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

  • #381
  • Sep 16, 2013 4:42am Sep 16, 2013 4:42am
Quoting TheDDReport
{quote} please just stop posting. no one cares about your car. whats next your gunna show us your tax returns? Many people on here make bank. you are nothing special....
As you wish, though my posts are 99.99% targeted at the system presented here. I just take different point of view, the one that you do not hear only because you know it is valid, but ruines "the dream". I'm not posing, just raising questions in this discussion - why you get cranky?
  • #382
  • Sep 16, 2013 4:58am Sep 16, 2013 4:58am
Because you said good bye and good luck to us

Quoting michaelpelly
OK, guys. It is was nice discussion - all we need now someone to say next 2-3 months "Hey, I got $50k!" and send us post-card from his Hawaii holiday! (skeptical smile though :-). I will periodically check the thread to see how the newborn millionaires club is going . Good luck to all!


and then decided to stroke your ego by bragging about $50 and your car lol... grow up.


Quoting michaelpelly
{quote} But...as always skeptical I'm (professional defect, sorry) - I can't understand how a guy that makes so much money need to wait "...'till October..." (I've seen this somewhere above in the posts...) to open account with 50 bucks?! If for example I make thousands of dollars per week - 50$ is my daily ride for gas on my S-klasse (for example)...Somehow doesn't bind to the picture...anyway - just my brain playing games with me (skeptical smile)
He who knows when he can fight and when he cannot, will be victorious.
  • #383
  • Sep 16, 2013 5:14am Sep 16, 2013 5:14am
Rag2Riches in 20 trades......This is what caught my eye about 3weeks ago and i decided to take a look at the thread. I read through from page 1 to 8 and got the idea being flown here. Its an interesting idea but so risky I won't even try it at home. Hah! A risk of 50%?! Thats too much for me....even on a $100 account! Why will I bother wasting my money no matter how small it is in this manner? That being said, I will share my view(s).

The idea of Rag2Riches tickles my fancy like everyone else. But Rag2Riches in 10 - 20 trades, is risky. From what I have read thus far, the OP (continue to think outside the box and you will be there) relies on the idea of compounding. You are to double your balance 15 times and you will be there. I did a little calculation. If I am to do this, risking 7.2% of my account balance, and targeting 25 pips daily with a Stop of 12pips, you would have multiply your account balance by a factor of 2.15. All you need daily is 25pips, a risk of 7.2% of your account balance and a stoploss of 12pips.

Now, you need to do this for 15 weeks to get to the $1.6m! Thing is, you can't do this without enough discipline and brainwashing. By brainwashing, I mean you have to brainwash yourself to know that even when you lose $10,000 * 12pips = $120,000, its still a 7.2% of your account.
The brainwashing is not easy to do as i have been there. I called it brainwashing so people can understand. Its actually called: Trading Philosophy.

Now, how do you make 25pips daily? Simple. Huh?
Everyone will have to go figure that out for himself.
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  • #384
  • Sep 16, 2013 5:30am Sep 16, 2013 5:30am
Quoting TheDDReport
Because you said good bye and good luck to us {quote} and then decided to stroke your ego by bragging about $50 and your car lol... grow up. {quote}
Read carefully, fella...

"If for example I make thousands of dollars per week - 50$ is my daily ride for gas on my S-klasse (for example)".

It was illusory example to illustrate a point - not to mention my wealth (note the 2 occurrences of the "EXAMPLE" word).

In fact - I own 4 vehicles, a motorbike and expensive bicycle, 1 house, couple acres of land, 3 small IT companies and a guitar!

So - good luck to all - my comments were and are strictly to the applicability of the system described. So far - never said it is impossible, but pretty, pretty long-shot...so long-shot that it never seems plausible to get rich from that.

Excuse me if you get offended.
  • #385
  • Sep 16, 2013 5:34am Sep 16, 2013 5:34am
one could use these price action principles to help them. found these vids on youtube hope they help someone.

Inserted Video


Inserted Video
A man is what he thinks about all day long. - Ralph Waldo Emerson
  • #386
  • Sep 16, 2013 5:36am Sep 16, 2013 5:36am
Quoting kuroro001
{quote} That's what i was thinking. I may do 10-15 pips SL no matter what, and have a dynamic tp from 30 pips to xxx pips
it can be done, everything is in our heads, you just need, good mm and very mechanical way of trading, will give a shot but I want to start with 100 bucks and have between 25/10pips sl with risk of 50% and 100 pips profit. Such a swing is normal between weekly pivots and you have a shot at least ones a week.
swing it!
  • #387
  • Sep 16, 2013 5:37am Sep 16, 2013 5:37am
Quoting GDR3k
Because of this thread I have decided to give this a go. Wish me luck. http://www.myfxbook.com/members/gdrought/gdr3k/697509 {image}
Good Luck! Let's prove the pessimists wrong!
  • #388
  • Sep 16, 2013 5:44am Sep 16, 2013 5:44am
Quoting michaelpelly
{quote} Read carefully, fella... "If for example I make thousands of dollars per week - 50$ is my daily ride for gas on my S-klasse (for example)". It was illusory example to illustrate a point - not to mention my wealth (note the 2 occurrences of the "EXAMPLE" word). In fact - I own 4 vehicles, a motorbike and expensive bicycle, 1 house, couple acres of land, 3 small IT companies and a guitar! So - good luck to all - my comments were and are strictly to the applicability of the system described. So far - never said it is impossible, but...
like I said no one cares but since you bring it up why dont we compare.... I wont get into detail since I was raised with the idea that it is impolite to talk about how much you have but atm its 8 cars, and 10 houses

have a good night.
He who knows when he can fight and when he cannot, will be victorious.
  • #389
  • Sep 16, 2013 6:07am Sep 16, 2013 6:07am
Quoting kinzu
{quote} Good Luck! Let's prove the pessimists wrong!
  • #390
  • Sep 16, 2013 7:32am Sep 16, 2013 7:32am
no need to debate...please give us, the pessimist one, an evidence that this method or system or whatever is work..!

share your result in trade explorer...but not demo account please...
Revenge of Scalper
  • #391
  • Sep 16, 2013 7:36am Sep 16, 2013 7:36am
michaelpelly

There are many people that look to forex as an escape from their circumstances, for them $50 is a lot of money and the idea that it can be turned into a much bigger account that can then be traded more cautiously is a vision they may not have even contemplated before. So if R2R or someone else can achieve this it will be a wonderful motivation for others that much can be achieved without having to wait forever.

As far as I can see getting the account from $50 to $1000 will be the most difficult (20x) then to $10000 (10x) and to $50000 (5x) and so on. But it is true, the emotional side will be difficult to overcome.

I think people that have made a really large amount of money do not bother to post on FF, that is why you don't see their achievements here.
When all conditions are met - Enter trade - sit back and FRET !!!
  • #392
  • Sep 16, 2013 7:54am Sep 16, 2013 7:54am
Most appreciated, jsf!

I agree that one should aim high, and that "a lot of money" is a perception different for different people. My part in this discussion was simply to play devil's advocate so we can cover all the angles. I have respect for every participant, his opinion, etc. After all - everyone have different agenda in Forex trading so it is normal to cross our swords from time to time. I wish all of the guys here to achieve their goals and have better life. By being a little contrary I share some of my experience with people that do business and/or trade - most of them fail because underestimate the complexity of the endeavor, the personal effects and the lack of focus. I would recommend one to search all systems and methods possible in order to get money from the market.
  • #393
  • Sep 16, 2013 8:10am Sep 16, 2013 8:10am
Quoting michaelpelly
Most appreciated, jsf! I agree that one should aim high, and that "a lot of money" is a perception different for different people. My part in this discussion was simply to play devil's advocate so we can cover all the angles. I have respect for every participant, his opinion, etc. After all - everyone have different agenda in Forex trading so it is normal to cross our swords from time to time. I wish all of the guys here to achieve their goals and have better life. By being a little contrary I share some of my experience...
Nice conclusion, I wish them the best too

I would recommand them to develop their own trading method by just looking at the chart

Different point of view....same goal
COT: The precious data ignored
  • #394
  • Sep 16, 2013 9:08am Sep 16, 2013 9:08am
I've come to appreciate there are two main types of members here at FF. Those who come to share ideas, experience, things they've learned. They may start threads like this one to stimulate other members and perhaps add to those individual's trading knowledge and/or arsenal. We can accept that information, or not.

The other type is those who go from thread to thread, never starting there own, never giving back to the community by sharing their actual trading style/strategy/systems. They are content to tell others why they are wrong and will not succeed, while never really offering anything substantive to help them to do otherwise.

Just an observation...

Back to the thread point...I like many others, am not sure I have the juevos to risk 50k on a 100k account. I do however like the idea of taking 50 to 5k. I think I could handle that. I've seen 3k shrink to 300 in a few days and managed to survive that so twill be a nice diversion to my other trade strategies.
  • #395
  • Sep 16, 2013 9:34am Sep 16, 2013 9:34am
Yes, I understand your concept - I think.

You mean to place larger bets on trades providing a greater certainty. A bit like gambling at the casino on either red or black, but if you know where it will go then put 50% up and make a greater profit.

You can also increase your position as you increase your profit/s: I turned AUD$4000 (real money) into AUD$32,000 in five days in 2008 playing CFDs, when the AUDUSD was tanking (but I lost the lot on Friday due to the correction at around 90c). I just kept increasing my position as I made more profits.

Mind you, I was not playing with "one foot in the game" - I was risking 100% of my account, and I lost the game on Friday!
  • #396
  • Sep 16, 2013 9:44am Sep 16, 2013 9:44am
how to do it with a strategy with have a hitrate of 25-30% but the average r is 4-9 time big?
when i would have a strategie which has 90% hitrate i would risk 10% of account and all is good, but i have only a 25-30% hitrate.
  • #397
  • Sep 16, 2013 9:50am Sep 16, 2013 9:50am
What I see here is a lot of people willing to "give it a try", and very few who have already tried it... what about those who said they'll be doing this at the beggining of the tread, have they done it? How did it go?
  • #398
  • Sep 16, 2013 9:51am Sep 16, 2013 9:51am
Quoting paruski
... but i have only a 25-30% hitrate.
The win rate isn't that important alone. The RR is also part of the whole picture.
MT4/MT5 EAs/Indicators/Alerts coder
  • #399
  • Sep 16, 2013 10:07am Sep 16, 2013 10:07am
Quoting guatever
What I see here is a lot of people willing to "give it a try", and very few who have already tried it... what about those who said they'll be doing this at the beggining of the tread, have they done it? How did it go?

I have/am trying it. Was up about 100% but nearly busted. You can see in sig. Need to reload if current trades don't pan out.
  • #400
  • Sep 16, 2013 10:10am Sep 16, 2013 10:10am
Tell you what R>Riches. I have my next class try it out for a couple of months and see if it checks out
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