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Turning $800 into $1 million in 1 year

  • #101
  • Jun 15, 2017 6:03am Jun 15, 2017 6:03am
Quoting Seshwaan
{quote} 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?
In hindsight there's always a lot of of "I should have done this or that". But trading live it's a different story. If I had done what you suggested, I'd have gone all in on that setup. What if it didn't work out they way I was expecting?

So to answer your question, I didn't do that because I was managing risk. I don't have a crystal ball, I'm just a trader.
  • #102
  • Jun 15, 2017 6:13am Jun 15, 2017 6:13am
Quoting 1pipperhour
{quote} 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?...
But you do realize that all those questions fits the same for trading without hedging right?

So it's not hedging itself the problem, the question is do you have an edge and a profitable strategy that works? Knowing when to open/close this or that, is something that you'll have to know regardless whether you're hedging or not. Let me put this way, you didn't have a disaster because you were hedging, but because you didn't have a working strategy/plan.
  • #103
  • Jun 15, 2017 6:17am Jun 15, 2017 6:17am
Quoting raphaelfx
Finished Week 7 just about $100 shy of matching its target. Now we begin Week 8. Target is $2,625.96.
Weekly target about to be hit.
  • #104
  • Jun 15, 2017 6:54am Jun 15, 2017 6:54am
Quoting raphaelfx
{quote} But you do realize that all those questions fits the same for trading without hedging right? So it's not hedging itself the problem, the question is do you have an edge and a profitable strategy that works? Knowing when to open/close this or that, is something that you'll have to know regardless whether you're hedging or not. Let me put this way, you didn't have a disaster because you were hedging, but because you didn't have a working strategy/plan.
Well, I think that opening a position that goes 1000 pips against you is already a mistake, it means trader was wrong (there are exceptions of course - higher tf traders, investors etc.). So the trader was wrong and he doesn't want to lose money. What he does? Hedges the same pair, locks in the loss and prays he could get out. Don't get me wrong, I think hedging can be useful when managing money or risk, but not within the same pair. Never heard of any success stories. Then there's also the stress it creates. It won't be a problem if that 1000 pips is like 1% of your account, but if it's 50% then this I consider being a problem.

The edge is something like having one set up with predefined tp an sl which works 51%. If trader has that, he's doing well.
  • #105
  • Jun 15, 2017 7:11am Jun 15, 2017 7:11am
This is kind of interesting. I am betting that raphaelfx is going to quit public trading not becouse of stress of hedging but becous of that most of the Viewers knows better then him how to use hedging and that he should not use it. Seems to me that pressure of naging in this forum is much higher then presure of loosing account of eigth hundred bucks.
  • #106
  • Jun 15, 2017 7:24am Jun 15, 2017 7:24am
Quoting Hajdi
This is kind of interesting. I am betting that raphaelfx is going to quit public trading not becouse of stress of hedging but becous of that most of the Viewers knows better then him how to use hedging and that he should not use it. Seems to me that pressure of naging in this forum is much higher then presure of loosing account of eigth hundred bucks.
I apologize for expressing my opinion in opened discussion forum, which btw is allowed in FF or Europe. I shared my experience, what did you share?
  • #107
  • Jun 15, 2017 7:33am Jun 15, 2017 7:33am
Quoting 1pipperhour
{quote} Well, I think that opening a position that goes 1000 pips against you is already a mistake, it means trader was wrong (there are exceptions of course - higher tf traders, investors etc.). So the trader was wrong and he doesn't want to lose money. What he does? Hedges the same pair, locks in the loss and prays he could get out. Don't get me wrong, I think hedging can be useful when managing money or risk, but not within the same pair. Never heard of any success stories. Then there's also the stress it creates. It won't be a problem if that...
That's exactly why hedging the same pair is useful. Because the trader made a mistake, now that he's hedged, he's stopped the bleeding and the loss. It's like pushing the pause button on loss. Now that everything is paused, you can take break and a breath and ask yourself, "Can I fix this situation? Can I get out of this? Let me think of a plan or figure something out to at least minimize the damage".

Hedging is the completely opposite of stress creation. It's stress reducing. When I hedge the first thing I feel is relief. The problem is still there, but at least give you some time to think of a solution. It buys you time, thats what it does.

"Lock in the loss"? Yes, it's pretty much it my intentions when I do it.

"prays he could get out"? Well, I can speak for myself, not really. I'm not praying or betting on luck. When I'm hedged is because I have some technical analysis evidence that I'll be able to recover.
  • #108
  • Jun 15, 2017 7:53am Jun 15, 2017 7:53am
Quoting raphaelfx
{quote} That's exactly why hedging the same pair is useful. Because the trader made a mistake, now that he's hedged, he's stopped the bleeding and the loss. It's like pushing the pause button on loss. Now that everything is paused, you can take break and a breath and ask yourself, "Can I fix this situation? Can I get out of this? Let me think of a plan or figure something out to at least minimize the damage". Hedging is the completely opposite of stress creation. It's stress reducing. When I hedge the first thing I feel is relief. The problem is...

Glad if it works for you, I will certainly follow your progress here. Even 10K closed profit would be something.
  • #109
  • Jun 15, 2017 9:50am Jun 15, 2017 9:50am
Quoting Hajdi
This is kind of interesting. I am betting that raphaelfx is going to quit public trading not becouse of stress of hedging but becous of that most of the Viewers knows better then him how to use hedging and that he should not use it. Seems to me that pressure of naging in this forum is much higher then presure of loosing account of eigth hundred bucks.
They are just having a discussion about hedging no-one is nagging whatsoever. Two people of differing opinions having a discussion is not necessarily nagging or arguing.
  • #110
  • Jun 15, 2017 10:06am Jun 15, 2017 10:06am
Quoting raphaelfx
{quote} In hindsight there's always a lot of of "I should have done this or that". But trading live it's a different story. If I had done what you suggested, I'd have gone all in on that setup. What if it didn't work out they way I was expecting? So to answer your question, I didn't do that because I was managing risk. I don't have a crystal ball, I'm just a trader.

Yeah I completely understand why you didn't just close them
  • #111
  • Jun 15, 2017 10:20am Jun 15, 2017 10:20am
Nice Journal. Good performance. I am going to follow your journal.
  • #112
  • Jun 15, 2017 10:28am Jun 15, 2017 10:28am
Yes you are right about definition of discusion, and I do get that. But my comment has not been personal to 1peper I was talking in plural as different people are takeing up same subject on and on and probaly will continue in same maner.
Quoting Seshwaan
{quote} They are just having a discussion about hedging no-one is nagging whatsoever. Two people of differing opinions having a discussion is not necessarily nagging or arguing.
  • #113
  • Jun 15, 2017 10:37am Jun 15, 2017 10:37am
Quoting raphaelfx
{quote} I'll increase margin used as the account grows. Simple as that. I'm always thinking in percentage, I'll do best to try to keep margin used under 10% of the total equity. As you can see right now, I'm breaking this rule a bit. The more I grow, the less I'll have the need to risk.
I don't want to dissapoint you but your trading history shows that you are losing slowly and growing, since you have MANY current open traders who are losing by now...
There will be a day which you won't be able to open any other trade or increase your lots size, and by that day or you close all your losing trades and drain your account or you will have to wait weeks maybe months to have profit.
Best wishes and dream big!
Chase your dreams, because nobody will do it for you.
  • #114
  • Jun 15, 2017 10:38am Jun 15, 2017 10:38am
Raphael fx. Nice profits. I think your trading has been great. Like you said we sometimes get in a bad situation, its all about how you get out and make a profit. Holding my buy position hoping for 108.00
  • #115
  • Jun 15, 2017 11:59am Jun 15, 2017 11:59am
Quoting SupCnR
{quote} I don't want to dissapoint you but your trading history shows that you are losing slowly and growing, since you have MANY current open traders who are losing by now... There will be a day which you won't be able to open any other trade or increase your lots size, and by that day or you close all your losing trades and drain your account or you will have to wait weeks maybe months to have profit. Best wishes and dream big!
Basically every single point that you made, is actually the opposite of what's happening.

My equity is increasing at the moment, my losses are decreasing and on top of that awhile ago I closed some longs at break even just to decrease my margin used just to be more safe than I already is.

So,.... your comment is actually the first one on this thread, that didn't make much sense.
  • #116
  • Jun 15, 2017 12:06pm Jun 15, 2017 12:06pm
Quoting Jr123
Raphael fx. Nice profits. I think your trading has been great. Like you said we sometimes get in a bad situation, its all about how you get out and make a profit. Holding my buy position hoping for 108.00
You know, the strange thing is that I confess that I'm conflicted right now. I have some analysis that tells me that I should be long, and other that I should be short.

I'm just long right now based on feeling and because things are "looking bullish". But I don't like to trade like that. I'm currently trying to figure out why I have some contradicting information, to then take the right direction.

Again, I'm long but I'm not fully confident. I'm sort of going with the flow at the moment.
  • #117
  • Jun 15, 2017 4:55pm Jun 15, 2017 4:55pm
Quoting raphaelfx
{quote} You know, the strange thing is that I confess that I'm conflicted right now. I have some analysis that tells me that I should be long, and other that I should be short. I'm just long right now based on feeling and because things are "looking bullish". But I don't like to trade like that. I'm currently trying to figure out why I have some contradicting information, to then take the right direction. Again, I'm long but I'm not fully confident. I'm sort of going with the flow at the moment.
Your right I feel the same. If you look at the 4hr trend line for GBPJPY, its just touched past it and might reverse. I'm watching for gold to continue falling and USDJPY to strengthen. Now's not the time to get over confident.
  • #118
  • Jun 15, 2017 5:37pm Jun 15, 2017 5:37pm
Quoting raphaelfx
{quote} You know, the strange thing is that I confess that I'm conflicted right now. I have some analysis that tells me that I should be long, and other that I should be short. I'm just long right now based on feeling and because things are "looking bullish". But I don't like to trade like that. I'm currently trying to figure out why I have some contradicting information, to then take the right direction. Again, I'm long but I'm not fully confident. I'm sort of going with the flow at the moment.
I wanna see that since you have - 6,957 pips and it is 48% of your account by right now...
On the past I did something like you by hedging my positions, that's why i will only believe that you are winning, when you have all your equity back and not half of it like right now because one day it won't come back like you wish.
Regards
Chase your dreams, because nobody will do it for you.
  • #119
  • Jun 15, 2017 6:40pm Jun 15, 2017 6:40pm
Quoting SupCnR
{quote} I wanna see that since you have - 6,957 pips and it is 48% of your account by right now... On the past I did something like you by hedging my positions, that's why i will only believe that you are winning, when you have all your equity back and not half of it like right now because one day it won't come back like you wish. Regards
Okay, let me see if I can understand you. Maybe it's a matter of perspective, or half full half empty glass type of thing.

This account was made an initial and only deposit of $858.43. At this very moment if I were to close ALL my positions and take all the losses, I'll have both a balance and equity of just over 3 thousand dollars. That means that I could walk away at this very moment with a 240% return on my investment.

But for you, somehow, this is still bad?

You do realize that floating loss is more of a tool, and not part of the original investment right?

You see half of this account in the negative. I see a 240% return on investment so far. Or just over 15% weekly average return if you prefer.

Just a reminder to you, no matter how many negative pips you see floating around, 15% weekly average return means 15% weekly average return. That's equity growth, not balance. That return would bring this account to over 1 million dollars before the end of April 2018.
  • #120
  • Jun 15, 2017 7:08pm Jun 15, 2017 7:08pm
Well said. Equity is what matters.
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