555,000 from 555 sheets

[counter_violent]

Right here's the plan.

I'm gonna trade £555 up to £555,000. In 3 stages.

Stage 1 will be £555 to £5,000
Stage 2 will be £5,000 to £55,000
Stage 3 will be £55,000 to £555,000

300 trades in total or there about, in blocks of 100.
Each block will be numbered 1-100 and each number will be crossed off when a trade closes in profit.

The idea is to close out profitable trades and try to accumulate profitable trades that outrun any trades in drawdown.

Variable stakes, averaging occasionally, basically anything goes, to achieve the objective.

I may have multiple trades open, but I expect this to be capped at 3 open trades at any one time.

There may be an occasional stop out, although I figure they will be rare, but should a stop out occur, I will carry on crossing off profitable trades on the card and come back to any stop out trades at the end of each series.

At the end of each series I may need to make a trade or two, that account for adjustments. For example, if I place a limit to close and I get some + slippage, only the number I intended will be crossed off and the slippage amount will go into the + column. - numbers, for overnight financing etc, will be logged in the - column. Take one from the other and if in deficit, trade for the difference at the end of each series.

Here's my dummy run scorecard, as you can see, smaller numbers closed out first to build up some fat before progressing up the card, although if I do get a nice looking runner, I will allow it to deliver out of sequence.

 

[Forexmospherian]

Approx 300 trades ? - I really wish you well and look forward to how this goes

GL

Regards

F

 

[counter_violent]

Approx 300 trades ? - I really wish you well and look forward to how this goes

GL

Regards

F

Ta

Forgot to mention the standard stake for each series will be £1, £10, £100.

 

[timsk]

Go c_v go!

 

[NVP]

based on what strategy ?

 

[be-positive]

all the best counter --- hope you do not slip up on

 

[sonofcablemonster]

i kin love you dude. beautiful man.

 

[counter_violent]

based on what strategy ?

A mixture of all kinds of stuff, including long/short, correlation, opposition, averaging across all classes.

The test will be dealing with the outliers.

Most of the time, the markets present no real danger and it's a pretty simple job to book wins. Lets say for arguments sake that markets, instruments, range 70% of the time. This leaves 30% of which 15% make up the outlier group. This 15% of trades will be the ones that may need work and time.

Performance will be measured by two metrics only. Booked profits (acct balance equity) v drawdown or stop out.

 

[Forexmospherian]

Hi CV

I am sure you are aware of this - but have just done a quick business plan on the back of a "fag packet" ( lol) to see whether this might be on under your strict criteria - ie basically 3 stages - 100 trades approx per stage and the 3 stakes at each level

In theory you need 4500_ positive pips per 100 trades

So in total on 300 trades - approx 13500 pips

You will have losses so will be hoping you win ratio is over 60% due to the 100 restrictions and so really you need targets approx min 70- 100 pips per trade allowing for your losses not being more than your wins

If you could get your win ratio over 70% and losses under 50 pips then 100 trades with approx 80 pip targets could be OK.

Obviously - if you can let your wins just roll and you get more trades making 250+ pips then great - your win ratio can really come down - but you still need your losses under 100 pips I reckon ?

The real restriction to me is your 300 trades

I notice you have not mentioned any time constraint - but to hit just 13500 positive pips even at 1000 pip per month is over a year in total

The way you are doing it - are you looking at say 3 - 5 yrs ??

My other concern with you saying quite rightly 70% of the time the market is ranging - are wins over 100 pips continually to ambitious consistently ??

Anyway good luck ;-))

Regards

F

 

[counter_violent]

Hi CV

I am sure you are aware of this - but have just done a quick business plan on the back of a "fag packet" ( lol) to see whether this might be on under your strict criteria - ie basically 3 stages - 100 trades approx per stage and the 3 stakes at each level

In theory you need 4500_ positive pips per 100 trades

So in total on 300 trades - approx 13500 pips

You will have losses so will be hoping you win ratio is over 60% due to the 100 restrictions and so really you need targets approx min 70- 100 pips per trade allowing for your losses not being more than your wins

If you could get your win ratio over 70% and losses under 50 pips then 100 trades with approx 80 pip targets could be OK.

Obviously - if you can let your wins just roll and you get more trades making 250+ pips then great - your win ratio can really come down - but you still need your losses under 100 pips I reckon ?

The real restriction to me is your 300 trades

I notice you have not mentioned any time constraint - but to hit just 13500 positive pips even at 1000 pip per month is over a year in total

The way you are doing it - are you looking at say 3 - 5 yrs ??

My other concern with you saying quite rightly 70% of the time the market is ranging - are wins over 100 pips continually to ambitious consistently ??

Anyway good luck ;-))

Regards

F

Hi F,

Ok some of this isn't relevant. Lets just deal with card 1.

If card 1 stake is based on £1 for every trade, then all numbers from 1-100 would need to be hit which would equate to £5,050 gained. But as the smaller numbers are crossed off using smaller stakes, then we can move up the middling numbers with a £2 stake, thus reducing the number of pips or points required.

So, it's a balancing act between already booked profits v any drawdown on the increased equity.

As for timescale, it's actually possible to complete 1 card in 1 month.
I do have other commitments which will slow things down, but I would expect to have the whole thing done inside 6 months.

 

[Forexmospherian]

Hi F,

Ok some of this isn't relevant. Lets just deal with card 1.

If card 1 stake is based on £1 for every trade, then all numbers from 1-100 would need to be hit which would equate to £5,050 gained. But as the smaller numbers are crossed off using smaller stakes, then we can move up the middling numbers with a £2 stake, thus reducing the number of pips or points required.

So, it's a balancing act between already booked profits v any drawdown on the increased equity.

As for timescale, it's actually possible to complete 1 card in 1 month.
I do have other commitments which will slow things down, but I would expect to have the whole thing done inside 6 months.

I am sorry - I though you were staying only with 3 stake sizes - ie 1 - 10 and 100

That certainly helps by compounding in between - but very ambitious target within 6 months - even if it is possible to complete the 100 trades within 1 month and hit your target ?

OK - you will not need your 13k+ pips now - but now somewhere between 5 and 8K pips - good going for 6 months

 

[counter_violent]

I am sorry - I though you were staying only with 3 stake sizes - ie 1 - 10 and 100

That certainly helps by compounding in between - but very ambitious target within 6 months - even if it is possible to complete the 100 trades within 1 month and hit your target ?

OK - you will not need your 13k+ pips now - but now somewhere between 5 and 8K pips - good going for 6 months

So here's an example of live trades from yesterday. The 105 number is clearly in excess of the intended target number, which was 99. Fast moving market and I was +slipped by 2 points.

 

[Pondlifedregsbutler]

Oh great another pound a point chancer spreading the madness across this suite of forums. I've reported your posts to the mods they can sort you and your ilk out save me sorting you out son.



This could be interesting. Good luck!

I'm off to complete the SAS assault course in record time.

 

[Splitlink]

These threads are getting more complicated as I get older.

 

[sonofcablemonster]

endex

 

[counter_violent]

A better looking card for anyone trading along.

A quick reminder, try to cross off smaller numbers using smaller stakes before increasing stakes as you move up the numbers. This is how you fund any drawdown out of realised gains. A trade that's in drawdown using a smaller stake should not be a threat to your overall acct balance and should not stop you from taking other trades which should deliver and continue crossing off the target numbers.

The whole point is this is as an exercise in discipline. (although I'm sure they will be along soon to point out why it isn't ) Keeping stakes small and allowing the numbers to be hit naturally. Time is of little consequence and we are not trying to force a result.

 

[malaguti]

A better looking card for anyone trading along.

I don't see any large negative numbers here..I'm feeling alienated from this thread :cheesy:

 

[counter_violent]

Example pics of record keeping spread sheet.

 

[12WBT]

Hello Everyone

Starting on the bingo challenge, 1st day was yesterday.

Hope the challenge will help in the following ways.

Work Ethic (stay in front of the screen more than 10 mins before getting bored and going watching TV)

Patience (waiting for the trade to come to me)

Discipline (cutting losers and winners at the correct time)

Focus (for longer periods and stay in the zone during this time)

Have put my trades up after day 1 and will put up next week after a full week.

Regards
12WBT

 

[counter_violent]

Made a start Friday, 2 closed pozzies and the rest closed today. Still have open pozzies so lets see where we end up.