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

  • #1,981
  • Nov 12, 2015 12:19pm Nov 12, 2015 12:19pm
As you can see, once you get past the 2nd round you would have to go on a terribly bad losing streak to ruin your account. At the new year I will be going back to this method as I made the most $ doing it this way. As is the case I tried looking for greener pastures. To those reading...............THERE IS NO GREENER PASTURE. Find how your mind likes to trade and work with it. There is no holy grail.

The only thing I consider the holy grail is when you have conquered greed, learned to accept losses and STICK to your developed plan. If you do this you will make money long term, if you dont then you wont. Spoken from someone who has made a good deal and lost a good deal.
  • #1,982
  • Nov 12, 2015 12:19pm Nov 12, 2015 12:19pm
Quoting Trendzalore
Any ways, here is my simplified approach which I think more traders would be successful with if they have the patience. After attempting the rags to riches method I came to the conclusion that I was better suited to a more patient route to building my account with a small initial balance. I call it the Slow Double Method. After several attempts I have fallen short of the goal but made money with the rags to riches approach. I believe 4 trades is the best target. let me explain my new approach based on the success rate of my trades for the experiment:...
What is your start bank, will you risk all of the 50 to dubble ? Very high payout from binaryoptions there i think the highest i hear of is 85 percent meaning if you bet 100 dollar and win you will get 185 back.

Best regards
  • #1,983
  • Nov 12, 2015 12:24pm Nov 12, 2015 12:24pm
Quoting jgadefelth
{quote} What is your start bank, will you risk all of the 50 to dubble ? Very high payout from binaryoptions there i think the highest i hear of is 85 percent meaning if you bet 100 dollar and win you will get 185 back. Best regards
I have made a large amount before starting with initial bank of 400.

This new year I will start again with this amount with initial risk of 100. I will be avoiding the usual holiday slowdown.

I have found that due to time, you have to be really precise on binary options as you can often be right but the price doesn't move until after expiry lol. Thus I wont go for the bigger payout out ofthe money strikes and stick to doubling my trade. Consistently getting those out of money strikes to win is a fools errand. Even though I have made huge gains in minutes doing so, overall I have lost doing this approach. Eliminating this greed will help me. 100% gain is nothing to sneeze at. Took me a long time to get this.

So, I will be using the method and only going for in the money contracts that are at around 50. All I need to be is right about the direction which I have gotten really good at. I trade nadex which I believe is the best binary options outfit. I have never had problems with them.
  • #1,984
  • Nov 12, 2015 12:52pm Nov 12, 2015 12:52pm
It is not and never has been 9 trades in a row, you know that right?
  • #1,985
  • Nov 12, 2015 1:02pm Nov 12, 2015 1:02pm
Quoting Jhlewis10
It is not and never has been 9 trades in a row, you know that right?

Of course.

It is 9 net trades. I really should have noted that.

What I meant was that keeping in the game for those 9 net trades is an easier road to loss or ruin of account. Not 9 actual trades in a row. 4 net wins works better for me as during good times I can get 4 in a row straight
  • #1,986
  • Nov 12, 2015 1:17pm Nov 12, 2015 1:17pm
Good luck.

I gave up on bins year ago. Too hard to fight scamming brokers.
  • #1,987
  • Edited 9:27pm Nov 12, 2015 5:20pm | Edited 9:27pm
Quoting Matts Micro
{quote} Sounds like you're describing a Reverse Martingale system. A trending market is difficult to find these days with much range and consolidation. Look at the AU for example on the 4hr/D, up 440 pips and back down 370 not to mention the st nfp spike being obliterated by AU employment figures today. I'm not trying to down your system or anything because I think there is potential for it to work but it's what I mentioned before about a confident market. A confident market is when the PA is going places and it knows why it's going there, unfortunately...
You don't need 440 pips for this, 40 to 60 pips volatility range is good enough, while day trading this system, as I said, its all about the ability to use price action to trade and pyramid, I have done it before, and only problem is I took it out too early otherwise it becomes 1:15 r&r instead. I trade I use the daily and h4 to see if the big boys are loaded up or not, then I trade the 30min, using 5mins as the trade management and entry chart, the bid and ask itself can be used to read to see if excessive huge orders are hitting the market maker and he ends up not adjusting back, so I scalp ranges and trade trends if those range breakout into trends, the idea is to use smaller timeframe charts to enter as close to important pivots as possible. Because 4h consolidations can be 5min trends, and they are opportunities too Also what u mentioned, isn't both the 440pip move and 370 pip move good opportunities? The thing is once the NFP numbers are out, the next macro view is aud unemployment numbers and the 440 pip move is over, the markets might be pricing in something else, the move is already over, so whether it would continue moving or not is uncertain and its best to be able to switch at the drop of a hat, the fundamentals provide clues to us, so does the technicals, but the sequence is unclear and the big boy's interpretation can be different from ours, therefore price leads fundamentals, by marrying both into a cohesive strategy to read the markets and manage it yields the best r&r
  • #1,988
  • Nov 13, 2015 2:39am Nov 13, 2015 2:39am
Hi!

Can you describe a bit more how do you use bid and ask for understanding market makers?

Quoting CookieMonsta
{quote} ... the bid and ask itself can be used to read to see if excessive huge orders are hitting the market maker and he ends up not adjusting back, ...
S.P.
  • #1,989
  • Edited 4:47am Nov 13, 2015 4:17am | Edited 4:47am
Quoting SuperPip
Hi! Can you describe a bit more how do you use bid and ask for understanding market makers? {quote} S.P.
Market makers are at the middle of the price right? They are connected to interbank, so if they see some guy with a larger than normal market order hit the market, say on the bid, and not adjust back, you will see the candle stick trend strongly down right? If the bid holds for 5mins, u get a strong downnstick closing strong right? If in 20mins it keeps closing strong, u would know quite a huge order is hitting the market. Looking for stop hunts are also the same idea, this time, its that market makers bidding up high, then snapping down again, this way, u see a pin bar right? In essence, the candle is a summary of 5mins action but if you observe how the candle itself forms, u might be able to differentiate between a good pin bar vs a bad pinbar, also, the price moved, more price moved implies larger order or thinner markets, which is the supply demand imbalance, and that is the key of tape reading, and technical analysis, about reading market pressure. Though sometimes, the market just guns both side's stops, perhaps because its jittery about something, then perhaps the price is not informative and u want to watch for the break out. Gann mentioned, how true a break out is, is given by how well it holds its levels, and that manifest as support turns resistance and vice versa. So how do u use this, if you see the market is in an up trend, on the 5mins, you look for a pull back, and a pinbar or the like is a entry as a clue that the market is likely resuming its overall trend, and you see how well the pin bar forms, this you have to observe the bid ask, and see if the pinbar has strength or not
  • #1,990
  • Nov 13, 2015 9:40am Nov 13, 2015 9:40am
Quoting Matts Micro
{quote} Thought I'd give the trade a whirl and Draghi didn't disappoint the TA. Now it's up to Yellen to finish it off. {image}
It was a long wait but as with most of these types of trades patience is key.

So from setup to finish that's one way I trade a 2:1 R:R trade
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As the lights go by so too do the shadows move
  • #1,991
  • Nov 13, 2015 9:52am Nov 13, 2015 9:52am
Perhaps I should of gone again but Friday night is always such a deterrent

Maybe it will confirm Monday.
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As the lights go by so too do the shadows move
  • #1,992
  • Edited 10:47am Nov 19, 2015 8:28am | Edited 10:47am
Quoting Yaad
{quote} Fucking hell.
Quoting Bilstein
That chart is legitimately like, an amalgamation of dozens of Forex Factory threads.
Quoting Trendzalore
{quote} Bra Friggin Vo!
Quoting mili13
{quote} my little advice: 1) go to your MT4 platform - Indicator list -> remove all 2) go to your MT4 platform - Object list -> remove all 3) go to your MT4 platform - Chart properties -> Color scheme -> Black on White Then look at chart for 5000 hours and find where are the losers and where the winners. You can not learn to read chart in one hour. City Rome in Italy was also not build in one day... Difficult ? Yes, it is. Time consuming ? Yes, it is. Profitable ? Yes, it is.
Thank you for your comments. It really motivates me to know more about Forex Trading.

Again, as long I can read and understand it! ...and it works for me!

Also, as I browse through the older postings here at FF, the indicators are now way much better than before. Especially now, you can request an indicator that you want to make it work with your trading style or fix the indicator that seems to have little bug or request for improvements. Then, if you are lucky, some masters here at FF would create or modify these indicators for you for free. I think in return they would get a collective idea from those active users here in FF for their next generation of indicators.

I admit that I am still a baby when it comes to Forex trading, but since I signed up to become a member here at FF... I found that this place is such a wonderful gift for guys like me. So I gave credit to all the masters of FF who simply shares their knowledge/ideas and custom indicators for free.

If you are new in Forex trading just like me... you may need to to read some of valuable postings here at FF.

The Inner Game of Trading >>> http://www.forexfactory.com/showthread.php?t=566056

Price Action Pattern Recognition Live Trading >>> http://www.forexfactory.com/showthread.php?t=566754


Thank you all and I wish you all the best!!!
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Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #1,993
  • Nov 19, 2015 9:10am Nov 19, 2015 9:10am
Quoting v2vboni
Also, as I browse through the older postings here at FF, the indicators are now way much better than before. Especially now, you can request an indicator that you want to make it work with your trading style or fix the indicator that seems to have little bug or request for improvements. Then, if you are lucky, some masters here at FF would create or modify these indicators for you for free I admit that I am still a baby when it comes to Forex trading, but since I signed up to become a member here at FF... I found that this place is such a wonderful...
That image...

I can't even tell if this is satire.
  • #1,994
  • Edited 12:02pm Nov 19, 2015 9:22am | Edited 12:02pm
Quoting Atokys
{quote} That image... I can't even tell if this is satire.
That is my work of art! ho ho ho!, Other than it is totally crazy looking chart, you may be right about the word satire on the way it looks/describe/interpret this chart of mine. Anyway, that is how I collectively plotted all these indicators together.

I'm starting to learn how to code these indicators little by little, I hope someday or somehow I could make it an EA wherein you won't see anything other than the candle charts and of course the automated trade execution. It would look boring though but at least it won't hurt the insensitive eyes of other members here at FF

I wish you all the best!
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #1,995
  • Nov 19, 2015 11:31am Nov 19, 2015 11:31am
Quoting v2vboni
{quote} {quote} {quote} {quote} I found that this place is such a wonderful gift for guys like me. So I gave credit to all the masters of FF who simply shares their knowledge/ideas and custom indicators for free. If you are new in Forex trading just like me... you may need to to read some of valuable postings here at FF. The Inner Game of Trading >>> http://www.forexfactory.com/showthread.php?t=566056 Price Action Pattern Recognition Live Trading >>> http://www.forexfactory.com/showthread.php?t=566754 Thank you all and I wish...
The auction theory thread will open eyes if one chooses to read it all.
  • #1,996
  • Nov 19, 2015 7:34pm Nov 19, 2015 7:34pm
Quoting v2vboni
{quote} {quote} {quote} {quote} Thank you for your comments. It really motivates me to know more about Forex Trading. Again, as long I can read and understand it! ...and it works for me! Also, as I browse through the older postings here at FF, the indicators are now way much better than before. Especially now, you can request an indicator that you want to make it work with your trading style or fix the indicator that seems to have little bug or request for improvements. Then, if you are lucky, some masters here at FF would create or modify these...

Are these live trades that you actually took? Those are really good results no matter what strategy you are using. I think you should Keep it up if it is working for you... The goal here IS to make money after all. just don't trade without a stop loss!
  • #1,997
  • Nov 20, 2015 1:36am Nov 20, 2015 1:36am
Quoting adrew1903
{quote} Are these live trades that you actually took? Those are really good results no matter what strategy you are using. I think you should Keep it up if it is working for you... The goal here IS to make money after all. just don't trade without a stop loss!
Yes it is... I think I need to put that SL and TP before I doze off. I just woke up with less profit but I'm still happy with positive results.

Thank you.
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Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #1,998
  • Nov 20, 2015 3:53am Nov 20, 2015 3:53am
Quoting v2vboni
{quote} That is my work of art! ho ho ho!, Other than it is totally crazy looking chart, you may be right about the word satire on the way it looks/describe/interpret this chart of mine. Anyway, that is how I collectively plotted all these indicators together. I'm starting to learn how to code these indicators little by little, I hope someday or somehow I could make it an EA wherein you won't see anything other than the candle charts and of course the automated trade execution. It would look boring though but at least it won't hurt the insensitive...
I love your positive attitude to trading. This is what makes one a trader and I am very sure you are going to get there, and fairly fast. We all learned from here at FF. Good thing is there are many people here willing to give good advise and if we listen, our journey to becoming successful traders is shortened.

Now about your indicators; just like many have pointed out, they are quite many. For starters, they will slow down your pc and secondly they will bring down the time you need to decide whether to take a trade or not. But one thing is certain; in the end you are going to get rid of them. We all did.

Keep it up buddy.
  • #1,999
  • Dec 9, 2015 1:03pm Dec 9, 2015 1:03pm
Anyone found some strategy?
  • #2,000
  • Dec 9, 2015 6:02pm Dec 9, 2015 6:02pm
Quoting Kubiasty
Anyone found some strategy?
No strategy here. Discussion is about money management.

You must have your own consistent strategy to use this kind of MM.
MT4/MT5 EAs/Indicators/Alerts coder
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