A journal of turning my $1.500 into $1.000.000

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Mar 7, 2011
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#21
Hmmm

Interesting Math, but 2 bad trades and you wipe out...

ever looked at 3:1 or 6:1 to give yourself a fighting chance?
Nah not true. You risk only 50% of the current balance.

Like this:

Deposit $50

Lose: $50-$25 (-50%)
Win: $25-$50 (+100%)
Win: $50-$100 (+100%)
Win $100-$200 (+100%)
Lose $200-$100 (-50%)
Lose $100-$50 (-50%)
Lose $50-$25 (-50%)

That scenario equals to -1 wins net. The aim is to get +10 wins net. It doesn't matter how many trades it takes. It could be 40 losses with 50 wins. Obviously staying above minimum trading lot size will have to be important.
 

Chalky_trader

Active member
Nov 7, 2011
463
34
38
#22
Nah not true. You risk only 50% of the current balance.

Like this:

Deposit $50

Lose: $50-$25 (-50%)
Win: $25-$50 (+100%)
Win: $50-$100 (+100%)
Win $100-$200 (+100%)
Lose $200-$100 (-50%)
Lose $100-$50 (-50%)
Lose $50-$25 (-50%)

That scenario equals to -1 wins net. The aim is to get +10 wins net. It doesn't matter how many trades it takes. It could be 40 losses with 50 wins. Obviously staying above minimum trading lot size will have to be important.
Thanks for clearing that up Matts, are you currently trading this system?

Im thinking of opening a new account just for fun and giving it a go!
 
Mar 7, 2011
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#23
Thanks for clearing that up Matts, are you currently trading this system?

Im thinking of opening a new account just for fun and giving it a go!
I have tried a few times and the highest tier I've reached is lvl 5 where I decided to quit and withdraw (giving me many more credits to try to achieve the overall goal). Since I have tried and failed a few times but am gearing up for another go soon. It isn't easy and it can be a little distracting from "real" trading. I think you hit the nail on the head with the word "fun" as this system should only be taken up as a side to peoples serious trades imo.

Just thought I'd mention to you though cos you seem to be working off the needed R:R ratio already.

Not sure what the policy is here for mentioning other sights but if you google "rags to riches forex" you will find it and be able to read the thread.

GL(y)
 
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Chalky_trader

Active member
Nov 7, 2011
463
34
38
#24
I have tried a few times and the highest tier I've reached is lvl 5 where I decided to quit and withdraw (giving me many more credits to try to achieve the overall goal). Since I have tried and failed a few times but am gearing up for another go soon. It isn't easy and it can be a little distracting from "real" trading. I think you hit the nail on the head with the word "fun" as this system should only be taken up as a side to peoples serious trades imo.

Just thought I'd mention to you though cos you seem to be working off the needed R:R ratio already.

Not sure what the policy is here for mentioning other sights but if you google "rags to riches forex" you will find it and be able to read the thread.

GL(y)
Thanks again for the feedback,

TBH my goal wasnt as high as 50K, but what it really focussed my mind on is the whole aspect of money management to grow your account rather than 30-40 scalps a day.

good luck with your next 'go' im planning my first one at the moment,
 
May 19, 2011
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www.wealthified.net
#25
Actually guys, I was thinking of trying out this strategy.

My main problem is, there aren't any ECN broker offering 1:500 leverage and low deposit.

And I don't trust market makers, none of them.
They usually don't allow news trading in the first place.
And when you reach $50k they won't allow to withdraw, because that's just the price for their new Mercedes if you know what I mean... :cheesy:
 
May 19, 2011
54
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www.wealthified.net
#26
This week's trades:


Tuesday, I traded the Swiss GDP. Got out before the US ISM Manuf. PMI came out, with

-6 pips



Wednesday, I traded the UK Services PMI. Made a loss,

-15 pips



After it on Wednesday, I traded the Canadian Interest Rate.
Very unfortunate loss,

-15 pips



Today I traded the Swedish Interest Rate.
Got out with break even, my take profit was a little bit lower...

0 pips



Also Today, I traded the Eurozone Interest Rate. They cut their rate as a surprise, made a perfect win on this.

+30 pips

After it, at the Press Conference, made a loss,

-15 pips



Overall, not a the best week..
 

Attachments

May 19, 2011
54
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www.wealthified.net
#27
Traded the US Non-Manuf. PMI Yesterday.
Loss,

-15 pips



Traded the US NFP today, loss again...

-15 pips


Look at that, how unfortunate I was... It just hit my stop loss and right after it turned south.

Up until this year CADJPY was far the best for trading the continuation for a lot of US news, especially for the NFP. But since this year its horrible, this is my third loss in a row for NFP, and I am not sure what to do with it.

USDJPY performing much better this year for my strategy, but before this year its backtest is horrible.
I'll take suggestions.
 

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May 19, 2011
54
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www.wealthified.net
#30
Last week I only had one trade, the NZ Interest Rate Statement.
This trade was the joke of the year, my stop loss was exactly at ASK price 0.8217.6, the price touched it for 1 sec and right after it turned south.
I don't even consider this trade as a loss.

-15 pips




Also, I started trading the weekend gaps, because historically they are highly profitable with 1:2 risk/reward ratio.
First one was AUDUSD last weekend, got a loss.

-11 pips



September sucks for me, lets see what can I do with it in the next 2 weeks...
 

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May 19, 2011
54
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www.wealthified.net
#31
Sorry guys, I have a new internet service provider, and I didn't have internet at home.
Now it's working flawlessly.


Last week's trades:

US Interest Rate

Made a loss,

-15 pips

After it the price turned around...




Swiss Interest Rate

Got out with break even,

0 pips



Norwegian Interest Rate

Made a win,

+30 pips



This week:

German IFO

Made a win

+30 pips
 

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May 19, 2011
54
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www.wealthified.net
#32
I am back.

At September I had a terrible month with -31%, and I worked very hard to make my strategy better.
October I made it back, I had a nice month with +38% profit.

From now on I will only post my monthly statements, because I think only the numbers matters, nobody cares about the individual trades..

My current balance is around $7.000 because November is already in profit.


Attached my statements for Sept and Oct.
 

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Oct 27, 2013
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#34

Unfortunately ........ - No its not

So many traders do not realise that if you lose say a third of your account in profit - ie 33 % - then you need a 50% increase to break even

Therefore peti has really wasted 2 months of trading - ie he is worse off now than what he was at start of September

You cannot afford to lose 15% per months - never mind over 30%

I really suggest you start looking into far more advanced money management - otherwise - 3 bad months and you are on a slippy slope that you might never get back up

Also - fine to make 30% + month gains - if you are using under 1% stake size - but anything over 4 or 5% stake size then - accident awaiting to happen.

Trust me - and remember approx 80 -90% of all retail traders fail - give up and lose money.

Improve and fine tune your method and start changing your money management

I wish you well on your journey

Regards


F
 

WklyOptions

Active member
Apr 26, 2014
265
24
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#35
Unfortunately ........ - No its not

So many traders do not realise that if you lose say a third of your account in profit - ie 33 % - then you need a 50% increase to break even

Therefore peti has really wasted 2 months of trading - ie he is worse off now than what he was at start of September

You cannot afford to lose 15% per months - never mind over 30%

I really suggest you start looking into far more advanced money management - otherwise - 3 bad months and you are on a slippy slope that you might never get back up

Also - fine to make 30% + month gains - if you are using under 1% stake size - but anything over 4 or 5% stake size then - accident awaiting to happen.

Trust me - and remember approx 80 -90% of all retail traders fail - give up and lose money.

Improve and fine tune your method and start changing your money management

I wish you well on your journey

Regards


F
Peti,

Agree w F above!

Swings of +/- 30% per month means that your acct has a high risk of ruin!

Redefine, revalidate your trading Edges (if any)!

Slow waaaayyyy down. Reduce bets to 0.5% - 1% of bankroll.

Don't add anymore $$$ unless and until u have demonstrated Edges and rising equity for 2 consec months!

Good luck and do the tasks/work that chronic "non-winners" never do!

Regards,

WklyOptions
 

itspossible

Well-known member
Sep 25, 2014
2,774
555
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#36
Hi Peti i have subscribed to your thread and wish you luck.Have you traded much before this and did you make or lose money.Would you trade again if you lost your starting stake here or would you call it a day.
 
May 19, 2011
54
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www.wealthified.net
#37
Thanks guys for the advices.
I know I am using high risk, but I am fine with it.
I can afford this money to lose, and when I have a bad month I can make it back easily, because of my trading edge.

I am planning to reduce my risk when my equity will be much higher.
 
May 19, 2011
54
11
18
www.wealthified.net
#38
Hi Peti i have subscribed to your thread and wish you luck.Have you traded much before this and did you make or lose money.Would you trade again if you lost your starting stake here or would you call it a day.
Hi,

I traded around 3 years before this year to become profitable.
I am never going to lose my starting money because of my money management, thats why I am not going to quit trading :)
 
May 19, 2011
54
11
18
www.wealthified.net
#39
Dukascopy Bonus Program


I made a minimal deposit of $10 (yes, ten dollars) to my account, because with this deposit I am able to apply to one of the following bonuses:

- 10% bonus on my current equity
- 20% discount from the trading volume comission

I decided to choose the discount from the comission. I will monitor how it is working, and will change to the equity bonus when I think it would be better.

I would be glad to hear if anybody have experience about this bonus program.