Kashix's way to trader life

[kashix]

Hello. I am Kashix from California, 24 years of age. I've done a half-assed job of studying forex for the last 6 months. I've been mentored by Eremarket, who was an amazing teacher. I've also been following ICT for some time now and finally finished watching all of his material. I find that staying up overnight is the hardest part about Forex. It's a huge change in lifestyle so the rewards better be worth it. I come from a poker and chess background so Forex should be right up my alley. I've made roughly 200k playing poker and I have some money saved up so I don't have to work. I will be tackling this full time until I'm successful. In this thread, I will log all my trades along with my analysis in hopes of helping me treat this more like a business. I'm going to use what I gathered from ICT's teachings plus various other resources and apply them to these pairs: GU, EU, GJ, EJ, GA, EA, AU, NU, XU. (picked due to high ADR)

I don't like to demo because it feels like a waste of time. I'd rather trade real money in smaller insignificant lots than demo. I'm sure there are opposing views to this, so let's just say that I rack discipline.

My goal is to become a millionaire as fast as possible with my starting capital of 46K and a risk of ruin of 0%. My estimate is 2 years if I can follow a consistent profitable system and treat it like a business day in and day out. I am a believer when those who have made it say that Forex becomes almost boringly easy when you know what you're looking looking for.

I will start out on demo period where I trade .10% over 30 pip SL, or $1.5/pip. If I'm successful over 1 months time, I will move my lots up to .5% over 30 pips. My goal is 30% a month using .5% trades, which equals 1,800 pips monthly, 450 pips weekly, and an average of 90 pips daily. I think over 9 pairs, I can squeeze out a couple good trades for 90 pips. And finally, if I really feel consistent about my trading, I'll be willing to up my risk to a maximum of 2% per trade. As projected from today, April 17th, 2012, with a months worth of small betting, I will have roughly 6 months to start my real trading session before the end of the year, and if all goes well, I will be up to 170K. Post taxes and in roughly 8-9 months I will have $1Million. However, I'm not expecting to get that good that quick so I'm giving it 24 months as opposed to 15. My life will be over as I know it but hopefully when I get good enough I can maybe find something to do during the nighttime, or move across the world where people are awake during my waking hours.



GLGT

[kashix]

Pip Log


Start Balance: 46K

2012

April
W3(16-20):
1. -
2.
3.
4.
5.
W4:
1.
2.
3.
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5.

May
W1:
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5.
W2:
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W3:
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W4:
1.
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June
W1:
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W2:
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W3:
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W4:
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August
W1:
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W2:
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W3:
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W4:
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September
W1:
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W2:
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W3:
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W4:
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October
W1:
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W2:
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W3:
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W4:
1.
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November
W1:
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W2:
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W3:
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W4:
1.
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December
W1:
1.
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W2:
1.
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W3:
1.
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W4:
1.
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5.

End Balance:
2013

[mrchilled]

Interesting. I'll keep my eye on this thread because I think your end goal is definitely achievable but I also think you could end up losing a serious amount of money if your psychology and emotions take over. But good luck.

PS: If you made 200k already, why stop on a winning formula?

[kashix]

@mrchilled: In the US, you can no longer play poker online.

[mrchilled]

@mrchilled: In the US, you can no longer play poker online.

Unbelievable, well thats a good reason to move to forex.

[yunny1]

@mrchilled: In the US, you can no longer play poker online.

Isn't USA the land of the free??



PS just joking

[StephA]

Hi Kashix,

We actually come from a similar background (online poker) and studying/applying the same material from ICT. I am also planning to run with a similar account size starting June. The poker background has helped me build strong money management skills, discipline and always on the lookout to exploit every edge based on probabilities. I am personally targeting a much smaller monthly profit target % based on what I feel I can attain on a regular basis.

I wish you success and will be following your thread.

[PipJoker]

Looking forward to this too. Hope you will put PREmarket analysis, and not just results i was aiming for 8-10% monthly which turned against me this month. Do better! And if you will keep up with at least 20% monthly this will be something i have to look up to :P

[kashix]

@Yunny1: lol same thoughts...

@StephA: Yeah you're right. Poker requires management, discipline, and a keen eye for exploiting edges, all of which you need in forex as well! That's why I'm here I guess to see how well my poker skills transition. As for the monthly %, I know I'm aiming high, perhaps too high, but it's one of my flaws. I always overstep my boundaries to know what I'm capable of. I think across 9 pairs with an ADR of nearly 1000 pips combined, I should be able to pick up 90 of it. If I up my risk to 1%, I only need a net profit of 45 pips per day. It seems do-able but we'll see. Thank you for your wishes!

@PipJoker: Thanks for following. If you haven't noticed I named my thread after yours. Haha hopefully we'll both do better. There's definitely a lot to post across 9 pairs so I don't know if I'll be able to do that. I'll see once I get my schedule running. I'm still finding it extremely hard to stay up overnight. I may have to settle for LO. Then possibly move somewhere more fitting if I feel like I have a firm grasp on this stuff!

[kashix]

Really simple HTF analysis for what I'm going to be looking for next week. I'll drill down to LTF and watch PA over Asan session to pinpoint better entries. Well here they are. I have an excel of notes with the trend, etc, but I won't post that until I see some consistency with my trading.

GU:
Using fib swing projections we hit the 200 level from the lower swing high and the 127 level from the higher swing high. We may see a retrace next week because this type of momentum can't continue forever. Price does look geared for higher prices though from all timeframes so I'm looking for a long. April monthly candle will be closing in 1 week too so we'll get more info!




EU:
EU looks much weaker than GU. If SMT is still working, then EU is the weaker pair by far. I'm not even sure if it'll continue upwards on the monthly as a 3 candle fractal high as already formed. I'm looking for shorts but that will depend on PA of course as usual.




GJ:
Thing with Gx pairs and Ex pairs is they all move the same. If the GBP is going up, they will in all pairs but that doesn't mean they'll have identical charts. If you look at GU, the last swing high was completely breached, annihilated. GJ, not so much. Will it break it? I think so, but the question is when? And how do we profit from the situation in front of us? We're in a good zone to look for shorts, OTE and higher. It has a higher probability of going lower than going higher right now. Unless it breaks the high with momentum, I think shorts are safe. Basically short the top of this range and long the bottom of it as scalps.




EJ:
Same thing as GJ but much weaker. See I don't think this will break the last swing high. I probably won't even trade this pair but I will use it for clues as to where the other euro pairs are going. If I were to long a xJ it'd be GJ I think unless it was at the top of its range and this one wasn't. And shorts I'd probably short this one. Just a theory though. I won't know until I have a good trading sample to see if I get consistency.




GA:
This pair looks like it's reaching for the heavens. Everytime I look at it it looks like it's going higher. This year so far it's been going up and up aside from that little hump down you see on this daily chart. Although we are approaching an ITH and a LTH soon after, I see this pair going higher and higher, so long until a reversal forms.




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