Rags to Riches in 10 or 20 Trades - Simplicity at its finest | Page 66 | 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

  • #1,301
  • Nov 30, 2013 5:02am Nov 30, 2013 5:02am
Quoting FerruFx
{quote} Can't you see which side is the fun ?

Uuum,mmmm. the "fun " can be wherever (whatever) you want it to be

Of course, it's a fine line
When the Joker is in the deck.. fear not and play it well
  • #1,302
  • Nov 30, 2013 5:20am Nov 30, 2013 5:20am
Quoting GDR3k
{quote} I made most of the gains not last week, but the week before (18th-22nd), I took a pretty heavy loss percentage wise on this account but bounced back the next day, see the dip in the chart the psychological level of 500% has my name all over it.....
I should have been trading this system last week, had one of my best weeks. Traded UJ, UCad, GU, (+), daily bo's.

I've only got to 300% level so far but I'm still working out the R:R in my head for the best way to use my strategy. When ever I see a setup these days I look at it in a R2R setup point of view as well as my norm. Not trading it a lot but taking a mental picture (and sometimes a print out too). Planning is a very good strategy with anything in forex imo
As the lights go by so too do the shadows move
  • #1,303
  • Nov 30, 2013 5:30am Nov 30, 2013 5:30am
Quoting Matts Micro
{quote} Not trading it a lot but taking a mental picture (and sometimes a print out too). Planning is a very good strategy with anything in forex imo
I'm just curious.
How old are you?
In college maybe, or high school?
When the Joker is in the deck.. fear not and play it well
  • #1,304
  • Nov 30, 2013 5:36am Nov 30, 2013 5:36am
Quoting Matts Micro
{quote} I should have been trading this system last week, had one of my best weeks. Traded UJ, UCad, GU, (+), daily bo's. I've only got to 300% level so far but I'm still working out the R:R in my head for the best way to use my strategy. When ever I see a setup these days I look at it in a R2R setup point of view as well as my norm. Not trading it a lot but taking a mental picture (and sometimes a print out too). Planning is a very good strategy with anything in forex imo
I generally make the same positions on my two accounts, I just set up orders and leave it to let the market do her thing I'm going to short GU at 1.64 next week, but with the stop loss required, I won't be taking that position on my high risk account.
  • #1,305
  • Nov 30, 2013 5:56am Nov 30, 2013 5:56am
Quoting GDR3k
{quote} I generally make the same positions on my two accounts, I just set up orders and leave it to let the market do her thing I'm going to short GU at 1.64 next week, but with the stop loss required, I won't be taking that position on my high risk account.
Then again, I've just had another look, going off the 4hour charts I could take a position at 1.6398 with a 30 pip stop...
  • #1,306
  • Nov 30, 2013 6:29am Nov 30, 2013 6:29am
Quoting Slim Buffett
{quote} I'm just curious. How old are you? In college maybe, or high school?
Lol I wish. Finished skool a coupla decades ago. I just like using small words so people like you can understand (still didn't work on previous subject).


Quoting GDR3k
{quote} I generally make the same positions on my two accounts, I just set up orders and leave it to let the market do her thing I'm going to short GU at 1.64 next week, but with the stop loss required, I won't be taking that position on my high risk account.
I find my system doesn't work well with orders. I like to time my entry due to my st trading style but am considering alternatives, eg trade copier plus management once entered.

GU is approaching monthly fib level at 1.6427, will be attempting short from here if is reached.
As the lights go by so too do the shadows move
  • #1,307
  • Nov 30, 2013 6:49am Nov 30, 2013 6:49am
Quoting Matts Micro
{quote} Lol I wish. Finished skool a coupla decades ago. I just like using small words so people like you can understand
Nice....... But if you finished "skool" a "coupla" decades ago you obviously didn't learn much.

Is it like... " six munts ago I cudnt even spell currnc tradeer
now I is one !!

?
When the Joker is in the deck.. fear not and play it well
  • #1,308
  • Nov 30, 2013 7:01am Nov 30, 2013 7:01am
Quoting Slim Buffett
{quote} Nice....... But if you finished "skool" a "coupla" decades ago you obviously didn't learn much. Is it like... " six munts ago I cudnt even spell currnc tradeer now I is one !! ?
I'm sorry the humour was a little too subtle for you to understand. Yeps I am still new to trading, I have only been at it for 5 years and yet there's so much more to learn!
As the lights go by so too do the shadows move
  • #1,309
  • Nov 30, 2013 7:01am Nov 30, 2013 7:01am
Quoting Slim Buffett
{quote} Nice....... But if you finished "skool" a "coupla" decades ago you obviously didn't learn much. Is it like... " six munts ago I cudnt even spell currnc tradeer now I is one !! ?
OMG, I just love this thread
The single most important factor is having control of your own life.
  • #1,310
  • Dec 1, 2013 3:19am Dec 1, 2013 3:19am
Quoting FerruFx
{quote} (Hope I am not wrong with the maths below ... ) Account : $100,000 Risk : 50% ($50,000) SL : 20pips So lot size = 250 on EURUSD Margin required with 50:1 = $680,000 ... not enough money to open the position Margin required with 400:1 = $85,000 ... enough money to open the position Can't you see that leverage is important in our discussion here ?
Yes Ferr
that´s going to be the hurdle, once anybody starts hitting those big numbers...provided they started with 50 $ and grew to 100000$
I´d be more than satisfied if my skills take me that far though...
  • #1,311
  • Dec 2, 2013 2:54pm Dec 2, 2013 2:54pm
All tough this thread is becoming quiet, I deliver update of how my experiment is processing.

I had a long usd/jpy and short gold positions today and now all of them are closed. Account balance is now 454 € (220 € at last friday). Interesting week ahead with several major events.

Good luck for everyone!
  • #1,312
  • Dec 3, 2013 3:23pm Dec 3, 2013 3:23pm
@Rags2RichesFX Thanks for starting this thread. Really appreciate it!
  • #1,313
  • Dec 3, 2013 4:20pm Dec 3, 2013 4:20pm
This thread is awesome and one of best ways for new traders to get their hands dirty with the core aspects of trading.

If you do this, you will force yourself to cherry pick the best trades, fine-tune your trading system, and build rock-solid discipline. Plus, if you attempt this live, you have the potential to turn a small account to a sizable one very quickly.
  • #1,314
  • Dec 3, 2013 4:39pm Dec 3, 2013 4:39pm
Quoting Frostbyte
This thread is awesome and one of best ways for new traders to get their hands dirty with the core aspects of trading.
I doubt that.
Quoting Frostbyte
If you do this, you will force yourself to cherry pick the best trades, fine-tune your trading system, and build rock-solid discipline. Plus, if you attempt this live, you have the potential to turn a small account to a sizable one very quickly.
Only if you got over all [read most] of the newbie-issues. Which doesn't match the first affirmation.
The single most important factor is having control of your own life.
  • #1,315
  • Dec 3, 2013 5:49pm Dec 3, 2013 5:49pm
Quoting Frostbyte
This thread is awesome and one of best ways for new traders to get their hands dirty with the core aspects of trading.
This thread is ABSOLUTELY NOT for new traders.
MT4/MT5 EAs/Indicators/Alerts coder
  • #1,316
  • Dec 3, 2013 6:41pm Dec 3, 2013 6:41pm
Quoting Frostbyte
Plus, if you attempt this live, you have the potential to turn a small account to a sizable one very quickly.
Forgot to mention [*very* important]: if you truly understand the concept it's clear that the probability of doing it very quickly is still very low [especially compared to expectations of couple-posts type readers].
The single most important factor is having control of your own life.
  • #1,317
  • Dec 3, 2013 8:37pm Dec 3, 2013 8:37pm
scalping XAU / XAG is extremely profitable (given you have ideal broker & system etc.)

careful while trading in december...

my failed $0.5k to $30k involved XAU / XAG scalps (risky)
than investing all into daily low USD/JPY longs - x/JPY longs.

that should give an idea..

I did +2500 trades with %78 success rate.

However 7-8 consecutive losses destroyed my account + hopes.

Still trying to recover from that, never be greedy (not even one bit)

Take your profits / leave the ship whenever you feel insecure / uncomfortable.
  • #1,318
  • Dec 4, 2013 2:37am Dec 4, 2013 2:37am
I am attempting to do this as well. My broker is FinFX since I am in the US, and they set me up with a micro account and increased me to 300:1 leverage above the 200:1 leverage. What I have found is what will work best for me is keeping a strict 50 pip SL / 100 pip TP, as 1 pip = 1% of the account value. Easy numbers all the way around, and it gives you room to move. What I am doing is moving my SL to break even +1 pip after I am in profit around 50 pips. In pairs that are ranging during the moment such as EUR/USD, you will be in the trade for a while. I did a trade on EUR/NZD tonight and clicked out my 100 pip TP. There were two EUR/USD trades I took since mid last week. The first trade I was up 45 pips, and the second trade I was up 66 pips, but both trades stopped out at break even. I'm thinking of using the ADXR indicator to determine the strength of the trend and only play those pairs. This is definitely possible though, and I'm interested to see what happens with it.
  • #1,319
  • Dec 4, 2013 2:56am Dec 4, 2013 2:56am
Just took a long on EUR/JPY @ 139.499, SL at 138.999, TP is 140.50. If i'm up 45 pips or so, I'll move my SL to 139.51.
  • #1,320
  • Dec 4, 2013 3:00am Dec 4, 2013 3:00am
Welcome! Nice to have more traders on board. I have been in about two weeks now and still in positive territory. Currently short eur/usd and aud/usd.
1 trader viewing now