Just remember this race we call forex is a marathon not a sprint.
practice good money management and live to trade another day. Your focus on being a trillionaire is great and I am certain you can succeed just keep in mind that professional traders number one focus is on preserving capital.
Ok! Let’s go!
I want to see a new trillionaire rise from the market!
Ok, week 3 results are in and they are SHOCKING!
Before posting them, I just want to point out the irony in the thread title. I don’t really expect to become trillionnaire, nor millionaire. If I can make a few bucks over time and have fun (because I really enjoy trading part-time), then I’ll have reach my goal!
Week 3: OMG u retard?!?
[B]June 7th[/B]: 156.9 pips, 6.99%
[B]June 8th[/B]: 29.9 pips, 1.67%
[B]June 9th[/B]: 59.7pips, 2.78%
[B]June 10th[/B]: -170.7 pips, -9.03%
[B]June 11th[/B]: 120 pips, 12.97% (I went with double size lots…)
Ok, I’ve had some bad trades on thursday and it threw me off. It eventually brought me to more bad trades. But then, I found some good setups where I knew I could get 30 pips easily, so I doubled the lots size in order to take revenge on the market.
Yeah, I know. This is probable the fastest way to a 0$ account and I probably just got liucky. The fact taht it happened on friday is good because now I can enjoy my weekend and be back on track monday!
Feel free to insult me and remind me that tight money management and emotion-less trades are the way to go! I truly deserve it.
Whats the total % gain in 3 weeks? You said you started with $500 what are you up to?
Nice week:D
not shocking its not to hard to trade big lot sizes and rapidly grow an account once you have a strat that works. Its hard not to overreact to a bad trade or bad day and make a big loser much worse. I say big loser because if you are trading big lot sizes you occasional loser will be big . Suck it up and move on its part the path to trillionaredom. You wont get far if you get mad at the market it doesn’t care.
A few troubling things I see are your bad day on Thurs was real bad! A few days like that in a row and you will be out. Also your reaction to a bad day was to increase your trade size. It worked this time but increasing your risk and trying to make the market give back what it took is a bad idea;).
Work on keeping your losses small. Congratulate your self for a small losing trade. Keeping the losers small is more important skill than winning big every time. That is if you want to achieve consistent gains over time.
You might already know this but just a pointer if you dont, its never you vs the market, the market isnt trying to beat you, or let you win, its you vs yourself. :eek:
The question rised why to stop then? Why not a fantastillionaire?
I limited my one life goal to 100 millions. I don’t want more money in one life. If I get my second life, we will see. Too much money isn’t good - I am decend. 
I asked for statistics of your “system” over 1 or 2 years. To see that it is not a lucky strike while Miss Market is temporary going in your favor.
Ya know, I am a coder and I coded several EAs. Backtesting them over years, not days. Most of my very first EAs were profitable in one year, but they gave back more than that next year in backtest. How do you know your manual “system” will give you the opportunity to be consistent over years even when Miss Market is temporary more ranging than trending and so on? What is your indicator to see that your system doesn’t work anymore and it is time to change something?
Do you use always a SL?
What was the reason to increase the lotsize?
What is your proposed time to reach your goal?
HAHAHA fantastillionaire!
I have never heard that oen before! I will look forward not to forget it xD
Overall growth is 32.82% over 3 weeks (I’m now at 680.87 from 512.63). Thanks for the great feedback. I HAVE to keep that in mind as much as possible.
Wise words!
As I stated in the first posts, I’ve begun trading forex not too long ago so I don’t have any more results than what I’m showing (beside a few days of demo trading). Yeah, that’s just me. When I find something new that I like, I have to jump the gun and get into it ASAP! Will it haunt me in the long run? We’ll see… for now, I’m gone for a camping weekend. See you guys on monday!
:d
lol …i like your style ultfrisbee! I’m rooting for ya!
I’m finding this thread to be very interesting so far. It appears that my system is against the general consensus of this thread. Most people seem to be against having a daily pip goal. I, however, find that having a daily pip goal is what keeps me from over trading, which is the number one noobie account killer. The problem that I see with ‘taking whatever the market gives you’ or ‘trying to [B]average[/B] XX pips a day’ is that you have no clear indication of when to quite. And not knowing when to quite is the exact reason that the lights are on in the Vegas casinos. Once I hit my goal, which is very modest, the live monitor goes off, no exceptions. But every trader is different.
I agree 100% with Shr1k
Ultfrisbee, do you mind sharing with us what pair you’re trading and if you trade during the open of the primary? Those massive pip swings that you’re recording on this thread sound an awful lot like The Beast:eek:
One man’s recipe for disaster, is another’s entertainment.
Extreme motocross comes to mind;)
Risk tolerance varies greatly from person to person. Ride it while ya got a horse I say!
Here’s a little inspiration.
YouTube - best of David Belle´s videos
Cheers!
Here are some other relative, interesting, and slightly concerning statistics about your trades:
You have a cumulative gain of 31.61%, this is very good.
Each trade gains an average of 2.63%, this also looks great.
Your single largest gain was 1.75 times the size of your worst loss, this is also good.
However, the most important piece of data to take away from this is the standard deviation of your 12 trades, which is 7.03%. This is very bad. A few lost trades in a row could cripple your account, especialy when you take into account the psychological effect rampant losses can have on your trading.
Good luck.
Most of my live trading has been strats and methods I have developed and designed specifically to rapidly grow a small account. This is obviously not the most recommended way to trade. I do consider myself experienced with this kind of trading beyond every newbies first attempt at a million. I have found the single thing that has killed more of my accounts is this.
especialy when you take into account the psychological effect rampant losses can have on your trading.
“rampant losses” can be avoided by using sound and strict MM. Fine tune your risk per trade or per day based on your win expectancy. Stick to your plan. Once you have a defined amount you are willing to lose and have a pretty good idea about how often you lose that amount taking a hit becomes part of the game. No revenge needed. as someone said and I couldn’t say it better its really you vs. you not you vs. the market when it comes to losing a trade. You win when the loss is no bigger than you defined risk.
The biggest contributing factors to rapidly growing an account are a modestly successful trading plan that relies on a high win rate and has a real R/R close to 1:1 or better and[B] NO[/B] oversize losers. I like the 1:1 R/R better for probability reasons and it presents more trading opportunities. More trades that are part of a winning plan means more winning trades more winning trades means more opportunities to apply the power of compounding to you balance. This simple concept works its easier said than done.
Is it just psycho? Really?
Sure it is! But not the way people think it is.
Just telling yourself you will win may probably make you a loser. Just to have a lucky strike telling you the system works, will probably make you a loser as well.
The most important part in trading is to have a reliable signal. The only psycho thing what comes in then is to be patient searching for this signal and to trade only on that signal. It doesn’t matter if that signal comes around 10 times a day or one time in a week or month. Miss Market does what Miss Market does.
Sure, mm and all the other parts play their role, but it’s not that difficult.
There are 99% gambling strats out there with not much better results than 45:55 rrr and only one percent real signal strats, where you win 90% or more of the trades of that system.
So, the key factor is to have a reliable system. Then you can trust based on that system and confidence is not a problem.
I also do not like to go with the myth it’s playing you against yourself. Traders trade against the market, which are other ppl. So, its clearly a trade of one versus another or others. The question here what matters: [B]Can you be smarter than most other smart traders?[/B]
If not, then you will lose over time. Because consistent traders are the smartest traders in the world. To compete with them is not that easy as it seams.
I am sorry for my ignorance, but this confuses me a lot!
We hear terms like, Join the Bull side or the Bear side!
Ok, we know that it isn’t that simple, we should after all join the winning side.
But what is the point… we try to go with the market, we try to follow the trend, and the trend, is what traders are doing right?
We are following the same demand of other traders, if most people are following the Bullish or Bearish trend how come… most people loose?
Where is the leaking point in this “Apparent” Zero SUm game?