How to start with $100 and turn it into 1 Million in 100 trading days!

it’ll close if i lose huge amounts too :wink:

for some reason, i’m not worried one way or the other.

Jay

Ok all… I will be updating this thread with all the current totals for the last 2 weeks.

Right now, long eur/usd at 1.3759.

20 pip stop

40 pip target

risking 0.35%

Won’t make 1.3799… counter on the daily? Asian range not that high? But good hunting!

EDIT: My longer short is at 1.3783.

eur/usd long at 1.3759
primary reasons to take the trade:

Gap fill trade from the weekend. Price filled the gap, and although is yet to move up much from the close of the market on friday.

volume and price action on a 1 minute TF and 5 min TF indicate that sellers are running out, and buyers are still interested
at this price.

Was a little nervous entering this trade for the following reasons:
it’s the asian session, and not my typical trading time.
I’m taking a long trading while price is currently in a daily demand zone
I know that price always pushs to size. Size is above current price…but fairly decent size is also below current price.
I’m going long somewhat in the middle of a “liquidity sandwich”. This is not the ideal place to take a long trade.

secondary Reasons I decided on taking the trade.

I have a long bias on eur/usd for this evening.

the size closest to current price is the size above. This will tend to act as a magnent on price.

we have a psychological number: 1.3800 within that liquidity block (starting around 1.3800 and moving up to about 1.3820)

there is a minor liquidity gap between around 3760 up through about 3785.
high probability of making at least 1R

Believe london will likely push up into liquidity before pushing down…before pushing back up. This is a
bit far fetched to call out like this, and I should restrain myself from this type of thinking…as it can lead
to overtrading and overconfidence.

more on this trade as it progresses.

Jay

Live Trade Psych journaling -
Feeling a bit nervous, price pulled back against me a few pips. Nothing to be concrned about. Actually, nothing to be concerned about

regardless of being stopped out, or targeting. Do not enjoy the slow volatility of the asian session the sunday market opens (sunday for me)

interest seems to be flowing to the long side… it seems that slightly more aggressive buying is picking up. it is currently 6:55 pm (18:55 my time)

wasn’t sure about taking some profits at 1:1…now I know I will do that (or close to it). However, still not comfortable making this decision this
late in the trade. Will work out some sort of exit or trailing stop strategy for these types of trades (actively managed, short term trades)
Something more mechanical, before the start of trading tomorrow.

Starting to feel more confident about this trade. almost too confident. I seem to have momentarily forgotten that it could indeed stop out for
a 0.35% loss. Will absolutely take some profit off around 1:1, if it is reached.

Well reasoned as always. Asian is typically rangebound. I see nothing wrong with your trade looking to the 1h. Looking to the daily I see short bias. I trade off 4h and daily and as of yet see nothing of significance on my TF’s at least that point north. But as I say, good hunting.

Feel like I have more riding on this trade than i usually do on most of my trades. I think it’s primarily due to the very public nature of this typically very private activity. Funny thing Is, I have 1 contract on in the 6E futures (did have 2, covered 1 at + 10 ticks), and I nearly forgot I had it on.

an open position with $200 of unrealized profit, and I forget about it, but I cant take my eyes off the screen where a win or loss will increase or decrease my net worth by a whopping $3.50.

It has to be the public nature of this project. I need to take it a bit easier than I am. I tend to run a bit more intense than the average person…but that is not going to work to my benefit if i can’t relax more.

And speaking of the trade… PA is starting to look a bit toppy here… like we might roll over to the downside. but, the volatility and volume are both so low, I don’t think it’s worth me trying to read into. Something like reading the cover of a very old, very weatherbeaten book.

Definately not very comfortable with this trade ATM.

But, per my written rules, i will follow them as I set up. Also, this journal should provide me any insights necessary to
improve my trading plan and rules, so to be better prepared every single day for the next day.

Jay

P.S. btw…closed the 2nd contract out on 6E for 5 ticks profit… up almost $200 in my primary account tonight. lets see what happens here…what this thread is all about.

R Carter…my suspicion is the light volume pre-asian and where price traded during that time (primarily between 1.3775 and 1.3815), stacked on the higher volume closing price of friday…plus this current asian session between 1.3775 - 1.3755 gives me reason to believe this will break up before it breaks down.

Liquidity is a bit of a ways to the downside. Easier (cheaper) for a large institution to put a short squeeze on, pop stops and resting buy orders above 1.3810-1.3815, and fill their order at a higher price, without slippage…

IMO…if they want down, they will be better off pushing it up before they push it down.

if the want up…well… cool :slight_smile:

But… again… who knows right. this is trading.

Jay

stop moved to BE on this trade. on the off chance it pushes back down before continuing up. well…i guess i get stopped out and miss a profitable opportunity.

however, if it pushes down and keeps running… glad i didn’t lose.

from right about here…1.3773, it’s either going to break up to my first target of 1.3779, or it’s going to likely retest the lows.

no point in chancing loss when a retest likely means failure, and i’m so close to first target anyway.

risk free…sounds good to me.

Jay

on a psychological note. I feel good about moving stops to BE in this circumstance… but I still will need better rules to govern how i manage my trades, such as taking exits early, moving stops…etc.

More for the plan for tomorrow.

Jay

I’m thinking if we can break 1.3776, we’ll move pretty quickly up another 10 pips.

This would be enough to hit my first target, and close half the position.

But…regardless… I can’t lose on this trade. So, not much to worry about now. Still would like to see it hit both targets of course, but i’m now in a risk free bet. Always a good situation to be in.

Interestingly enough…i don’t feel much less nervous. This level of exposure is more than i originally anticipated…but nevertheless… I think it’s likely good practice for… well…no idea. trading is solitary.

guess it’s just more stressful for no good reason.

lol

Jay

closed 1st half at 1.3777.

no point in losing it all now…when i’m 90% of the way to my first target.

0.1575% profit

half the trade is still open.

Trade broke out, but on light volume.

volume has been dropping as price has been moving up from around 1.3755 to where it just peaked out around 1.3778.

This is indicative of possible further downside action.

from a psych persepctive, i’m very tempted to close my trade given this PA and volume pattern… if it follows through as it typically would in these cases, price should be dropping.

however, I already stated where I was entering and exiting, and so far, it’s served me well. Furthermore, the more mechanical I can make my trading, I think the better it will be to improve upon (easier, anyway).

So, no closing this early, unless we get to 1.3792. I will then trail a stop 1:1 until either target or stop is hit.

again, when your most of the way there, no point in giving it all back.

Jay

turns out i just received over the wires that offers exist from 1.3780 - 1.3800. I will start to track this type of info, and then i will be able to go back and see whether it would have been more profitable to adjust accordingly, or simply ignore it and stick with my plan.

For now…the default setting is…and always will be, just stick to the plan/rules.

Jay

Reading your posts you’ve made some pips tonight… good call! Can’t even come close on 4h or daily… PM me on your longer trades! I’m all ear’s!

Reading your posts you’ve made some pips tonight… good call! Can’t even come close on 4h or daily… PM me on your longer trades! I’m all ear’s! :35:

Thanks Carter… wish we both were as excited about it :wink:

It’s one trade so far… and I have a long week ahead of me. I will likely keep risk low until i can build up a 5%ish cushion…then, i’ll start pushing out trades with 0.50% and 0.75% risk. once i get a 10% - 15% profitability cushion…i’ll push it up to 1% risk per trade.

may take a few weeks. maybe even a few months (hope not!). But, I’d rather be well on my way to making a bonus income of 4K a month in 36 months… than having got to 36 months after blowing out this side account i’m running here.

Jay.

P.S. we might just break up now on eur/usd… i’d smile a bit more if we did.

Jay

So…there is potential to move up from the 1.3775, or below the 1.3767 price quickly.

At this point, I have no idea what price will do next. Absolutely no clue. So, i’m just gonna sit with my risk free half trade…and let it either make me some money, or try again some other time.

Jay

P.S. i start gettign interested long around 1.3680…and VERY interested around 1.3660.

i start liking short around 1.3820, and i’ll get short around 1.3829.

46 stop, 120 target

Well, my thinking here for the day is that we are going to push up to a new high not yet seen this week in eur/usd.

so, i’m trying to figure out just how deep the rabbit hole goes.

I see it like this. with the immediate pressure off the euro, eur/usd will likely be pushing up. But, no one is fooled into thinking that there won’t be more issues to come.

and many large specs are already (at least in large part) net short the euro.

So. the logical move if you were net short a large position, and you felt price was going to start drifting upwards…you’d ideally like to cover some or all of your position, at the cheapest price possible…

except, it’s gonna cost you a bit to do that. the cost to absorb resting orders in the market to push into the stops that will provide you the liquidity you need to fill up on the cheap…

anyway, i don’t want ot carry this train of thought out too far here. I don’t need to, in order to understand the dynamics…and to also understand that price action and volume will completely give the large specs hands away.

except without knowing both the magnitude and positional direction of their intentions…its still a decent amount of guessworlk.

Depending on how they play this…what stops they push into first…and how deep they push before price turns… will give some clues as to the magnitude and direction of their ultimate interest…but, a lot of guesswork here. kinda like figuring out the bluff of some unknown poker opponent.

When in doubt, I fall back on 2 things:

  1. we are in a daily supply zone

  2. the sentiment bias is long.

So, we’ll likely end up not losing much from friday… but we will likely pull back down in the meantime.

I’d love to catch that bottom.

1.3650ish…here i come.

Jay

Even more convincing if we can pop stops up top, and quickly fall back to the other end of this range here. Say a push to 1.3820, and drop back down below 1.3770…i’d bet on good solid continuation of that downmove, at least until we hit the mid to high 3600’s.

Psych journal:

So, the nice thing is… building out how I see price may react one london/us opens…and how i will respond to it in turn, and what it may imply for future price movement, has put me in a really good place.

Almost forgot I had this trade still going… but in a good way. In the way that i’ve already accepted the outcome.

Of course, it’s easier to accept the outcome when it’s “make a little, or make more”

Still…worth noting. Planning out how I can maximize upcoming opporunity can act as a metal respite, and allow me to regain a degree of objectivity on current and other trades as well.

Very good to know.

Jay