Hello Doctors,
I stumbled on to this physicians board with great excitement and ready and willing to learn all I can in the next week. First, a little about me. I have never attended any type of formal training at a medical school but I hear surgeons make a nice living. I am currently working my day job and would like to know if you Doctors think I can quit my job and become a surgeon in a week if I really try hard and devote this whole week to learning?
AND ALL THE DOCTORS REPLY…
YES, YOU CAN. YOU WILL BE WHACKING AROUND BRAINS IN NO TIME IF YOU JUST FOLLOW THIS METHOD.
Aren’t you guys senior member waste of your time just debate about leverage, MM etc.
The question was simple could you make $50/day ? That’s it…YES or NO
Yes we are wasting our time, I think its a tad amusing and am having a bit of fun with Phoenix.
You are just proving your low IQ all the more. Please read the entire thread, at least starting from my first post in in. No where did I confuse risk and leverage. Then if a light bulb goes on in your dim brain, (doubtful), try not to feel to bad about how stupid you are.
Leverage only kills accounts, if you don’t know how to use it (like you) and leverage your whole account.
Very mature… Anyway, you still haven’t answered my question… lol… Just focus on leverage and don’t mix risk into it…
You missed an important bit, pay me $2000 & I will make you a
surgeon by the week-end. :lmao:
The thing is, we don’t know if Sheetal has or hasn’t had any training.
I took it that the O/P had just read about forex & the huge
amounts of money which are earned & thought is it possible
for me to get in on the action with $250.
Also until/if the O/P returns we will never know.
LOL, I didn’t flunk. I quit going after two weeks because it was worthless.
A whole two weeks, wow, for you to decide that James with his
13 years of bank trading wasn’t good enough for the mighty Phoenix,
who has been live trading how long? One month? Two?
Because your imbecile brain cannot see the advantages of a system
means that "Frankly it stunk. You sat and watched him place trades as he taught you nothing,"
I’m now
There is a saying “an empty can makes the most noise” I rest my case.
It’s not that the method stunk. I’m well aware that using IB’s is a method many use. Though it is not for me, and frankly a weak technique. His trading room teaching stunk. And his teaching stunk.
I did however learn to trade IB’s myself with what little information he imparted and much better sources, but as I said it’s a weak technique, that relies too heavily on ONE candlestick pattern and market condition, and hoping it means something.
It consisted of sitting around for hours in complete silence waiting for him to accounce his set up. Then if you asked a question, he would get angry, and tell you to go download the learning materials, which as I said before were laughable and looked as if they were throw together in about two minutes.
Watching someone trade isn’t teaching.
Laugh all you want and go READ another book ABOUT how to trade and never actually do it, while idiot’s like me actually do it and make money.
I answered your question several times with great detail. You are either too dense to understand it or didn’t bother to read the post, and would rather scream your incorrect opinion on leverage.
It is you not I that claimed leverage increases risk.
Except for Phoenix’s rather “strong” replies to others, I think his understanding and application of leverage and MM are correct. However, Phoenix, your forum-side-manners are self-sabotaging your efforts to get this across.
We seem to have 2 different topics going on and I’m not sure what the argument is here.
Phoenix states a strategy of how you can build up a micro account using a little more risk than is normally advisable to newbs, and we all agree is not recommended unless you have a good trading edge & understanding of probablilities.
(M2P…Phoenix does state that he is trading a “live” account which leans more towards he is using “real” money and so is putting his money where his mouth is.)
2)This is not the same as saying (Phoenix is not saying it either) that one can start out with a $250 mini account and expect to make $50/day to live off right away.
So what’s the argument if not just for arguments sake…
(M2P…Phoenix does state that he is trading a “live” account which leans more towards he is using “real” money and so is putting his money where his mouth is.)
Yes I know it’s a live account with real money. But it’s not “real” money. Get it.
I don’t have beef with anybody on the thread. [B][U]All[/U][/B] have good points. Just pointing out some things to think about on my own to the non participating thread starter and whoever else.
Phoenix,
You have some very good points. I just don’t think you know how to explain what you are really saying well enough. I have been able to read between what you are saying and what you mean to say and understand.
But you will have to calm down. Like SweetPip said, “The arument is just for arguments sake”. No need go off on other folks over something so simple as the details. Which I think everyone agrees on anyway.
Now i’m absolutely sure you dont know anything, forget an amature not even a beginner in their right mind would attempt trade $100 to $3k in a few months.
lol do you even know how crazy you are?
At first I thought maybe it was a year or two and now I learn its a few months, you’re even more of a noob than I thought you were.
In regard to books, you’re the one who brought up the topic trying to back up your suicidal trading habbits by bluffing so and so book says so. Hoping know one has read the book you mentioned. Well I have and what you’ve said is an outright lie, which only goes to show you haven’t even read the book. You probably heard someone say something about the book and rather than bother to read it you thought youd bluff something in the hope you wont be caught. Which in your subsequent reply you conveniently forgot about. Each time I ask you to quote that you conveniently change the topic.
Oh btw I’d much rather read books and learn correct trading practices from experienced traders than waste my time shooting for outsize returns.
Personally I dont care how much u risk per trade you could even risk the shirt on your back and your underwear too, as you’re going to lose it sooner than you think.
What I do care about is that Sheetal dont pay any attention to your delusional ramblings.
So you found another James at BP and assumed it was the James I was talking about? (even though I clearly said James 16)
Christ? Do you know how insane that is?
So by the same logic if I were to find another “The Phoenix” on the internet and this person had a brain would I assume it was you?
Of course not! Do you see how crazy that is! And you talk about everyone who dosent agree with your kamikazee principles to be ignorant and of a low iq insulting everyone on this thread when in truth the only ignorant one here is you. I’m not going to make any comment on ur iq nothing really need be said about that.
Sheetal what I’d like to say to you is this. Trading is a very unique profession in that there are only two things you can do, you can buy or you can sell. This gives you a 50% chance of being right from the start even if you were a complete novice, if you knew nothing about trading whatsoever you still have a 50% chance of winning. This is not possible in any other profession say if you were a heart surgeon and you knew absolutely nothing about medicine or surgery there is a zero percent chance of you going in to the operation theatre tomorrow and performing successful heart surgery. Its just not possible. Or if you were a lawyer or an engineer the same principle will apply. It takes years and years of study and practice to be successful more so for trading because its one of the most competitive professions in this world.
As I said since a person has a 50% chance of being right from the beginning without knowing anything its possible they could get it right the first few times say for a few months or a year just by probability. This beguiles them or fools them into thinking they’ve figured it out and they tend to disregard important time tested trading priciples. But unfortunately sooner or later reality will set in and they invariably go bust and end up with their tail in between their legs. Its particular hard for those who boast because not only do they realize they haven’t any skill but they find all this time they were making a spectacle of themselves.
Thats why its very important you read good books, try to learn from veteran traders and above all follow correct trading principles no matter what anyone says. If they say you’re not going to make any money dont worry about it you stick to proven principles and wish them luck.
It is possible to make $50 a day from a small account of say $250 but you will not be following correct trading practice and taking unnecessary risks. As I said above you might just get it right the first few times due to the probability of being 50% correct from the start but your eventual ruin is almost guarateed.
Therfore it is better you take the advice of most sane people here and not quit your job nor try to male $50 from a $250 account. At this point you should not be trading but educating yourself as much as possible. There’s no hurry the markets wont end any time soon. Take your time.
That’s not how I look at it. Ya, even if I lost all of my account today, it wouldn’t really bother me financially. But, what I would lose is the base that I plan to build my larger account with. Once it get’s to a point where it can generate, “real money,” even at 1-3% risk, then I’ll dial it back down.
So, I’m not taking crazy risks because it’s not a big deal of money to me and hoping to hit a lucky trade. I am trading it very much like, “real money,” because it is something to lose. I am taking larger calculated risks than most new traders are capable of or can stomach and am reasonably sure of the trades probabilites and when to cut my losses.
Where some people are of the opinion that you should save up a large amount for your first seed money, I’m of the opinion that if you can’t trade a very small seed to start and compound it to a larger seed, you might as well not bother.
(That is unless you are already have access to a large seed, that doesn’t financially hurt you if you lose it AND have the sense to risk a small portion)
LOL, why do you think trading taking a $100. account to 3K in a few months is crazy? Why? Because you can’t fathom someone making that sort of return. Lots of traders make better returns that that.
And I did read the Axioms. Have it right here in front of me. Bought it. You probably ripped it off the internet for free, because you are too cheap or too poor to actually buy it.
Pick a page and a paragraph, I’ll type if out for you.
Also, your phrasing, “correct,” trading practices. Hate to break it to you trading isn’t grammer school where there is a, “correct,” answer that always works. Their are consistently profitable traders and non profitiable traders.
All of your, “correct trading practices,” that you hold so dear are NOOB starting tips. Many of them aren’t even up to that. And they’ve been repeated and rehashed in every trading book on my wall. (ya I read books too, but reading DOES NOT translate to experience and ability to actually trade) If those, “correct practices,” were so great all anyone would have to do to be successful would be to pick just about any of them (because most of them are re writes of the other books) then follow them and be a happy successful trader.
I tell you what how about you refrain discussions on actual live trading until you’ve actually done it.
Until then talk about how awesome your books are and, “master traders,” who are slowly teaching you their, “secrets.”
Well well it seems that ppl are picking up another fight in some thread started by a newbie. I am not as knowledge as all the exp traders here and can’t play contribute as much as everyone here. But I am sad to see a friendly discussion turn into a heated argument. I hope the admin can step in and clean up some out of topic posts or CLOSE DOWN the whole thread to prevent any arguments. I REALLY MISS THE DAYS WHERE EVERYONE IS FRIENDLY AND KIND TOWARDS EACH OTHER. Ok I better go back to my own corner in case I offended anyone here.
I am starting with a $250 account. If your mini account is at forex dot com I can tell you that every pip will be worth $1. AND further more I am managing my money pretty well. I trade in 1 lots and set my stop loss for 10 pips EVERY TIME, so I am only ever risking 4% of my capital which is alot closer to that 2% you guys were talking about in the begining of this post.
I for one agree to you starting an account with 250$ DO NOT QUIT YOUR DAY JOB… You WILL loose money. But for me, if i loose all of this $250. It will be the best fricken $250 i have ever spent because I am learning more then I ever would with a stupid demo account because I am learning how to deal with my emotions and real money. This is the best thing you can do to learn forex.
Apparently, I made a blue back in my last post on this thread since I was very tired from no sleep the night before.
I resorted in the end to copy/pasting other posters material.
I am still very tired and I am going to go to the blanket show and post some zeds (ZZZZZZZZZZZZ)!!
I will fix that post later.
I have been thinking for some time now about designing a useful diagram that explains the whole pip/lots/leverage issue very simply so that anyone can immediately understand the matter.
I have made some progress in the design of such a diagram.
And again you are trying to manage risk with leverage. It is not done that way. YOU are the one that is thick. Only an idiot would think that having low leverage is good because the margin call would leave you with more money in your account. Who the hell manages stops with margin calls?
Leverage has NO bearing on risk, unless (like you) you don’t understand it and think you manage risk by using less leverage.
The only time high leverage is dangerous is when you leverage a large amount of your account, with no thought as to your risk % of your account.
I have a 400:1 leverage ratio set on my account. If I risk 20 pips @ $1.00, regarless of my leverage ratio I still risk $20. If my account is $100, that is a 20% risk of my $100 account, regardless if my leverage ratio is 400:1, or 10:1.
You also either left out, or don’t understand, is that if you have very low leverage on your account, you will get margin called much sooner because you have to have more money in your account to cover even small lot sizes. You’ve effectively hamstringed yourself. You haven’t risked less simply because you used low leverage.
Risk, IS what you are talking about in the above post. And YOU brought it up with the moronic attitude that low leverage is good because if you trade to margin call you’ll more left in your account. So, quit acting like I brought it up.
I am talking actual leverage setting (this does not change because of lot size, margin requirement is still the same). This is your ACTUAL leverage. Just because you are not leveragING, your whole account your ratio doesn’t go down. You have just not decided to use the full amount of leveraging your leverage ratio allows.
The conversation is only funny, in that you think you are right when you are ass backwards wrong and because you are also ignorant can’t admit it.
Get it.
