the trick to surviving day trading is not to trade daily!
As contradictory as that sounds, that is the only way. The insistent need to look for positions daily will ensure that you loose money.
Wait. Watch, wait some more.
this will never attain the goal one must trade everyday and use all their leverage 50 to 1 to get rich quickly, for example a good weekly target is 100 percent of initial investment of 100 dollars.
Sounds like desperate trading)))) Have to have patience and discipline. Lots of discipline. No emotion. Risking 2% on a hundred, is nothing, 2% of a mil. well thats when emotions come into play. Develop a rock steady plan. Target .05%, fund a large account. Thats what worked for me. i am happy with .05-2% a month.
Have you ever stopped to carefully consider why you blow so many accounts?
I am quite happy on the days I donāt trade. Saves me time and money that I can use for other things
I agree that trading should be patient, disciplined and without any emotions. To turn 100$ into 1 million in 100 trading days itās quite impossible because you need to do every day 10% from your initial deposit and that enlarges your risks and thus you lose you deposit very quickly.
Even if you aim for 5% a day, my money management plan rocks, after 210 trading days, starting with $100, you would be cranking out $46,000 a week. Its about management thru cycles.
Look, we know no-one can achieve this constantly, but it is possible, just not as fastā¦
I have put together a very nicely detailed plan, which will put some cash in your pocket every 30 days, and yet still have your deposit for the next cycle ready to roll.
This is NOT for the faint hearted type trader, you really have to have the guts to pull it offā¦
As everyone knows, I Dont trade at 2%, I trade at 80% average per tradeā¦ 30 pips, day overā¦
r/r around 5/1, precise price action snippingā¦
Never allow your account to dip lower then your last days profits, so, If im out 5% for the day, I lose 1 day, and not a week. 5 pip SL, but my trades are instant, if they dont turn positive with-in seconds, I made a bad trade, take the loss, look for next gravy train. I have grown to Love placing SLāsā¦
Im a huge advocate of making big moves, if you feel you cant risk almost nothing, then why even place the trade.
Get the guts, believe in your strat, set SL tight, and dont look back.
I might type out my Money management plan, if others want to follow itā¦ Its alot of typing,lol. but good folks here, well worth the timeā¦
actually, I will post the plan, so stay tuned, I will post it in Newbie Islandā¦ 4-5 hours or so
When youāre not making money youāre canāt be happy so that is not true.
Sir where you come from how much leverage is allowed, making 45 , 000 from 100 dollars would take some good leverage for your plan to work.
Trading too much will expose you to more riskā¦ Wait for a good setup to risk your money and donāt waste your efforts.
Donāt let your emotions come into play or youāll lose sight of your trading plan and become desperate
X-Squared trading with trade copier
Enough with the false gurus and pipe dreams. The next so called guru that comes along is going to have to deal with me. Itās OUR job as seasoned traders, the honorary fxmen etc. to call out this crapā¦who else is going to set noobies straight about the reality of trading but us.
Is eremarket a scammer or simply a trader who lost control? Iām gutted! I listened to one of his seminars and he seemed to be a genuine, knowledgable trader. Iām not sure what to think. Having your trading account open to the public can introduce new psychological pressure that can cause you to trade sub-optimally. I keep a trading blog that has a few followers and Iām always mindful of peopleās perceptions about my trades.
āpsychological pressureā as you put it, can come from anywhere, anytime in life. If you canāt handle it, you canāt be a trader. Please take this the right way friend: WAKE UP!
I will take this as great advice! First, I just donāt have the time to trade everyday. Second, I feel itās more enjoyable on a non-daily basis. As I grow into a more knowledgable and experienced trader, I could see how it could become a daily routine, but I guess that is dependent on what oneās trading goals relect. Thanks for making me feel comfortable w/ my time committment!
My explanation would be: he made mad pips on his real account and decided to give his 1000$ acc to his brother or best friend to teach them how to trade. Imagine if you would make 30-40k monthly would u come here?
This does looks good but in reality that thing does not happen. Yes i can say that i can make from $1000 to $1million but when and how will it really happen.
Their is a difference in dreams and the reality which dawns upon us sooner or later.
Waitā¦ your argument isā¦ he made some money, then āgave his account to someone elseā? WITHOUT telling any of his subscribers/followers? Thatās a suitable situation to you?
In all seriousness, I believe I will be able to convert around $30k that I have tied up in the forex market into over $500k within 24 months.
A monthly compounded 20% return will achieve this.
I donāt believe itās impossible as I have witnessed several people achieve this feat.
Wish me luck!
Nick
I now know how he was taking 30-40 trades a day. Upon further reading of Sieden and supply and demand it would be easy to take alot for trades across different pairs. I have not analyzed the trades to know if it was bad trades or taking smaller profits than losses.
It breaks my heart when I lose a mentor, it hurts me even more when there is little I can do to do defend when people like this is coming in on the dog pile. Why do you freakin care? is this about ego now? oh haha my system is better therefore I get bragging rights?
Lemme ask you, did you even sit in on one of his webinars?