nov 5, 2012 6:08am
[quote=billytt;6162433]
Quoting Supertrader9

Does anyone here know where to find a firm/individuals which will take me to become their trader if i can consistently say make 3% per day for 3 months?

morning from uk bud, if you are showing or suggesting consistency in your trading they will find you out. i get the occasional phonecall/email. We have a good start to the week e/u and us oil... Take care
lol, who will you get a phonecall from? Some indian scammer?
Joke.. but you would have to show your trades somehow? I don't think people would call just because you make a trading journal on forexfactory?
  • #233
  • Edited 12:04pm Nov 5, 2012 11:07am | Edited 12:04pm
I have thought about this deeply...and after some careful consideration i want to trade my next account a little risky. I want to make it big this time....i have seen what is possible, and i want to go that route...the road less taken

P/s Even though i say it is risky it, it won't be as risky as the previous accounts..where i took too much risk. I will make a withdrawal of the capital once i reach 100% then i will trade with 0% risk.
  • #234
  • Nov 5, 2012 11:19am Nov 5, 2012 11:19am
[quote=billytt;6162433]
Quoting Supertrader9

Does anyone here know where to find a firm/individuals which will take me to become their trader if i can consistently say make 3% per day for 3 months?

morning from uk bud, if you are showing or suggesting consistency in your trading they will find you out. i get the occasional phonecall/email. We have a good start to the week e/u and us oil... Take care
Will work hard to get that phone call/email mate
  • #235
  • Nov 5, 2012 8:57pm Nov 5, 2012 8:57pm
hi bud, how are you with trading inside bars. I will ping you when i get a minute
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #236
  • Nov 6, 2012 1:04am Nov 6, 2012 1:04am
Quoting billytt
hi bud, how are you with trading inside bars. I will ping you when i get a minute
Yes, i have made an extensive research on inside bars before(peter crowns thread)...I have read and practised...it does hold value and is in my trading arsenal..
  • #237
  • Nov 6, 2012 7:15am Nov 6, 2012 7:15am
alternatively, u might want to consider opening pamm accounts with online brokers, or even do zulutrade, since its the same way for finding people to fund you.

i seen some traders that they started with their own $1000, but now already managing few hundered thousands on pamm, imagine the success fee? and through there, they can show whether they are good or not, if you really good, the consistency and statistics or trade analytics will show to the investors or head hunters, they will then find u to be their trader.
  • #238
  • Nov 6, 2012 7:16am Nov 6, 2012 7:16am
Quoting mmaker
qwerty00,
Do you have myfxbook or TradeExplorer tracking that you can share? I would like to see how you trade, just as Supertrader9 is showing his real live myfxbook here in this thread. No offense, but many people are giving advice somewhat unqualified if they themselves are also demo trading newbies, if you know what I mean. Often when tested, these "experts" turned out to be still struggling to prove on demo. Supertrader9 was one of the only few to show his live myfxbook and TradeExplorer to public.

Have you tried 0.25% yourself? Or...
I'm a cta (i.e. i run a futures fund) so no...those tracking sources wouldn't work. But I wouldn't share my trades anyways. You don't have to take my advice. Think about it if you want.
  • #239
  • Nov 6, 2012 9:56am Nov 6, 2012 9:56am
Quoting qwerty00
I'm a cta (i.e. i run a futures fund) so no...those tracking sources wouldn't work. But I wouldn't share my trades anyways. You don't have to take my advice. Think about it if you want.
Good enough, I have respect for CTAs. I remember Chris Lori used to teach 0.25% risk per trade in his workshops.
No longer trading forex. Looking for full time job.
  • #240
  • Nov 6, 2012 12:45pm Nov 6, 2012 12:45pm
I traded a demo exactly how i planned to trade the real account(high risk) and it was a disaster.....Luckily i haven't commit any real trading capital....

So now lets go back to basic...I plan to trade this account conservatively using 3% per trade and i know this works
You may watch my account at the first page. I have just added the myfxbook widget. You won't see the dangerous drawdown anymore as i am using a stop loss.
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