Maximus: A Forex Million

I'm not a fundamental Guy but if I was I wouldn't have great expectations for the Zew economic sentiment news...but you never know with the news it does some crazy things

Fundi_Results

I missed the GBP sell-off, distracted by my day job

sorry to hear that what do you do?

Work for a marine transport company.

I broke my rule again and left this trade with crumbs, cos my other positions hit SL and didn't want the same fate to meet this one, but it has led me to tweak my system again.

I think today has been a trying day for us all...I found myself sitting positive 56 pips on a trade only to see it dwindle down to +12 pips before closing..didn't anticipate it consolidating that quickly...there'll b better days ahead

if we are going to look at a picture, to decide what it will be in the end you must first learn to understand basic forms...circles, triangles squares etc.... so in analyzing the market we have to see what her basic forms are. Once we know the basic forms and understand what the market uses these building blocks to make.... then we can better understand what we're seeing

Now all we have to decide is what direction this energy will be focused... I personally see it like this.... once the energy is released it comes out so fast and violently that it actually creates a vacuum which gives us motion in the opposite direction before we move along the markets intended path

Today has been a very trying day hoping this position pans out trying to open my range and trade Like I know i can

Good luck with the thread ForUs, I'm subscribed. I like the idea of the video in the first post.....adds a touch of personality.

Dave.

Thanks TD for comment and subscription they are both very much appreciated, look forward to seeing more from you in the future!

Part one played out very well part two in the works hope it does the same!

Great on to winning ways, now about your spreadsheet, is it a matter of 16 -trades, days, weeks, or months?

You have inspired me to dust up my own plan where I left off, I see the mark as achievable now more than ever!

I see it as 16 Levels....stepping stones, breaking a big job down into smaller tasks....Once I get a sense for how many pips I can reliably average, on a daily weekly monthly basis i will have an idea of what type of time frame I'll be aiming for. But this time frame can and most likely will change as daily ranges and volatility are constantly changing. don't know how the market will be in the future?

Time Limits will have you forcing trades that you normally wouldn't take just to try to get a few pips... you consequently lose your trading edge. IMO

About time this thing started to fall.

I shoulda closed this position a long time ago... leson learned

I see it as 16 Levels....stepping stones, breaking a big job down into smaller tasks....Once I get a sense for how many pips I can reliably average, on a daily weekly monthly basis i will have an idea of what type of time frame I'll be aiming for. But this time frame can and most likely will change as daily ranges and volatility are constantly changing. don't know how the market will be in the future?


You may not have any idea of how many pips your system can average (Past performance cannot predict future results) but your system should give you a positive expectancy.



My thoughts on this, and I don't mean to sound critical you are the Boss on this thread.

Going by your lot size, 0.02278 that's approximately 0.02 which yields 20 cents a pip, you need 20 cents in 300 places I mean 300 pips to double your account.

Now my brother lets time slice it you have 16 levels, supposing each level were A) a month B) a fortnight or C) a week; we can then divide this Million into a thousand cuts.

TIME SLICE A

300 divided by (assume 20 trading days) i.e 300/20= 15.
For this time slice you need 15 paltry pips a day on average to double your account.

TIME SLICE B

300 divided by (5 days*2weeks)) i.e 300/10 = 30.
For this time slice you need 30 meaningful pips a day on average to double your account.

TIME SLICE C

300 divided by 5 equals 60.
For this time slice you need a hefty 60 pips a day to double your account.

We have not taken into consideration loosing days and streaks and draw-downs but this is how to divide the task into smaller pieces.

Ask yourself is 15, 30, 60 pips a day too big to hit or too big to miss?

Is 16 months, (TIME SLICE A)too long to work sorry I mean trade for USD 1,000,000.00?
TIME SLICE B is 8 months (32 weeks) is that too long, or TIME SLICE C 16 weeks?

When I first saw your equity curve, I thought".... the elusive Holy Grail, has this guy got it is, he gonna hit the mark with 300 pips per trade or 60 pips per trade on 5 pairs for the next 16 days and is he gonna share the tactics?"

Now you have reawakened my own dream of FOREX MILLIONS and I am going to shoot for it.

My friends and I were gonna take part in a contest 1st prize $5,000.00 next month but with you I see what I should be doing now.
First I'm going to open an ECN account, next month with the barest minimum and swing for the million, it's not just about the million it's about setting a goal and reaching it and finding out that the process changed you or brought out the best or worst in you, it's the PROCESS.

So thanks for the inspiration.
Peace

No I'm not the boss, although this project is my baby right now, feel free to input your opinions as you see fit. I'm not a thread dictator or anything...lmao. But yeah what you didn't account for was the fact that I use max available on every trade therefore it would only take about 220 positive pips to double my money. That being said Depending on the competition...if you mean the myfxbook one's I'm not to found of them. People use automated traded setup's and alot of other things to win them. But for me this journey will let me know my limits and set the bar for the future of my trading career...A year is not to long to take to make a million, or I would be happy if i did it in 4-6 months...but am I being unrealistic....only time will tell..."especially with this big loss sitting on my books right now...lol

Also note getting rid of my apprehension also played a big role in the fact that I'm not sitting higher on the equity curve right now...but with this loss I think all that has gone away... once i free myself from this position it's full speed ahead... once next week is complete I should have a good Idea of how long this will take