but you failed to note the most prolific being [B]dpaterso[/B]
and [B]MP[/B] is a banned honorary fx memeber member as well
[B]Whoops!![/B] :o :o :o
[B]My apology.[/B]
I tried to remember everyoneâŚ
[B]Revised list -[/B]
Dale Paterson
Rhodytrader
Tonymand
Mytwopips
RRRAM
Daydreamer65
Tymen1
Yes, 7 of us - that is correct.
I do not include not existant people (banned).
This argument doesnât flow with me. Itâs not financially sound. Letâs see.
Scenario 1:
- Compound $100 into $3000.
Scenario 2:
2) Compound $3000 into $90000.
For both: turn the risk down to 1-3% for stable safe income after reaching target where we can make âreal moneyâ
In both cases, I need to compound my money 30x or 3000%. Now my reasoning is, if I can compound my money 30x, why should I turn the risk down right after that ? Letâs join the two scenarios above together. I compounded $100 into $3000, then decided to do this compounding thing again ? Mathematically itâs the same situation again; increase my money 30 fold. I did it earlier, why should I fail this time ?
[B]
Never think like this. This is how you will ruin your finance.[/B]
For some people, itâs easy to get back $100. For some, $1000 is daily income. But what matters in forex (actually in any business) is not about how much we can afford to throw everyday, but how much profit we can get at the end of the day/month/year. What did Babypips school tell you about losing streaks ? If you can be certain that you can grow $100 to $3000, you should also be certain that you can compound $3000 to $90000. Whether you are only throwing away $100 if you lose is not the question, because you will throw a lot more than that if you stick to your belief.
Getting $100 to $3000 is feasible, but the variables are time and risks/chances. What strategy you use doesnât matter, as long as it increases your chances/reduces your risk. If you are going to throw risk out of the window for the moment while you get $100 to $3000, then say bye bye to your saving account.
What did Babypips school tell you about losing streaks ? Read it again. You have been lucky. You had winning streaks. All traders will win and lose. All traders want ( or will want ) to minimize losses when they lose, and maximize profit when they win. Thatâs all there is to it.
What are going to do if you lose that $100 ? Quit forex ? Try with another $100 ? This is how you are going to lose more than you thought.
Please donât fraud knowledge, especially in front of newbies. I wish you the best of luck if you are going to stick with your method.
[B]For the OP:[/B]
Yes, itâs feasible to get $25 a day income. But itâs an average income, meaning some day you get $80 profit, tomorrow you might get zilch. That $25 number is actually a variable that depends on your deposit. As in any business, high input high yield. High risk high yield. And a high yield is not always guaranteed. In the end, itâs all about maximizing profits and minimizing losses.
I am 100% in same view. I read before something like âwhat works for you may not work for the othersâ. Its a very big world we are living. There is sure
to have different opinions.
The problems that we are not able to solve doesnt mean all the others cant solve it. I think we do meet this kind of people in our real life.
Ray must be an open minded person. Absorb, digest, delete or save
In my case no, they were not winning streaks. I did not, âget lucky.â I have a very definate defined edge, that I have tested over many sample sizes. I am wrong/lose on average of 22% of the time and have stop losses in place, to protect my account. I even have ways of quickly eliminating the risk out of a trade after a certain pointâŚwhich I do on many of my trades.
As far a why wouldnât you keep trying to compound, since itâs 30x? You canât compound indefinately, that is a pipe dream. When/if the account grows to that larger size, the larger risk is not worth taking anymore. Also, at a larger size you are swimming with different sharks.
âI canât do it, so It canât be done!ââŚsheesh.
There are traders that %1000 percent account regularly. If they are doing it regularly, of course they are taking high risk. But, it isnât luck, itâs skill. You want to win big you have to risk big, but you have to back up the risk with skill, otherwise itâs just bad gambling. Bigger risk and winning doesnât equal just being lucky or a bad gambler.
So, what are you telling me you arenât going to trade, and try to make real money at it, until you have a few hundred K saved up from non trading income?
Because without compounding, thatâs why you would have to do to make, âreal money.â
Still you are not making sense. If you really have a distinctively defined edge, that edge should help you in most situations.
Anyone can compound infinitely, given he is using the right way to trade. But at the risk % you are talking about, they could not. Thatâs possibly why you are saying you canât compound indefinitely. Your edge doesnât work as you say it should. It doesnât scale.
Try funding 30 different accounts with $100 each and use this same âedgeâ you are talking about. Prove to me that you could get $3000 in each accounts. If I were you, I would continue using that risky edge of yours and compound $3000 to $90000. If you could do it with $100 equity, you should be able to do it with $3000.
Hey if you could do this with the same risk consideration you are using, I would call you Master and pay you $1000 for your method. I need it to get rich quick. And this sounds like it. Except right now I think itâs a scam.
Hold on a minute here, your explanation for your astronomical profits is that you have superior skill?? What, with your 2-3 months of live trading with an amount of money you probably wouldnât cry over losing?
I donât doubt that youâve made that much in that period, but the amount that your ego is invested in this idea that you can continue to make that much will spell out your own demise. There will be signs that you should be cutting back, but you will so strongly believe in your past performance that you will miss these signs and likely blow out, or come close to it.
You know, I donât expect you to believe me. I donât even care if you do or not. I just feel some sort of obligation to warn you about the pitfalls Iâve experienced myself, firsthand.
To [B]Akeakamai [/B]and The [B]Phoenix[/B]
Before you post any further here, just be aware that SleekFX is the latest alias of mp6140.
This guy wants to give financial counsel but is himself a law breaker and still hangs around here like a ditched boyfriend.
As I said before, no you canât compound indefinately. That is a mathmatical pipe dream, that only happens on paper. You hit critical mass very early in most of the compounding charts people set with with spreadsheets.
âIf I were you, I would continue using that risky edge of yours and compound $3000 to $90000. If you could do it with $100 equity, you should be able to do it with $3000.â This is just about the step Iâm at now. Iâll likely pass up 3K next week.
P.S. I have never and will never try to sell anyone any trading information, signals or start a payed trading room. I donât know why you would think that. You donât see me telling people private message them so I can, âgive them more details.â
P.P.S. Even if I were tell you my methodology you wouldnât be able to use it. I developed it. A big part of ANY trading plan is the trader. Trading canât be taught like that. At best anyone usining someone elses system is using it as a learning guide while they develop as a trader.
My demise o noes⌠Iâve such a huge ego Iâm going to fubar myselfâŚlolâŚ
Iâm sure it seems like it, since I disagree with you and you must be rightâŚbut I do not have a big ego or think I am some savant who has mastered the markets.
Very simply Iâve developed a trading edge which I have found repeatable and have stops and check in place to keep me from losing my account, even though my trades often start out at higher risk than most would trade with.
Youâve said that before about different users handles. How do you know when someone is a member who has been banned and starting a new account? How can you tell this?
P.S. Honestly I never liked mp6140. I hate when people try to teach and then act all melodramatic and beat around the bush. The, âyou have to learn to see it,â thing and all that other zen nonsense. If you canât give direct answers to direct question then donât answer at all. Frankly Iâm glad he was banned.
Those checks can fail when your emotions are in the red, especially with so little time to develop your discipline. I know youâve read Trading in the Zone, I think itâs a great book too, but discipline DOES take time to developâhave you given it enough time to develop?
For interestâs sake, what exactly makes your trade have higher risk at the the start out?
Well if thatâs MP, he has improved his coherence a thousand fold and heâs actually making some good points.
Thatâs quite of an accusation. Although I donât know who mp6140 is and what he has done 
[B]
@ThePhoenix[/B]
Theoretically, you could withdraw your $3000 and put it into 30 separate $100 accounts. If as you say, you have a defined edge that can make $100 into $3000, what you actually have is the holy grail of trades.
But I guarantee you that you donât. Because if you attempt this another time, you will probably lose that $100 instead of compounding it to $3000. You have been lucky that you lost almost all of your deposit, and then grew it back. With a higher risk, there is a higher yield. But your losses is also greater.
You have compounded your $100 to $3000. Thatâs great. You can use that $3000 for anything you want - including trading forex at less risk than what you have been doing. But this shouldnât be an advice to newbies for them to follow, because what you have is merely luck. You canât guarantee that you can grow any $100 equity to $3000 every time.
Do you understand what I am talking about ? What you are saying doesnât scale to a ( meagerly ) larger financial model.
If you mean how do I later eliminate the greater risk I start out with (than the much lauded 1-3% rule): Very simple, when the trade has gone postive I move my SL postive. If I donât have strong reasons to believe the trade will go my way, with my initial SL in place Iâll just move the SL to breakeven as soon as I can.
Almost all of my trades historically are +small gain, hit my TP, or just break even.
Iâve found moving my SL postive or to break even, gets rid of the temptation to keep a SL in place and hope for a larger gain, just to lose your initial risk anyhow.
I already developed self discipline from many other endeavors, and already use a trading log to log each and every trade. So, I have been able to pinpoint and elimenate self produced errors of the emotional kind.
Like I said itâs not luck. I have repeatable edge which only loses on average about 23% of the time. My placed trades are based on technical anaylasis and techniques many traders use, I just happen to be putting more risk on most of my trades.
Just because you risk more doesnât turn your wins into dumb luck.
Luck would be just placing a trade and hoping and preying and not basing my direction on anything at all.
When my account was down to 11, it was because I made the classic mistake of not obeying my SL and letting it run to -200 pips, because I had convinced myself it would return to me. (yes that one is down in my journal in big bold letters never to hold on to a loser again) I held on to it because I took the advice on the particular pair, from one of the guys who has a blog on this site. Not his fault, but one of the motivators that helped me to convince myself that price was coming back.
Another lesson learned: ignore advice about movment from other traders. If you donât see it yourself donât act on it.
So, if you want to get technical I didnât take an account from 100-3K. I took it from 100, to 11, then to 3KâŚguess Iâm just really, really, lucky, nope couldnât be Iâve learned a thing or three since going live.
O, and thatâs pretty moronic to say I should take 3K and open 30 100 dollar account. Who the hell can run 30 accounts at once? Even if you could, it still makes no sense, itâs the same risk, but spread out over different accounts and trades. Same risk, more complicated to trade.
No, itâs not the holy grail. Iâve already said I donât win 100% of my trades. I just know how to run my money managment + risk + SL, so that I can compound very nicely.
And OMG, LOL, you have no perspective if you think $100, to $3K, is such a big deal thatâs itâs unbelievable or to be considered a holy grail. Face it some people are just better at trading than you.
Sorry, if you donât believe me. Iâm not trying to sell you or anyone else here anything.
You can go on about how you think itâs luck, but fact is I use my strategy consistently and repeat it 4-5 days a week trading, and my edge comes out with about a 23% rate of loss.
Luck isnât repeatable over more than a very short term.
Then why do you say when you have a greater equity, your risk becomes large ? It goes against the very basic rule of this business.
Also⌠When I said to make 30 of $100 accounts, I was just exaggerating. It was to show you that if we were to follow your success, we could actually grow $3000 to $90000. Which although you kept denying it, has been indirectly implied to be very feasible. So what keeps you from doing so ?
$100, $3000 what does it matter ? Does the risk becomes larger as you increase your equity ? No. Is there a difference between growing $100 -> $3000 and growing $3000 -> $90000 ? Fundamentally, no. But you keep saying there is a difference. So your method doesnât scale, but you have failed to impress me your reason why. So to me your method is flawed.
What keeps me from going further is TIME, this is the place I am currenty at with my compounding. I canât force time to go further ahead to see how far I can scale.
Iâm implying nothing. You are using strict compounding figures based on my gain so far. Doesnât take into account my losses, breakeven trades, small gain trades and days I simply donât trade.
Where did I say when you have greater equity your risk becomes large? NO Where. What I said is I risk a percentage of my account greater than most like to do.
My method is flawed, whatever, you are just arguing to argue now, even though you have no argument.
Really itâs quite useless of you to argue with me about my own strategy. Fact: I trade my strategy and see profit on my account and compound my account with regularity. So, you saying, âit wonât work, useless,â or whatever other nonsense is your opinion, what Iâm stating what Iâm doing and continue to do, which makes it fact.
Your ill concieved opinion, is just that an opinion. You know what they say about opinions just like !@#holes everyones got one, doesnât mean anyone wants to know about it.
LOL, Iâm sorry if I somehow offended your belief thats trading shalt only be done with low risk of ones account, otherwise it is automatically bad trading.
For one, you did say that when the account gets large, a larger risk isnât worth taking anymore. I might have misunderstood this sentence. But it still doesnât make sense of your strategy. Why is a larger risk not worth taking anymore when your account gets large ? If itâs not good to expose your large account to large risk, itâs even worse to expose your small account to that large risk.
I am not worried about you and your strategy. What I am worried about is that you are recommending the public not to use the supposedly safe risk percentage that is recommended by Babypipsâ School. And then you go claiming that you managed to get $100 to $3000 by going the opposite way of the schoolâs recommendation.
$100 increased to $3000 is feasible. As we agree, the question is time. But with less risk, there is less probability that you will lose all your money. Then there is also the question of âGain Rateâ. Getting $100 to $3000, only to drop it to $200 later ? Thatâs what an increased risk means. It means there is a higher chance of you losing more money at one time.
You managed to grow $11 to $3000. Thatâs impressive, I salute you. But please donât recommend others to do the same. For all I know, itâs just another get-rich-quick scam whether you are aware or not. I donât like making personal attacks, but it looks like you could use more experience with forex trading. There will be several times when you will get shocked, figuring out that your trading method is not invincible.
Good advice⌠I too am concerned newcomers to forex would see this, get the wrong idea, blow a few accounts, and then think it was all a scam. As they say, talk is cheap⌠anyone can post a message on here saying they turned $10 into $3000⌠but letâs see the method and a bit proof like a few screen shots.