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How I'm going to pay my mortgage...

  • #1
  • First Post: Jan 2, 2014 7:23pm Jan 2, 2014 7:23pm
Hi traders,

My name is Michael Villeneuve, I'm 23 and I just recently started to trade real money. I have studied forex for the last 2 years tried couple of demo accounts with different system. I never had the money to invest... but now I do! I thought that it would be interesting to document my experience from day 1. I still don't have a lot of money and I wouldn't be comfortable depositing all my savings with my non existent live trading experience. I have written a complete trading plan. Here is the summary.

Timeframe

  1. 4 hour
  2. 8 hour
  3. Daily

System
I'm focusing on the NickB Price action strategy (see forex4noobs.com). I will be looking to add some more when I'm confident and consistent with this system.

Risk management

  1. My stop loss will always be less or equal to 2% of my account.
  2. My risk/reward ration must always be greater then 1.5:1

Starting capital
1000$ + 500$ (bonus)

2014 Goal
Increase my account by 50%.

Long term
Save enough to be pay for my mortgage and quit my job. Don't get me wrong, I love what I do ( I'm a web developer). But there is so much to do in this life, I don't want to be stuck on my computer screen for the next 40 years.

I wished I could take part of the 100 fold challenge. Unfortunately I can't because I'm not using mt4 at the moment. I'll try to switch to MT4 as soon as my rollover is done so that I can track more publicly my ... quest for success. I will be updating this thread once a week, probably every week end. If you have any questions, I'm an open book I'll answer to pretty much any question.

  • #2
  • Jan 2, 2014 7:32pm Jan 2, 2014 7:32pm
Whoa! Have you have demonstrated profitability on demo? If not then put your money in the bank and trade demo first. Two years is nothing. Few are able to trade successfully after only 2 years "studying". If you can show profitability on demo for at least 6 months then maybe you are ready for live account. I wish you luck!
  • #3
  • Jan 2, 2014 7:35pm Jan 2, 2014 7:35pm
I recognize myself in your story. Hope it works out for you!
Best of luck!
  • #4
  • Jan 2, 2014 10:21pm Jan 2, 2014 10:21pm
Quoting Winston Reed
Whoa! Have you have demonstrated profitability on demo? If not then put your money in the bank and trade demo first. Two years is nothing. Few are able to trade successfully after only 2 years "studying". If you can show profitability on demo for at least 6 months then maybe you are ready for live account. I wish you luck!
Wow SuchVibe.

I mean 2 years isn't "nothing". In two years, you can do a lot. It's always about your mindset. I could trade on a demo account for 10 years, but you know what? Even if I lose 1000$ it won't stop me from going to the theater, paying my bills, etc. It won't even stress me. What's a 1000$ in a lifetime? Anyway my bank has more fund then I can spend atm, I have no children so I don't see why I should be so afraid to risk a little amount. The worst that can happen is that I get a good lesson and lose 1000$.
  • #5
  • Jan 2, 2014 10:41pm Jan 2, 2014 10:41pm
In my view, trading in live account is very important, specially when you are taking this business as your part / full time. Demo is also very very important, specially when you are building a trading strategy or working on a method.

Once you are in the Trading business whether it is forex, stocks or any other instrument, there is a very less chance that you are going to leave this business. If you able to feel the pulse of the market the more days you spend the more engaged you are.

Somebody who already spend 2 yrs in this business whether demo-ing or live is already in love with the business or engaged, therefore this trader is going to continue what he/she has started
  • #6
  • Jan 2, 2014 10:54pm Jan 2, 2014 10:54pm
Quoting michaelv
Hi traders, My name is Michael Villeneuve, I'm 23 and I just recently started to trade real money. I have studied forex for the last 2 years tried couple of demo accounts with different system. I never had the money to invest... but now I do! I thought that it would be interesting to document my experience from day 1. I still don't have a lot of money and I wouldn't be comfortable depositing all my savings with my non existent live trading experience. I have written a complete trading plan. Here is the summary. Timeframe 4 hour 8 hour DailySystem...

Thats the spirit mate! I have almost 5 years and a lot more capital but I was once there too! Forex is still new in the world of trading amongst other markets despite its monster size- to other markets. So 2 years is good time but how many hours of looking at charts will make you better.
All posts are my personal opinion
  • #7
  • Jan 2, 2014 10:58pm Jan 2, 2014 10:58pm
Quoting michaelv
{quote} Wow SuchVibe. I mean 2 years isn't "nothing". In two years, you can do a lot. It's always about your mindset. I could trade on a demo account for 10 years, but you know what? Even if I lose 1000$ it won't stop me from going to the theater, paying my bills, etc. It won't even stress me. What's a 1000$ in a lifetime? Anyway my bank has more fund then I can spend atm, I have no children so I don't see why I should be so afraid to risk a little amount. The worst that can happen is that I get a good lesson and lose 1000$.

Trading with real money, if you can afford to lose it, is absolutely essential. I could trade with my eyes closed and make money on a demo account. It's too easy. There is no greed. There is no fear. The emotion just isn't there. You have, literally, nothing to gain and nothing to lose.

Throw your real money in and everything changes.

I'll be paying attention to this thread to see how you do. Good luck!
  • #8
  • Jan 4, 2014 8:30am Jan 4, 2014 8:30am
Go for it!

Or, on second though, please wait a couple more years to be profitable.... Here is why: many of us looking on have more than 2 yrs experience and it would simply not be fair of you to emerge from the forex fog this soon. Oh, and another thing...dont settle a system so soon..there are lots and lots of interesting systems w/ seemingly endless potential.... you might want to do yourself a big favor and head on over to forex jackalope's thread and check out his double lwma crossover reverse system..a simple system using just 4 moving averages, and a little help from macd, trix, stochastic and the alligator (I dont think 4 indicator windows is too many, do you?)

Ok,

Seriously, the best of luck and good fortune to you!

Cory
press your advantages, not your luck
  • #9
  • Jan 4, 2014 8:41am Jan 4, 2014 8:41am
Quoting michaelv
so I don't see why I should be so afraid to risk a little amount. The worst that can happen is that I get a good lesson and lose 1000$.
And that is why you should care. You should care because you don't care, and can't see why you should care, and have decided that you can piss this money away regardless of outcome, and think you will learn something from starting-off with a rookie and gambling-addiction mindset.

What you have actually said to us is that the last 2 years were a total fuck-around and waste of time, and you are still at the stage where you are just pulling the handle on the slot machine hoping it all comes good for you. You speak with a bravado that isn't backed-up with accompanying language and perspective to suggest you have any reason to expect anything but failure. Hopes and dreams only get you one step in the right direction, and there are many more steps until reaching success.

Your "good lesson" is just as likely to be a "repeated pattern of behavior". This is one of those times where you say to a person "you just don't know what you don't know", and it will never be truer.

For all we know you could be a superstar trader, but the way you have presented yourself doesn't pass the smell test. You sound like every other eager person dipping their toe into the water for the first time, and the next thing you know you'll be here hunting for "the next best system" to stop you from drowning.

Your first post describes how you've never had the money before, but now somehow you are suggesting that 1K is nothing to you? That alone sounds multiple alarms. You have a "whatever" mindset, but in a thread you started about how you intend to pay for a fucking mortgage!

This will likely all be meaningless to you, but perhaps someone else reading this will see a familiarity between yourself and them and they take a moment to rethink what they are doing and how they are approaching things.

Taking away the whole market aspect of this all, you just have a bad mindset in general. At least, this is how you have presented yourself so far.

Congratulations ScalaFX for coming out of the closet!
  • #10
  • Jan 4, 2014 12:04pm Jan 4, 2014 12:04pm
@nubcake

I mean, I'm trying to be responsible, risking what I can afford to lose. I don't really understand your point. Should I risk more then I can afford to "care" at the point that I'm in with scare money. I don't really understand this statement. Also, Could you elaborate on that :

Quote
"What you have actually said to us is that the last 2 years were a total fuck-around and waste of time"

I never said that?!!!! During my past two years I didn't fuck around, nor waste my time. 2 years ago, I couldn't tell the difference between going short or long. Since then, I've went over multiple books, systems, ea's, trading plans, etc. When I eventually felt ready, I opened up demo account, tried several platform lost play money, won play money figured out which kind of trading suits my lifestyle. I tried system form 5m to 1 day. The statement you made is simply disrespectful and based off air.

Last thing, 1k is not "nothing". I don't plan on losing it. My idea behind this deposit is that I want to prove to myself that I can profit from small account following strict rules. If in a year I do achieve my goal, I will put more of my savings. If I lose that money, I'll go back to studying until I feel that I've learned from whatever mistake I've done. Your other statement

Quote
repeated pattern of behavior

Is even more retarded. Everyone makes mistakes. You did mistake in the past and you will do even more in the future. Whether it's with trading, women, friendship, work, etc. What you need to do is learn from these mistakes. Do you really need me to teach you that?

Tell me how in the world this is unreasonable? We all have to start somewhere. I am open minded to constructive feedback on my mindset. As long as it's not pure bullshit that makes no sense. Let's make this clear, I don't have the "whatever" mindset, I don't plan on gambling the money and I don't plan on answering these kinds of answers anymore. This is disrespectful and we're both wasting our energy for negative stuff that we could spend on improving.

Now done with the bullshit, back to trading

What am I looking at next week? I will take a close look at the EUR/JPY on the daily chart. The week ended in a very interesting way. We have an indecision candle forming on friday and we could see a reversal. A big bearish candle in a bullish market. Indecision on Friday, everything looks perfect for a nice reversal. What is very nice with this opportunity is the risk:reward and we could be in for a 150-200 pips. I'm waiting for confirmation on Monday.

http://i.imgur.com/UIcuhuX.gif


I hope everyone the best for this week. See you next week end.

PS. Sorry if my english isn't that good, it's not my native language and I sometime struggle with my writing skills.
  • #11
  • Jan 4, 2014 12:08pm Jan 4, 2014 12:08pm
Quoting Truhander
Go for it! Or, on second though, please wait a couple more years to be profitable.... Here is why: many of us looking on have more than 2 yrs experience and it would simply not be fair of you to emerge from the forex fog this soon. Oh, and another thing...dont settle a system so soon..there are lots and lots of interesting systems w/ seemingly endless potential.... you might want to do yourself a big favor and head on over to forex jackalope's thread and check out his double lwma crossover reverse system..a simple system using just 4 moving averages,...

Thank you for your advice. I will take a look at these thread for sure. Always looking to learn new things.
  • #12
  • Edited 9:35pm Jan 4, 2014 12:27pm | Edited 9:35pm
Yes, after a long black candle we have a doji there, it is not a reversal sign (need more confirmation on daily), perhaps best odd to go for a long is the weak support further below? TWT.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 722 KB
  • #13
  • Jan 4, 2014 3:29pm Jan 4, 2014 3:29pm
I agree that the price could still fall, I'll be watching this chart carefully. What does TWT mean?
  • #14
  • Jan 4, 2014 8:59pm Jan 4, 2014 8:59pm
Quoting michaelv
@nubcake I mean, I'm trying to be responsible, risking what I can afford to lose.
This hasn't been the impression you have been giving. Go back to the first few posts in this thread and read them again. You quickly shot-down the concept of bothering with demo trading, and had an "I don't care" attitude towards your first bankroll.

Quote
I don't really understand your point. Should I risk more then I can afford to "care" at the point that I'm in with scare money.

It's not about the amount of money. You should care, regardless of how much it is. That's the point.

Bottom-line is your posts are quite bipolar. You start by saying you have never had the money before, but now you do. You went off on Winston because he dared hope that you have done some demoing and proven to yourself that you stand a chance at survival, but now you've had a rant at me saying all of the things you have actually bothered to do.

You swing from one end to the other. "I've never had money". "I have money". "Demo? You can waste your time on demo"! "I've done heaps of demoing and study of multiple systems and EA's". Make-up your mind on how you wish to present yourself. Are you someone just flailing about who doesn't care about his money and hasn't done due diligence, or not?

Quote
I am open minded to constructive feedback on my mindset. As long as it's not pure bullshit that makes no sense

No, you aren't. At least twice now you've pissed your little panties because people would dare give you constructive feedback on the information YOU have presented willingly about yourself and suggested caution to you based on your own posts. If you are going to act like a little bitch then that's your choice, but don't feign offense at people picking-up on things YOU are putting out there.

Enjoy your little journal. I'm sure it'll be a fun ride. It has been so far.
Congratulations ScalaFX for coming out of the closet!
  • #15
  • Jan 4, 2014 9:39pm Jan 4, 2014 9:39pm
Quoting michaelv
I agree that the price could still fall, I'll be watching this chart carefully. What does TWT mean?
TWT - Time Will Tell

In my opinion, stay out from JPY pairs rather concentrate on pairs like AUD/USD, EUR/AUD, EUR/GBP and Commodities like Gold specially in 2014 you will get a good set up on these pairs.
  • #16
  • Jan 4, 2014 10:34pm Jan 4, 2014 10:34pm
@nubcake I took a quick look at your profile. Looks like your fighting with pretty much everyone on anything. But I found something useful from your posts, the ignore option. Out!

@rekon67 You say stay out of JPY, could you elaborate more on that? Is it because you find that the currency is more unstable ? What are the factors that pushes you away from this currency?
  • #17
  • Jan 4, 2014 10:59pm Jan 4, 2014 10:59pm
Quoting michaelv
@rekon67 You say stay out of JPY, could you elaborate more on that? Is it because you find that the currency is more unstable ? What are the factors that pushes you away from this currency?
In JPY pairs volatility increases suddenly so trading with stops like 40 to 100 pips even cause "stop out", if you are comfortable trading the pairs then go ahead, I find comfort in smooth trending pairs not the choppy ones and specially the pairs which are trading in a psychological levels.
  • #18
  • Jan 5, 2014 12:38am Jan 5, 2014 12:38am
Quoting nubcake
{quote} This hasn't been the impression you have been giving.
I got the same exact impression...

Going to ignore list too? lol...
The single most important factor is having control of your own life.
  • #19
  • Jan 5, 2014 8:04am Jan 5, 2014 8:04am
Quoting Mikkk01
{quote} I got the same exact impression... Going to ignore list too? lol...

Not at all, you can agree/disagree with w/e he said, I couldn't care less. As long as you bring something positive.
  • #20
  • Jan 6, 2014 1:06am Jan 6, 2014 1:06am
Quoting michaelv
{quote} Not at all, you can agree/disagree with w/e he said, I couldn't care less. As long as you bring something positive.
I don't see any point in 'agree/disagree': it's either true or not. And if you disagree with the fact - my condolences...

If 'positive' means to you only 'Go for it, man! - whatsoever' - good luck...
The single most important factor is having control of your own life.
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