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10% a month challenge

  • #101
  • Aug 17, 2016 12:02pm Aug 17, 2016 12:02pm
Quoting 5abi
What a slow day. I guess no firework till FOMC at 1.

Yeah it is wait and see time until FOMC.
  • #102
  • Aug 17, 2016 12:03pm Aug 17, 2016 12:03pm
Quoting Forexcube
{quote} #5 discipline seems to be more a psychological moment, maybe you could exercise meditation,...it could help & a focus on some "control concepts" seems also to be helpful and important - the psychological literature is full of it (e.g. "locus of control", "stress & the concept of control", "control theory", "*cognitive dissonance"; also Leon Festinger). FXcube {image}
Thanks for the advice. Seems like some pretty useful stuff. Control Control Control mmmmm
  • #103
  • Aug 17, 2016 5:27pm Aug 17, 2016 5:27pm
I think I will partake in the challenge, although I doubt I will average >10% returns. I have my explorer set up on FX Algo
Quant Trader - My Blog: quantstop.blogspot (dot) com
  • #104
  • Aug 17, 2016 7:57pm Aug 17, 2016 7:57pm
  •  jliem
  • Joined Aug 2015 | Status: Follow One Course Until Success | 12 Posts
Quoting JustUsePrice
{quote} Thanks for the advice. Seems like some pretty useful stuff. Control Control Control mmmmm
Yes, advice from FXcube is absolutely true. Control your mind, control your money, control your method. Keep sticking on it and stay discipline.
[Pray for Wisdom]
  • #105
  • Aug 18, 2016 2:59am Aug 18, 2016 2:59am
Quoting JustUsePrice
{quote} Thanks for the advice. Seems like some pretty useful stuff. Control Control Control mmmmm
Ok looks like some tools are needed here to make DD and other issues a little easier to visualize in real time and to track.

Traders will need to physically set a SL for a trade or multiple trades such that total risk is less than 10% total.


Start of Day balance = $500 then SL should be set <<10% of 500 =$50
Start of Day balance = $1000 then SL should be set <<10% of 1000 = $100
Start of Day balance = $1500 then SL should be set <<10% of 1500 = $150
Start of Day balance = $2000 then SL should be set <<10% of 2000 = $200
...
...
...
Start of Day balance = $5000 then SL should be set <<10% of 5000 = $500

I suggest setting up a simple Excel to do the calculations.
It is important and certainly not difficult.

Due to slippage and other issues to make sure the floating DD remains under 10% then its wise to use a stop out level far less than 10% of equity.

Get the idea out of your heads that price will eventually turn around and things will look rosy again ... nope!
Does not always happen and how much of a DD would the account endure for this to be true over the next month/quarter/year?
It only takes price on one pair at 1 time to keep trending away from you and you are toasted!

Do the following:

1. Always know what 10% equates too in your account (balance /equity considerations)
2. Set your SLs well below 10% DD to ensure the limit is NOT breached .... if 10% gets breached you are toast!
3. Apply the following indicator on your traded chart or another visible chart to monitor floating DD live.
4. If you plan to be away from your trades then you need to make sure that total loss equates to <10%.

Attached File(s)
File Type: ex4 i-Profit Tracker-Fixed(ASM).ex4   71 KB | 565 downloads


It should look like this when you apply it to an MT4 chart:

Attached Image



Be sure to click on the Account History Tab in MT4 > [right click] > click Last Month
Other Custom Periods can also be set if required and this will update to the i-profit tracker indicator almost immediately.

Also can apply this indicator to track all current trades:

Attached File(s)
File Type: ex4 iExposure.ex4   15 KB | 437 downloads


Treat trading like a business ... watch the damn DD!

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #106
  • Aug 18, 2016 3:28am Aug 18, 2016 3:28am
Hello JustUsePrice, first of all, nice idea for a thread. But although you came up with this idea, a quick look at your TE and that 1 lot EURUSD trade is quite the example of what not to do? It hasn't even been a week!
  • #107
  • Aug 18, 2016 5:58am Aug 18, 2016 5:58am
This is someone's partner from Canada.
  • #108
  • Aug 18, 2016 11:04am Aug 18, 2016 11:04am
Quoting BubaYaga
Hello JustUsePrice, first of all, nice idea for a thread. But although you came up with this idea, a quick look at your TE and that 1 lot EURUSD trade is quite the example of what not to do? It hasn't even been a week!
you are absolutely correct. I told you I had a problem with discipline
  • #109
  • Aug 18, 2016 11:05am Aug 18, 2016 11:05am
Quoting HeyYou
This is someone's partner from Canada.
What partner ?
  • #110
  • Edited 9:08pm Aug 18, 2016 8:21pm | Edited 9:08pm
Quoting JustUsePrice
Goal is to make 10%+ profit a month Rules: Must trade a live trading account with $1000+ balance Must not have a draw-down of more that 10% Must track performance using third party (either FF Trade Explorer or myfxbook) Trade whatever methodology you want I will create an account on Monday to start the challenge (so it would be half a month performance for 5% ) Anyone else interested in joining me in this self-challenge? You are welcome to subscribe and enjoy the ride
Good thread.

I am in.
trading is simple but is simple is not easy.
  • #111
  • Aug 21, 2016 10:01pm Aug 21, 2016 10:01pm
Quoting ZenNy
{quote} Good thread. I am in.
Welcome aboard and enjoy the ride
  • #112
  • Aug 24, 2016 2:07am Aug 24, 2016 2:07am
If you can manage a 10% return monthly (compounding monthly) after 6 years and 2 month you can transform a $1000 account into $1,051,153:nerd:
-I'd like to have a million dollar account by November 2022..
  • #113
  • Aug 24, 2016 9:30pm Aug 24, 2016 9:30pm
Quoting Horne
If you can manage a 10% return monthly (compounding monthly) after 6 years and 2 month you can transform a $1000 account into $1,051,153:nerd: -I'd like to have a million dollar account by November 2022..
Sure, go for it, and see if you can make that happen
  • #114
  • Aug 30, 2016 7:42am Aug 30, 2016 7:42am
Quoting JustUsePrice
{quote} Sure, go for it, and see if you can make that happen
September is almost here. I have a fresh account ready and waiting. Profitability comes in waves - some months are brilliant and then come the months that will test you. Differentiating the periods comes from experience, and will become invaluable.
Keeping your eye on the ball is difficult when the ball is way off in the distance.

I found a video about the Chinese Bamboo Plant on youtube which I think is comparable to trading.

If you're lacking in self belief, lacking in self control, lacking in discipline, lacking in commitment. If you're just plain lacking you're not going to succeed.
I'm not doing this for the money (although it is a nice bonus). What I actually want is to just show it's not impossible, as long as you're the sort of person who can take the set backs in your stride.
  • #115
  • Aug 31, 2016 5:13pm Aug 31, 2016 5:13pm
It's challenge time! At least here in the GMT+1 zone
I am excited to see how will the participants perform during the first month.
Good trading to all!
  • #116
  • Edited 10:13pm Aug 31, 2016 9:59pm | Edited 10:13pm
It is game on in a few hours .. good luck to all .. Reset your TE to start as of Sept 1st.
  • #117
  • Aug 31, 2016 10:48pm Aug 31, 2016 10:48pm
Quoting JustUsePrice
It is game on in a few hours .. good luck to all .. Reset your TE to start as of Sept 1st.
No need for me to do that ... fresh new account just opened right now.

Let the games and the fun begin.

Best of fortune to all friendly competitors.

ps. Are you starting trading from London Open ?

Masterrmind............
Master your Mind then Master your Trades
  • #118
  • Aug 31, 2016 10:57pm Aug 31, 2016 10:57pm
Quoting TakeUrPills
It's challenge time! At least here in the GMT+1 zone I am excited to see how will the participants perform during the first month. Good trading to all!
All the best friend and may your DD remain under 10% while your growth turns exponential.

Masterrmind............
Master your Mind then Master your Trades
  • #119
  • Sep 1, 2016 1:33pm Sep 1, 2016 1:33pm
Perfect entry, poor trade execution (chickened out).
Entry was a sell limit on the weekly trendline touch.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ_1_9_2016.png Size: 180 KB
  • #120
  • Sep 2, 2016 5:00am Sep 2, 2016 5:00am
Quoting TakeUrPills
Perfect entry, poor trade execution (chickened out). Entry was a sell limit on the weekly trendline touch. {image}
nice trade
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