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Turning $800 into $1 million in 1 year

  • #81
  • Jun 14, 2017 4:46am Jun 14, 2017 4:46am
As much as it would have been great to be able to spell and have great English grammer its not much less satisfieng to know that you have gott the message and you are on my ignor list. So Life is great
Quoting Soros
{quote} Please Learn How to Spell before communicating with me.
  • #82
  • Jun 14, 2017 5:10am Jun 14, 2017 5:10am
To anyone trading this beautiful pair right now, if price breaks 141 and keeps going strong, then it's safe to go long and hold to at least a few hundred pips profit.

It it goes south past 140.00, then it's safe to short to TP about 100 pips only.

Just my opinion, take it with a grain of salt.
  • #83
  • Jun 14, 2017 5:57am Jun 14, 2017 5:57am
Quoting raphaelfx
To anyone trading this beautiful pair right now, if price breaks 141 and keeps going strong, then it's safe to go long and hold to at least a few hundred pips profit. It it goes south past 140.00, then it's safe to short to TP about 100 pips only. Just my opinion, take it with a grain of salt.


I'm thinking of adding another pair to my list - would you say GJ is the pair to go?


Keep going strong! show the community that you can go from rags to riches! haha
  • #84
  • Jun 14, 2017 6:16am Jun 14, 2017 6:16am
Quoting Timnyman94
{quote} I'm thinking of adding another pair to my list - would you say GJ is the pair to go? Keep going strong! show the community that you can go from rags to riches! haha
I'd say GJ is the ONLY pair to go. If you trade, it will keep you very busy already.

Try to master 1 pair only instead of multiples, that's the way I see it.
  • #85
  • Jun 14, 2017 6:26am Jun 14, 2017 6:26am
Quoting raphaelfx
{quote} I'd say GJ is the ONLY pair to go. If you trade, it will keep you very busy already. Try to master 1 pair only instead of multiples, that's the way I see it.

Yeah i've been doing that ;p going good so far but i trade mostly rather "slow pairs", aiming for a couple of trades max / week

Would be fun with a higher paced pair aswell ! gonna check it out!
  • #86
  • Jun 14, 2017 9:00am Jun 14, 2017 9:00am
Quoting raphaelfx
To anyone trading this beautiful pair right now, if price breaks 141 and keeps going strong, then it's safe to go long and hold to at least a few hundred pips profit. It it goes south past 140.00, then it's safe to short to TP about 100 pips only. Just my opinion, take it with a grain of salt.

This is exactly how I see it going aswell
  • #87
  • Jun 14, 2017 10:38am Jun 14, 2017 10:38am
Quoting Soros
{quote} Hate to say I Told you so...But....... I Told You So! Example: My Equity was Way High Beginning of the week then everything reversed, had to close my trades on a loss an keep moving, currently down 9% for the week, this is what i call "Stress Free Trading", im still able to make good returns but i always have my parachute on.....Im able to make better returns than u with less Risk, plus I am Flat at the end of the day in most cases, which removes alot of stress.
Apart from the psychological benefit of not constantly seeing negative there are also other benefits to closing losses (financially) rather than holding onto losses.

Net Swap:-$117.66

Part of this is being incurred because you have at this very moment 1 lot open for long and 0.25 lots open for short, matching 0.25 long and 0.25 short will incur a negative swap from the difference in the broker (for my broker this would be about $1.1 a day).
Trading is a Zero sum game. Someone winning means someone losing.
  • #88
  • Jun 14, 2017 10:55am Jun 14, 2017 10:55am
Quoting brody477
{quote} Apart from the psychological benefit of not constantly seeing negative there are also other benefits to closing losses (financially) rather than holding onto losses. Net Swap:-$117.66 Part of this is being incurred because you have at this very moment 1 lot open for long and 0.25 lots open for short, matching 0.25 long and 0.25 short will incur a negative swap from the difference in the broker (for my broker this would be about $1.1 a day).
Well... I try to do my best to not get into situations like this, but sometimes it's inevitable.

Again, I've said this before I guess. The reason I haven't closed those losers, is because I have some evidence (based on technical analysis) that I'll be able to close them for profit. Otherwise I'd have taken the losses.

Just look at my history, there're closed losses every once in awhile. So yes, I can take losses no problem.

Now it doesn't matter how ugly and bad that negative red number looks on the screen, they're gonna stay open if I believe that I can close them for profit.

I know many people judge my trading based only on that and they overlook my equity that keeps increasing despite holding floating losses. But there's nothing I can do about it, the stats are there just need to read it and look beyond that negative number.
  • #89
  • Jun 14, 2017 11:07am Jun 14, 2017 11:07am
Quoting raphaelfx
{quote} Well... I try to do my best to not get into situations like this, but sometimes it's inevitable. Again, I've said this before I guess. The reason I haven't closed those losers, is because I have some evidence (based on technical analysis) that I'll be able to close them for profit. Otherwise I'd have taken the losses. Just look at my history, there're closed losses every once in awhile. So yes, I can take losses no problem. Now it doesn't matter how ugly and bad that negative red number looks on the screen, they're gonna stay open if I believe...

If you can handle the psychological aspect than that's fine for you. But you still haven't addressed the avoidable losses I mentioned above:
"Part of this is being incurred because you have at this very moment 1 lot open for long and 0.25 lots open for short, matching 0.25 long and 0.25 short will incur a negative swap from the difference in the broker (for my broker this would be about $1.1 a day)."

If you want to make your account pretty with a straight line then go ahead, but if you are in this game for making money than you shouldn't open opposing trades but rather lower the majority position (It is still in effect the exact same trade 1lot long + 0.25 lot short = 0.75 lot long. (In fact 1lot long + 0.25 lot short < 0.75 lot long - bullshit broker swap fees)).
Trading is a Zero sum game. Someone winning means someone losing.
  • #90
  • Jun 14, 2017 11:59am Jun 14, 2017 11:59am
Quoting brody477
{quote} If you can handle the psychological aspect than that's fine for you. But you still haven't addressed the avoidable losses I mentioned above: "Part of this is being incurred because you have at this very moment 1 lot open for long and 0.25 lots open for short, matching 0.25 long and 0.25 short will incur a negative swap from the difference in the broker (for my broker this would be about $1.1 a day)." If you want to make your account pretty with a straight line then go ahead, but if you are in this game for making money than you shouldn't...
I have to hedge though. Hedge is life. It can save lives.

If swap is the price that I have to pay in order to use it, so be it.

The only way hedging is bad, is.. well.... when not done properly, or if things didn't actually work out as expected, then it can be disastrous, like trading without hedging can be disastrous as well.

But if you have an edge and a very good strategy, then I'd say that hedging is highly beneficial even with swaps and everything.
  • #91
  • Jun 14, 2017 12:15pm Jun 14, 2017 12:15pm
Quoting raphaelfx
{quote} I settled first on wanting to make 1 million dollars in 1 year. Then I asked myself, how much would I have to make weekly starting with that balance in order to pull that off. Then a compounding calculator shows that the closest number is 15%. Then I asked myself again, realistically do I think it's possible to pull off 15% weekly consistently. And the answer I came up with was yes. So that's why I'm trying.
Hi Raph,

Do you also work backwards and see how many pips you need to make in each week/month to be on schedule?
  • #92
  • Jun 14, 2017 3:48pm Jun 14, 2017 3:48pm
Nobody likes swap fees but you have to ignore them when you make long term trades. They can also be in your favor.
  • #93
  • Jun 14, 2017 3:48pm Jun 14, 2017 3:48pm
Quoting daddypig
{quote} Hi Raph, Do you also work backwards and see how many pips you need to make in each week/month to be on schedule?
No, I've never done like that. I'll usually think and have things in mind in terms of percentage return.

"This week I have to grow x%." or "this week I have to grow TO x amount $"
  • #94
  • Jun 14, 2017 5:05pm Jun 14, 2017 5:05pm
Quoting brody477
{quote} If you can handle the psychological aspect than that's fine for you. But you still haven't addressed the avoidable losses I mentioned above: "Part of this is being incurred because you have at this very moment 1 lot open for long and 0.25 lots open for short, matching 0.25 long and 0.25 short will incur a negative swap from the difference in the broker (for my broker this would be about $1.1 a day)." If you want to make your account pretty with a straight line then go ahead, but if you are in this game for making money than you shouldn't...
The Wednesday swaps are in.

brody477 is gonna freak out when he sees this.
Attached Image
  • #95
  • Jun 14, 2017 5:16pm Jun 14, 2017 5:16pm
Raphaelfx what currency is your account in. I opened buy position GBPJPY and my swap is paying me. USD account.
Sell position costs me.
  • #96
  • Jun 14, 2017 5:22pm Jun 14, 2017 5:22pm
Quoting Jr123
Raphaelfx what currency is your account in. I opened buy position GBPJPY and my swap is paying me. USD account.
USD. Those entries on the picture were opened a long time ago. I don't know if that matters. It's been accumulating.

Honestly, I don't even pay attention to that, I know I should.

Commissions are easy to track. On the 2nd month of this account I found an error, the broker were charging double the amount that was supposed to, and after complaining they fixed it and refunded.
  • #97
  • Jun 15, 2017 4:16am Jun 15, 2017 4:16am
hi, how are going to manage draw downs? and BTW how did you calculated that you will need 15% return every week to make 1 mil.
just curious.
  • #98
  • Jun 15, 2017 4:31am Jun 15, 2017 4:31am
Quoting raphaelfx
To anyone trading this beautiful pair right now, if price breaks 141 and keeps going strong, then it's safe to go long and hold to at least a few hundred pips profit. It it goes south past 140.00, then it's safe to short to TP about 100 pips only. Just my opinion, take it with a grain of salt.

Raphael can I ask why you did not close your long positions once this dropped below 140? I appreciate that it may well go back up but to save the DD why not close those positions and open a few more short and then ocne you notice PA making a break above it again you could re-enter potentially at a lower price for the longs?
  • #99
  • Jun 15, 2017 5:34am Jun 15, 2017 5:34am
Quoting raphaelfx
{quote} I have to hedge though. Hedge is life. It can save lives. If swap is the price that I have to pay in order to use it, so be it. The only way hedging is bad, is.. well.... when not done properly, or if things didn't actually work out as expected, then it can be disastrous, like trading without hedging can be disastrous as well. But if you have an edge and a very good strategy, then I'd say that hedging is highly beneficial even with swaps and everything.
Hi Raphael,

my experience with the same pair hedge ended with a disaster . Learned my lesson and I'm not going to make that mistake ever again. Maybe it's just because I don't know how to do it properly like you said or same pair hedge really isn't the way to hedge as lots of other traders say. The thing with me is, how do I know when I should close my short or long? If I close short for profit, how do I know it won't go back up? If it does, should I enter new shorts? How do I know it won't go higher after I have entered new shorts? That's the problem with me. Very stressful. But stress must be minimized in this business or you'll burn out.

I don't want to discourage you but I'm afraid this same pair hedging will kill account sooner or later. I really hope that in your case it will be killed after you've taken out your million .

Anyways, your thread is very fun to watch, keep up and good luck.
  • #100
  • Jun 15, 2017 5:53am Jun 15, 2017 5:53am
Quoting devsatosi
hi, how are going to manage draw downs? and BTW how did you calculated that you will need 15% return every week to make 1 mil. just curious.
You can google Compound calculator.
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