I'm new to this forum, and relativly new to the forex, but here is my 2 cents...
My goal set is this...
Double my money every 2 months.
To do this, I need to make approximately 12.5, or 13% of my total balance per week.
With a starting balance of 10k, and trading 25% of that, or 2.5k, here is how it works...
With a mini account, 200:1 leverage and 10k lots I can trade Eur/Usd at approximately 1.3200, buying 37 lots, I need to make 35 PIPS a week. The Eur/Usd has an average weekly pip movement of 239 pips since March of 2004. Even with 100:1 leverage I need roughly double that which still isnt hard as long as you have a fairly accurate trading ststem and you trade smart and practice good money management, risk vs. reward and all that. Well, that is my plan, let me know what you think, I can always use experianced advise!
Personally I have a goal of 100 pips a week on EUR vs USD. Which I think will be quite easy to achieve with my method I am using. I do not like to use other people's successes as a measure of my potential, however, my mentor is returning 5%-10% of his capital a week! (On average, of course we all have our slow weeks)
So all I have to say fellows is dream big and work hard and I am willing to bet your wildest dreams will come true.
Last edited by swordofrue; 12-21-2006 at 10:35 PM.
I think it is important for newbies to find a method that works for them. Kolachi Method just seems to work for me. I think most newbies go through a stage of bouncing from method to method searching for an easy way to make money. Once the realization occurs that it is hard work then you look for things that suit your personality. Kolachi Method happens to suit my personality. I wouldn't call it a holy grail I would just call it my trading method of choice. I think with due time most if not all methods can be successful. It is just most newbies lack the discipline to follow the rules of a trading method (opps I think I am plagiarising babypips.com
Anyhow, my point is don't jump from method to method because of the promise of success, find a method that makes you happy and that you enjoy using and then I am sure success will follow.
Last edited by swordofrue; 12-23-2006 at 08:33 PM.
Signals:when wma5 changes its slope place the entry.Wait for the pull back to ema21.If it crosses through it then be patient and exit on next change of slope.If it is repulsed then exit as soon as possible preferably with some profit.Repeat the process again on change of slope.
Whipsaws: Unlike other crosses this method has very few possiblilites of whipsaws.The reason being the difference in the period of two MAs.Moreover our entry is not the cross itself but the change of slope of wma5.In case of whipsaw you will see the repulsion of wma5 from ema21 but you have already break even or locked few pips.
Axis: wma5/ema21 has an axis of pullback which is 200 ema.It goes to a cetain level away from it and then it is pulled back for obedience till it is allowed to cross otherway to certain extent.
1)You will mostly see that wma5 is repulsed from ema21 on the first attemp mostly.
2)On second attempt it will mostly cross and may be stopped by ema55 which is a strong resistance and support in my system.
3)Once price has breached it then it will face ema100 as next level and the last one is ema 200.
4)Once wma5 has crossed an ema it is usually not the routine that it will cross back the same ema unless it has crossed some other higher level prior to that.
5)Tackle repulsion from ema55 carefully bcoz it means price has equal probability to cross it again as emas have habit of rejecting once atleast.
In a 10 week period Kolachi averaged nearly 600 pips a week and almost 5%+ in equality a week. One of the top Kolachi traders has worked his way up to nearly 300 pips a week. It seems very promising and I am going to stick with it and I would be happy just making a fraction of what Mr. Kolachi does in a week.
And good job parsush, I swear, google is the most underutilized tool of the decade ^^;