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Tim's £500 marathon. Goal £1 million

  • #761
  • May 17, 2015 12:45pm May 17, 2015 12:45pm
Before I could guess how likely it is for a person to be able to "make a living out of trading from home" I'd have to know how we're defining "make a living". If the goal is to become a totally self-sufficient millionaire, I'd say it's gotta be really rare (though NOT impossible). But if we're just talking about doing as well or better than a decent 9-5 job, then I see that as entirely possible. Reaching a point where your daily/weekly profit is large enough that you can take the occasional withdrawal (for living expenses) and STILL keep your account growing, even if slowly... yeah, I would define that as "making a living".
  • #762
  • May 17, 2015 3:06pm May 17, 2015 3:06pm
hey mate!

passing here for the first time! I gotta see it isn't easy to reach to your target "1 M", however, nothing is impossible

I for example find it easy to double the account size when the equity is less than $5K and usually exit when it gets to around $20k or so cause once the account equity passes this number my trading starts to become nervous and extra cautious. of course i'm not quadrupling my account every time but i can tell you i'm certainly in profits every month.

Wish you all the best in your journey and look forward to see the "1 M" in your account!
  • #763
  • May 18, 2015 8:43am May 18, 2015 8:43am
Quoting TimTheTrader
I want to apologize to everyone here if I have offended you. I let my ego get to me and acted like a complete prick! I guess as a trader you go through a phase where you feel like your the best trader in the world, to getting slaughtered left, right and center until the market finally humbles you. I have failed to keep my emotions in check by bragging a lot, and it has finally caught up with me. Wow, this is a big wake up call...Probably the toughest lesson I have learnt so far. So to anyone who I offended, I sorry I act this way. I admit that I...
Awww.... yes you have been a prick but you've proven you're bigger than that by 1. admitting it publicly and 2. not disappearing! Well, the rest of us who have not yet made millions from trading aren't so stupid after all... You'll do it, maybe it will take you a tad longer than you planned. And there is more than one way to make a lot of money - psst.... you don't have to use your own - just prove your (sustainable!) profitability and keep an eye on that profit factor .
  • #764
  • May 19, 2015 2:31am May 19, 2015 2:31am
Quoting jen101
{quote} Awww.... yes you have been a prick but you've proven you're bigger than that by 1. admitting it publicly and 2. not disappearing! Well, the rest of us who have not yet made millions from trading aren't so stupid after all... You'll do it, maybe it will take you a tad longer than you planned. And there is more than one way to make a lot of money - psst.... you don't have to use your own - just prove your (sustainable!) profitability and keep an eye on that profit factor .
I agree. I thought I had no weakness, but my ego was my biggest weakness and it was bad for my mindset. Im no longer egotistic and I'm much more humble now. My approach to trading has since changed as I am focusing more on sustainability. Also I am making a few changes to my trading system to ensure that it is sustainable and flexible.
Trade smart, not hard
  • #765
  • May 19, 2015 2:38am May 19, 2015 2:38am
I have just got to say that even if you have the best system in the world but your mindset is wrong, your bound to eventually blow up your account. You dont understand how much my drawdown has waken me up.

I came here thinking that I would be able to turn 500 into a mill within a short time frame. UNREALISTIC EXPECTATION is what can kill a trader. This is what I have learnt so far.

I read this article on this website and I think it's a pretty good read.

http://ezeetrader.com/free-content/2...-ezee-trading/
Trade smart, not hard
  • #766
  • May 19, 2015 7:12am May 19, 2015 7:12am
Quoting TimTheTrader
I have just got to say that even if you have the best system in the world but your mindset is wrong, your bound to eventually blow up your account. You dont understand how much my drawdown has waken me up. I came here thinking that I would be able to turn 500 into a mill within a short time frame. UNREALISTIC EXPECTATION is what can kill a trader. This is what I have learnt so far. I read this article on this website and I think it's a pretty good read. http://ezeetrader.com/free-content/2...-ezee-trading/
Have you looked at PAMM accounts? I notice Gainsy give you 10k to trade if you can show just 1 month's profitability and you earn when others subscribe to you. Don't know much about it; I think they're unregulated, but hey who cares, it's not your money . You could use a trade copier (I use FxBlue - it's free and pretty good) and just link it to your usual account.
  • #767
  • May 19, 2015 11:37am May 19, 2015 11:37am
Quoting jen101
{quote} Have you looked at PAMM accounts? I notice Gainsy give you 10k to trade if you can show just 1 month's profitability and you earn when others subscribe to you. Don't know much about it; I think they're unregulated, but hey who cares, it's not your money . You could use a trade copier (I use FxBlue - it's free and pretty good) and just link it to your usual account.

Yes, it's not your money and never will, because they are bucket shop. It's only one way transfer They created these PAMM accounts just to take more money from unaware beginners
  • #768
  • May 19, 2015 12:30pm May 19, 2015 12:30pm
Quoting jen101
{quote} Have you looked at PAMM accounts? I notice Gainsy give you 10k to trade if you can show just 1 month's profitability and you earn when others subscribe to you. Don't know much about it; I think they're unregulated, but hey who cares, it's not your money . You could use a trade copier (I use FxBlue - it's free and pretty good) and just link it to your usual account.

Seriously this sucks. Even its not your money, I wonder the account manager be able to withdraw any money. Seriously a damn bad suggestion to this broker and let more newbies fall into this scam.

http://www.forexpeacearmy.com/public...www.gainsy.com
The only winner is the one who survive the longest...
  • #769
  • May 19, 2015 2:21pm May 19, 2015 2:21pm
Quoting TimTheTrader
{quote} I agree. I thought I had no weakness, but my ego was my biggest weakness and it was bad for my mindset. Im no longer egotistic and I'm much more humble now. My approach to trading has since changed as I am focusing more on sustainability. Also I am making a few changes to my trading system to ensure that it is sustainable and flexible.
Being humble or egoistical are by no ways defines a trader. They define the person, but you fail or succeed as a trader by the actions you take and obviously believing that the market has been conquered is pretty amusing. Forex is extremely dynamic it constantly shifts so no one strategy is ever solid the strategy needs to be flexible enough and adaptable in all conditions to understand that its not just by going forward its by going backwards sideways and gaining a 3rd eye for the market. Something that comes from experience everyone wants to jump in and hit the ground running and become successful and be that person who defined all odds but it doesn't work like that. If it was that easy then you'd have a lot more people being able to do that. The challenge lies in the perseverance can you survive long enough to succeed? and succeeding is not based on a sum of money or how fast you've become good at it. Success is based on how consistent you are, how elevated you are. The turning point is when forex becomes dull and not exciting that's when the fear and emotional highs leave means that the ground is stable.. Emotional highs are fun, being able to make pips and feeling good but it also brings negative feelings just as easily and controlling emotions unless your a trained monk isn't on/off button. The bottom line is if you can survive long enough.. Be it on real or demo because experience doesn't discriminate the fact that person is still maintains and doesn't give up eventually is bound to get it. At that point showing off or claiming anything is beyond irrelevant its just another thing that is part of a daily routine like eating and pooping
There are those who know, and there are those who don't know.
  • #770
  • May 19, 2015 11:34pm May 19, 2015 11:34pm
Quoting palabara
The turning point is when Forex [trading] becomes dull and not exciting
Right on the money.
Each losing trade is an opportunity to learn
  • #771
  • May 20, 2015 2:10am May 20, 2015 2:10am
When decide to stop trading, thats when all these great movements begin to happen on EURUSD lol

I have been doing a bit of lowkey trading on a demo to fine tune my system. So I am not really missing out. To early to judge, but I have seen some improvements
Trade smart, not hard
  • #772
  • May 20, 2015 3:28pm May 20, 2015 3:28pm
Quoting TimTheTrader
When decide to stop trading, thats when all these great movements begin to happen on EURUSD lol
Yep, the market is ALWAYS going the right way when we have no position
Each losing trade is an opportunity to learn
  • #773
  • May 21, 2015 4:38am May 21, 2015 4:38am
Quoting TimTheTrader
When decide to stop trading, thats when all these great movements begin to happen on EURUSD lol I have been doing a bit of lowkey trading on a demo to fine tune my system. So I am not really missing out. To early to judge, but I have seen some improvements

From my experience market makes the strongest and the clearest moves always when I go on snowboard or summer vacation
  • #774
  • May 21, 2015 5:56am May 21, 2015 5:56am
I Wish you all the best
  • #775
  • Jun 2, 2015 8:04am Jun 2, 2015 8:04am
Hello Tim, i wish you are ok , just i wonder why you over-trading?your draw-down got worse .

i wish you just keep your emotions controlled
I always knew that someday I would make it big
  • #776
  • Jun 2, 2015 9:24am Jun 2, 2015 9:24am
Quoting forexer
Hello Tim, i wish you are ok , just i wonder why you over-trading?your draw-down got worse . i wish you just keep your emotions controlled
Hmm.. Just curious, why do you think he's over trading or trading by emotion?

He could be following his methodology/system perfectly and still losing right?

I mean, if your method doesn't ever lose then you have a holy grail but that doesn't exist and I am glad it doesn't because then the game is more interesting.
Build good relationships with others.
  • #777
  • Jun 2, 2015 10:13am Jun 2, 2015 10:13am
Quoting insomniawawa
{quote} From my experience market makes the strongest and the clearest moves always when I go on snowboard or summer vacation
Would you mind sharing when you'll be doing any of these next time? Thanks!
Markets wispers, just tune in.
  • #778
  • Jun 4, 2015 12:52am Jun 4, 2015 12:52am
Quoting palabara
{quote} Being humble or egoistical are by no ways defines a trader. They define the person, but you fail or succeed as a trader by the actions you take and obviously believing that the market has been conquered is pretty amusing. Forex is extremely dynamic it constantly shifts so no one strategy is ever solid the strategy needs to be flexible enough and adaptable in all conditions to understand that its not just by going forward its by going backwards sideways and gaining a 3rd eye for the market. Something that comes from experience everyone wants...
Great talking! I only remember " trading is just like eating & pooping"!
No one wants to be defeated~
  • #779
  • Jun 4, 2015 1:11am Jun 4, 2015 1:11am
Quoting jonirrenicus
{quote} Great talking! I only remember " trading is just like eating & pooping"!
eat pray and love move over.. eat poop and trade is coming through
There are those who know, and there are those who don't know.
  • #780
  • Jun 5, 2015 12:46pm Jun 5, 2015 12:46pm
Looks like you're doing fine. Just continue the way you're performing and you'll be a millionaire in no time!
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