What I genuinely find most interesting is how times have changed.
This sort of thread with someone supposedly making 10k per day would have been cat-nip in the old days, here! I should know.
Fox would have been inundated with questions and pushed for further info.
However, it's been very quiet.
Exactly the same with DowJones on another thread where he was posting in a similar fashion. (just posting how much money he was supposedly making each day. A bit like someone posting their wage slips each month on facebook!! lol)
Are people just more cynical than ever on trading sites now?
People have finally woken up to what is actually likely and possible/realistic? Jaded after seeing so many people exposed as fraudsters over the years who seemed convincing at first?
That would be an explanation for some who have been around for a while and seen it all before, but why aren't the newbies interested? No newbies left in the retail world?!! Just a more cynical/brighter breed coming through?
This is how things can all get taken out of context. see bold
No day was 10k ??
In fact the average day over 13 days was approx £3200 per day
As you would expect - the days he took over 12 or 15 or more trades - he made more money ( normally)
You don't have to be an expert to work it all out - but you do need to be experienced and read between the lines.
I questioned John initially when he posted a few results - was it on his live account.
He confirmed along with at the time that he specialised on the GU and had been for quite a long time and that then his normal targets seems to be 5 - 10 trades and maybe targets of over £2k per day.
To me that all makes sense.
If he was using a say £100k account then 0.5% stake size with stops normally under 20 pips would be £25 per pip say 4 lots or so per pip.
The fact that his trades generally made £500 to £1200 then he would be after 20 to 50 pips per trade.
However he mentioned that being on the one min chart and being flexible - he would take say 10 pip against a 10 pip stop - and also that sometimes he would risk just a few pips as a test to see if he had caught a move.
The fact that he stated he used approx 0 5% stake size - I therefore think his capital might be more than £100k - it might be £150k or even £200k
This is because some of the trades he took in the time period of posting did not make over 20 pips - and so I think he might have had 10 -15 pip stops and 15 -20 pip results bagging over £1000 a trade and so therefore on stakes of over £50 per pip - or say 8 lots.
It took me 6 years to go over £50 a pip and up to £150 a pip using my own capital.
I don't think John as gone over £100 a pip as then on 0 5% stake size and 10 pip stop then he needed a £200K capital account - risky with a broker if the FSA only guarantee £50 k - I had thought it was £85k - but not with brokers?
With regards to his method - surely all experienced intraday traders know what he is doing - and the fact that John does not want to divulge it - I will say no more here.
I reckon if he had been posting wins everyday of say £50 -200 - nobody would have bothered
If he had posted losses of £20 -100 a day - nobody would even raise an eyelid - thinking - a newbie.
The fact that he made £41k in 13 days equivalent to say £60 -62k in a trading month puts him in the top 0 5% or less of all retail traders - that's if he can maintain it over say £40k per month through out the year
Now the real questions everybody should be asking is
How long have you been trading John ??
Have you had other months over say £40k
If you have excellent - well done.
I can see weaknesses in John's method - and he himself knows what they are - ie not enough RR's over 3 + and win ratios ideally need to be over 70% ongoing
Other than that any newbie reading this should understand - similar methods can work - day in day out
I needed over 6 yrs to find my way to place large stakes and even then I hit my wall and no longer do over 10 lots nowadays - this is after 13 years and 7 yrs Full time
I hope John has made it in under 3 years - and if he has - well done - just don't go off the rails
Regards
F
