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MightyOne
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Postby MightyOne » Fri Dec 03, 2010 5:52 am

Shinobi-X wrote:2,000 hours of screen time is probably enough for fast learners. the best analogy is...
if you took 4 years to complete college to get you your current income (or whatever educational background) and live comfortably off it it is absurd to think that you can master forex trading in 12 months.

regarding candlestick though... i don't completely agree that you should spend thousands of hours just to watch candlestick. trade hard trade smart or in this case study hard study smart. go to m1 (one minute) TF and watch them for hours. the movement is the same with the higher TF. in H1 you will find volatile, quiet and trending market. in m1, the volatile & trending market will almost always happen during tokyo/london lapse and 2 hours after that and london/ny lapse and 2 hours after that and also near/after major news release. the quiet market most likely starts 2 hours after tokyo open and after london close. whatever happens on h1 also happens on m1. you just need to observe them. this is how you can learn quicker. imagine spending 2,000 hours watching m1 chart :)

the greatest part of the post above (adaseb's post) is the last paragraph..."not everyone can trade forex".


Have a great weekend guys/gals :)


I spent two years paper trading, real paper trading with actual paper :wink:, before I even touched a...phone.

I didn't even own a computer, I would get a new set of paper charts in the mail and call my broker for updates.

I would take my charts everywhere I went, they were literally glued to my left hand.

Here is something that I don't usually share because it is embarrassing to show accounts with nothing in them :shock:

I had been trading options for a few years and wanted to try my hand at outrights so I started a $2,000 account with $95-$100 commissions if you want to talk about a deck stacked against me!

These three pages are the only records I have from that far back... You may be wondering why the gaps are so large in my record keeping...daily, weekly, and monthly charts baby...daily weekly and monthly charts :wink:

As of 10:12 PST on 4/15/02

Gold February 2002: 1 lot long at 274.80, current 284.70, net change N/A, +$895.00, POSITION LIQUIDATED/ROLLED.
Gold February 2002: 1 lot long at 291.90, current 284.70, net change N/A, -$815.00, POSITION LIQUIDATED/ROLLED.
Gold December 2002: 2 lots long at 287.80, current 303.50, net change -2.1, +$2,950.

Soybean Meal July 2002: 1 lot long at 151.30, current 152.30, net change -1.9, +$5.00

Futures Profit and Loss Total: +$3,035 :x

As of 08:07 PST on 5/24/02

Coffee December 2002: 1 lot long at 56.10, current 56.60, net change 0.4, +92.50.
Gold December 2002: 2 lots long at 287.80, current 325.50, net change -0.6, +$7,350.
Soybean Meal July 2002: 1 lot long at 151.30, current 163.40, net change 0.9, +$1,115.

Option/Coffee December 2002: 1 put long on a 50 strike for 3.4, current premium 3.28, -$140 (hedge)

Futures Profit and Loss Total: +$8,497.50 :?

As of 07:55 PST on 10/24/02

Skipping over some rolled over positions...

Coffee December 2002: 1 lot long at 53.35, current 67.50, net change 3.2, +$5,206.25
Coffee Demeber 2002: 1 lot long at 56.10, current 67.50, net change 3.2, +$4,175.
Gold December 2002: 2 lots long at 287.80, current 311.70, net change -0.9, +$4,580.
Rough Rice (still haunts me in my sleep) March 2003: 2 lots long at 4.45, current 4.27, net change +0.12, -$920.00.
Soybean Meal July 2002: 1 lot long at 151.30, current 169.30, +$1,700.

Option/Coffee December 2002: 1 put long on a 50 strike for 3.4, current premium 0.6, -$1,150 (hedge).

Futures Profit and Loss Total: +$14,811.25

Shortly after this, volatility in Coffee went off the friggen wall doubling this number but I don't have records of that.


How did I go from $2,000 to $14,811.25 in ~6 months(besides being born one of the most aggressive traders ever)?

I didn't have hourly charts so my focus was on 2 things:

1. Not blowing up.

2. Reaching my price target.

The first is a matter of responding to new information and the second is persistence.

Most of all I believed in myself so strongly that I didn't think it was possible for me to fail; I wouldn't let myself, I was going to try again and again and win no matter what the cost.

That and Futures is child's play :lol:

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eudamonia
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Postby eudamonia » Fri Dec 03, 2010 11:32 pm

Mo,

Having started as a grain trader I can tell you that you have some frikkin steel balls trading even 1 lot of gold on a $2k account.

The guy who taught me how to trade loved trading Soybeans and would often run a small $10k account up to $100k in a single season. But it took a bit of luck and whole lot of sleepless nights.

My first corn trade took me from $5k to $35k in 3 months and then I learned what the toilet stoploss was.

Edward
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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MightyOne
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Postby MightyOne » Sat Dec 04, 2010 8:34 am

eudamonia wrote:Mo,

Having started as a grain trader I can tell you that you have some frikkin steel balls trading even 1 lot of gold on a $2k account.

The guy who taught me how to trade loved trading Soybeans and would often run a small $10k account up to $100k in a single season. But it took a bit of luck and whole lot of sleepless nights.

My first corn trade took me from $5k to $35k in 3 months and then I learned what the toilet stoploss was.

Edward


Fortunately I never had to pay for my bad decisions :wink:

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Postby Shinobi-X » Sat Dec 04, 2010 1:54 pm

MightyOne wrote:
Shinobi-X wrote:2,000 hours of screen time is probably enough for fast learners. the best analogy is...
if you took 4 years to complete college to get you your current income (or whatever educational background) and live comfortably off it it is absurd to think that you can master forex trading in 12 months.

regarding candlestick though... i don't completely agree that you should spend thousands of hours just to watch candlestick. trade hard trade smart or in this case study hard study smart. go to m1 (one minute) TF and watch them for hours. the movement is the same with the higher TF. in H1 you will find volatile, quiet and trending market. in m1, the volatile & trending market will almost always happen during tokyo/london lapse and 2 hours after that and london/ny lapse and 2 hours after that and also near/after major news release. the quiet market most likely starts 2 hours after tokyo open and after london close. whatever happens on h1 also happens on m1. you just need to observe them. this is how you can learn quicker. imagine spending 2,000 hours watching m1 chart :)

the greatest part of the post above (adaseb's post) is the last paragraph..."not everyone can trade forex".


Have a great weekend guys/gals :)


I spent two years paper trading, real paper trading with actual paper :wink:, before I even touched a...phone.

I didn't even own a computer, I would get a new set of paper charts in the mail and call my broker for updates.

I would take my charts everywhere I went, they were literally glued to my left hand.

Here is something that I don't usually share because it is embarrassing to show accounts with nothing in them :shock:

I had been trading options for a few years and wanted to try my hand at outrights so I started a $2,000 account with $95-$100 commissions if you want to talk about a deck stacked against me!

These three pages are the only records I have from that far back... You may be wondering why the gaps are so large in my record keeping...daily, weekly, and monthly charts baby...daily weekly and monthly charts :wink:

As of 10:12 PST on 4/15/02

Gold February 2002: 1 lot long at 274.80, current 284.70, net change N/A, +$895.00, POSITION LIQUIDATED/ROLLED.
Gold February 2002: 1 lot long at 291.90, current 284.70, net change N/A, -$815.00, POSITION LIQUIDATED/ROLLED.
Gold December 2002: 2 lots long at 287.80, current 303.50, net change -2.1, +$2,950.

Soybean Meal July 2002: 1 lot long at 151.30, current 152.30, net change -1.9, +$5.00

Futures Profit and Loss Total: +$3,035 :x

As of 08:07 PST on 5/24/02

Coffee December 2002: 1 lot long at 56.10, current 56.60, net change 0.4, +92.50.
Gold December 2002: 2 lots long at 287.80, current 325.50, net change -0.6, +$7,350.
Soybean Meal July 2002: 1 lot long at 151.30, current 163.40, net change 0.9, +$1,115.

Option/Coffee December 2002: 1 put long on a 50 strike for 3.4, current premium 3.28, -$140 (hedge)

Futures Profit and Loss Total: +$8,497.50 :?

As of 07:55 PST on 10/24/02

Skipping over some rolled over positions...

Coffee December 2002: 1 lot long at 53.35, current 67.50, net change 3.2, +$5,206.25
Coffee Demeber 2002: 1 lot long at 56.10, current 67.50, net change 3.2, +$4,175.
Gold December 2002: 2 lots long at 287.80, current 311.70, net change -0.9, +$4,580.
Rough Rice (still haunts me in my sleep) March 2003: 2 lots long at 4.45, current 4.27, net change +0.12, -$920.00.
Soybean Meal July 2002: 1 lot long at 151.30, current 169.30, +$1,700.

Option/Coffee December 2002: 1 put long on a 50 strike for 3.4, current premium 0.6, -$1,150 (hedge).

Futures Profit and Loss Total: +$14,811.25

Shortly after this, volatility in Coffee went off the friggen wall doubling this number but I don't have records of that.


How did I go from $2,000 to $14,811.25 in ~6 months(besides being born one of the most aggressive traders ever)?

I didn't have hourly charts so my focus was on 2 things:

1. Not blowing up.

2. Reaching my price target.

The first is a matter of responding to new information and the second is persistence.

Most of all I believed in myself so strongly that I didn't think it was possible for me to fail; I wouldn't let myself, I was going to try again and again and win no matter what the cost.

That and Futures is child's play :lol:

$95-$100 is a pain in the ass. i feel your pain. back in '03 i paid 8 pips on spread and $50 on top of that for commission so that's $130 per standard lot EURUSD. i also consider myself as aggressive in my trading but man...$2,000 :shock: is freakin' insane. i started with 10x your amount.

Hat's off to you.

we're very lucky to have caliber traders here on kreslik IMHO.
The gap between reality and dream is called action.

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genlogins
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Postby genlogins » Sat Dec 04, 2010 8:32 pm

TheRumpledOne wrote:Listen to Mark Douglas

http://www.4shared.com/file/96740657/22 ... arket.html



Hi TRO, or anyone.

Were can I get the second part of that interview?

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genlogins
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Postby genlogins » Sat Dec 04, 2010 8:40 pm

adaseb wrote:Here is what I do.

Turn off the P&L in your trading platform. Make it only show the pips amount and not the dollar amount.

If you are trading $1/ pip, and you are up 5 pips, make it show +5 pip profit and not $5.

And start trading low at like 1c/pip and then move your way up.

Emotionally whatever amount you trade it won't matter because you are not looking how much money you made instead how much pips you made.

That way when you progress trading higher lots such as $100/pip, it will feel no different from trading $0.01/pip.



I think that the 2 pips spread is already the 2% of the account, but fo rthe broker.
Either you lose or win you will have to pay in advance the 2%.

And like TRO said in his interview, in a compound effect that will be about 110K /Year. Of course if a broker has 100 clients, than it will be 110kx1000=110mmilion per year.

Catching without getting our of their chair.

Nice and legal daylight robbery from brokers.

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bredin
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Postby bredin » Sat Dec 04, 2010 8:47 pm

genlogins

the bit the broker pockles is smaller than that, but the process you described is called "standing in the money stream" and is incredibly common in business.

G.
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Postby Shinobi-X » Sun Dec 05, 2010 11:34 am

@genlogins

if you're interested in making money like that (like the brokers) just buy their share. FXCM just went public a week ago. Oanda might follow suit. :)

news on FXCM:
http://www.rttnews.com/Content/Breaking ... Id=1495526

place to buy Oanda's share:
http://www.sharespost.com/companies


Anticipating crazy end-of-year weeks :)
The gap between reality and dream is called action.

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genlogins
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Postby genlogins » Tue Dec 07, 2010 11:30 am

Thanks Shinobi.
================================================

The Way To Money Is Using Simplicity And Take Small Loses

================================================

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genlogins
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Postby genlogins » Tue Dec 07, 2010 11:49 am




Hi all folks,

Take a look at the image above.

I had an entry at the Low of the 1st Red Candle.

Price moved to 5 pips and I moved SL to Break even +3pips.


Like TRO says in his interview, more and more often this type of trading happen as price tends to get back and close your position.

So, what do you do?

1- Get back in trading using the same value?

2- Use the Point A as new entry?

3- Use the Pink TRO indicator value to get back in?

4- Close the station or the day?


Thanks for your answers in advance.

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