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

  • #421
  • Sep 17, 2013 10:02am Sep 17, 2013 10:02am
If you are serious about doing this you really should have something like this hanging in your office
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Be hopeful in a winning position, and fearful in a losing position.
  • #422
  • Sep 17, 2013 12:19pm Sep 17, 2013 12:19pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Rag2RichesFX
If you are serious about doing this you really should have something like this hanging in your office {image}

.......

.......
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #423
  • Sep 17, 2013 1:44pm Sep 17, 2013 1:44pm
Sorry pal, but this is a recipe for disaster. I don't care if you are successful in 90% of your trades. If you have two bad trades in a row, your account is wiped out.
  • #424
  • Edited 2:28pm Sep 17, 2013 2:04pm | Edited 2:28pm
50$, first down 25$ left, second down 12.5$, u can still buy a burger ..not totally wiped out.
  • #425
  • Edited 2:29pm Sep 17, 2013 2:18pm | Edited 2:29pm
Quoting AverageJoe
Sorry pal, but this is a recipe for disaster. I don't care if you are successful in 90% of your trades. If you have two bad trades in a row, your account is wiped out.
Let me explain why this is not the case. For sake of arguement lets say we have $500 in the account, we risk 50% which is $250 to make 100% so $500. If that trade wins, thats the account doubled to $1000. If that trade loses we lose half the account which will leave us with $250, so on the next trade we risk 50% of $250 which is $125 to make 100%, if that trade wins that is the account back to the starting balance of $500 however if this trade loses -- two losses in a row -- that would leave us with $125, so we risk 50% -> $62.50 to make $125 (a win puts it back to $250), if this is a 3rd loser in a row we will be left with $62.50. Risk 50% again so $31.25, 4th loser in a row leaves us with $31.25, risk 50% again to infinity and beyond.

The more you have in the account, the more losses you can offord to lose one after another and it depends if your broker lets you trade micro lots, if they do then you can incur more losses one after another and still have an account and be able to trade it. The less you risk per trade also gives you room for more losses in a row. BUT LETS NOT TALK ABOUT LOSSES, THINK POSITIVE.

Personally, I am risking no more than 30% of my account on any one position so it will take more than 20 trades to make it big, but I don't mind and neither should anyone else.
  • #426
  • Sep 17, 2013 2:25pm Sep 17, 2013 2:25pm
Quoting uberteh
50$, first down 25$ left, second down 12.5$, u can a buy a burger still..not totally wiped out.

So sorry for always replying late! But I got 2 Jobs!!
  • #427
  • Sep 17, 2013 2:31pm Sep 17, 2013 2:31pm
Quoting GDR3k
{quote} Let me explain why this is not the case. For sake of arguement lets say we have $500 in the account, we risk 50% which is $250 to make 100% so $500. If that trade wins, thats the account doubled to $1000. If that trade loses we lose half the account which will leave us with $250, so on the next trade we risk 50% of $250 which is $125 to make 100%, if that trade wins that is the account back to the starting balance of $500 however if this trade loses -- two losses in a row -- that would leave us with $125, so we risk 50% -> $62.50 to make...

This sounds like a martingale system to beat casinos but instead of doubling the money you use a 1:2 R:R ratio here in forex ... interesting
So sorry for always replying late! But I got 2 Jobs!!
  • #428
  • Edited 2:57pm Sep 17, 2013 2:35pm | Edited 2:57pm
Quoting Muhammad Ezz
{quote} This sounds like a martingale system to beat casinos but instead of doubling the money you use a 1:2 R:R ratio here in forex ... interesting
Except we don't double up our bets when we lose

That is why you start very small, the potential for percentage growth even just after 3 straight winners is huge. You would effectively be using 'free money' after you doubled your starting balance, money you didn't have before and therefore your emotions won't come into play as much.

Emotions and lack of discipline are the achilles heels of every trader, that is mostly why people fail at this game, once you get them under control thats half the battle won, the other half is understanding the candles.
  • #429
  • Sep 17, 2013 2:58pm Sep 17, 2013 2:58pm
Quoting GDR3k
{quote} your emotions won't come into play as much. Emotions and lack of discipline are the achilles heels of every trader, that is mostly why people fail at this game, once you get them under control thats half the battle won, the other half is understanding the candles.
aha, I'll join you Gentlemen once I finish studying the PA course first Cheers buddy
So sorry for always replying late! But I got 2 Jobs!!
  • #430
  • Sep 17, 2013 5:06pm Sep 17, 2013 5:06pm
Quoting kuroro001
{quote} At 10k i'd take half of it...and pick one good setup to get back at 10k again. With a 15/20 pips SL i'll monitor the trade for sure, but we don't aim the same target and probably not the same timeframe. But your 1/4 1/10 ratio is great if you can do it on most trades. Let the fun begins
that is a sound strategy to withdraw
i will withdraw half when i hit around 5k and then continue.

just so i dont feel like my efforts were wasted if i do blow up from that point.

let me do some numbers for a 1:10 risk/reward


with 1:10 risk/reward you could risk only 10% to make 100%.. hmm.. you wouldn't even need anywhere near 50% win rate
Be hopeful in a winning position, and fearful in a losing position.
  • #431
  • Sep 17, 2013 6:06pm Sep 17, 2013 6:06pm
Quoting Rag2RichesFX
{quote} that is a sound strategy to withdraw
To me, it seemed more like an opinion than a strategy.


Quoting Rag2RichesFX
{quote} with 1:10 risk/reward you could risk only 10% to make 100%.. hmm.. you wouldn't even need anywhere near 50% win rate
Have you considered the opportunity cost of 1:10 ?? That "could" mean that you must let other trades
pass by because you're aiming for 1:10 and you're trying to hit the big time..............

It's an interesting thread.... filled with promise of "rags to riches". It can be done but it really seems
that it's just a "take-off" from this thread :

http://www.forexfactory.com/showthread.php?t=321529

BTW.... I disagree with your signature.... 80% CONFIDENCE and 10% DISCIPLINE
That's a joke, right?

Or do you simply "wham-bang" trades because you're confident without following
any method/plan ?? I don't get, (I guess)
When the Joker is in the deck.. fear not and play it well
  • #432
  • Sep 17, 2013 6:27pm Sep 17, 2013 6:27pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Slim Buffett
{quote} To me, it seemed more like an opinion than a strategy. {quote} Have you considered the opportunity cost of 1:10 ?? That "could" mean that you must let other trades pass by because you're aiming for 1:10 and you're trying to hit the big time.............. It's an interesting thread.... filled with promise of "rags to riches". It can be done but it really seems that it's just a "take-off" from this thread : http://www.forexfactory.com/showthread.php?t=321529 BTW.... I disagree with your signature.... 80% CONFIDENCE and 10%...

Oh brother.... smh.... after 21 pages here comes the king of trolls,trolling.....

everybody abandon thread....abandon the thread... all this fool is

going to do is shoot this whole fraggin thing to H, E double hockey sticks...
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #433
  • Sep 17, 2013 6:37pm Sep 17, 2013 6:37pm
Quoting Owl
{quote} Oh brother.... smh.... after 21 pages here comes the king of trolls,trolling..... everybody abandon thread....abandon the thread... all this fool is going to do is shoot this whole fraggin thing to H, E double hockey sticks...
I find that odd. When there seems to be no reasonable argument the person to which
no reasonable argument has been presented becomes a troll.

Stellar and par for the course

Don't you think??
When the Joker is in the deck.. fear not and play it well
  • #434
  • Sep 17, 2013 6:38pm Sep 17, 2013 6:38pm
Quoting Owl
{quote} Oh brother.... smh.... after 21 pages here comes the king of trolls,trolling..... everybody abandon thread....abandon the thread... all this fool is going to do is shoot this whole fraggin thing to H, E double hockey sticks...

But you're a hoot !!

all the best
When the Joker is in the deck.. fear not and play it well
  • #435
  • Sep 17, 2013 6:46pm Sep 17, 2013 6:46pm
For all those that think it is impossible, just look at the leaderboards or some of the ongoing competitions
Attached Image
  • #436
  • Sep 17, 2013 6:56pm Sep 17, 2013 6:56pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting traxis
For all those that think it is impossible, just look at the leaderboards or some of the ongoing competitions {image}

.......

.....
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #437
  • Sep 17, 2013 7:07pm Sep 17, 2013 7:07pm
Quoting traxis
For all those that think it is impossible, just look at the leaderboards or some of the ongoing competitions {image}
I'm not sure who thinks it impossible. Certainly not me.
Consistency is another matter.

Regardless, I've been an advocate of "greater returns" since (my time) began.
The Dodd-Frank Act
pissed me off so much........... so if you simply open a non-US account, you're ok.

Some of you probably don't know what that means..... I don't care
Some of you think that I'm only a troll................ I don't care

get it???

Engage a reasonable post/argument in kind and forget your insecurities.
When the Joker is in the deck.. fear not and play it well
  • #438
  • Sep 17, 2013 7:34pm Sep 17, 2013 7:34pm
Quoting traxis
For all those that think it is impossible, just look at the leaderboards or some of the ongoing competitions {image}
Is that really the profit in percentage :O !!!
So sorry for always replying late! But I got 2 Jobs!!
  • #439
  • Sep 17, 2013 7:41pm Sep 17, 2013 7:41pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Slim Buffett
{quote} I'm not sure who thinks it impossible. Certainly not me. Consistency is another matter. Regardless, I've been an advocate of "greater returns" since (my time) began.

Slim.. you are the devil's advocate just like michealpelly brazenly admitted a couple of posts back, which means

we don't need you here in this discussion so F*&k off and go kick rocks in other threads....the title of the thread

suggests that it is not for those who don't think they can do it whether lack of skill,confidence or whatever maybe

the case we don't care...this topic of discussion here is for the brave with the willpower,talent and confidence inside their

own ability to see this through So all tire kickers and naysayers with no constructive input to build and make this

happen need to stay with their 1 percent or 2 percent risk account and just do what they feel is right for them

( I have a account in which I risk only 2 percent myself but I also added this to my portfolio) and let us who see

know and believe do what we are making happen....
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #440
  • Edited 9:27pm Sep 17, 2013 8:30pm | Edited 9:27pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Certain topics/concepts/paradigms will be right up your alley...do you know why?...it is because

it was meant for you... whenever it resonate with you, so when you have another type that

doesn't feel that same way , don't let it discourage you, for it is them that want to pull you

into they reality which isn't worth much ....so don't let others rain in on your parade when

you see the sun shining keep striving for what you know best.... the type who's sole purpose is

but to leave a sour taste in your mouth can only ruin your confidence and start to make you doubt

yourself ,if YOU Your Self didn't know any better And because the numbers never lie just always

continue to go with the facts and not the opinions however SLIM the chance ....You increase your

chance with the research which comes knowledge and confidence in the market making your expected

returns .... Don't absorb the detrimental parts of what people think because they are only trying to

bring you down to right where they are at, it's like they want you right there beside them inside they

own reality( misery does love company ) ....smh... but to the chivalrous and effervescent ones,stay

humble and you will be rewarded, for no hard work goes in vain, you will be paid off and it'll be handsomely

at that....way more than these bloke plonkers screaming strictly that you better do this 1 or 2 percent policy only!!!! .....

I myself will make a statement and say that this money management technique is only for those who have

put in or is close to 10,000 hours screen time .. because then you will start to appreciate, and see and believe

and know how this extra ordinary return is possible based and compared to what appears as high but is really

actually a small and tiny risk considering the method at going about it ... So once again if you have the heart/

confidence, skill, and knowledge to go about this process continue to attempt to make this happen.... go

ahead and give your self a pay raise or big pay day...you deserve it
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
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