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Apply a 28 Levels Financial Plan to Forex and convert $10 to $10,000

  • #21
  • Sep 11, 2006 10:26am Sep 11, 2006 10:26am
Quoting Money Talks
Start again buddy and don't give up hope. Today is a new day and hopefully you'll have recovered from last week and learnt alot. We all get sucker punched at some stage, sometimes some of us get sucker punched two, three four times! Man up and keep going! Wish you well.
Thank u very much MT for your words.
I won't give up with this. I will start over again with my experiment.
Hope to see u around.

Bye
  • #22
  • Sep 11, 2006 12:25pm Sep 11, 2006 12:25pm
I like the plan...kinda ensures that your learning how to become a good trader....and it beats the heck out of my "all in" plan, which just cost me half my position last night.

Only problem: Does a person have the self control to stick with it? At the moment I know I don't....but maybe thats the whole point.

If you don't mind, efex, I might swipe your idea for a bit and see if I can adapt it to fit my needs...and satisfy the scalper in me .
  • #23
  • Sep 11, 2006 3:30pm Sep 11, 2006 3:30pm
Quoting Rincewind
I like the plan...kinda ensures that your learning how to become a good trader....and it beats the heck out of my "all in" plan, which just cost me half my position last night.

Only problem: Does a person have the self control to stick with it? At the moment I know I don't....but maybe thats the whole point.

If you don't mind, efex, I might swipe your idea for a bit and see if I can adapt it to fit my needs...and satisfy the scalper in me .
Rince,

It is all about learning. The main function the plan was devoloped for, was to help people learn the investing world. o in Forex it is supopsed to help learning to control.
You trade ALL IN?? :surprised thats is very risky!

I think that is the point. The self control needed to get out with a win and not be greedy or to take a retrace on your big profiting trade and exit while it still has some profit. There is a lot of emotional wrok needed on this

I don't mind you adapt the plan to your trading. I wish it can help me, you and others to become a self controlled trader.
If you want, PM me and I will send you a document with the details of every level so you can adapt it to you.

Regards
  • #24
  • Sep 11, 2006 4:09pm Sep 11, 2006 4:09pm
Efex,


Don't give up my friend. I started with my plan - $120 to $1m in 8 months. Spreadsheet and everything else in place. Had 32 consecutive successful trades. Balance was $1`000 and then took a $620 knock, then a $36 knock - in succession.

All I can say is don't give up, don't do revenge trading. Stick to you plan, you'll get there. Just know your purpose for trading and you'll remain focused. Whether I reach $1m or not is neither here nor there, but I'll be able to sustain myself, family and be in a position to do what I've been tasked to do. KNOW YOUR PURPOSE!
a journey of a thousand trades begins with a single pip
  • #25
  • Sep 11, 2006 4:11pm Sep 11, 2006 4:11pm
hi Efex,

I think you are very brave doing what you do.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Discipline is maybe THE No. 1 problem of most of us traders and you found a great way to try and overcome this - by sharing with the world.<o></o>

I wish you very much success and thank you for sharing your ideas.<o></o>


mrtrader<o></o>
"It's choice - not chance - that determines your destiny"
  • #26
  • Sep 11, 2006 4:21pm Sep 11, 2006 4:21pm
Efex...I too commend you and your plan. Dont give up. Learn and learn and learn from your experiences!

Kenny
  • #27
  • Sep 11, 2006 4:33pm Sep 11, 2006 4:33pm
Maya, Mrtrader and Cheese

THANK YOU VERY MUCH!
You have no idea how supportive your words are to me.

I will continue my trading for sure. I am now more convinced than ever to do it.
I'll have to pick up from the floor my self confidence and start over.
I fell better knowing that it is not only my problem but many many more are also fighting with emotions.
And Maya, the "revenge trading" you mention I think is what made me go to this point and totally defines why I lost all my account.

Thanks again my friends!
  • #28
  • Sep 11, 2006 5:40pm Sep 11, 2006 5:40pm
Don't give up Efex, I think your plan is great and that the best thing you can do is learn from the mistakes and keep on moving forward. You have my support, start the plan again and don't feel disapointed with your self, you should only feel disapontined of yourself if you let this experience beat you but that's not going to happend because you are moving on and on.

Cheers my friend.
  • #29
  • Sep 11, 2006 5:41pm Sep 11, 2006 5:41pm
Thanks for that phrase Maya....I can't think of a better way of saying exactly what I have been doing.

Don't trade angry!!!! Calm....cool....control....Zen.....Ommmmmmmmm.

Efex: Get off the floor!!!!!!!! You've had enough positive affirmation. Get'cher butt up and start playin with the rest of us .
  • #30
  • Sep 11, 2006 7:50pm Sep 11, 2006 7:50pm
Well, thanks again to all of you for your support and motivation.

On this post I must say that, after the bad events of last week where I said I lost all what I had done and my account was at $10 again, I had also an open position and today was the final disaster when I got stopped and out of the market beause I couldn't open another trade because I had no margin.

So, technically the experiment failed and I lost my $10. But as we have talking about, I am going to continue, so I funded again my account. I couldn't do it with $10 to start over, so I had to deposit $30 because it is the minimum.

I can rename the experiment now and it will say I will convert $30 to $10,000
I still will post my trades and will have the 28 levels that starts on $10 just to stick to the original plan. So, I am now supposed to be on level 4 again.
Ireally don't like this 3 level jump but I had to do it because of the minimum deposit needed. Anyways, those who has read the plan, can see that the first 3 levels are the LEARNING stage and I think I learnt a lot last week so it is kind of fair to skeep the 3 levels (just making cognoscitive thinking to justify my acts) ( i guess it is called that way, psicologists out there forgive me if I am wrong)

Next post I will start with my trades of today.
  • #31
  • Sep 11, 2006 8:08pm Sep 11, 2006 8:08pm
LEVEL 4
Equity: $28.35
Target: 30%
Profit: $8.51
Total: $36.86
Lots: 1
Value per pip: $0.1
Needed Pips: 85


Stage: LEVEL 4
Date: 11/09/2006
Trades:
EUR/USD SELL 1 lot at 1.2695, CLOSE at 1.2710 TOTAL: -15 pips

Total for the day: -15 pips
Comments:
Pips To Level 5: 55 (assuming the deposit and the remaining balance put me 45 pips up on level 4)
Accumulated Pips: -15 (I don't know how to count this, I guess I will start counting from today again)
Days Since Level: 1
Days since Start: 15 (this I will keep the count so at the end will know how many days took me in total)
  • #32
  • Sep 13, 2006 4:55pm Sep 13, 2006 4:55pm
I am sorry for not posting my trades yesterday but I couldn't make it to the computer. Here they are:

Stage: LEVEL 4
Date: 12/09/2006
Trades:
GBP/USD SELL 1 lot at 1.8724, CLOSE at 1.8750 TOTAL: -26 pips
GBP/USD BUY 1 lot at 1.8750, CLOSE at 1.8746 TOTAL: -4 pips
GBP/USD SELL 1 lot at 1.8721, CLOSE at 1.8741 TOTAL: -20 pips
GBP/USD SELL 1 lot at 1.8746, CLOSE at 1.8766 TOTAL: -20 pips
GBP/USD SELL 1 lot at 1.8759, CLOSE at 1.8729 TOTAL: 30 pips
EUR/USD SELL 2 lot at 1.2683, CLOSE at 1.2698 TOTAL: -15 pipsx2= -30 pips

Total for the day: -70 pips
Current Account Equity: $24.61

Comments: It was a bad day. I tried to trade the news but I got smashed. Another learning here, I won't trade the news again (new rule I hope my discipline helps me). Will just stick to my System.
Again, the tought of making quick and easy money from news events made my GREED talk and therefore I LOST. Have to keep working on that.

Pips To Level 5: 125
Accumulated Pips: -85
Days Since Level: 2
Days since Start: 16
  • #33
  • Sep 13, 2006 4:57pm Sep 13, 2006 4:57pm
Think you hit the nail on the head there about sticking to the system. Greed is one of the biggest obstacles forex traders face. Ive often let trades run in the hope i can get more profit when I should be taking the profit I have.
  • #34
  • Sep 13, 2006 5:21pm Sep 13, 2006 5:21pm
Quoting Money Talks
Think you hit the nail on the head there about sticking to the system. Greed is one of the biggest obstacles forex traders face. Ive often let trades run in the hope i can get more profit when I should be taking the profit I have.

Yes MT, is a big big problem we face.
It happens to me a lot also, when my trade is going in profit more and more, instead start thinking to get out, my greed starts to whisper how much more it could make. And then the market goes contrary and you can't stop thinking you had, let's say 50 pips, and now you are at 20, so you just want to keep that little bastard trade and u keep thinking how much u had and saying to you to wait because u had 50 and price will go back there. Then the trade goes negative and is even harder to let go and more and more and there starts a history of a big loss.

What a problem man!! We need to be really strong to control our emotions. I wish I was some kind of budist monk or something lol
  • #35
  • Sep 13, 2006 5:45pm Sep 13, 2006 5:45pm
Stage: LEVEL 4
Date: 13/09/2006
Trades:
EUR/USD BUY 1 lot at 1.2671, CLOSE at 1.2712 TOTAL: 41 pips
EUR/USD BUY 1 lot at 1.2698, CLOSE at 1.2689 TOTAL: -9 pips
GBP/USD BUY 1 lot at 1.8753, CLOSE at 1.8763 TOTAL: 10 pips


Total for the day: 42 PIPS
Current Account Equity: $28.93

Comments: I am very happy about that first trade on the EUR, I executed perfectlly. My signals where in place, I had to go LONG, so I calmed down and waited like a tiger to jump to his food. I saw price go down, but was very confident on my signlas, so I saw the opportunity and entered. Efectivelly, price started to go up ad up. In my mind I was clear I was not going to let my profit go or the greed to take over me again. Then a long candle price up and up, had 43 pips, then I decided to get out, I had seen price go up and down too many times so I exited. After that price started his way down again.
The GBP trade was to follow what was going to happen on EUR but I doubted for a while and catched a high price, then I couldn't exit with 20 because I had seen EUR go up strongly so I was expecting a big move on GBP also but I didn't move.
The losing EUR was greed working. I saw price went down and I think it was just a retracement and that I could get some 20 more. IT did went up again and I couldn't exit with just 15 and then price punished me.

Wow, long comment today. Don't get used to it LOL

Pips To Level 5: 83
Accumulated Pips: -43
Days Since Level: 3
Days since Start: 17
  • #36
  • Sep 13, 2006 10:06pm Sep 13, 2006 10:06pm
And, by the way, if you need encouragement about staying away from news trading I'll pony up: of the $2200 I've lost playing this game, $2000 was from news trading.

Learn quicker than me my friend....it looks good on paper, and maybe some people have found a way to execute properly...but it (a) doesn't work for most and (b) only feeds bad forex habits (no stops, no thought about the trade, and outright greed.)

If forex was as easy as news trading me, you, everyone else trading, a large number of monkeys/chimpanzes and a fair bit of livestock would be filthy rich.

moo.
  • #37
  • Sep 13, 2006 10:55pm Sep 13, 2006 10:55pm
Efex,

Thanks a lot for sharing your journey. This can be both a learning AND a motivational thread...Keep up the good work!
  • #38
  • Sep 14, 2006 1:21pm Sep 14, 2006 1:21pm
Hello efex
Thanks for sharing the great plan. I wish you all the best for your success.
Please do not quit. there will be more trades to come in our way while we are facing some losers.we must keep in mind that it is the part of our journey inn this jungle of forex.
laos i shall salute you. you are bold enough to aceept the facts that you made some enotiona;l trading and blrw the a/c, most of the traders will never accept that , it requires a lot of courage. Your posts have given me all the motivation to join you in the journey of success. i have also sent you a pm .
Please do not feel sick of your failure and keep it up.

You may succeed with another blow
Success is failure turned inside out
It may be near when it seens so far
So stick to the fight when you are hardest hit
It is when things seem worse
YOU MUST NOT QUIT
  • #39
  • Sep 14, 2006 2:09pm Sep 14, 2006 2:09pm
Quoting Rincewind
And, by the way, if you need encouragement about staying away from news trading I'll pony up: of the $2200 I've lost playing this game, $2000 was from news trading.

Learn quicker than me my friend....it looks good on paper, and maybe some people have found a way to execute properly...but it (a) doesn't work for most and (b) only feeds bad forex habits (no stops, no thought about the trade, and outright greed.)

If forex was as easy as news trading me, you, everyone else trading, a large number of monkeys/chimpanzes and a fair bit of livestock would be filthy rich.

moo.
LOL LOL that's right Rince, if forex would just resume to news trading it just would be too easy and you would be so damn ungry because a chimp makes lots of money and u have lost $2000

Keep working and keep working, on YOU first.
  • #40
  • Sep 14, 2006 3:46pm Sep 14, 2006 3:46pm
Quoting wallym
Efex,

Thanks a lot for sharing your journey. This can be both a learning AND a motivational thread...Keep up the good work!
Hi wallym,

Thank you.
I hope it will! That is the idea of this and I hope people benefits from this journal.

See ya around.
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