$500 to $100,000... The Inspiration Thread

Mate why you dont take first 1 pair do 2 a 3 trades a week good1s if you do it right you get the move of the week for example eu 1.35 looks good support and you trade with the dominate trend. Keep the discipline do this for 2 months then if you can do that add another pair also dont hang around screen all day PATIENCE let price come to you and wait and if you miss a trade a well so what the heck think about this if i ask you now to burn a 100$ billl in flames would you do it. Probally not so why throwing money at stupid mistakes keep disciplined and focus and good things will happen

Work on yourself first trading is keeping yourself in control entries can be simple and i think the method james 16 or support ressistance what you doing is ok work on the plan stick to 1 pair first then the rest will follow.

The most important rule of trading is to play great defense, not great offense. Every day I assume every position I have is wrong. I know where my stop risk points are going to be. I do that so I can define my maximum possible drawdown. Hopefully, I spend the rest of the day enjoying positions that are going my direction. If they are going against me, then I have a game plan for getting out. ''Paul tudor jones''


Great traders before they enter they look first how much they can lose on the trade rather what they can make..





Wish you the best

hi Ing, i was just going to say but you beat me to it .Livethedream cut down on your trade pairs. i trade e/u g/u (not at same time) sometimes a/u and have trigger set for any oil spike. you will get the feel of the pairs , good luck and you have guts for your honesty

Yeah man it aint a walk in the park


Know your weaknesses first then work on them dont make them stronger but break that wall down and make you weakness as a strength.

Thanks for the advice guys. Like I'd said the biggest reason for my account drawdown is because I'd been trying out different methods and not following a specific trading plan of trading on the higher time frames.

So I'm going to see how I do sticking to the plan of trading to the higher time frames based on price action trading and being picky about my trades.

I am liking the looks of your Trade Explorer this week

Whatever change you made it appears to be working much much better

Regards

Jeremy

Not right now though. Money Management, MONEY Management, MONEY MANAGMENT!!!

My motto after I get out of this rut. Plus I traded on a breakout which is something I told myself I wouldn't do anymore.

Taking this day as a very costly learning experience.

But on a positive note I do notice that I'm picking trades well when I follow my method and don't make mental mistakes.

I've been reading the book "Trading In The Zone" and it's extremely enlightening.

The concept is that most traders can profit in the markets if they simply develop the mindset of a professional trader and constantly follow good money management skills.

I've noticed that the market is very predictable when it comes to support/resistance levels that go along with Fibonacci levels.

I've found that most of my trades will go my way for 20-30 pips, and then even more sometimes, or after this 20-30 pip movement will then retrace back to where I've originally entered.

So even if the trade is going to continue on with the overall trend in the long term, or reverse the trend, I still have a high probability of taking my 20 pips at these levels no matter where the market is headed overall.

From now on I will be placing two trades per day with a 20 pip take profit level and a 20 (maybe 15 I haven't decided exactly yet) pip stop loss. I will be risking 1% per trade, no more, and after 1 week of successful trading I will increase the risk to 2% and then 3%, and 1 week of being unprofitable will result me to drop the risk down by 1% from either 2 or 3... or keep it at 1.

I will master this thing that we call forex, and I will become a consistently profitable trader.

The journey continues...

New Aud/Cad short @ 1.0213
Stop Loss @ 1.037 (Previous Lower High)
Take Profit @ 1.015 (Above previous lows on the weekly chart)


http://scottbprice.com/wp-content/up...013/02/t25.png

New Eur/Jpy Long @ 126.23
Stop Loss @ 125.7 (Below 126 level)
Take Profit @ Currently Open


http://scottbprice.com/wp-content/up...013/02/t25.png

At a lot size of .5 you would need to be "pip positive" everyday from now until the end of the year +990 pips roughly to reach your goal of 100,000.

Trading 1 mini lot you would need to be "pip positive" every day from now until the end of the year +495 pips roughly to reach your goal of 100,000.

Good money management dictates not to risk more than 1-3% of your account on a single trade. In your case you can bump it up to 5% to be a little more aggressive.

That being said your average win rate is 32%

Even if you bump up your lot size as your account grows, with a win rate of 32% it's going to be very choppy.

Another problem is your win/loss ratio is skewed towards 'pip negative' Winning 969 Pips. Losing 1592 Pips

I recommend getting your win rate to above 50% that way at least you stand more chance of closing out winning trades -- as well as cutting your losing trades faster. I also recommend learning the intricacies of ONE or TWO pairs MAX.

Some of these pairs moving on average over 100 pips per session. You don't need to be watching 75 pairs at a time. If you get your win rate above 50% and master TWO pairs you can easily start to compound your account and as your lot size increases 50 pips a day will be more than enough to reach your goal.

I will never understand why traders "and I use the term traders loosely" have to watch 75 Pairs and have active trades open in 25 of them. Makes no sense at all. If you lose money trading one you will lose 10 times that amount trading 10 pairs.

As the old saying goes "A JACK of all trades and a master of NONE" For crying out loud, master ONE or TWO max. Get your win rate above 50% and start making a very good living doing so.

The reason 95% lose is lack of money management, not sticking to a "WINNING" System and trying to trade 50 different instruments.

Well good luck to you. I actually cannot continue to watch this journal as it pains me to see the TradeExplorer.

I will check in at the 6 month mark around June for progress.

Regards

Jeremy

[quote=JeremyMoore;6437850]At a lot size of .5 you would need to be "pip positive" everyday from now until the end of the year +990 pips roughly to reach your goal of 100,000.


Well said, we keep telling live the dream or (advising) but its like pissing into the wind . He reminds me of a gold prospector panning for gold. he might spends years fruitless or maybe find dust yet might (might) hit the big nugget but all that will be down to luck. So Live the dream concentrate on a few pairs and get the feel. Trying to copy other peoples trading is hard but you can learn insight and get tips. Good luck with your trading

What I am seeing consistantly so far - you make some sort of plan and then ignore it.
You say that you will only trade these 6 pairs

 

1. Eur/Usd
2. Usd/Jpy
3. Gbp/Usd
4. Usd/Chf
5. Usd/Cad
6. Nzd/Usd

I see that you have an open trade with AUD/CAD
NOT in the list of pairs that you will be trading


and then we move on to the next thing..........

Your 20 pip TP and 15 or 20 pip SL went straight out of the window.
You decided to only risk 1% per trade
Well your AUD/CAD trade is showing a 0.7% loss with -12 pips, you have a 57 pip SL on that trade, so you are risking more than 3%, not 1%
Your current EUR/USD trade, if it hits the SL will be a loss of $44 ? More than 5% of your account.

If you want to be a consistantly profitable trader, you have to at least be able to trade consistantly.

If you change your plan on a daily basis, I really don't think that you have any chance of being consistanly profitable.

Formulate your trading plan and stick to it, it is the only way that you will be sure that it will work.

well said.Against my way of trading and thinking, last week i was teaching a guy trading AND using a micro account. He traded so foolishly with micro account saying it was not much money to lose. I was trying to show him discipline and money management. to his astonishment when i told him i put his big money into real trades and traded exactly the same trades he did with the micro account and yes he was very upset when he learned i had wiped out his account. This was an invaluable lesson he learned and the hard way. The good news was i also traded my way so i actually gave him his money back. so Living the dream get a plan (your own) and stick to it

i hope after this while, u have gone realistic and more practical about your approach. U have to identify your own rm and mm first, then stick to a system and master it, and know its flaw and potential, then undergo through the live session and period of nursing them to gain the experience to know when and how to exit or cut or trail etc etc.

Trading is more than what anyone think, its more individual and everyone themselves, the end result lies in everyone individual's soul.

A trader blowing a 10k account, can meant nothing, as he can already be risk-free, has already won back the initial capital + more and leverage more to challenge gains etc, compared to a trader trading his own 1 k account which meant alot more to him or her as he/she is just a student.

Hope u know what u are doing, and knows how to go around doing it urself, don't just system hop or listen to others. know yourself, find your own way.

I noticed on your Trade Explorer you entered a long EUR/USD trade around 9AM EST

Currently I see no sound Technical or Fundamental reason to be "long" the EUR/USD.

Albeit risk appetite is "Slowly" coming into the market today I am not sure if it will be enough to move the EUR/USD higher, at least at this time.

What was your basis for taking this trade?

I may stand corrected I just think it was a little early to enter a EUR/USD Long at current levels. I would need more confirmation suggesting a bullish move. Not enough trending momentum to the upside for a "solid" long trade IMO...

I've been following a way of trading that all of the profitable recommend, including what some of you have recommended here in this thread. And I've been doing really well with my trading lately.

I realized that the lot sizes I were calculating were wrong which is what caused the percentages of my trades to be too high. I was using this position size calculator...

http://www.earnforex.com/position-size-calculator

...but didn't realize that when I'd put in a cross pair such as Eur/Aud, it would want the current price for Aud/Usd to use to calculate the position size. Instead I was putting in the Eur/Aud price and getting a wrong lot size. Therefore causing my lot sizes to be too big.

Lately all of my trades have only been risking about 1.8 - 2.3% of each trade depending on the closest available lot size since I'm using such small lots.

Also I don't track many different currency pairs. Lately I've only been trading mainly the Eur/Usd, Eur/Jpy, and Usd/Jpy. I'm actually thinking about becoming just a strict Eur/Usd trader for the moment, but I'm not sure yet.

I've also started to develop some trading rules based on my own strategy.

- Only trade on retracements
- Don't try to catch the whole move (don't be greedy)
- Trade with the trend (don't pick tops/bottoms)
- etc...

I need to get those written down.




As for my previous few weeks. I said so in the beginning of the thread that I would jump from idea to idea a lot before I settled down. I just jumped around more than I thought I would and for longer than I thought I would. But I've finally settled in now.

I did 4% last week and I'm currently slightly positive this week, but looking to add more to it when the opportunity is right. Currently looking at a possible head and shoulders formation on the daily for the Eur/Usd, but waiting to see if resistance will hold first. If not then looking to short the Eur down to 1.29

By the way JeremyMoore thanks for all of your posts since the beginning. You said a few posts back that I would need to be pip positive every day for the rest of the year to make my goal of $100,000. My goal by the end of the year is actually $10,000. $100,000 is the long term goal.

I was away from the thread the past week because I needed to get my trading together, and I figured convincing you guys I might actually be able to get on the right path would be easier to do with a good week of trading.

So lets see if I can keep things going!

Eur/Jpy Short entered 121.67

SL 122.3

TP 120.4

Looks like the bulls are losing steam...

Edit: May tp at 120.9

I forgot to add here that I've decided that for each week of profitable trading I will add an additional $150 to my account. The goal for each week is simply to end up positive, even if only be a small fraction.

3% is the ideal goal, but that comes second to being simply positive.

Closed my Eur/Jpy position for a small profit.

Scalped the Eur/Usd for a few pips with a long from about 1.2995 to 1.3

Have both a long and short order on the Eur/Jpy anticipating a breakout in either direction from the BOJ news release tonight.

Buy Limit 122.3
SL 121.9
TP 123.3

Sell Limit 121.4
SL 121.8
Tp 120.5

Back to just about break even on the account for the week. Looking to make some good pips on the Eur/Jpy trade tonight.