2009.06.17 DRAIN THE BANKS REV 8

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foreman01
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Postby foreman01 » Sat Jul 25, 2009 7:09 pm

cr0cop wrote:would the 'Drain The Banks' strategy be good even for someone trading forex with a $500 dollar account, or around how much do you think would be needed to pull $50 dollars a day from the forex using hte ' Drain The Banks strategy?

thanks
It depends on how large of a lot you are playing in order to determine how much you make per day.

a mini lot (0.1 lot) is worth about $1 per point (pip). So if yo make 25 pips every day then your pips need to be worth $2 i.e so you need to be playing 0.2 lots (2 mini lots).

Is $500 enough? Well $100 down is going to hurt, but presumably you try to avoid that.

Suggest you use a demo account as small as possible and see if you can trade it. Usually $3000 is the smallest demo, but you can easily burn off $2500 and get it down to $500. REAL easy to unmake money with forex.

Then use that $500 demo account. Or just get whatever demo size you get, and pretend it is only $500.

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TheRumpledOne
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Postby TheRumpledOne » Sat Jul 25, 2009 10:06 pm

RISK = STOP LOSS * POSITION SIZE.

RISK = 2% of account. If $1000 account then $20

STOP LOSS = 10 PIPS.

POSITION SIZE = RISK / STOP LOSS = 20 / 10 = 2

$50 / 2 minilots = 25 pips. Which is not out of the question.
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Patch
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Postby Patch » Sun Jul 26, 2009 1:14 am

Welcome cr0cop & 10pipsman

I am reading NLA up to about page 275 as of this morning. In the last three days or so I read a post were MO, MightyOne said you should not trade with a live account until you earn 1000 pips with 200 trades. If you can't make money with a demo, you will lose cash with live trading.

I also like the idea of opening a mini account and using very small lots, so money is involved.

Last suggestion, go through NLA, Never Lose Again, and read every post by MO. He begins posting about page 130. this link will take you to page 130 on NLA:
http://kreslik.com/forums/viewtopic.php ... start=1290

Note to jump pages, go to the last number in the url, put in the page number you want to go to, subtract 1 and put a zero on the number.

Work harder on this your trading project than you ever have before on anything, and you will be amazed at the results in your life.

Patch
In VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby GrnFx » Mon Jul 27, 2009 2:47 am

crOcop
Your trading experience will tell what you can and not. The other important factor is the money management and size positioning. If you are just starting, take some time(a lot) and read thru this forum. You will find that these pros did not get it until some time and some devastating experience with trading. The education and trading is for the long haul, not overnight or near future. Decide that you are getting a PHD in this and work it accordingly.

Gary

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cr0cop
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Postby cr0cop » Mon Jul 27, 2009 10:07 pm

hello can you guys please confirm the forex market open times, i wanted to get the right hours to make sure i am drawing the buy zone lines at the right time...etc: Sydney open 5:00 pm to 2:00 am EST; Tokyo open 7:00 pm to 4:00 am EST; London open 3:00 am to 12:00 noon EST; New York open 8:00 am to 5:00 pm EST

thanks

PS thanks a lot for the feedback on money management!

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PTG
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Postby PTG » Mon Jul 27, 2009 10:23 pm

cr0cop wrote:hello can you guys please confirm the forex market open times, i wanted to get the right hours to make sure i am drawing the buy zone lines at the right time...etc: Sydney open 5:00 pm to 2:00 am EST; Tokyo open 7:00 pm to 4:00 am EST; London open 3:00 am to 12:00 noon EST; New York open 8:00 am to 5:00 pm EST

thanks

PS thanks a lot for the feedback on money management!


Good question.
Oanda has a widget that tells you. You can download it on oanda.com It is called FXMarketHours
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RicG
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Postby RicG » Mon Jul 27, 2009 10:24 pm

cr0cop wrote:hello can you guys please confirm the forex market open times, i wanted to get the right hours to make sure i am drawing the buy zone lines at the right time...etc: Sydney open 5:00 pm to 2:00 am EST; Tokyo open 7:00 pm to 4:00 am EST; London open 3:00 am to 12:00 noon EST; New York open 8:00 am to 5:00 pm EST

thanks

PS thanks a lot for the feedback on money management!
cr0cop -

Here is a link with the info you requested - also has countdown clocks, holidays, etc.
http://www.2009.worldmarkethours.com/Forex/index.htm

Regards,
Ric
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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retireme
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Postby retireme » Mon Jul 27, 2009 10:34 pm

cr0cop

This is how I manage!

http://desktop.google.com/plugins/i/fxm ... html?hl=en

It looks like this on my google homepage.

Image

regards

Nick

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PTG
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Postby PTG » Mon Jul 27, 2009 10:37 pm

retireme wrote:cr0cop

This is how I manage!

http://desktop.google.com/plugins/i/fxm ... html?hl=en

It looks like this on my google homepage.

Image

regards

Nick


Yeah, that's the Oanda widget that I use. I have it running on Yahoo! Widgets.
This is my new signature: "new signature".

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jacal1
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caution!!!!

Postby jacal1 » Fri Jul 31, 2009 4:38 am

cr0 + 10pip

you guys have arrived at probably the friendliest and honest place in all of trading forums,

everyone here will have experience and stories to share that will benefit you in your trading endeavor please take each one with grain of salt.

as for me DTB has been part of my real trading this past month I have induced mistakes to try to disprove semafore but always came out with the pips needed to make profit and even exceeding pip take with each entered mistake (ie: enter to late enter to early but within 10 pips of semafore)

as for what everyone has suggested learn to lose first before you try to win even if it is only $500 as the percentage you lose or win can always be translated to bigger amounts

TRO thank you again for your time and generosity once I'm settled I will be sending a formal thanks to you. wifey just needs more convincing with DTB.

DTB everyone!!

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