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Seems that’s what you are doing:D
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If you keep up to be so [B]S[/B]%$@%[B]d[/B] you will just do that.
I reckon now might be a good time to start looking for PA confirmation for a GBP/JPY short. Or after close of today’s candle for us 1D chart people. 
I’m sorry was there a point to this post being in my thread?
HunterP,
I think everyone here has your best interests at heart. ie not losing your cash/money management etc
Good luck to you, go for the glory man. Its your cash and you do what you want with it.
gbl83
From the looks of it, you are a man of action? You probably see all these forum discussions as pointless slow all-talk-no-action.
I understand you are not trading blindly on the technical side, but it’s your money management that will kill you. One false move and boom. Technicals are not correct 100% of the time. They can at best tilt it slightly in your favor so that it’s not a 50/50 game.
Well, anyway, not likely you’ll listen but good luck, you’re going to need it. If you’re lucky enough, you may walk away with millions…
To HunterP, I am asking this not as a trader, but as a financial advisor. Fair disclaimer, I am not giving financial advice below, just my personal opinion for educational purposes, but I highly recommend you take this into consideration.
You have just lost your primary source of income. You are engaging in a highly speculative activity with what you call your life savings. You say you have been on a demo account for ‘several weeks’.
Now believe me, I really hope you do succeed in what you want to achieve. But let me ask you, what are you going to do if you lose your $21,000? Did you start this with the attitude of “failure is not an option”, and “damn the torpedoes”? Because statistically speaking, with the level of experience you say you have, you have the odds stacked heavily against you and the greatest likelihood is that at the levels of risk you are undertaking, you are going to lose most of your money in a relatively short amount of time.
With no source of income outside of trading, what are you going to do if you blow out your account? Do you have a plan? Do you have enough money to keep your current residence, to pay for your basic needs including medical expenses, if you lose this $21,000 stake?
Now maybe this IS an April Fools joke, but just in case it isn’t, I really, REALLY hope you consider what I and others are writing here, or be prepared to face very serious financial consequences.
Forex has one big advantage, you can use small account sizes with real cash to get yourself up to snuff. Use that ability to your maximum, find some part time gig so you can trade calmly and not have the pressure of making a living off of trading until you have a solid track record month to month.
I knew a guy who made a 400% return in just a few weeks with his ‘system’ in demo mode. Once he put cash on the line he was blown out in no time.
Thank you, I am taking all of this into consideration and I will start to trade more conservatively from here on out.
I hope so!
My suggestion is that 10% is the maximum anybody should use for speculation with their liquid net worth (and that means ALL speculative portfolio activities, including penny stock plays, etc), and less (preferably none) if you’re out of a source of income. Once your speculation provides a predictable cash flow, which you can only be sure of if you have an accurate enough statistical data pool - which at this point you don’t - then you can consider increasing the amount your risk.
You gotta think like you’re in the army. You just got cut off from your supplies, and you only have X amount of ammunition with you. The only ammo you can get now is from your enemies. You have to ration very carefully.
"My suggestion is that 10% is the maximum anybody should use for speculation with their liquid net worth "
Just what do you mean by 10%? He has $20,000…so 10% is $2,000. $2,000 in margin money? $2,000 in stop loss room? Please break it down for us. I believe he said he is at 400:1, if that makes any difference. Isn’t the real risk in the width of his stop loss from entry?
This isn’t real. It simply cannot be. However, in an odd sense, I’m appreciate of his antics. The more dead money that’s at play, the more I stand to gain.
I meant 10% as in total amount aggregately placed at risk in all speculative activities within your portfolio.
So for example, if he has $20K liquid net worth, he’d deposit a maximum of $2,000 into his trading account. That’s assuming he was not already invested in other speculative instruments, i.e. volatile stocks, junk grade debt, etc. If he was vested say $1000 in penny stocks, he should only put at risk another $1000 (totaling $2000 or 10% of his liquid net worth).
Ideally, if you are speculating you want to diversify the speculative portion of your portfolio, so you’d take that 10% and divide it into several categories (4 is a good breakdown) and put them into non-correlated instruments. Say one in particularly risky equities, another in commodities, another for active currency trading, another in a friend’s startup pizzeria.
If you want to play more dangerously, you can risk putting it into just one category, but once that goes you can’t do anything until you rebuild that slush fund through savings. So if you blow $2,000 in trading, you have to wait until you save up another $2,000, NOT simply dig into your savings pot automatically.
My advice, since most traders blow their first account, is to have enough money for at least 2 accounts ready to go. So you divide that any way you want, but if you want to stick to the 10% rule off the 20K, that’d be two $1000 amounts, absolute max. One in the trading account, another stuck in a 6 month CD that you continually roll over until you need it.
Again, I am not giving specific financial advice, this is for educational purposes only.
Well it has been a few days since we’ve heard from the wiz mr HunterP himself. I am wondering if he is still alive----literally…I doubt he is having a good weekend and is probably having a hard time looking himself in the mirror.
Sure if he had pulled it off we would of heard. I think he likely got a margin call and probably blew 75% of his lifetime net worth in a week…And this guy was for real too…poor soul…All he needed was to loose 200pips or 4 trades stopped out at 50pips, thats of course if he had a stop loss to wipe out pretty much all his lifetime savings. The wiz was bearish from the start of the week and i dare say he spent the whole week trying to pick the top off the cable rally…sure he will have excuse if he is still around.
This is exactly what CFTC is on about, in a sense it is criminal, it shouldnt be allowed, yet the majority of you do whatever your brokers tell you and the majority of you probably wrote off silly letters to CFTC fighting the brokers battle. You are literally fighting the battle for the opposition so that they can continue such scams against the naive…You wont find a pro anywhere who will leverage more than 10:1. So what if you need a bigger deposit, whats you point? Forex isnt a get rich quick scheme sorrry hunterP…i hope your still alive
No broker told him to put up his entire networth. He gambled. Plain and simple. His mistake. Something he did against everyone’s advice.
a fool and his money are soon parted. this happens everywhere in the world at all hours of the day. i think he’ll come back to either go further or looking for sympathy. you never know, sometimes the traders who get burned the worst end up being the best traders.
After page 1 I could tell this guy was joking. There is no way somebody would be that dumb. I’m not talking about having the “I can do whatever I put my mind to” mentality, but rather the “I’m going to liquidate my assets and trade 20% of my account each time I long or short.” Oh. And did I mention the part about “several weeks” of experience. Come on people. Sorry, but I can not take that seriously.
His target of 20% per day was feasable, risky, but feasable just not the way he was doing it.
20 lot trades on a standard account equals about $200 per pip so he was thinking he just needed to make 10 pips per day, thats where he went wrong, losses at $200 per pip must have ate him up.
What he should have done is trade no higher than 2 lot positions and set his target at 100 pips per day which is not unatainable, he probably wouldnt have met that target but he might have got close if he traded all day and traded well, three 35pip trades would get him there.
Sounds easy hmmm I wonder why I cant do that every day lol
I agree with Tony though really 10% is much more realistic
His posts where he related his “trades” and then his unwillingness to discuss it further as things started going wrong suggests to me that he was indeed for real.
I’m sure a broker somewhere is very happy.
As one who has started a thread that instructs others, I have to pipe up here.
My motivations are very simple. This site helped me develop myself into a profitable trader. In return, the very best way to show my gratitude was to in turn teach others what I’ve learned.
Here’s the catch. Despite being profitable and teaching methodologies that can assist others being profitable, there will still be those that make an attempt and lose. Generally due to their own mismanagement of their own psychology and/or risk.
Sorry for abandoning the thread, I’m still alive. I thought the interest in my trading had died don’t so I didn’t continue to update. I took that guys advice and now I’m not trading anymore than 1 lot at a time. \
I consider myself lucky for making that $4000 on my first day but I agree lightning doesn’t strike twice. I want to thank those of you who prevented me from making a foolish mistake.
I’m going to continue with updating this thread on Monday. It will, however, not be as exciting since I won’t be placing as much money on the line.
No worries about being exciting. This is not a casino afterall. it’s business, and forex means it.