How I grew $187.91 to $1 Million in 5 years | Page 2 | Forex Factory

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Attachments: How I grew $187.91 to $1 Million in 5 years
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How I grew $187.91 to $1 Million in 5 years

  • #21
  • Jan 31, 2014 1:58am Jan 31, 2014 1:58am
Master Yoda,

I always trade my system without excuses.

The issue at at hand is I take profits at lower level to minimize or reduce the DD due to string of loses.

I have to take profits at lower level to maintain or the DD I set for each account. Once, the account is fully recovered, normal taking profits will resume.

It will be better to minimize DD than chase profit potential, but may breach the DD I set for each account.

How is your 10 pips a day going?

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #22
  • Jan 31, 2014 5:16pm Jan 31, 2014 5:16pm
Quoting xtrader101
This is just a dream, but everything starts from a dream. Trading style is based on: Indicators Price action Support & Resistance Most importantly, trend following Risk management: Never lose more than 50% of each month's beginning capital. This will decrease in time as the equity grows. Let my winners run and cut my loses short. I will update this thread every month end. "Fear prevents possibilities"
I agree as more risks need to be taken to make such amount of profit. Although I am a new forex trader and trading from last 1 year only but then with good analysis and whole lot of risk few like you might manage to get this result.

Well congrats again buddy....
  • #23
  • Feb 1, 2014 6:26am Feb 1, 2014 6:26am
Quoting xtrader101
Master Yoda, I always trade my system without excuses. The issue at at hand is I take profits at lower level to minimize or reduce the DD due to string of loses. I have to take profits at lower level to maintain or the DD I set for each account. ...... FxTurtle
Is this part of "I always trade my system without excuses" .To me , trading without excuses doesn't depend on the money in the account so your point below doesn't sound quite right

Quoting xtrader101
...... Once, the account is fully recovered, normal taking profits will resume. It will be better to minimize DD than chase profit potential, but may breach the DD I set for each account. ..

Quoting xtrader101
...... ...How is your 10 pips a day going? Cheers, FxTurtle
10pips a day is quite achievable if you are trading full time .I am not , so its not possible .I will leave it for now
  • #24
  • Feb 1, 2014 9:36am Feb 1, 2014 9:36am
[highlight=rgb(244, 246, 249); color:rgb(0, 0, 0); font-family:verdana,helvetica,sans-serif]"Is this part of "I always trade my system without excuses" .To me , trading without excuses doesn't depend on the money in the account so your point below doesn't sound quite right"[/highlight]

[highlight=rgb(244, 246, 249); color:rgb(0, 0, 0); font-family:verdana,helvetica,sans-serif]It may not sound right to you, but to me it is perfectly right.[/highlight]
Fear prevent possibilities, and so does Greed
  • #25
  • Feb 5, 2014 12:04am Feb 5, 2014 12:04am
I think you take far too many trades .I believe you need to set a limit per week .
Just a thought
  • #26
  • Feb 5, 2014 12:22am Feb 5, 2014 12:22am
Quoting tafadzwa02
I think you take far too many trades .I believe you need to set a limit per week . Just a thought
Thanks for the feedback, but I like I said I take the trade whenever there is one. No excuses.

What if the trade that I passed would have been the +200 pip winner, then i'm screwed.
Fear prevent possibilities, and so does Greed
  • #27
  • Feb 5, 2014 1:06am Feb 5, 2014 1:06am
hi x, nice trades. cool equity graph.
keep it up buddy
Simplicity Is The Ultimate Sophistication ~LDV~
  • #28
  • Feb 6, 2014 9:20am Feb 6, 2014 9:20am
Thats a spirit!...nice tread. Would you like to discuss what kinda strategies you are using for your each diff account? I mean your strategy for entry and exit. I see you have a quite good results.
  • #29
  • Feb 7, 2014 2:33am Feb 7, 2014 2:33am
Quoting TradeDoctor
Thats a spirit!...nice tread. Would you like to discuss what kinda strategies you are using for your each diff account? I mean your strategy for entry and exit. I see you have a quite good results.
Each account have the same strategy for entry. The difference lies on the exit and number of positions taken.

Not all pairs are based on the same time frame to limit loses, i.e. GA is on 15M, UJ is 1HR, etc. When it run, most of the time I move the SL to BE+2 after +40, but again depends on the pair. I just trail the winners with an EMA.

Bottom line:

1. Keep losers small as possible because it is easier to recover small loses than big ones
2. Let your winners run (Especially GBP pairs) until it gets tired of running
3. Keep your lot size small

Keep it simple.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #30
  • Feb 7, 2014 5:43am Feb 7, 2014 5:43am
Quoting xtrader101
{quote} Each account have the same strategy for entry. The difference lies on the exit and number of positions taken. Not all pairs are based on the same time frame to limit loses, i.e. GA is on 15M, UJ is 1HR, etc. When it run, most of the time I move the SL to BE+2 after +40, but again depends on the pair. I just trail the winners with an EMA. Bottom line: 1. Keep losers small as possible because it is easier to recover small loses than big ones 2. Let your winners run (Especially GBP pairs) until it gets tired of running 3. Keep your lot size...
Xtrader !Thanx for the reply. I been watching your last trades for ex: GA long @ 1.8261 , but cannot find any reason to make the entry...still its running and i can see that it has pulled some pips. Just wonder what made you take this entry.
  • #31
  • Feb 7, 2014 6:08am Feb 7, 2014 6:08am
Quoting TradeDoctor
{quote} Xtrader !Thanx for the reply. I been watching your last trades for ex: GA long @ 1.8261 , but cannot find any reason to make the entry...still its running and i can see that it has pulled some pips. Just wonder what made you take this entry.
Look at the 15M and 30M candles that I took the entry. This entry is based on PA. Unfortunately, there was no follow through, but it doesn't mean I will close it just bbecause of that. However, I will close this 15M before NFP, winning or losing, no excuses.

If there is no news coming up, I will hold on to this. It could either get stopped out or get my TP. BTW, my TP is always over +200 unless I see indication of the pair getting tired of running, in which case I'll take whatever I can.

There are only two news release (NFP & FOMC) that I will close my current positions 15M before news. Also, I won't enter a new trade 1 hour before news and trading will resume 15M or 30M after news release after I see a better indication of the direction it's gonna take and of course if there is trade opportunity based on my criteria.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #32
  • Feb 7, 2014 6:25am Feb 7, 2014 6:25am
Quoting xtrader101
{quote} Look at the 15M and 30M candles that I took the entry. This entry is based on PA. Unfortunately, there was no follow through, but it doesn't mean I will close it just bbecause of that. However, I will close this 15M before NFP, winning or losing, no excuses. If there is no news coming up, I will hold on to this. It could either get stopped out or get my TP. BTW, my TP is always over +200 unless I see indication of the pair getting tired of running, in which case I'll take whatever I can. There are only two news release (NFP & FOMC) that...
Thanx for the explaination! wish u lots of green pips.
  • #33
  • Feb 7, 2014 9:44am Feb 7, 2014 9:44am
Hi xtrader, I have a dream too, but not as ambitious as yours. I only dream to turn my $250 contest prize money to $10K, hopefully in 2 months.

My plan:
1. After my account clear the 25 lots trade volume requirement to release the prize (and the profits), and it reach $4K, I will withdraw $2K
2. I will try to reach $10K with my remaining $2K balance.
3. Before $10K balance, I will trade with my system called "Psycho Under-capitalized Trading System"
4. When reach $10K, I will treat this account as my other regular accounts and trade it with good MM.

Wish you luck with your dream!
That which does not kill us makes us stronger
  • #34
  • Feb 7, 2014 6:32pm Feb 7, 2014 6:32pm
Quoting moneymove
Hi xtrader, I have a dream too, but not as ambitious as yours. I only dream to turn my $250 contest prize money to $10K, hopefully in 2 months. My plan: 1. After my account clear the 25 lots trade volume requirement to release the prize (and the profits), and it reach $4K, I will withdraw $2K 2. I will try to reach $10K with my remaining $2K balance. 3. Before $10K balance, I will trade with my system called "Psycho Under-capitalized Trading System" 4. When reach $10K, I will treat this account as my other regular accounts and trade it with good...
I'm glad to hear that it's not just me who have a DREAM.

May luck and force be with you.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #35
  • Feb 9, 2014 3:15am Feb 9, 2014 3:15am
Moving forward, only these pairs will be traded until further notice.

GBPJPY, GBPAUD, GBPUSD, EURJPY, EURAUD, USDJPY, EURUSD

Max open position is 5 as long as total risk will not exceed 100 pips.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #36
  • Feb 11, 2014 3:59am Feb 11, 2014 3:59am
Hi xtrader,

I also have a long term view of 5 years for my account.

We don't know where we will be at that time in 2019 but it will be interesting to follow.

Good luck to you !
Simplicity is the Ultimate Sophistication.
  • #37
  • Feb 11, 2014 4:18am Feb 11, 2014 4:18am
Quoting broketrader
Hi xtrader, I also have a long term view of 5 years for my account. We don't know where we will be at that time in 2019 but it will be interesting to follow. Good luck to you !
Keep the discipline, patience, focus, risk management and most importantly, common sense and the probability is we will get there.

I am not talking of absolute because trading is about probabilities.

Cheers,
Fxturtle
Fear prevent possibilities, and so does Greed
  • #38
  • Feb 11, 2014 4:27am Feb 11, 2014 4:27am
Wise words !

For me the discipline is the hardest part.

I have already derailed my account by going out of my system several times in the past.

I have now resettled my explorer to the beginning of this February and trying a new beginning.

We will see if I can go as far as you.
Simplicity is the Ultimate Sophistication.
  • #39
  • Feb 12, 2014 5:34pm Feb 12, 2014 5:34pm
Quoting xtrader101
{quote} Look at the 15M and 30M candles that I took the entry. This entry is based on PA. Unfortunately, there was no follow through, but it doesn't mean I will close it just bbecause of that. However, I will close this 15M before NFP, winning or losing, no excuses. If there is no news coming up, I will hold on to this. It could either get stopped out or get my TP. BTW, my TP is always over +200 unless I see indication of the pair getting tired of running, in which case I'll take whatever I can. There are only two news release (NFP & FOMC) that...
Hello, Xtrader1, after reading & searching your forum postings, I still could not find out your set-ups, trade conditions, trading criteria Could you kindly help to reflect that page or website, thank you.

Regds monthly NFP & the regular FOMC news, do you mean to close all 100 % open positions 15 minutes before such news take effect..
  • #40
  • Feb 12, 2014 9:02pm Feb 12, 2014 9:02pm
Quoting francis3388
{quote} Hello, Xtrader1, after reading & searching your forum postings, I still could not find out your set-ups, trade conditions, trading criteria Could you kindly help to reflect that page or website, thank you. Regds monthly NFP & the regular FOMC news, do you mean to close all 100 % open positions 15 minutes before such news take effect..
Hey Francis,

I cannot write my rules here because it is a mixture of indicator, price action, news, and the art of looking at the chart. It is NOT a buy or sell when an indicator crosses or happens, I have to look at news if there is one coming up or is the price action supports the indicator.

I only use two indicators to guide me with the trend. EMA and Ichimoku. I do not have to tell you the settings, you have to experiment what's works for you.

The only definite i can tell you is that I will pass a trade if the potential stop loss will exceed 40 pips. This max stop loss is depending on the pair I trade. GBP pairs are usually at max -40 pips. The other definite thing is that I time my entry based on the 15M time frame, but looking at the 1HR and 4HR for a better guidance of the probability of my trade.

Regarding NFP and FOMC:

No trades will be taken 1 hour before news
No trades will be taken 15 minutes after news
If there are trades currently open (opened hours before), I close it 15M before news time whether it is winning or losing.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
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