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

Interesting thread, i think its worth to try out. Even to see how you mastering your two big enemys #greed and #fear.

I have a fun account with 16$ and will try it out in the next days/months....

Let's see how far i can get
Pressure shapes Legends
Quoting Juri
Interesting thread, i think its worth to try out. Even to see how you mastering your two big enemys #greed and #fear. I have a fun account with 16$ and will try it out in the next days/months.... Let's see how far i can get
I'll do the same with 20$, good luck
Make money by doing the opposite of Giveachance aka loser
Quoting nessus94
{quote} I'll do the same with 20$, good luck
Pressure shapes Legends
  • Post #1,624
  • Quote
  • Edited Nov 18, 2014 3:03am Nov 17, 2014 9:51am | Edited Nov 18, 2014 3:03am
First trade running:


Short 0.04 lots G/U , R:R 1:2 as per rules of the thread. SL 20p./TP 40p.


Edit: stopped out at be
Pressure shapes Legends
#trade 2 (winner): E/J bought 0.05 lots for 40p. profit




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Pressure shapes Legends
Quoting Juri
#trade 2 (winner): E/J bought 0.05 lots for 40p. profit {image}
tough week for me...i`ve made a few more trades (large part of them BE trades, a few losers). Currently balance is 86$. The hardest part so far is the motivation to go on after a loser. I see it as an adventure anyway
Pressure shapes Legends
Quoting New-Pragati
{quote} {quote} The first try (lottery ticket) was a failure . Incurred a loss of $23. Not much of a pain. Second lottery ticket will be purchased some time soon.
The second Super Lotto (Lottery Ticket) purchased at $30. return is more than 100% till now.

https://www.exness.com/monitor/real6_account/8533503
Striving to Develop & Implement Innovative Ideas
Quoting Rag2RichesFX
Man, no one realizes the power of this huh? It's incredible to think everyone uses traditional risk reward on an account that is made up of their life savings (highly non affordable risk) Rather than using this type of risk reward on FREE MONEY (highly affordable risk is essentially free money, money you never needed)
Hi Rags, I am new to forex, I like the idea of this strategy in a separate "fun" account. Just wondering your progress on this strategy so far? Thanks.
Here is an update. I have turned 50 into 1000 several times since my last post but every time I would blow it being impatient. Well this time around I was much more patient. Turned 200 into 5k this time (actually 8k but I lost some trades to bring it back to 5k). Took 1k off the table and right now I have the next move in place with 2500 still free. If I am right on this trade I have open I will be at 8k by end of tomorrow. If im wrong I will be at 2500 to trade with in additional to the 1k I already took off the table. Either way its a win for me.
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,430 Posts | Online Now
Quoting Trendzalore
Here is an update. I have turned 50 into 1000 several times since my last post but every time I would blow it being impatient. Well this time around I was much more patient. Turned 200 into 5k this time (actually 8k but I lost some trades to bring it back to 5k). Took 1k off the table and right now I have the next move in place with 2500 still free. If I am right on this trade I have open I will be at 8k by end of tomorrow. If im wrong I will be at 2500 to trade with in additional to the 1k I already took off the table. Either way its a win for...
Well done
MT4/MT5 EAs/Indicators/Alerts coder
wonderful

say if you withdraw 20% of every next winning, will that make your performance worse?

if not, why not do it then? isn't that the purpose of this whole trading?

Quoting Trendzalore
Here is an update. I have turned 50 into 1000 several times since my last post but every time I would blow it being impatient. Well this time around I was much more patient. Turned 200 into 5k this time (actually 8k but I lost some trades to bring it back to 5k). Took 1k off the table and right now I have the next move in place with 2500 still free. If I am right on this trade I have open I will be at 8k by end of tomorrow. If im wrong I will be at 2500 to trade with in additional to the 1k I already took off the table. Either way its a win for...
Quoting charvo
wonderful say if you withdraw 20% of every next winning, will that make your performance worse? if not, why not do it then? isn't that the purpose of this whole trading? {quote}
That's why I took off 1k this time. Before I would build the equity and blow it all away in the next trades. From now on I will take some off the table each time like I did this past time.
Totally agree with Trendzalore. Harvesting your account after certain time frame can turn out to be very healthy.
For the last 9 month I traded high risk positions for compounding a small account to a big one, like pointed out by the thread author.
Many times this endeavor was psychologically demanding, but not always. Still nerves made of steel are highly recommended.
Over 9 months the results (Eur) were as follows: 150 to ~800; 50 to 512; 40 to 588; 12 to 39 (currently 37).
Unfortunately all four times I lost it all or went back to the starting balance.
Thats why I aggre with taking out gains on a regular basis.
Also the opinion of the thread starter would be interesting on this.
imo a good way of taking money out is to set a target step and then take 50% of the money out and simply move back a step or two - then you can take another run at the target step again but with money banked. This could be done in stages as you move up the steps and even when you hit your final target (whichever step that is) then why not bank almost all of it but take say 3-4 steps back and reinvest a bit to give yourself a huge leg up and another run at the big target - this could make it extremely profitable if you have another good few trades .
Quoting messiah01
imo a good way of taking money out is to set a target step and then take 50% of the money out and simply move back a step or two - then you can take another run at the target step again but with money banked. This could be done in stages as you move up the steps and even when you hit your final target (whichever step that is) then why not bank almost all of it but take say 3-4 steps back and reinvest a bit to give yourself a huge leg up and another run at the big target - this could make it extremely profitable if you have another good few trades...
Good advice.

However, my experience has been that as soon as I have turned the small amount into a reasonably nice amount in the thousands I start to have visions of mansions and swimming in gold coins lol. Your thought process changes as the amount gets bigger and bigger. This is the last hurdle where reason is thrown out the door. Once you get past that then yes it is smart to take money off the table. I have just now gotten to that point. If you have not done so, you will see what I mean the 1st time you take $50 to $4000. Your mind will tell you that you should take some off...........but it will also tell you to keep it in and keep compounding.

What happens next? Likely you will do as I did and continue to compound thinking that you will turn that $4000 into $200k just the same as you did the $50. You will then get tighter with trades and take less profit than you would before but the same sized losses in relation ot the account and BOOM all gains gone.

THEN after having this happen a few times you begin to realize that it is indeed a good idea to take some off and then continue on. This is no easy task even though it is common sense. At least it was hard for me to do. But I am much more at ease having taken some off and will do so going forward. Its a nice incentive. Just my thoughts from my experience on this experiment. I have no doubt I will get the goal at some point in the coming year or 2.
I have read numerous risk management style to achieve high returns. Here is one I would be experimenting. Starting capital $1000 Target $64,800 IN 5 Steps.

Step 1 - Starting Capital $1000 - That means I would have 20 attempts to complete step 1 ($50 x 20 = $1000)
Will start with $50 on first trade and looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 1 it would give me a equity of $4000.

Step 2 - Starting Capital $4000 - That means I would have 40 attempts to complete step 2 ($100 x 40 = $4000)
Will start with $100 risk on first trade and looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 2 it would give me a equity of $8000.

STEP 3 - Starting Capital $8000 - That means I would have 40 attempts to complete step 3 ($200 x 40 = $8000)
Will start with $200 risk on first trade and I would be looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 3 it would give me a equity of $16200.

STEP 4 - Starting Capital $16200 - That means I would have 40 attempts to complete step 4 ($400 x 40 = $16000)
Will start with $400 risk on first trade and looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 4 it would give me a equity of $32400.

STEP 5 - Starting Capital $32400 - That means I would have 40 attempts to complete step 4 ($800 x 40 = $32000)
Will start with $800 risk on first trade and I would be looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 4 it would give me a equity of $64800.

So the question is why looking for only 4 winning trades in a row for each step. Well it is based on my trading history and back testing that based on my trading style I have achieved 2R on 4 consecutive winning trades many a times, as compare to 5 winners or 6 winners in a row.

Moreover, another advantage of trading this style is for every step I would have around 40 attempts to complete that step and go to next level. So again based on my trading history, back testing and my trading style, I know that there is high probability that I would get 4 winners in a row in the next 40 trades.

Plus with above steps I am not even taking into account the left over amount after completing each step. For example I get 4 winners in a row on 10th attempt on step 1 that means my actual equity for step 2 would be $4500 (initial capital $1000 - 500 + 4000= 4500). I achieve step 2 on 30th attempt that means my actual equity would be (4500 - 3000 + 8000 = 9500) and so on. So in reality my attempts would much more than 40 for each step and that would increase the probability of achieving each step.
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The purpose of knowledge is action, not knowledge
Quoting alifari
{quote} I have read numerous risk management style to achieve high returns. Here is one I would be experimenting. Starting capital $1000 Target $64,800 IN 5 Steps. Step 1 - Starting Capital $1000 - That means I will have 20 attempts to complete step 1 ($50 x 20 = $1000) Will start with $50 on first trade and looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 1 it would give me a equity of $4000. Step 2 - Starting Capital $4000 - That means I will have 40 attempts to complete step 2 ($100...
Has anyone gotten this done in a week? I'm at one a week average but every time I try to speed up the trades to 1-4 a day I give back my gains. Any trade plans or strategies that would fit the money management first posted would be appreciated.
Quoting Trendzalore
{quote} Good advice. However, my experience has been that as soon as I have turned the small amount into a reasonably nice amount in the thousands I start to have visions of mansions and swimming in gold coins lol. Your thought process changes as the amount gets bigger and bigger. This is the last hurdle where reason is thrown out the door. Once you get past that then yes it is smart to take money off the table. I have just now gotten to that point. If you have not done so, you will see what I mean the 1st time you take $50 to $4000. Your mind will...
Hi - yes I have got to that level several times, and come back down - however for me psychologically I don't have a problem banking if I have the target clear in my mind, or placing large trades - the issue is more that my trading system needs to be improved! Although it is frustrating falling back down the steps, which is why I now see that 'banking and moving back steps' is a great idea for me to lock in profit - as you say it makes sense to bank and it's positive physiologically because it relaxes you to try to continue the progress - and after 'banking a step' you can even be back where you were in 1 trade if it's good. Just my thoughts if anyone finds it useful. Now back to working on my system to try and make the winning chain longer and try to avoid falling back..!
Quoting alifari
I have read numerous risk management style to achieve high returns. Here is one I would be experimenting. Starting capital $1000 Target $64,800 IN 5 Steps. Step 1 - Starting Capital $1000 - That means I would have 20 attempts to complete step 1 ($50 x 20 = $1000) Will start with $50 on first trade and looking for 4 winning trades in a row with 100% risk on each trade and average 2R in profit. If I complete step 1 it would give me a equity of $4000. Step 2 - Starting Capital $4000 - That means I would have 40 attempts to complete step 2 ($100 x 40...
Really nice ideas - like it. For me I like working away on the 'step' like ladder where I have the luxury of not needing the wins to be in a row - but sounds like you have it well thought out by looking at your trading data to see what works for you. Do keep us posted I would be interested to hear how you get on
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