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Rags to Riches in 10 or 20 Trades - Simplicity at its finest

  • #21
  • Aug 28, 2013 6:23am Aug 28, 2013 6:23am
Yes that is another way you could do it


Another is to withdraw 50% of the total account balance after every two wins in a row.


Using a 50% risk and 100% tp, this would effectively make your loss 25% instead of 50%, if you withdraw before the loss.


Account ------ Bank

$100
$200
$100 -------- $100
$200
$400
$200 --------- $300
$400
$800
$400 -----------$700
$800
$1600
$800 ---------- $1500
$1600
$3200
$1600 -------- $3100
$3200
$6400
$3200 ------- $6300


Slower and more conservative, but gets the job done.
Be hopeful in a winning position, and fearful in a losing position.
  • #22
  • Aug 28, 2013 6:44am Aug 28, 2013 6:44am
Totally worth the try for 50$
I will try this at some point
Tim
  • #23
  • Aug 28, 2013 6:45am Aug 28, 2013 6:45am
That's very interesting. I'm on a similar mission, using the compounding method I spoke of earlier. There is a spreadsheet on Post #1 of the Genesis thread that shows the power of this method and the stunning gains that are possible. It's a bit tricky running two accounts but the secondary account (the compounding account) has started at $500 and we;ll see where it goes.

I think you have the potential to make bigger gains more quickly than I.....but the losses to me might be easier to manage. I too will post the account when I get it to a decent level.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #24
  • Aug 28, 2013 6:47am Aug 28, 2013 6:47am
I really want to meet a guy who made a $250 000 from $100 in couple years to shake his hand and ask for "the secret". So far I see only spreadsheets and calculators, but never had seen a real man/woman to do this is reality - despite many "I know a guy who did it..." - show it to me in live :-).
  • #25
  • Aug 28, 2013 6:50am Aug 28, 2013 6:50am
Quoting michaelpelly
I really want to meet a guy who made a $250 000 from $100 in couple years to shake his hand and ask for "the secret". So far I see only spreadsheets and calculators, but never had seen a real man/woman to do this is reality - despite many "I know a guy who did it..." - show it to me in live :-).
Don't spend you life waiting for someone else to do it.....do it yourself!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #26
  • Aug 28, 2013 6:55am Aug 28, 2013 6:55am
Do anyone realize what a 20 successful trades mean - like 20 trades in row with no losses and all of them to reach the target?! I've never witnessed such miracle.

Most real time experience with such "systems" is something like:

"
...start with 3-4 good trades, then one or two fail, then 1-2 succeed, than couple months later account is still 500$ instead of $50 000, than doubts and frustration kicks in, then system is changed, then 1-2 trades succeed, 1-2 fail again, then risk is increased, then system is changed again...and after 12-18 months - nothing is left from the original intent and system, account is like 500-600$ (from $100 initially) which is a huge % of success anyway, then slowly comes the realization that it will take a lifetime to make $500 000 from $100 (unless play "lottery" trades and for some universal luck it happens - same chances with government lotto), after all this - the one starts to figure-out how to obtain $100 - 150k account in order to have yearly profits and set long term targets.
..."

This is what I've seen personally, close friends, other people I know that do trading online.

Maybe I'm wrong - but this is a little bit "FX fairy tales" to me...
  • #27
  • Aug 28, 2013 6:57am Aug 28, 2013 6:57am
@realjumper,

I do not want to do it - I'm only curious to see a living person that did it - because I seriously doubt that one in a million will achieve that.
  • #28
  • Aug 28, 2013 6:58am Aug 28, 2013 6:58am
Quoting michaelpelly
I really want to meet a guy who made a $250 000 from $100 in couple years to shake his hand and ask for "the secret". So far I see only spreadsheets and calculators, but never had seen a real man/woman to do this is reality - despite many "I know a guy who did it..." - show it to me in live :-).
I thought, the secret is a reliable system and time. For $50 or $100, we don't mind to try it ourselves, don't you agree? I doubt anybody will step out and proclaim his success, draws too much attention, without any benefit for him right?
Don't blame the tools. Blame the carpenter.
  • #29
  • Aug 28, 2013 6:59am Aug 28, 2013 6:59am
Quoting michaelpelly
Do anyone realize what a 20 successful trades mean - like 20 trades in row with no losses and all of them to reach the target?! I've never witnessed such miracle. Most real time experience with such "systems" is something like: " ...start with 3-4 good trades, then one or two fail, then 1-2 succeed, than couple months later account is still 500$ instead of $50 000, than doubts and frustration kicks in, then system is changed, then 1-2 trades succeed, 1-2 fail again, then risk is increased, then system is changed again...and after 12-18 months...

you obviously dont understand the thread.

20 in a row? not necessary. read the thread.


its possible and its been done.

the problem is when you hit 1 million you cant continue to use 100:1 leverage



but wouldnt you even be happy with 50,000 from initial risk of $25 or $50?
Be hopeful in a winning position, and fearful in a losing position.
  • #30
  • Aug 28, 2013 6:59am Aug 28, 2013 6:59am
Of course - I'm not skeptical, maybe a lot of people do it, maybe world around me is full of FX multi-milionaires, who knows :-).
  • #31
  • Aug 28, 2013 7:00am Aug 28, 2013 7:00am
Quoting michaelpelly
Do anyone realize what a 20 successful trades mean - like 20 trades in row with no losses and all of them to reach the target?! I've never witnessed such miracle. Most real time experience with such "systems" is something like: " ...start with 3-4 good trades, then one or two fail, then 1-2 succeed, than couple months later account is still 500$ instead of $50 000, than doubts and frustration kicks in, then system is changed, then 1-2 trades succeed, 1-2 fail again, then risk is increased, then system is changed again...and after 12-18 months...
Yes....of course people can achieve 20 trades in a row that are all winners. I did exactly that over a 4 week period. Well...one trade was exited at BE. You can remain cynical if you wish, or you can knuckle down and spend the next 3-5 years learning the business of FX trading for yourself. It takes that long......and that's a fact.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #32
  • Aug 28, 2013 7:00am Aug 28, 2013 7:00am
Rag2RichesFX, I apologize, just shared my opinion for such "systems".

Good luck to all!
  • #33
  • Aug 28, 2013 7:02am Aug 28, 2013 7:02am
Quoting KecoaKecil
{quote} I thought, the secret is a reliable system and time. For $50 or $100, we don't mind to try it ourselves, don't you agree? I doubt anybody will step out and proclaim his success, draws too much attention, without any benefit for him right?
exactly most people dont post large accounts online..
Be hopeful in a winning position, and fearful in a losing position.
  • #34
  • Aug 28, 2013 7:03am Aug 28, 2013 7:03am
Quoting michaelpelly
Rag2RichesFX, I apologize, just shared my opinion for such "systems". Good luck to all!
sorry i guess im a rude person sometimes.

apologies but, 20 wins in a row would be far more than the strategy in this thread is asking for

you could even do it over 50 trades, winning 35 of them. that is NET 20 wins.

thats 5 more wins than necessary to achieve the 1.6 million

Be hopeful in a winning position, and fearful in a losing position.
  • #35
  • Aug 28, 2013 7:05am Aug 28, 2013 7:05am
realjumper,

I had done experiments on 6 yrs of quotes database sampled each second. We were small friendly think tank of software engineers and mathematicians - we developed algos to try huge number of simulations based on similar systems by automatically stretching the systems parameters and modelling, trying different pairs. They all work for a limited time (you can't know the time at the moment of sampling - i.e. present time) - and you can have consistent results only for extremely short time when you are extremely lucky.

That is my personal experience. Sorry that I pollute the thread - believers will always believe.
  • #36
  • Aug 28, 2013 7:07am Aug 28, 2013 7:07am
Congratulations, rag2richesfx - you are the first FX millionaire I've met - respect! :-)
  • #37
  • Aug 28, 2013 7:09am Aug 28, 2013 7:09am
Quoting michaelpelly
realjumper, I had done experiments on 6 yrs of quotes database sampled each second. We were small friendly think tank of software engineers and mathematicians - we developed algos to try huge number of simulations based on similar systems by automatically stretching the systems parameters and modelling, trying different pairs. They all work for a limited time (you can't know the time at the moment of sampling - i.e. present time) - and you can have consistent results only for extremely short time when you are extremely lucky. That is my personal...
Well I'm not going to debate this with you, and I won't do it on someone elses thread. If I am not successful as a trader, then I don't eat....it's that simple.....and I've been eating very nicely for the past 2.5 years...thank you.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #38
  • Aug 28, 2013 7:14am Aug 28, 2013 7:14am
Quoting michaelpelly
Rag2RichesFX, I apologize, just shared my opinion for such "systems". Good luck to all!
I don't think Rag will be upset with your opinion. In fact, i think every opinion count. Really. I think of trading like sport. We can become better, or we can choose to ignore it. Few win olympic gold medal of course. I find it stimulating my brain much, and the added bonus is, i am popular with the boys, with my "intellectual trading talks" ^_^ There are pretty good chances, i belong to 95% group.. Ha..ha.. I just find it challenging, and willing to give it a workout.
Don't blame the tools. Blame the carpenter.
  • #39
  • Aug 28, 2013 7:16am Aug 28, 2013 7:16am
I agree - it is a tempting adventure :-).

Personally I like to make parallel of the trading strategy with the MIRV ideology :-).
  • #40
  • Aug 28, 2013 7:29am Aug 28, 2013 7:29am
Quoting Rag2RichesFX
{quote} Thanks for the kind words. I agree with that slower type of money management, and I do use conventional low risks (1-3% drawdown) on my larger account that trades the daily swings. But this thread is more to teach others that perhaps, less is more when it comes to the amount of trades taken. Although if I successfully reach 1.6 mil using this money management, I'll post the explorer no doubt.
I think it is much more usefull and fair if you publish the explorer while you are doing it, instead of after the fact and only if it is successful. If you do not want to disclose all the info you can hide Money and Lots, Stops/Tragets and Pending Orders.

Good luck for your journey!
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salemuae