No Rules - High Risk Capital Building from £3k

Cheers - out for another £240. I am now going to stop trading for the evening - I probably shouldn't as I am clearly on a roll and should make hay whilst the sun shines etc etc. Enjoy your evening all.
 
I have 5 min and 1HR candles open. I will take a quick look at 4HR as well before pulling the trigger. On my chart I have 3 MA's 5,25 and 50 - and have a custom indoicator that colors my bars based on those.

I'm looking for £7k today - so need £680. I'm thinking on trade 30pp and 23 pips. Going to have scan of the markets now.
 
Don't like this trade for some reason, but in anyway. EUR/JPY buy @123.37 £30pp. I think I will put a limit in at 123.60.
 
Bottled it :LOL: Maybe it is getting to me. Out @123.49 for £360. Account Balance now £6700. Haven't even gotten out of bed today yet either.
 
Thanks, although the young bit may not be quite accurate.

Looks like I can give it another go! In at 123.38 , £30pp. :eek:

Limit put at 123.48 to get the £7k.
 
£7k it is. I don't have access to my charts so can't trade until this evening now. The success is going to my head and I'm going to get all 'expert' on you all now...

So what am I getting out of this excercise so far? There are two things I suspected and am re-affirming from this.

1. The Less you care about the money, the easier it is to make it.

2. Listen to Soros - Be a Pig. You want to make as much money from your profitable trades as you can. OK so I'm having to do that by taking huge £pp compared to my capital - but that is because I have top call exits as I enter a lot of the time. But the principle holds - when you are wiunning you want to maximise that win any way you can.
 
episteme said:
£7k it is. I don't have access to my charts so can't trade until this evening now. The success is going to my head and I'm going to get all 'expert' on you all now...
Click to expand...
Please don't go all 'expert' on us - just when you're starting to make new 'friends'!
;)
I understand fully that words like caution, sensible and wise have no place in this thread, so I shall expect my next comment will be greeted with howls of laughter and derision! Is there any merit in taking your original £3k out of your account so that you're only gambling with profits made? That way, if you do eventually blow up, you can learn whatever lessons there are and still have the same starting pot to try again another day.
Tim.
 
Going back to £4k doesn't feel right, I will withdraw the £3k when I reach £13k. A drop back to £10k won't feel so big. Saying that I don't want to lose more than that £4k in one day.
 
episteme said:
1. The Less you care about the money, the easier it is to make it.

2. Listen to Soros - Be a Pig. You want to make as much money from your profitable trades as you can. OK so I'm having to do that by taking huge £pp compared to my capital - but that is because I have top call exits as I enter a lot of the time. But the principle holds - when you are wiunning you want to maximise that win any way you can.
Click to expand...

1) True.

2) I think you've misunderstood. I think he means he scales in to trades that are already doing well. I've got a Soros book somewhere and I'm sure he's not a scalper.
 
2) You are right he definately isn't a scalper ( at that size is it even possible?). I think he tries to pyramid (another strategy I would like to test with some play money) to do it. I thought I was clear obviously I am going about it inthe wrong way but the principle is right. The step changes in account size will be made by being a pig, not by being a beancounter.

(although as i'm sure you know I am being a beancounter with the majority of my cash)
 
3). Don't listen to the spidey sense. Feelings have no place in the trade. The one I didn't like was the one with thge best follow through I think. So trade what you see or what you think - but never what you feel.
 
Out at 124.35 for £325. Account Balane : £7325. Just makes todays profit £1k and and the rest of the evening off for me. Have fun all.
 
dammit - I wanted that trade again. and it too long to fire up my trading account. If it hits > 124.48 again i'm back in.
 
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