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$10,000 Profit a Month Personal Challenge

  • #61
  • Dec 22, 2016 3:53pm Dec 22, 2016 3:53pm
Quoting PipThePanda
{quote} I fully understand why! The only questions I have are why you have started a thread like this? Also you trade so well why bother being part of a forum at all?
To motivate and encourage new and junior traders that forex is worth sticking to in the end it can be very profitable.
It took me many years to achieve profitability in consistent manner but it's also to demonstrate forex is not a game that is mastered quickly and not a get rich scheme. Need to dedicate yourself long term any anything is achievable.

Forex get such a bad name everywhere, i think it can be gratifying to many that its not all scams.

So many give up at perhaps too soon....perseverance is key.

I also enjoy forums......I am always on lookout for new systems to try out......as a trader you can not rest on your laurels..FF is a rich source. I like to remain diversified running multiple systems on multiple accounts.
  • #62
  • Dec 22, 2016 3:54pm Dec 22, 2016 3:54pm
Quoting immanuel77
I'm sorry before, but here's a bold, frank, and straightforward question: can you share your EA here? (especially the .mql file, if you're kindly willing to share, cos I'm an EA programmer.) Maybe, I can help you "translate" those lines to others, and answer the questions here.., to save your time.. AND, who knows that afterward, with the help of other experts, we can get some insight to make your EA even better? Thanks in advance
lol
  • #63
  • Dec 22, 2016 10:47pm Dec 22, 2016 10:47pm
Quoting dax30
{quote} To motivate and encourage new and junior traders that forex is worth sticking to in the end it can be very profitable. It took me many years to achieve profitability in consistent manner but it's also to demonstrate forex is not a game that is mastered quickly and not a get rich scheme. Need to dedicate yourself long term any anything is achievable. Forex get such a bad name everywhere, i think it can be gratifying to many that its not all scams. So many give up at perhaps too soon....perseverance is key. I also enjoy forums......I am always...
yes, with all the gurus posting their fake demo accounts. Yours are truly inspiring. Keep it up!

Few questions if you don't mind answering:-

1) How long does it take for you to get yourself here?
2) Are you a single man company or you have tons of traders behind?
3) You mentioned few systems, how many of them are manually executed or purely mechanical?
4) Any good brokers you would recommend? IE, with you paying so much commission, which one is best? slippage, etc
5) how old are you?
6) any sad stories when you are starting but you keep persevering? like your wife left etc.
7) are you making enough to be a full time trader now? Are you one of those that bring a laptop and travel around the world?
  • #64
  • Dec 22, 2016 11:45pm Dec 22, 2016 11:45pm
Quoting dax30
{quote} Need to dedicate yourself long term any anything is achievable. Forex get such a bad name everywhere, i think it can be gratifying to many that its not all scams. So many give up at perhaps too soon....perseverance is key.
Can't agree more !

You have to stick with it through the ups and downs (downs will outnumber the ups in first few years). But seeing traders like yourself keep me going whatever struggles I may be facing. If you have to take a break, go on but keep the marathon going. I'm sure to see the finish line someday.

I wonder why you named your accounts DAX when you seem to trade cross pairs instead ? Did you use to trade DAX at some point ? I may not have seen but do you trade manually ? Setting a target of 10K from trading cross pairs seems like a tall order for me (I do demo trade EURAUD and have traded cross pairs on live) how do you manage your risk ?
...
  • #65
  • Dec 23, 2016 7:00am Dec 23, 2016 7:00am
Dax,

Thanks for posting this thread. The value is exactly as you said; allows others to see the possibilities. The first valid question a new trader should ask is, Are there any successful traders? Then can I find one? Then can I learn anything of his methods? Finally, the most important question is can I trade successfully?

I appreciate that it takes a lot of valuable time to answer these questions but if you could;

What trading platform or platforms do you use?
How many computers does it take to run all of the systems?
Do you use a virtual private server?

also, already asked by someone else. Very long hours involved if you supervise trades directly.

Do you have helpers?
Do you program the systems yourself or hire experts?

Thanks again,
Archie
  • #66
  • Dec 23, 2016 7:21am Dec 23, 2016 7:21am
Close all, great profit, don't turn it in loss, like me (DEMO).

Happy Xmas.
  • #67
  • Dec 23, 2016 10:34am Dec 23, 2016 10:34am
Would you mind sharing your user name at myfxbook?
  • #68
  • Edited 12:26pm Dec 23, 2016 12:15pm | Edited 12:26pm
Quoting hilmy83
{quote} you know you can see through his bullshit..but that comment made me lol...
Hahaha, I knew it.. I was just pursuing the thin opportunity, as no one had asked it before me ;p

But actually, what Dax has posted in this thread are not "bullshit" either. At least he has made all of us sure that forex is not bullshit
If he's willing to share the strategy, ofc then it would be greatly appreciated.
If he ain't willing, then we should respect him, too. After all, it's his intelectual property, forged from long time of hard work and research.

I know one friend of mine, who is willing to share his great strategy for the reason of: "I believe that in helping others to succeed, I myself will be surely success."
(But sadly, his strategy is hard to digest, need some particular skill in statistical math, and a long time to exercise.., so I myself haven't been able to implement it well.)
  • #69
  • Dec 24, 2016 6:47am Dec 24, 2016 6:47am
Weekly update.
Dec P+L US $26,000.
A flattish sort of week. Wasn't much meat for systems.
Happy holidays everyone.
  • #70
  • Edited 7:09am Dec 24, 2016 6:59am | Edited 7:09am
Quoting CrocodileRex
{quote} yes, with all the gurus posting their fake demo accounts. Yours are truly inspiring. Keep it up! Few questions if you don't mind answering:- 1) How long does it take for you to get yourself here? 2) Are you a single man company or you have tons of traders behind? 3) You mentioned few systems, how many of them are manually executed or purely mechanical? 4) Any good brokers you would recommend? IE, with you paying so much commission, which one is best? slippage, etc 5) how old are you? 6) any sad stories when you are starting but you keep...
Hi Croc.
Took 10 years. Sounds long but many professions take this length..especially in medicine.
Wife is still here....unfortunately
43 years young and I travel a lot....around 10 weeks a year.
Systems are all mechanical with some intervention.
Will start a manual scalping account in January for manual only as I have a fair amount of time on my hands now as they're automated.
I avoid Cyprus brokers and focus on ASIC and FCA mostly. The usual suspects pepperstone, IC, Tickmill. Trying out tradeview as you can see on TE. (Cima regulated only..)Will try vantage also.

Squared financial are decent. LMAX are poor IMHO.
I have taken out 500k+ from pepperstone in last 3 years, so yes totally pro now since 2012. I have used them predominantly. They filled a eurchf stop at 1.1950 at the chf unpeg.....not many can say that.

I only keep as much money as I need to trade at broker...the rest I pull back to bank. Black Swan event can empty a broker account.

I blew out many accounts at start but mostly $5k ones in early days.
  • #71
  • Dec 24, 2016 7:02am Dec 24, 2016 7:02am
Quoting abdunbar
Dax, Thanks for posting this thread. The value is exactly as you said; allows others to see the possibilities. The first valid question a new trader should ask is, Are there any successful traders? Then can I find one? Then can I learn anything of his methods? Finally, the most important question is can I trade successfully? I appreciate that it takes a lot of valuable time to answer these questions but if you could; What trading platform or platforms do you use? How many computers does it take to run all of the systems? Do you use a virtual private...
Just mt4 on 1 VPS. Nothing exciting. A good VPS can take 10 mt4 terminals easily.
I trade by myself.
I like being my own boss and not handcuffed to a partner.
I program the code myself. Mql is not so hard.
  • #72
  • Dec 24, 2016 7:07am Dec 24, 2016 7:07am
Quoting Piquant
{quote} Can't agree more ! You have to stick with it through the ups and downs (downs will outnumber the ups in first few years). But seeing traders like yourself keep me going whatever struggles I may be facing. If you have to take a break, go on but keep the marathon going. I'm sure to see the finish line someday. I wonder why you named your accounts DAX when you seem to trade cross pairs instead ? Did you use to trade DAX at some point ? I may not have seen but do you trade manually ? Setting a target of 10K from trading cross pairs seems like...
Yes I used to day trade dax. It's a great instrument for day trading but slippage and gaps can be a nightmare so I moved fully to forex. I prefer the higher liquidity and 24 hour market.
I manage risk because I have a very good idea of a system drawdown so I use a lot size to suit.
  • #73
  • Dec 24, 2016 8:52am Dec 24, 2016 8:52am
You claim you withdraw over 500K out of your methodology so far in past 3 years (which I don't contest if true or not)

My questions are:

1. What made you start this online journal?
2. Do you think one person using ADX and CCI for trend confirmation and strength can be successful like you? (manual trading)(using indicators as confirmations and not entry triggers)
3. I still haven't found a solid Technical Method to use with success in forex, what would you advise to a newbie like me?

Best regards
  • #74
  • Dec 24, 2016 9:24am Dec 24, 2016 9:24am
Quoting dttsomh
You claim you withdraw over 500K out of your methodology so far in past 3 years (which I don't contest if true or not) My questions are: 1. What made you start this online journal? 2. Do you think one person using ADX and CCI for trend confirmation and strength can be successful like you? (manual trading)(using indicators as confirmations and not entry triggers) 3. I still haven't found a solid Technical Method to use with success in forex, what would you advise to a newbie like me? Best regards
It's no problem. I will publish to myfx book you can see its real...the 500k.after holidays have ended.
1. I explained before on this thread a fee times if you read it.
2. Yes it's possible. You can be profitable only with candles....some people I know don't use any indicators....just flow and price.
3. Find a system on FF that someone display a TE so at least you know a system have potential and learn it.
  • #75
  • Dec 24, 2016 10:57am Dec 24, 2016 10:57am
Quite impressed with your answers Dax... thanks so much for taking the time to write out the thoughtful responses. Personally, I'm anti-indicator, but your success has definitely made me re-think the possibilities for mechanical/indicator-based systems, especially the idea of running multiple systems depending on the market environment. Throughout the 10 years of your journey and system development, what was the "Ah ha" experience that made you feel that you could actually accomplish your trading goals? And when did this occur? At that point, did you just "know" that you could make it once "it" clicked?

Thanks again for all your advice.

Dave
  • #76
  • Edited 1:25pm Dec 24, 2016 1:13pm | Edited 1:25pm
Quoting davelansing
Quite impressed with your answers Dax... thanks so much for taking the time to write out the thoughtful responses. Personally, I'm anti-indicator, but your success has definitely made me re-think the possibilities for mechanical/indicator-based systems, especially the idea of running multiple systems depending on the market environment. Throughout the 10 years of your journey and system development, what was the "Ah ha" experience that made you feel that you could actually accomplish your trading goals? And when did this occur? At that point, did...

The point where it clicks is the realisation that a good system has bad periods. Once you get it through your ears that this is the case you are on your way.
I seen traders criticise systems after a few trades then they keep flipping systems....will always be behind curve like that.
People just don't have the patience in my experience..they are just too flippant for any sort of progress in trading. For example....if I know for example my system can make 20,000 pips next year with 3,000 drawdown then I have a baseline of expectations.
Will I flip systems after a 3,000 drawdown comes? Not a chance. This is where I will differ from a novice. First drawdown and they're bolting for an exit.
So first thing you need to create a level of expectation for any system and what metrics and goals that it should provide.

Yes most indicators are only a lagging snapshot. But indicators like ATR are excellent as they show price action. I will go into this more in new year when I get back from beach.
  • #77
  • Dec 24, 2016 1:57pm Dec 24, 2016 1:57pm
Quoting dax30
{quote}. Find a system on FF that someone display a TE so at least you know a system have potential and learn it.
 
I want to follow yours! 
CCI + ADX as you use on your first two accounts. 
But now you confused me with ATR
  • #78
  • Dec 24, 2016 2:53pm Dec 24, 2016 2:53pm
Quoting dttsomh
{quote} I want to follow yours! CCI + ADX as you use on your first two accounts. But now you confused me with ATR
The ATR is the average true range of a stock/commodity/currency pair which gauges its volatility within a certain period of time. From this you can determine a reasonable TP and SL.

BTW I noticed your avatar, are you affiliated with alphalete by any chance?
  • #79
  • Dec 24, 2016 3:11pm Dec 24, 2016 3:11pm
Quoting Ash777
{quote} The ATR is the average true range of a stock/commodity/currency pair which gauges its volatility within a certain period of time. From this you can determine a reasonable TP and SL. BTW I noticed your avatar, are you affiliated with alphalete by any chance?
 
Thanks and no, just their loyal client. Guzman and Vitruvian (Igor) are my fitness inspirations but thats offtopic anyway.
  • #80
  • Dec 24, 2016 3:18pm Dec 24, 2016 3:18pm
Nice trading Dax30 and a very interesting idea.

I'm not an EA trader and certainly no programming but i'm now curious to what the results would be running freely available EA's follow your trading principles. I realize the EA logic might not be the same (i.e. ATR, cci, bbands) but basically running 3 or 4 available EA's on certain pairs, timeframes, session times and trading scalp/mtf intraday you have mentioned

Example run a 'scalping' EA during Asian session on minor pairs, run a 'scalp' EA during europe on GU only, etc......
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