Rags to Riches in 10 or 20 Trades - Simplicity at its finest | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Rags to Riches 21 replies

Rags To Riches 203 replies

rags to more rags.. and even more rags! 19 replies

Rags to rags and ice cream 36 replies

Rags To Riches Take 2 24 replies

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

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

  • #61
  • Aug 28, 2013 9:24am Aug 28, 2013 9:24am
Quoting openyoureyes
{quote} I left work on april, I wouldn't risk any money on riskier trades before September I catched the X/JPY bull run on april/may... after that in the summer months I failed considerably hard, because trading from work is very different than trading at home.. most of the time the markets ranged, and that's when this system fails. you have to think very fast before a reversal, and go in the reversal trade
so the 2600% profit was once upon a time. Kinda masterpiece. Not regularly right? Also you didn't lose much of the returns from those 2600% did you?
  • #62
  • Edited 9:38am Aug 28, 2013 9:27am | Edited 9:38am
Quoting Bhoopalan
{quote} so the 2600% profit was once upon a time. Kinda masterpiece. Not regularly right? Also you didn't lose much of the returns from those 2600% did you?
%2600 was once upon a time, my masterpiece...

$1000 equity went to ~$800 than got around ~$26,000

lost about $8000, when I was trying to double $26k...

made me very very very unhappy, I didn't trade for sometime after that / as it clouded my judgement

when I had a daytime job I traded better because even if I lost $1000, I still got more than +$1000 at work. (no rent / no bills)

now I fear losing $1000, so I skip riskier trades (which sucks because I can only trade those)

try focusing on XAG/USD - XAU/USD and for major trend X/JPY
  • #63
  • Aug 28, 2013 9:34am Aug 28, 2013 9:34am
also only do this when there is momentum, else you get stuck with huge lots for your equity/capital

this is "educated gamble" / "bet"

only trade the amount of capital you wouldnt care losing

I think your first entry is the most important one in this style of trading...

I prefer quick tp 10-12 small x many lots
  • #64
  • Aug 28, 2013 9:45am Aug 28, 2013 9:45am
hi R2R,

What you're proposing, R2R, is a realistic, achievable project that will transform the trader from one who "tries" to one who "does". This is a life changing undertaking and I'm grateful you posted this.

I guess each individual trader will know when they're ready to stop pussy-footing the market and apply themselves to the very task they envisioned when they took the first step to start trading.

@openyoureyes: hope you're well. i've seen you take monstrous risk with great success and failure. Your winning trades are a wonder to behold and I salute you! This framework being proposed by Rags2Riches is something I reckon you can apply with guaranteed success.

I'm doing this and will share the explorer.
cryptocurrency everytime
  • #65
  • Aug 28, 2013 9:55am Aug 28, 2013 9:55am
Quoting PipMeUp
If you could have such a system (75% winrate with RR=2), your equity curve would be the first one with fixed lot size or the second one with 1% per trade. Who would risk a 50% DD on a single loser with this thing I cannot really distinguish from HG??? {image}
Big difference

Thats almost 500 trades

Here we are talking less than 50, maybe even less than 25 if you are very good.

Also, your curve only goes to $30,000... Compared to 1.6 million


See the difference?

And

75% win rate isn't anything that hasn't been done before.
Be hopeful in a winning position, and fearful in a losing position.
  • #66
  • Aug 28, 2013 10:04am Aug 28, 2013 10:04am
Quoting Rag2RichesFX
{quote} Big difference Thats almost 500 trades Here we are talking less than 50, maybe even less than 25 if you are very good. Also, your curve only goes to $30,000... Compared to 1.6 million See the difference? And 75% win rate isn't anything that hasn't been done before.
right, i remember when i just started i blew an account with a margin call and there was about $14 left in there. With great selectivity as to which trades I took I then increased that $14 to $75 with 24 wins in a row. The fact that I then mashed it up again is for me to chew on, but the point is that by applying discrimination in which trades i took (and with my lack of experience and novice system) I pulled off 24 consecutive wins. It can be done - although this MM system does not require it - what it requires is for you, the trader, to get serious as your life and actually apply yourself to the task of achieving financial independence with a focussed pre-meditated series of steps.
cryptocurrency everytime
  • #67
  • Aug 28, 2013 1:19pm Aug 28, 2013 1:19pm
What's the big deal. 75% strike rate on a 20 / 25 trade series is pretty doable. The Magic word though is Consistency and Patience. Rest the nay sayes are giving crap.

Rags, do make this and post a/c summary as and when you trade and not later. No better way that experiencing it yourself. After all, you got your name to live up to.

Cheers and goodluck,
There is no such thing as LUCK ! Chance favors the prepared mind.
  • #68
  • Aug 28, 2013 1:20pm Aug 28, 2013 1:20pm
Fantastic thread. Thank you for the inspiration R2R and good luck!
mind over matter
  • #69
  • Aug 28, 2013 10:59pm Aug 28, 2013 10:59pm
Quoting mmaker
This live account has only 4 consecutive losses out of 529 trades and 87.6% winning rate. It is humanly possible. The drawdown is relative to the overall gains. http://www.forexfactory.com/wuza#75-report {image}
Thank you for this find. Proof that its not impossible, just not at all common.

This is the largest live account I have ever seen on Forex Factory.


Dude has skill. 2.6% a day for 3 months straight? What a boss.
Be hopeful in a winning position, and fearful in a losing position.
  • #70
  • Edited 11:41pm Aug 28, 2013 11:02pm | Edited 11:41pm
Quoting McNish
What's the big deal. 75% strike rate on a 20 / 25 trade series is pretty doable. The Magic word though is Consistency and Patience. Rest the nay sayes are giving crap. Rags, do make this and post a/c summary as and when you trade and not later. No better way that experiencing it yourself. After all, you got your name to live up to. Cheers and goodluck,

Exactly! It's difficult, but its not like we are asking for 25 winners in a row here.


This may just be a coincidence but after posting this thread my computer was hit with a nasty virus asking me to pay $300.

Now I gotta wipe my harddrive and trade on my laptop in the mean time...

LMAO. I wonder if its just coincidence or not..


Thanks for the good luck.

I'm on $200, I got past $50 and $100 today. That means risk $200 to make $400 is the next trade.


The bigger the profits gets the more patient I need to be to find those good trades though.

The last trade taken was risk $100 to make $200 on Long AUDUSD 8905 stop loss 8875 take profit 8965

SL 30 TP 60

Why was SL 30? Because TP was 60! (8965 resistance)

The stop loss is always based off the take profit (at least the way I do it)
Be hopeful in a winning position, and fearful in a losing position.
  • #71
  • Aug 29, 2013 4:31am Aug 29, 2013 4:31am
Quoting JFonseca
{quote} 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!
But you cannot hide open orders?

And why would it matter if I only showed it after the fact.

Even if it took me 20 attempts to do this, I would only lose $500 USD in the process..


I will post one if I get to $50,000
which is 10 NET winners.

If I get to $1.6 million there is no way you guys will ever know that...
1.6 million is 15 NET WINNERS


I will name the trade explorer "Fuck the haters".


Now good day to you all, and happy trading.
Be hopeful in a winning position, and fearful in a losing position.
  • #72
  • Edited 4:55am Aug 29, 2013 4:43am | Edited 4:55am
Quoting timos
Rag, I am thinking about this since i read your thread. I will make this a lifetime goal. Risking 50$ each weak for 15 winners in a row. Worst case scenario 2600$ loss per year (which i can afford to lose) ,best case..... After all,we all live for that eureka moment in trading. Best regards Tim

Again, you don't need 15 winners in a row.

You need 15 NET WINNERS to reach 1.6 million, over any amount of trades, without having a losing streak of more than 5 trades.


So having 20 wins and 5 losses = 15 net winners



40 wins and 25 losses would do it too.

80 wins and 65 losses would also do it.


Isn't that incredible?? The more trades you take, the less winning % you need to achieve this.


The only thing is, when you reach $800k and you are risking $400,000 on one trade... You are definitely considered a big player.

To risk 50% of your account you would need to use 50:1 leverage with a 200 pip stop loss and 400 pip target.


So at this point you can no longer scalp... thats the only downside.

At $800,000 you would be looking at 400 lots with stop loss 200 pips and take profit 400 pips.


However, this is still doable. If you would have shorted EA at 1.5000 with a 1.4600 target for instance.
This trade is highly likely to play out.

400 lots is NOTHING to the other market participants.. on a daily/weekly swing trade.
On a quick in and out scalp it would get some attention.


Sorry if I came off rude. I'm pissed about this virus on my trading computer.
Takes hours to wipe a computer and reinstall everything you need.
Be hopeful in a winning position, and fearful in a losing position.
  • #73
  • Aug 29, 2013 4:58am Aug 29, 2013 4:58am
Quoting venzen
hi R2R, What you're proposing, R2R, is a realistic, achievable project that will transform the trader from one who "tries" to one who "does". This is a life changing undertaking and I'm grateful you posted this. I guess each individual trader will know when they're ready to stop pussy-footing the market and apply themselves to the very task they envisioned when they took the first step to start trading. @openyoureyes: hope you're well. i've seen you take monstrous risk with great success and failure. Your winning trades are a wonder to behold...
Missed this post.

I greatly appreciate the comments.

Yes you are right, I have definitely reached that stage.

I feel confident enough that I can do this.

I am glad you will share the explorer.
Good luck to you!

Please post here if successful

Even just from $50 to $25,000 is very impressive indeed.
Be hopeful in a winning position, and fearful in a losing position.
  • #74
  • Aug 29, 2013 5:15am Aug 29, 2013 5:15am
Repeating this here for those who may have missed it

I will be attempting this as well as the 1:2. Two separate accounts and strategies.
The 1:4 will be going for longer term trades. Daily and weekly swings.

Variation
Using 1:4 RISK REWARD instead of 1:2

Account balance = $50, giving two attempts to get going.

Risk = 50%
Reward = 300% (4 fold)

$50 total, first trade risk $25
Win = $150 total
Win = $450 total
Loss =$225 total
Win = $675 total
Win = $2025 total
Loss = $~1000 total
Win = $3000 total
Win = $9000 total
Loss = $4500 total
Win = $~13000 total
Win = $39000 total
Win = $117000 total

9 wins, 3 losses.

The order of the wins and losses doesn't matter.
Be hopeful in a winning position, and fearful in a losing position.
  • #75
  • Aug 29, 2013 5:37am Aug 29, 2013 5:37am
Hello,

I will start trading this system next week,
I'll try to do this in 2 seperate instruments:

1- X/JPY basket
2- XAU - XAG

I will post live results later.

I will put 3 x $100 in seperate brokers / will try the lowest ping one...
  • #76
  • Aug 29, 2013 7:14am Aug 29, 2013 7:14am
Quoting openyoureyes
Hello, I will start trading this system next week, I'll try to do this in 2 seperate instruments: 1- X/JPY basket 2- XAU - XAG I will post live results later. I will put 3 x $100 in seperate brokers / will try the lowest ping one...
Fantastic instruments to try this on.

Man, you really got me thinking now.

I can easily attain 1:10 risk reward with silver vs aussie


Basically, the strongest trends make the best trades.


I think a decent trade coming up is short silver, long aussie, short the yen


or remove the short silver, i just think its overextended, im going to buy again after a correction
Be hopeful in a winning position, and fearful in a losing position.
  • #77
  • Aug 29, 2013 7:51am Aug 29, 2013 7:51am
Quoting Rag2RichesFX
{quote} Fantastic instruments to try this on. Man, you really got me thinking now. I can easily attain 1:10 risk reward with silver vs aussie Basically, the strongest trends make the best trades. I think a decent trade coming up is short silver, long aussie, short the yen or remove the short silver, i just think its overextended, im going to buy again after a correction
silver / gold is very good for paying your initial investment

I think it is very risky for 4th / 5th trades if you don't use SL.

how do you calculate your R/R% R/R ?

with september we should start seeing longer trends.

tracking fx index:
http://www.teletrader.com/us/currenc...=1377781351028

I am thinking of depositing/sacrificing $100 each week for this strategy... (not strict)

I'll aim for pre-news / post-news + retracements + supply&demand (support&resistance) trading 1H
  • #78
  • Aug 29, 2013 8:56am Aug 29, 2013 8:56am
A person's fears, beliefs and greed prevent this from happening too often. Trading is a rough business and anyone who has been in it long enough to get shoved around enough, has created limits in his/her own mind that something of this stature is too unlikely.
If any of you have even the slightest doubt you can't do this, don't even try it, because it is going to take everything you have mentally and emotionally to overcome it.
But hell man, if anyone can accomplish a feat like this, you have all the right in the world to bloat about it, because you sure as hell earned it.
  • #79
  • Edited 10:58am Aug 29, 2013 10:38am | Edited 10:58am
Quoting TheZenTrader
A person's fears, beliefs and greed prevent this from happening too often. Trading is a rough business and anyone who has been in it long enough to get shoved around enough, has created limits in his/her own mind that something of this stature is too unlikely. If any of you have even the slightest doubt you can't do this, don't even try it, because it is going to take everything you have mentally and emotionally to overcome it. But hell man, if anyone can accomplish a feat like this, you have all the right in the world to bloat about it, because...
Completely agreed

It's all about your own belief in yourself


The math and statistics show that not only is it not impossible,
it can be done with some persistence.


At least on a small scale. Like $25 to $25000


It becomes difficult to use huge leverage past the 500k mark.
Gotta trade daily swings only when you are trading 400 lots with a $800k account
Be hopeful in a winning position, and fearful in a losing position.
  • #80
  • Edited 11:04am Aug 29, 2013 10:51am | Edited 11:04am
Net win #3 = DONE

Risk $200 to make $400


USDJPY short at 98.50 sl 98.65 TP 98.20

Kaching


Next trade risk $400 to make $800

Might wait for a good 30 sl and 60 tp setup

or 50 sl and 100 tp, maybe on USDJPY long
Be hopeful in a winning position, and fearful in a losing position.
2 traders viewing now