Well done; keep hunting! Hope, you are very aware of money management rules! All the best.
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here was my trading day today, this is today only, this was my best live account today, they all made $ today! 
I know not 100% heh! but close! 
Bet you got a sore finger now though. He he
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I read this thread with interest.
The whole consensus seems to be around protecting your capital.
I rarely ever use a stop loss, and have been trading for years. A trader once told me, only put in what you can afford to lose, and that is exactly what I do.
Why would anyone put their life savings into their account.
There are times, like right now, with Brexit - where you can bank big and hard. This is the time you could make enough money to see you through Christmas and some.
I can only post the very recent P/L and as you can see, you only need a few big ones. This was a good week, but I average 4k a week anyway.
I have no idea how people can day trade and make $200 or $300 bucks and think it was a good day, especially if you’re stuck at the screen 9-5, that’s basically a job.
Have to agree with a lot of this.
Was taught not to trade with the amateurs from day one.
A lot of brokers and forums have a conflict of interest.
Industry Standard Forex Education is absolute BS - you will never make meaningful money.
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it all comes down to measuring your success in an intelligent way, and for informed traders that is done by calculating your percentage gains, per day, per week, per month per year etc.
$200-$300 a day is a good day if your account size is $2000 to $3000, then thats a 10% GAIN/day.
consistancy is the key, obviously., and hind site is always 20/20.
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I am interested to see this account after one year! Hope, then you’ll share too.
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you said you CANT see how people make that day trading? To be honest, that would be loveee to me just starting out. That’s amazing if any trader is able to earn that much each day
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I will one day be at that level where I’m making thousands a day, but in the meantime I’m fine with getting even $100 a day,gotta start somewhere
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Story of my life. Thank you for sharing.
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I think people think too much about position size, risk award, only 1% investment of the account and so on , and they forget the most important thing (to my mind the most imp.thing): a reliable entry exit sytem
in my childhood i liked to be an indian rather than a cowboy, maybe thats the reason why i am a fan of scalping…
its not so importat to make 100 pips a day, its more important to make 10 pips every but with probability of 99%! Thats enough to become a millionaire within a month…
Yesterday i read the threat concerning " winner/looser ratio and loosing trades are normal and so on"-well, no doubt it is normal, but its also possible to filter out all your entries, and only take in the future the best ones-those patterns, which bring you at least half a pip if you exit very fast. This threat gave me the motivation to test very exactly my trading for one day (8:00 in the morning until 11:30, and 16:00 untill 19:00) with full concentration, doing nothing beside it (like playing online chess, watching every minute the charts and back to chess, reading stories or watching the selling of ebay items)… and only observing the markets. Live scalping /day trading is a lot of stress!
The result was a day without loosers, because i realy took no risky trade, (exept the last one) and this broker gives low spreads ( 0,5 pip on EUR/USD…), for my trading style ideal.
What i want to say is not that i found the holy gral, this is just a case study, but that it is possible to cut the loosing trades against zero if you have a good entry/exit sytem.
As i have no other things to do tomorrow between 08:00 and 08:30, between 12:00 and 18:00 as well, i will try it also that way to proove for myself that cutting the loosing trades near zero is possible,under certain conditions. Lets see what will happen:money_mouth_face:
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That is a valid point.
What I was trying to get across was, people day trade 9-5 everyday, which is the same as a normal job, the only difference being the reward.
If you’re earning $100 a day working a job and $300 day trading 9-5 that might be more than enough for most - even then how many traders do you know that make $300 a day consistently?
Forex shouldn’t just be seen as an income stream alone, but a means to live a lifestyle on your terms.
You don’t want just financial freedom surely, you want time.
I hear what you’re saying, when I started out trading, I was trading Brent oil and Crude Oil, and making £50 to £70 a day.
You have to start somewhere, but all I see is the same traders stuck at the same level for years.
You have to keep evolving, learning and testing.
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Agreed, not helped by the fact that they seem to think that a 100% win rate, or anywhere near is actually both achievable and maintainable.
Got you! I wouldn’t want to be stuck making the same profits every day trading. You will never stop learning when it comes to this industry. If I’m making enough to replace my income, then of course I would want to grow and improve my skill set even more, time is the world’s greatest currency, so I want as much time to do what I want whenever I want
Lets use the account that was shared above, by @rrram2. (hope you appreciate that i’m using this as a relevant live example)
Yes he’s had a great run, but currently he holds a staggering 82 open positions which are accounting for a loss of -44% of his entire account. Yea fine, keep your losses open and just close your winners in order to maintain a good hit rate, but give it time and you’ll be margin called. This is simple, it’s rule 101 - basic stuff.
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Believe it or not, that is how I used to think, when I started trading oil, I had a 100% win rate for over 2 months.
2 months, 2 weeks and 4 days I believe.
I had an account with £350 and was trading every single day.
I was lucky that I always withdrew profits every night, so the account balance the next day was £350.
Even though I had more than tripled if not quadrupled my account, the day came where I was long and news came out that there were more oil rigs or something (still don’t know what the exact news was to this day).
And my account tanked hundreds and hundreds of pips in 5 mins and blew out.
That was the best lesson learnt tho - after your first loser, its all good.
You are now a loser like everyone else, all that matters is how often you lose.
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You will get to the point where you won’t even need to trade every single day.
Depending on the route you take you might only be trading 3-4 times a week or even a month.
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yup, one of my mentors right now says he only trades like 2 weeks out of the month. I’m working hard to get there
No idea why someone would trade with so many positions - if it’s to get a nice record for this Myfxbook everyone seems to love, then fair enough.
And why so many trades for the same pair, i.e. USD/MXN - is this some kind of Martingale strategy.
It might just be the fact I’m old school, but I rather put in 3 hours of analysis for my top 3 pairs that look juicy and have the potential to make a 20% return in a week, bearing in mind I got a 17.5% return today - than take loads of small trades.
It reminds me of a scatter gun approach.
Records are vanity, profit is sanity.
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