My Ten Thousand Dollar Challenge | Forex Factory

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My Ten Thousand Dollar Challenge

  • #1
  • First Post: Oct 31, 2013 4:32pm Oct 31, 2013 4:32pm
Brokers sell you the dream. Get rich overnight playing the spot 4X, only a small deposit necessary. Well I don't think it can be done overnight, but I would like to track how long it actually does take, if it can be done at all.

From $10K upwards it's not long or far if you know what you are doing. It's the hard slogging from $250 to $10K that is so unrewarding.

I'll be reviewing my broker's performance as well. Slippage, execution, stop hunting behaviours will all be noted.

I'll be using the same techniques that gave me the results in this demo account:

http://www.myfxbook.com/members/femi...emi94ce/734318

Monday I will make the live account public on MyFXBook.


Looking forward to the process.

LAFF
  • #2
  • Oct 31, 2013 4:37pm Oct 31, 2013 4:37pm
What a great curve, on your demo account.

I hope you will do as well in your live venture.

Good Luck to you !
Simplicity is the Ultimate Sophistication.
  • #3
  • Oct 31, 2013 4:47pm Oct 31, 2013 4:47pm
Thanks for having a look. Demo doesn't really count, but it's useful for test driving a system.

I feel encouraged.

LAFF
  • #4
  • Edited 7:41pm Oct 31, 2013 6:52pm | Edited 7:41pm
Short GBP/AUD 1.6955 target 1.6925

Price bounced @ 2 pips above target. Trade closed 1.6953.
  • #5
  • Oct 31, 2013 9:45pm Oct 31, 2013 9:45pm
my demo account I made 17k Net profit for 30 days. I am live for the last five days and up until yesterdays Fed meeting I was positive about $700.00. Without knowing the rule of never trade during big news I traded and lost $1088 playing two contracts in about 5 minutes. I felt sick to my stomach after that.
  • #6
  • Edited Nov 1, 2013 12:05pm Oct 31, 2013 10:01pm | Edited Nov 1, 2013 12:05pm
Femi I see you trade mainly the Gbp/Au is there a reason for this pair?

Also could you post some pic's of your trade with some explanations. Makes the thread more interesting then just entry numbers. Thanks and good luck
Enter Signature
  • #7
  • Edited 2:35pm Nov 1, 2013 2:21pm | Edited 2:35pm
Quoting AchilliesM5
my demo account I made 17k Net profit for 30 days. I am live for the last five days and up until yesterdays Fed meeting I was positive about $700.00. Without knowing the rule of never trade during big news I traded and lost $1088 playing two contracts in about 5 minutes. I felt sick to my stomach after that.

Yeah that's a hard lesson getting spanked by the FOMC.

I have several blackout days during the month.

Last day of the month - no trade day unless signals are very clear
Last Friday of the month - no trade day
NFP - exit all positions 30mins before announcement
FOMC - no trade day

I have found it's OK to trade other red news if I understand where the market makers are headed. They use the news to complete their intentions. Red news can be my friend, but the NFP and the FOMC I find leave me feeling too vulnerable.

I don't like feeling stupid with an open position. Feeling stupid while sitting on the sidelines is much easier.

LAFF
  • #8
  • Edited 9:34pm Nov 1, 2013 2:28pm | Edited 9:34pm
Quoting CaptainLush
Femi I see you trade mainly the Gbp/Au is there a reason for this pair? Also could you post some pic's of your trade with some explanations. Makes the thread more interesting then just entry numbers. Thanks and good luck
OK I'll try to do that. Thanks for the suggestion.

GBP/AUD because right now its ADR is 30% higher than most of the other pairs.

In ideal conditions, in a perfect entry and exit, I can only expect to make 70% of the available ADR. Typically I will lose 30% to signal confirmation, spread and slippage. When the ADR is <90 pips, then using my current relatively conservative money management, it's going to take 30% longer to make my target.

I'd like to get to 10K sooner rather than later, without taking dumb risks.

But I'm not married to it. I'll take whichever pair is showing me the best setup.

LAFF
  • #9
  • Nov 2, 2013 12:52am Nov 2, 2013 12:52am
Quoting femi94ce
{quote} OK I'll try to do that. Thanks for the suggestion. GBP/AUD because right now its ADR is 30% higher than most of the other pairs. In ideal conditions, in a perfect entry and exit, I can only expect to make 70% of the available ADR. Typically I will lose 30% to signal confirmation, spread and slippage. When the ADR is <90 pips, then using my current relatively conservative money management, it's going to take 30% longer to make my target. I'd like to get to 10K sooner rather than later, without taking dumb risks. But I'm not married to it....

250 to 10k will take 3-5 years unless you over leverage and take risks.
Here on line trading calculator of % needed monthly to reach that.As you can see you need to hit 10% and higher every month consistently for 3yrs.
Good luck.

Why not save your money and actually at minimum open 2k account to have a shot otherwise you are wasting time.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #10
  • Nov 2, 2013 1:31am Nov 2, 2013 1:31am
If Femi can make 786% in a little under a month and a half, even if she (he) can do half that on average, it would take less than 6 months. But then again, the best laid plans...
  • #11
  • Edited 8:05pm Nov 2, 2013 7:17pm | Edited 8:05pm
Quoting profitkeeper
If Femi can make 786% in a little under a month and a half, even if she (he) can do half that on average, it would take less than 6 months. But then again, the best laid plans...
Best laid plans indeed. LOL

I'm really trying to prove this to myself, and I'm going in with eyes wide shut...er...open. This is not my first kick at the cat. You'll see that when you look at the live account. My previous live performance has been less than stellar.

The single biggest factor in making 780% has been mindset. My worst positions have been a result of executing while in the wrong emotional/head/space. There's never been anything wrong with my comprehension of the market and the pattern recognition that's been required to execute. My biggest trading flaw has been emotional, not intellectual.

I've had to make some deep changes in myself in the past year and a half, and my demo account results encourage me to think that those have been exactly the changes necessary for real success.

So I'm over myself, and I hope to prove it here and in my account. I'll count on this forum to keep me "real", and the market to keep me humble.

LAFF
  • #12
  • Nov 2, 2013 9:47pm Nov 2, 2013 9:47pm
So here are a couple of setups I'm looking at for market open tomorrow.

Both are short, looking to grab 60 pips or more.

The EJ is a short based on incomplete formation of the 50 and 100MAs. This pair looks to be gathering steam over the next couple of sessions. But I will allow the market to show me the error in my assumption.
http://img850.imageshack.us/img850/2650/gdg.gif

The GJ I like a lot better on account of the "M" top plus the ensuing "oh shit" candle and consolidation. This looks like it will have legs for at a couple of sessions. But I will allow the market to show me the error in my assumption.

http://imageshack.us/a/img845/2605/vwqi.gif

LAFF
  • #13
  • Nov 2, 2013 10:19pm Nov 2, 2013 10:19pm
Quoting femi94ce
{quote} Yeah that's a hard lesson getting spanked by the FOMC. I have several blackout days during the month. Last day of the month - no trade day unless signals are very clear Last Friday of the month - no trade day NFP - exit all positions 30mins before announcement FOMC - no trade day I have found it's OK to trade other red news if I understand where the market makers are headed. They use the news to complete their intentions. Red news can be my friend, but the NFP and the FOMC I find leave me feeling too vulnerable. I don't like feeling stupid...
A better suggestion for news days - if you're in position, why let it go? Pull to break-even and see if the market gives you a major boost. You risk losing any profit you've made but on the same token when you're right it pays you incredibly well to hold. I don't recommend entering into new positions due to spread widening and slippage being bad though.
  • #14
  • Nov 2, 2013 10:29pm Nov 2, 2013 10:29pm
Quoting Kanzler
{quote} A better suggestion for news days - if you're in position, why let it go? Pull to break-even and see if the market gives you a major boost. You risk losing any profit you've made but on the same token when you're right it pays you incredibly well to hold. I don't recommend entering into new positions due to spread widening and slippage being bad though.
It's a good suggestion. It would depend on how much I was looking to sacrifice. I'm not greedy, and the market has spanked me often enough for me to be OK with a bird in the hand.

It would also depend on the formation and where the price was vis a vis the ADR and the market makers intentions (as far as they can be revealed through the chart).

I will definitely take a closer look.

Thanks!

LAFF
  • #15
  • Nov 2, 2013 10:32pm Nov 2, 2013 10:32pm
The GJ is also showing a H&S pattern on the H4 chart.
Attached Image
  • #16
  • Nov 2, 2013 10:45pm Nov 2, 2013 10:45pm
Well I'll be dipped in butter, and so it is.

LAFF
  • #17
  • Nov 2, 2013 10:53pm Nov 2, 2013 10:53pm
Quoting femi94ce
{quote} It's a good suggestion. It would depend on how much I was looking to sacrifice. I'm not greedy, and the market has spanked me often enough for me to be OK with a bird in the hand. It would also depend on the formation and where the price was vis a vis the ADR and the market makers intentions (as far as they can be revealed through the chart). I will definitely take a closer look. Thanks! LAFF
Here's an example, hopefully it illustrates the power of this concept better. This is a trade I took earlier in the week; as you see price almost came back to my entry but I held with the chance that this scenario would play out. You lose quite a few times but the risk/reward says it all in terms of how it pays you back and more.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf-h1-oanda-division1-2.png Size: 45 KB
  • #18
  • Nov 2, 2013 11:15pm Nov 2, 2013 11:15pm
Yes I see what you are talking about.

I think your trading style and mine are a bit different. I would probably close my trade day before at +50 when the momentum died and sit out the FOMC, then take a long based on the pattern formed in its wake. But just saying. It's hard to say for certain what I would have done looking at a closed candle chart.

I will definitely be watching out for this as a possibility though. Thank you!!!

LAFF
  • #19
  • Nov 3, 2013 6:30am Nov 3, 2013 6:30am
Quoting femi94ce
Yes I see what you are talking about. I think your trading style and mine are a bit different. I would probably close my trade day before at +50 when the momentum died and sit out the FOMC, then take a long based on the pattern formed in its wake. But just saying. It's hard to say for certain what I would have done looking at a closed candle chart. I will definitely be watching out for this as a possibility though. Thank you!!! LAFF
Just keep in mind fundamental moves like this with billions of dollars in capital injected move the market for weeks to come. They're definitely momentum builders; very very rarely does price come back past the origin of a move like that unless it's at the end of a trend and into short orders. Just my two cents though, it's why I'm still holding lol.
  • #20
  • Nov 3, 2013 10:15am Nov 3, 2013 10:15am
You are right.



LAFF
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