Tims £500 Marathon. Goal £1mill

[ffsear]

Its visible now

can see, cheers. Think it was the pips thing that confused me

 

[BSD]

Hi TTT,
Welcome to T2W and good luck with your quest. It shouldn't be too difficult, so long as you give yourself a few months. I notice lots of people do well using myfxbook, like this person who has just turned a starting balance of $50k at the beginning of February into $18,578,196.83 with no losing trades.

Tim.

Morning Tim.

Now I'm kinda amazed.

I was aware that if an account on myfxbook displays the warning X"Track Record not verified" - as with the other Tim who started this thread - the results, as myfxbook state, can easily be manipulated.

http://www.myfxbook.com/help#help_34

Thing now is, the guy you quoted does have his track record verified.

But turning 50k into 18 Mill in one month without losing trades is simply BS of the highest order.

So what gives.

 

[Forexmospherian]

Morning Tim.

Now I'm kinda amazed.

I was aware that if an account on myfxbook displays the warning X"Track Record not verified" - as with the other Tim who started this thread - the results, as myfxbook state, can easily be manipulated.

http://www.myfxbook.com/help#help_34

Thing now is, the guy you quoted does have his track record verified.

But turning 50k into 18 Mill in one month without losing trades is simply BS of the highest order.

So what gives.

HI BSD

I would agree with you

Never really trusted any of the results from myfxbooks - as you say there must be ways to fool the system - not really looked at it - but now you have me intrigued ;-)


Regards


F

 

[timsk]

. . . But turning 50k into 18 Mill in one month without losing trades is simply BS of the highest order. . .

I'm delighted to see that the subtlety of my post is not lost on you Markus!

 

[BSD]

Haha hey guys.

Good trading to ya all.



PS what makes the whole thing even more intriguing is that srinathas other systems were pretty much all complete losers on myfxbook.

Now all of a sudden he's turned into the heavenly Godfather of all Traders whose every trade turns into Gold ???

 

[f2calv]

But turning 50k into 18 Mill in one month without losing trades is simply BS of the highest order.

So what gives.

I'm unfamiliar with the website so excuse me if I get this wrong, but f you click the 'General' tab top left, it says Demo ?

 

[barjon]

I'm unfamiliar with the website so excuse me if I get this wrong, but f you click the 'General' tab top left, it says Demo ?

you don't really expect any of these clever clogs to actually risk any money do you?

 

[BSD]

Dunno why those two posts up there came out double, having some problems with T2W at the moment, like I click on page so-and-so, and nothing happens.

f2, yeah I saw the demo part, but how come no losing trades ?

And 15 000 % in a month, demo or not, well, you get the message.



Great returns are possible, but not without losing trades, and not on that magnitude in that time frame without something seriously being wrong.

Compound 10 or 20 % a month and you'll be better off than most anyone you know.

If one understands compounding there really is no need for all these pipe dreams of 100% / month, let alone 15 000% / month.

That's why these thing always let me believe that someone doesn't quite understand trading and compounding if they keep on harping on about amazing short term returns without understanding the power of staying in with reproducable and sustainable long term results.

 

[timsk]

Hi Markus,
Myfxbook hosts regular monthly competitions. They are all demo, usually with a starting balance of $20k or $50k and leverage between 200:1 and 400:1. The winner receives a live account with the broker promoting the contest - typically funded with around $3k.

The name of the game is to leverage up to the max, taking insane risks. It either pans out or you blow up. In the case of the most recent contest, I got up to $75k ish on day 1 and then blew up on day 2! The leaders after day 1 had easily tripled their accounts - this is the norm and what you need to do in order to have any hope of winning. Basically, it's a lottery to see who gets to the end of the comp' without blowing up.

If a trade goes against you, you have three options. The first is to hold it and hope/pray that it comes good. Secondly, with MT4, you can 'hedge' with an opposite trade and take profits on the winning leg to enable you to average down on the losing leg and nurse it back to break even. Play it well and you get off scot free; play it really well and you'll find yourself near the top of the leader board! The 3rd option is to use the hedge to free up margin to open new positions which, hopefully, go into profit and more than compensate for the loss on the losing trade.

For trades that go into profit, you can either let them run or pyramid them as more margin becomes available to you. If you hit a trend, and you're leveraged up to the hilt - the profits are staggering. The winner I linked to pretty much did this by shorting gold.

It's all good fun, but I wouldn't ever promote it on here, as it teaches all the wrong things and, IMO, encourages bad habits and bad trading. Some folk will argue that it's borderline irresponsible of the brokers to run such comps - and I have some sympathies with this view - but I suppose they all need new business and they all seem to do it: myfxbook contests
Tim.

 

[BSD]

Ah ok thanks for clearing that up Tim.

Very much agree with your points.

But at least it seems like - if you've got your account verified, which the other Tim here should also do if he wants credibility -, at least the numbers are accurate and not manipulated, even if, in the context of all or nothing contests, as you say, meaningless to a long term career in trading.

 

[TimTheTrader]

Took another trade today, and made a loss. So far this is my first two consecutive loss of the month. No more trading today.

Total loss: -£86.40 (7.74% DD)

Account now stands at: £1029.94

Just to clarify, this is a real account and nothing is manipulated here.

 

[TimTheTrader]

I have now verified my "Track Record" & "Trading Privileges"

 

[BSD]

Well done there with getting that done.

Also good to see you're not trading outrageous size, ie down 2% on two trades is OK, and having the discipline to call it a day after that is even better.

That certainly looks promising, so I'll definitely wish you all the best on your endeavour.

There's another Tim who has done it, turned US$ 1500 into 1 Mill in 3 years:

http://money.cnn.com/2013/12/16/investing/penny-stock-trader-millionaire/

By now he's run that up to 2.5 Mill:

http://profit.ly/user/kroyrunner/chart

Good luck.

 

[BSD]

Oh yeah he has a blog too saying how he does it etc, and some other odd pointers.

http://tradetheticker.blogspot.de/

Basically a combo of patterns based on the two fundamentally possible methods of making money trading, trend following momentum, or mean reversion trades.

His latest trades also show that inevitable losses are simply a cost of doing business as a trader, and that at the end, once you've got a robust and simple method with sound money management as he has, making a fortune - and handling the ups and downs on the journey - essentially all boils down to psychology.

 

[Forexmospherian]

Oh yeah he has a blog too saying how he does it etc, and some other odd pointers.

http://tradetheticker.blogspot.de/

Basically a combo of patterns based on the two fundamentally possible methods of making money trading, trend following momentum, or mean reversion trades.

His latest trades also show that inevitable losses are simply a cost of doing business as a trader, and that at the end, once you've got a robust and simple method with sound money management as he has, making a fortune - and handling the ups and downs on the journey - essentially all boils down to psychology.

Would totally agree with that

My "financial psychological wall " on compounding of approximately 25 lots per pip - as of over 4 /5 yrs ago - stopped me compounding and forced me to change my methods to non compounding.

I am very comfortable scalping up to 10 lots a pip max and with 5 -8 lots - I treat my live account like a demo. At above 20 lots ( using my own money ) different ballgame for me - uncomfortable and palpitations and sweaty palms etc etc and so a waste of time for me to have a capital account over $200k

If I had been 20 -25 yrs younger - i reckon I could have overcome it but not nowadays at 61 yrs old

So under $70k account - I can even risk up to 3% if I want - but happy most of time under 1% stake size and with stops at 5 pips - that's still up to 12 lots per pip if I wanted to

Withdraw profits every 2 -3 weeks - and then spend them or use them in other projects - that are maybe more sensible - like property and other safer investments - holiday home / static caravan rentals or whatever

I suppose we are all different - but the idea of seeing $10 -20k wiped off a large account on a few losses in a session is not quite in my comfort zone ;-)


Regards


F

 

[BSD]

Yeah F agree, everyone has their comfort zones.

But sometimes pushing the envelope beyond that can lead to parabolic developments.

But also true, age, position in life, obligations, family etc, will probably have an adverse effect on the extent to which that envelope gets pushed.

Certainly would have loved to have been where Tim Grittani is at his tender age.

 

[ffsear]

When I first started spread betting.. (after a long period of demoing) I went straight in at £10 per point, risking £100 per trade (2%) and lost £3k in my first 2 weeks. Just could not handle the idea of losing £100. Was constantly screen watching, over trading, breaking rules. Almost a complete disaster.

I decided to step down to trading at £1 per point risking only £10 per trade. An amount that meant nothing to me and i finally understood the meaning of becoming detached from the money. Over the next 3 weeks I made £500. Then £600 the next month. Then I stepped up to £2 a point and slowly made back the £3k i'd lost. I stayed at £2 for a year, before stepping up to £5. It took me 2 years to feel comfortable finally trading £10 a point. It was a long and hard lesson. But a very important one.

 

[BSD]

Well done with that !!!

Psychologically I essentially view the individual trades outcome as pretty inconsequential in the big scheme of things, where over a (day) trading career you'll have tens of thousands of trades.

That detachment, together with complete focus and total commitment to outcome, aligns the forces of the Universe behind ya I find.

I think I can, I think I can, I think I can...

=>

I thought I could, I thought I could, I thought I could !!!

"One of the best ways to increase profits is to do goal setting and visualizations in order to align the conscious and subconscious with making profits" – Ed Seykota (Featured in Market Wizard, made 250,000% profits over 16 years for one of the accounts he managed)

 

[peti305]

 

[richieforex]

When I first started spread betting.. (after a long period of demoing) I went straight in at £10 per point, risking £100 per trade (2%) and lost £3k in my first 2 weeks. Just could not handle the idea of losing £100. Was constantly screen watching, over trading, breaking rules. Almost a complete disaster.

I decided to step down to trading at £1 per point risking only £10 per trade. An amount that meant nothing to me and i finally understood the meaning of becoming detached from the money. Over the next 3 weeks I made £500. Then £600 the next month. Then I stepped up to £2 a point and slowly made back the £3k i'd lost. I stayed at £2 for a year, before stepping up to £5. It took me 2 years to feel comfortable finally trading £10 a point. It was a long and hard lesson. But a very important one.

I totally agree with this. You should only risk what you are comfortable losing otherwise you will have such a hard time trading.

Most traders I know once in are trade are more fixated on the $ profit/loss of the particular trade(s) than on the chart itself which shows what price is actually doing.

When I stopped worrying about money that's when I started to become profitable.

I only risked what I was comfortable losing, you know this amount when you can go to bed without thinking of what you had lost/won or if you have an open trade on, you are not tempted by setting an alarm half way through the night to check on the position.

When trading do not look at the $P/L focus on the charts themselves. Follow your strategy and make notes after each trade detailing your emotional state, if you followed your strategy, etc.

At the end of the month, if you have followed your strategy with discipline and controlled your emotion then you should have made some money.

You can then review your account and maybe then you will be more comfortable risking a bit more.