9 Net winning trades, the road to being a Pro Trader?

[Chalky_trader]

Got a break
first trade done
False break at PDC 5 point stop 10 point target

sold 74 closed at 64

chart attached shows PDC (blue dotted line and open price Red dotted line (changes at 7.00 and 8.00)

Maybe a lucky break and prob couldnt do that with size but at £2 per point no problem

 

[forker]

off to a good start.

 

[Pipstream]

Here goes.....

timeframe is 5 mins chart, haven't thought too much about anything else

Congrats on your successful start!!!! :clap:

I worked on this a bit last night and I am also going to try this - just out of curiosity and an eternal optimism! :cheesy:

....but I am going the snail pace with a 3H/1H timeframe, only because I think there is a better chance there with the 1:2 RR. However, I am going to slightly reduce that too and work with a 25pip SL and 40pip TL. I am only using EURUSD.

As we have already just had a good pullback on the 3H chart extending even to above 1.0600's I will take my first trade on the next signal rather than just join in now (most likely next week, monday, after today's NFP impact......)

So it may take a while................... (unless I'm out on my first trade! )

 

[forker]

if pulled off i reckon the whole of T2W will be giving this a go.

 

[Chalky_trader]

Congrats on your successful start!!!! :clap:

I worked on this a bit last night and I am also going to try this - just out of curiosity and an eternal optimism! :cheesy:

....but I am going the snail pace with a 3H/1H timeframe, only because I think there is a better chance there with the 1:2 RR. However, I am going to slightly reduce that too and work with a 25pip SL and 40pip TL. I am only using EURUSD.

As we have already just had a good pullback on the 3H chart extending even to above 1.0600's I will take my first trade on the next signal rather than just join in now (most likely next week, monday, after today's NFP impact......)

So it may take a while................... (unless I'm out on my first trade! )

Good Luck Pipstream,

I may be able to get some scalps off the back of your trades :clap:

 

[Fugazsy]

Good luck Chalky....I wish you well.

 

[timsk]

Like i've said before there's so much negativity in these forums, where has all the positivity gone.....

I thought id give it a go as a new years resolution and a bit of fun

Hi Ct,
I don't think people are being negative about your challenge; it's more a case of being realistic about its chances of success. You know what you're doing, but there maybe green about the gills newbies subscribed to your thread who don't - and don't appreciate fully how and why it's unlikely (but not impossible) to succeed. So a token 'don't try this at home folks'* type post is in order, IMO.

Having said the above, I suspect many peeps are rooting for you and would love to see you - or someone here on T2W - pull it off. If you do, the really tricky part will be to withdraw your winnings when you hit your target and to resist the temptation to just keep compounding.

Anyway, it's certainly all good fun and an excellent way to see the new year in. I wish you luck and will follow your progress with interest.

Tim.
*A demo or 'micro' account perhaps, but not with a well funded live account.

 

[Pipstream]

Hi Ct,
I don't think people are being negative about your challenge; it's more a case of being realistic about its chances of success. You know what you're doing, but there maybe green about the gills newbies subscribed to your thread who don't - and don't appreciate fully how and why it's unlikely (but not impossible) to succeed. So a token 'don't try this at home folks'* type post is in order, IMO.

Having said the above, I suspect many peeps are rooting for you and would love to see you - or someone here on T2W - pull it off. If you do, the really tricky part will be to withdraw your winnings when you hit your target and to resist the temptation to just keep compounding.

Anyway, it's certainly all good fun and an excellent way to see the new year in. I wish you luck and will follow your progress with interest.

Tim.
*A demo or 'micro' account perhaps, but not with a well funded live account.

Good, caring parental stuff here!

It is certainly worth remembering that, in itself, this is really only an exercise in money management through controlling risk/reward parameters. But money management can only work with a sound strategy that has a sufficiently high success rate. If the strategy sucks then even the best of money management can, at best, only slow the pace of account hemorrhage......

 

[darktone]

Are you intending to use guaranteed stops / no neg balance broker Chalky?

 

[itspossible]

Are you intending to use guaranteed stops / no neg balance broker Chalky?

good point-£800 loss taught me the importance of that.

 

[Chalky_trader]

Are you intending to use guaranteed stops / no neg balance broker Chalky?

That is a really important point, needs some explanation, and is why i stopped the last couple of times i've tried this.

My trading is usually aimed at taking 5-30 points from the DAX with a small stop loss

As the challenge gets towards its end the numbers don't suit my style.

For example trade 8 has a risk of 1280, if at a 5 point stop like i used earlier its 256 per point, a couple of points slippage ruins the game, although should still be ok as your winnings would cover it but not ideal.

The only alternative is for bigger stops and targets which changes my trading style, trade 8 with a 20 point stop would be do able i guess £64 per point.

Nowadays you can get reasonable guaranteed stops but they usually cost a couple of points, this is also therefore ideally suited to the bigger TF setups with bigger stops and smaller point value.

Bigger TF introduces the possibility of holding overnight which i don't usually do so guaranteed stops are a must in that case.

If i get to that stage will worry about it then, will probably have to compromise my strategy somewhat, 15 / 30 points maybe.

At the moment i'm not loosing any sleep though

 

[forker]

I would look at stretching out on the later half on the plan where you reduce your risk. Perhaps even looking at doing it in 20 trades instead of 9

 

[forker]

I would look at stretching out on the later half on the plan where you reduce your risk. Perhaps even looking at doing it in 20 trades instead of 9

So the first 4 trades as is now and then the gradually reducing potential for ruin

 

[Chalky_trader]

So the first 4 trades as is now and then the gradually reducing potential for ruin

Agree prob best option, i will have a play about with excel and see what comes up

maybe take 1/4 profits from the mid point,



or just keep going LOL

by trade 16 it reaches 1.3 million

60k per point with a 5 point stop :whistling (Newbies this is a joke)

 

[darktone]

That is a really important point, needs some explanation, and is why i stopped the last couple of times i've tried this.

My trading is usually aimed at taking 5-30 points from the DAX with a small stop loss

As the challenge gets towards its end the numbers don't suit my style.

For example trade 8 has a risk of 1280, if at a 5 point stop like i used earlier its 256 per point, a couple of points slippage ruins the game, although should still be ok as your winnings would cover it but not ideal.

The only alternative is for bigger stops and targets which changes my trading style, trade 8 with a 20 point stop would be do able i guess £64 per point.

Nowadays you can get reasonable guaranteed stops but they usually cost a couple of points, this is also therefore ideally suited to the bigger TF setups with bigger stops and smaller point value.

Bigger TF introduces the possibility of holding overnight which i don't usually do so guaranteed stops are a must in that case.

If i get to that stage will worry about it then, will probably have to compromise my strategy somewhat, 15 / 30 points maybe.

At the moment i'm not loosing any sleep though

Yeah I know what you mean.

If 'entry to stop' defines trade size then the size can get BIG real quick when we screw the stops down tight.
If we take trade 8 - risk 1280 - 5 point stop - trade size 256, an were positioned when 'that' move happens and the stop gets gaped 100 points, thats -27K. Life changing money for some.
Can happen the other way also If a tp was used and gaped the same 100 points, thats +28.2K. No need for trade 9

Defo worth finding out how the broker fills orders. Ie be sure you get positive as well as negative slippage. Also worth checking how the broker will fill your tp when using guaranteed stops. Ie will you get the same positive slippage on your tp or do you lose that privilege?

Another thing to consider using mega leverage is margin reqs. A no neg balance broker offering 500x and guaranteed stops might be just the ticket. FoMo would know .

 

[Oscar Reed]

Yeah I know what you mean.

If 'entry to stop' defines trade size then the size can get BIG real quick when we screw the stops down tight.
If we take trade 8 - risk 1280 - 5 point stop - trade size 256, an were positioned when 'that' move happens and the stop gets gaped 100 points, thats -27K. Life changing money for some.
Can happen the other way also If a tp was used and gaped the same 100 points, thats +28.2K. No need for trade 9

Defo worth finding out how the broker fills orders. Ie be sure you get positive as well as negative slippage. Also worth checking how the broker will fill your tp when using guaranteed stops. Ie will you get the same positive slippage on your tp or do you lose that privilege?

Another thing to consider using mega leverage is margin reqs. A no neg balance broker offering 500x and guaranteed stops might be just the ticket. FoMo would know .

Or a direct line to the @highbury fx brokerage A or B book

Anyone seen C.

 

[tar]

Its not practical to proceed to step 9 while scalping with a tight stop ...

 

[darktone]

Its not practical to proceed to step 9 while scalping with a tight stop ...

how so ?

 

[NVP]

Firstly this is not my Idea, someone else on this forum introduced me to it a while ago.

I brought it up and we had a recent discussion on another thread and I thought that maybe a thread of its own was in order.

It’s a great challenge in a number of ways, it inspires discipline, trade planning as well as goal setting, yet all of the usual % account balance risk arguments are irrelevant.

So here goes

The challenge is to turn £10 into £10,000 in 9 net winning trades
9 NWT examples

9 wins 0 losses
18 wins and 9 losses
30 wins and 21 losses
50 wins and 41 losses
150 wins and 141 losses

lets face it, if you aren't making 9 net winning trades then you are most probably losing anyway!

Trades are taken on a 2:1 Risk reward basis and 50% of the net winnings are risked on each trade
Each trade takes you one step forwards or backwards on the P&L Ladder, losing on the first trade means its game over and you are down £10

You can start with £50 & target 50K if you wish

Anyway I thought I would give it a go in 2017,

anyone else care to join me

I wont be posting entries, i'm not into trade calling, but will post results, and reasons for the trade when i can I suggest anyone else wanting to do it do the same.

We will just have to trust each other there's nothing to be gained by making up phony results


Chalky

as the number of trades increases you will ultimately still only achieve a 50-51% win rate here

sure you might do ok but you will need a decent return on those winnings to offset the losers

if a trader wants to crack it in this business ultimately you need a better win rate to pay the rent .......otherwise find something else to devote ones time and effort to......... :smart:

N

 

[Chalky_trader]

Ok ive done 2 more trades both breakouts after NFP, one loser and one winner, so net still +1

I dont usually do breakouts but after NFP if they hit the stops they can Fly, both trades were 5/10, i kicked myself for such a tight stop but on reviewing things 10/20 would have got stopped out too.

entries at red arrows