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Grow your account by 100% every week? Humbug!

  • #1
  • First Post: May 19, 2013 7:41pm May 19, 2013 7:41pm
Hi

When we all first start trading we all believe Forex trading is the quick way to unbound riches. I'm no different from the rest of you looking for that first £1,000,000 as fast as I can. However its not that easy.

Or is it????

They use to say the human body was not capable of running the 4 minute mile, it was simply "impossible" claimed the medical experts of that era, "the human body just couldn't run that fast!!!" they claimed.

But that was before a man by the name of Dr Roger Bannister came along and on the 6th May 1954 he broke it with a time of 3.59.4.

A miracle they claimed never to be repeated again but someone else wasn't listening and within 6 weeks another runner Landy joined him smashing his time by shaving off another 2.5 seconds!!! But it didn't stop there within the year 3 more athletes had joined the immortal band of runners breaking the 4 minute mile.

So whats my point? Well I'm sure you've all heard the self appointted "Forex guru's" claim "Its impossible to double your account in a year," never mind a week!!!! But I've been following a very interesting thread here on FF http://www.forexfactory.com/showthread.php?t=414566 where there appears to be a collection of "Roger Bannister" minded individuals who also don't listen to the "experts".

They've had the audacity to double their accounts almost at random. Why one such chap DNABRASIL even had the darn right cheek to double his account in a day!! Then blow me down when some troll bad mouthed him, the bounder did it again, yep on the same day!!!! Even had the audacity to list every trade!!! dam his soul for the cheek of it!!!

Barely had the doubters recovered from that shock when another outrageous individual (you know who you are condor666) grew his account by 500% in a single week. Blasted Bounder, have they no respect for the rules of forex or for us poor mortals???? Pulling our hair out trying to make 10% per year????

Well enoughs enough I say!! If they can do it then so can I!!!! So lets give it a go and see if I can double my account every week, yep thats right I am going to double my account every week!!!Lets see how I get on??

But just to make it a bit more fun I am going to do it "live" on the attached explorer starting with just £100.

And do you know if I by some miracle actually do double my account every week then by week 10 I will have over £100,000 in my account!!!

Hey but that sounds too easy so just to spice it up a bit I will have to do it around my full time job so I can only trade the London open from about 6.30Hrs to 10.00 hrs then I will be off to work so bear that in mind if you post any questions that I won't be around again till about 6 that evening.

I will try to post every trade I do by hitting the prnscreen as I enter but bear with me if I miss a trade or two as I will be scalping the 1 minute chart and sometimes thats fast.

However you will be able to see it all on the explorer and if I get a chance I might even put it on myfxbook.

When I get home from work about 6ish I will do a daily review of where I am and the explain the days trades.

At the end of the week I will see where we are and whether we are on target for that £100,000 at week 10, or not, as the case might be.

I will shortly be posting a spreadsheet from week 1 to week 10 for tracking purposes.

Well thats it really just down to getting on with it now and seeing where we end up, of course it could all go horribly wrong and blow up the first day. Making me look the complete fool of course. But who knows??? Just maybe, maybe it will work???

Wish me luck.
Feel the Fear and do it anyway!!!
  • #2
  • May 20, 2013 2:11am May 20, 2013 2:11am
Hi,
Good luck
I have the same kind of strategy. But not really to double it every week. But I´m overall very agressive. I´m up 1000% in 3 months u can find my thread.

But when you are at 10 000£ it´s not really that easy to just go all in again. And defenitely not at 50 000£. Then you might start to think that 50% a year is not that bad afterall.

If you manage to double it for 10 weeks in a row I will be very impressed. And I really hope you will do it. Because it is possible!
  • #3
  • May 20, 2013 2:33am May 20, 2013 2:33am
Quoting clivepackham
Hi When we all first start trading we all believe Forex trading is the quick way to unbound riches. I'm no different from the rest of you looking for that first £1,000,000 as fast as I can. However its not that easy. Or is it???? They use to say the human body was not capable of running the 4 minute mile, it was simply "impossible" claimed the medical experts of that era, "the human body just couldn't run that fast!!!" they claimed. But that was before a man by the name of Dr Roger Bannister came along and on the 6th May 1954...

Mate i have tried that. Just a word of advise, its 1000 times better if you have a track record of 1 year with 5% profits per month and 15% relative/maximal drawdowns than to have 1000% in a month with 95% drawdown. There are many funds out there looking for traders. If you want to excel in trading then start reading more and change your mindset.

Super
  • #4
  • May 20, 2013 2:54am May 20, 2013 2:54am
Quoting Supertrader9
{quote} Mate i have tried that. Just a word of advise, its 1000 times better if you have a track record of 1 year with 5% profits per month and 15% relative/maximal drawdowns than to have 1000% in a month with 95% drawdown. There are many funds out there looking for traders. If you want to excel in trading then start reading more and change your mindset. Super
i dont agree with this.
Its a little bit different with 100£ than 10000000£.
If you have a income and can afford to tradeh then I don´t see a reason why not be agressive in the beginning and then lower the risk after time.
  • #5
  • May 20, 2013 3:31am May 20, 2013 3:31am
For me this is a suicidal strategy .
  • #6
  • May 20, 2013 5:37am May 20, 2013 5:37am
Hello everyone, thanks for sharing your experiences in FOREX.

This is my personal experience here:

Jan 2013: took 2 weeks to turn 300 USD into 3,000 USD

Feb 2013: Took 3 weeks to turn 200 USD into 3,700 USD

April 2013: took 2 weeks to turn 100 USD into 4,080 USD

ALL OF THE ABOVE HAVE SOMETHING IN COMMON - Blew them up in just two days each. WHY???

Before I go into explaining the "why" I want to say that the first post in this thread has great information, and give us traders Hope and persistence.

Yes I DO believe it is possible to be above the "average" profit in this market.
I also believe you can loose big and put your morale at the lowest point. NOT BECAUSE YOU LOST MONEY, but because you earned it and let it go in the name of "PREVENTABLE MISTAKES" (eg. overtrading, emotions, etc).

WHY??

I became overconfident.
Once I made a good trade (50 pips or above on a 100k trade), I couldnt stay out of the market.
I moved my S/L points, losing even more
GREED. Yes, you don't know how greedy you can be until FOREX gives you great profits. And we want more and more.
Not accepting a losing trade is just that.

FINALLY, We must have realistic objectives in the long term, attainable goals in the short term, stick to rules during trading and you should be fine.

THANKS. Comments, corrections, critiques, Welcome.

Update: MAY, my account is back to 1,800 USD with my 100 USD left from April. This time I'm talking to myself seriously. This time I want say good bye to my current job.


Coatl
  • #7
  • May 20, 2013 7:56am May 20, 2013 7:56am
Hi guys
Thanks for all the comments much appreciatted that you guys take the time to post here. Thanks.

Just a quick update as in my lunch hour.

Quiet london open due to france germamy and swiss bank holidays but i did manage to get an entry on EURAUD to break even and up 5 pips but came back at me too quickly to take profit so stopped out at BE.

Not the best start but understandable with so manu europeans on holiday.

But on positive side still got my £100.

Sorry no explorer yet but experiencing problems getting it loaded but will sort it out tonight.

Will also respond to comments posted so far.

Many thanks again fot your interest and please forgive spelling etc as posted from mobile phone.

Catch up later.
Clive.
Feel the Fear and do it anyway!!!
  • #8
  • May 20, 2013 8:26am May 20, 2013 8:26am
It may be possible but very few FX players would have the skill to do it. Probably using an E.A. because human emotion (see decision making, fight or flight etc.) will not allow that doubling return.
  • #9
  • May 20, 2013 4:01pm May 20, 2013 4:01pm
Quoting growingeuro
Hi, Good luck I have the same kind of strategy. But not really to double it every week. But I´m overall very agressive. I´m up 1000% in 3 months u can find my thread. But when you are at 10 000£ it´s not really that easy to just go all in again. And defenitely not at 50 000£. Then you might start to think that 50% a year is not that bad afterall. If you manage to double it for 10 weeks in a row I will be very impressed. And I really hope you will do it. Because it is possible!
Hi

Thanks for your support much appreciated will try my hardest to make it work, wouldn't it be great if it did???

All i am going to do is trade my strategy and see how it pans out. just take one trade at a time and see where we are at end of the week.

Should be fun.
Feel the Fear and do it anyway!!!
  • #10
  • May 20, 2013 4:07pm May 20, 2013 4:07pm
Quoting Parox
For me this is a suicidal strategy .
Hi Parox



Thanks for your comments however, "suicidal" might be a bit strong my friend,??? Its only £100 at the end of the day if I lose it all I won't be "suicidal" trust me.

Thats the whole piont its a fairly low risk strategy if the worst that can happen is I lose £100 but the reward is enormous if I succeed I make £100,000, well worth the risk don't you think???
Feel the Fear and do it anyway!!!
  • #11
  • May 20, 2013 4:14pm May 20, 2013 4:14pm
Quoting ForexCoatl
Hello everyone, thanks for sharing your experiences in FOREX. This is my personal experience here: Jan 2013: took 2 weeks to turn 300 USD into 3,000 USD Feb 2013: Took 3 weeks to turn 200 USD into 3,700 USD April 2013: took 2 weeks to turn 100 USD into 4,080 USD ALL OF THE ABOVE HAVE SOMETHING IN COMMON - Blew them up in just two days each. WHY??? Before I go into explaining the "why" I want to say that the first post in this thread has great information, and give us traders Hope and persistence. Yes I DO believe it is possible to be above the...
Hey ForexCoat

Awesome trading to get the money so high, heres an idea that might work very well for someone like you.

Double the account once then double it again. Then withdraw 50% and then rinse and repeat eg double it twice take off half and carry on. This way you are accumulating your profits and if you do blow your high risk account then just start again with a small percentage from your deposit account.

Put all the withdrawals in another account to be used like a float or even better trade it longer term say weekly or daily charts trading with the weekly trend.

just an idea, theres more than one way to skin a cat.
Feel the Fear and do it anyway!!!
  • #12
  • May 20, 2013 4:18pm May 20, 2013 4:18pm
Well thats the first day done and nothing great to shout home about but tomorrow is another day and I still have my £100 to trade with.

Trying to get my trade explorer working but for some reason its not connecting to my broker account but hopefully will get that sorted tomorrow, admin are on it for me.

Lets hope for a better London open tomorrow when all our european friends return from holiday refreshed and raring to go.

See you all tomorrow.
Feel the Fear and do it anyway!!!
  • #13
  • May 21, 2013 6:22am May 21, 2013 6:22am
Just a quick lunchtime update.

That was a muvh better london open no european holidays to slow it down.

Noticed overnight moves counter most daily trends so when that happens expect the london boys to see it as an opportunity to open new positions back in direction of daily trend so expect london reversals from overnight move.

Of course if overnight move is in direction of daily trend look for continuation.

So to cut a long story short took a couple of entries with daily trend and made myself 43% today so well on way to my target of 100% this week.

Early days obviously but a good start none the less.

Will post trades later when i get home and hopefully get my bloody trade explorer sorted out.

Catch up later.
Feel the Fear and do it anyway!!!
  • #14
  • May 21, 2013 2:41pm May 21, 2013 2:41pm
Best of luck Clive, I look forward to watching the progress.
May I ask what number of pips your looking for to double the account and will you not run into problems with lot sizes after a couple of months?.

doc
  • #15
  • May 21, 2013 3:07pm May 21, 2013 3:07pm
Quoting ForexCoatl
Hello everyone, thanks for sharing your experiences in FOREX. This is my personal experience here: Jan 2013: took 2 weeks to turn 300 USD into 3,000 USD Feb 2013: Took 3 weeks to turn 200 USD into 3,700 USD April 2013: took 2 weeks to turn 100 USD into 4,080 USD ALL OF THE ABOVE HAVE SOMETHING IN COMMON - Blew them up in just two days each. WHY??? Before I go into explaining the "why" I want to say that the first post in this thread has great information, and give us traders Hope and persistence. Yes I DO believe it is possible to be above the...
There for a moment I thought I was reading a bio of my trading history. You are so right about closing the losing trades and chasing trades.

We know we can trade and make money . . . here's to staying out of the market when we need to do so.
  • #16
  • May 21, 2013 4:03pm May 21, 2013 4:03pm
Ok just got home from a busy day at work so time to catch up with my journal, and post some charts of todays trades.

As you all know I only trade the London open right now due to work commitments so i am always looking to scalp a few pips or if the 1 min trend is in same direction as a higher timeframe then try to hold it a bit longer and close out from my mobile platform when I see fit.

Well todays London open was interesting as overnight had been quite active but generally speaking against the daily trends so when that happens the London boys sometimes use it as an opportunity to enter back in direction of the trend. Therefore I was keeping my eye out for a clear reversal signal and a strong moving daily trend.

I spotted EURNZD coming down to a nice whole number 1.5700 so watched for a reversal signal then took two entries of 10% each at 1.5730 see chart below.

Once entered moved to BE at about 10 pips and went to work hoping for a strong move up in line with Daily momentum. Monitored trade through my mobile platform.

Just before New York open there was a bit of consolidation going on so Closed out both trades at around 1.5778 for a 43% gain for the day. (actually a 56% gain as had a small loser for 13% earlier). Shame in a way because it went on for another 75 pips (would of been my 100% gain in one trade, nice!!!) but the trouble is New York very often reverses on the London move so I didn't want to risk losing my 50 odd pips.

Only other trade was a buy of AUDJPY which I got shaken out of for a 13% loss.

But days total increase of 43% and balance now stands at £143 so a good start to the week but of course tomorrow is another day lets see what happens there.

Explorer still not working for some crazy reason and no reply from admin but soon as I can will attach explorer.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzdm1.png Size: 64 KB
Feel the Fear and do it anyway!!!
  • #17
  • May 21, 2013 4:15pm May 21, 2013 4:15pm
Quoting Dr.Scalpall
Best of luck Clive, I look forward to watching the progress. May I ask what number of pips your looking for to double the account and will you not run into problems with lot sizes after a couple of months?. doc
Hi Dr Scalpall

Well its not so much the number of pips its about getting 100% but I guess in pips it will be about 75 pips for the week. I trade with 1% per pip risk usually placing my stop anywhere between 20 to 75 pips. This means as my account size increases I will be increasing the lot size to match so hard to say exactly how many pips but I guess you get the jest of it.

Yep good point it will be interesting if the account gets to £10,000 will i be happy to risk £2,000 to £7,500 of my hard earned cash per trade????

Well i guess we will have to see what happens but I hope so, because remember it will only be £100(my starting balance) of my money risked. But you know maybe common sense will kick in and I will start reducing my risk and be satisfied with 20% growth per week. Yea I could cope with that £2,000 per week.

As for the lot size getting too big well that would be a lovely problem to deal with wouldn't it???? Oh I dream of problems like that.

Thanks for your interest look forward to any question you have in the coming weeks.

All the best Clive.
Feel the Fear and do it anyway!!!
  • #18
  • May 21, 2013 4:28pm May 21, 2013 4:28pm
Quoting 3b7a36
{quote} There for a moment I thought I was reading a bio of my trading history. You are so right about closing the losing trades and chasing trades. We know we can trade and make money . . . here's to staying out of the market when we need to do so.
Very good point my friend sometimes its not about the trades you take but the ones you don't take!!!

Sometimes I get pulled in too early to a trade that old "fear of missing out" playing its dirty tricks on me. But one way I now combat that is to have fairly large stops so i can sit through the drawdown until my trade moves to BE or even better profit.

I try to qualify every entry with at least 3 reasons for the trade . Take my EN trade today as above: My entry was qualified on 3 things.

1) I was buying a HL.

2) It was a CCI signal crossing down the -100 level.

3) It was finding support off of a 25 level (1.5725).

Actually there was a 4th reason too in this particular case.

4) It was finding support off of the 100sma.

Actually i could go on further here as it also was a bounce off of a whole number 1.57000 and it was turning back in the direction of the daily trend.

But you get the piont the more reasons you can find for a trade the better, but of course theres no gaurantee and I have many 5 star entries go against me!!!

But thats another story.
Feel the Fear and do it anyway!!!
  • #19
  • May 22, 2013 3:28pm May 22, 2013 3:28pm
Hmmmm that was a crazy day for me full of highs and lows got a bit carried away and made some unfortunate errors today.

Twice had my equity up to £170 odd but didnt close out for a profit soon enough then got a bit greedy and over exposed myself with a couple of long positions in EJ something I never usually do with 4 entries open at the same time so when it went against me had a margin call but it manged to come back enough to get out with a 30% plus loss.

Oh well learnt a lesson there just stick to my strategy and don't get carried away.

Also when I was up once at equity of about £194 instead of taking profit I held focusing on getting my account to 100% gain instead of just trading the move as I should do eg when it starts to fall take profit. Oh well another learning curve there need to just focus on my trading and see what growth I have at end of the week rather than trying to reach 100%!!!

I also fell foul of that dreaded 3rd fear of "The Fear of Leaving something on the table" really gets me every time just want to keep holding especially when I am trading with the daily trend like today when I was long EJ, then all of a sudden its pulling back on me and I get stopped out at BE.

So big lesson for today when I am in profit take it when it falters as I can always get back in the move on the next pullback if the move continues.

2nd lesson don't keep focusing on the 100% just take a trade at a time with my strategy and see what I've got at the end of the week.

So after all my efforts lost about 30% today so account balance back down to £109.34 oh well still up 9% on the week so not too shabby and still 2 days left.

Sorry trade explorer not running but am in communication with admin who are checking some settings with my broker so fingers crossed should be up and running soon.

Tomorrows another day.
Feel the Fear and do it anyway!!!
  • #20
  • May 27, 2013 11:04pm May 27, 2013 11:04pm
Quoting clivepackham
{quote} Hey ForexCoat Awesome trading to get the money so high, heres an idea that might work very well for someone like you. Double the account once then double it again. Then withdraw 50% and then rinse and repeat eg double it twice take off half and carry on. This way you are accumulating your profits and if you do blow your high risk account then just start again with a small percentage from your deposit account. Put all the withdrawals in another account to be used like a float or even better trade it longer term say weekly or daily charts...

Hi Clivepackham,

Thanks for the tip. I actually did that yesterday, withdraw $2,000. And it feels good to see your profits back into your bank account and your trading equity small. Will try to double my equity this week ( left 500) So far 250 profits.
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