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View Poll Results: thoughts and opinions...

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  • simply stupid

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  • stupidly simple

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  • good luck buddy, buy me a beer if ya'll hit your target

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  • ba humbug, you'll never do it

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  • i might give that a shot myself!

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Thread: A work in progress...

  1. #1
    In Profit Psymon's Avatar
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    Default A work in progress...

    OK people, i have an idea that i need to brainstorm with everyone.

    its a simple idea, with a low starting price, and potentially high rewards, with obviously high risks.

    The stratagey is simply to double the account balance every day! deposit 25$, and within 1 month, 20 days the result should be (if everything goes well)...

    Having just spent 10 min working everything out even i'm surprised, i mean hey i knew it was a lot but wow, $13,107,200.00.

    The basic idea right now is to keep the amount of pips needed to a minimum, yes that increases the risk considerably but lets work it out,

    ok to double $25 to $50 you need to trade @ .1 ( except for the first lets use gbpusd so that its a nice round $ per pip) so you need 25 pip profit (+ or - a bit for the first one).

    now for the next day instead of keeping everything the same you can either double the amount of pips, or my idea is to double the amount traded to .2, now only needing 25 pips again to double to 100.

    The numbers should look like:
    week 1 week 2 week 3 week 4
    25 800 25,600 819,200
    50 1600 51,200 1,638,400
    100 3200 102,400 3,276,800
    200 6400 204,800 6,553,600
    400 12800 409,600 13,107,200

    obviously this is not a sustainable system, but the idea to have a second account and reaching the target of 25 pips for 20 days on the side is one that tingles something on the back of my neck, remember if you were to run this as a second, it would be easy enough to reimburse the account with 25$ every time you tank it!

    please people tell me what i'm missing
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    Default

    hmmm... amazing..
    but its must be no single day in loss...

    i 've tried just with 5 pips a days
    but the dreams never come through..

    just keep fighting

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    Default

    how large is the margin against market swings then? and the second thing, how do you determine that you are entering into profitable position? i reckon that if a system is bullet proof then really sky is the limit and 13M in one month...

  4. #4
    In Profit Psymon's Avatar
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    Default

    margin vs markets swing? can you exlpain more... The idea is to 'scalp' 25 pips in one trade, every day for 20 days. using manual trading this has to be possible?
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  5. #5
    In Profit Psymon's Avatar
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    Default

    well i have decided to put my money where my mouth is. I've opened a new account today and have creditied it with 24.38$, the exchange rate here is horrid right now and i miss calculated the morning idr trading!!!!! seems like a stupid thing for someone in forex to do but there you are!

    i will post my single trade for the day later, I think its going to be a buy order in cadusd just before the europe open, but lets see.

    any advice would not be forgotten if i reach the target in 20 days...
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    Default

    Quote Originally Posted by Psymon View Post
    margin vs markets swing? can you exlpain more... The idea is to 'scalp' 25 pips in one trade, every day for 20 days. using manual trading this has to be possible?
    you know, when you open a position with $25, your position can go negative by $5. if loss hits $5, then position will be closed automaticly. if you deposit $50 and trade with $25, then you have a larger margin to withstand losses. hope i made myself understandable.
    but anyway what trading system are you using? on what basis your trading decision is born?
    my respect, Psymon, for trading with real money

  7. #7
    In Profit Psymon's Avatar
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    Default

    that's part of the challenge, i want to get to the point where i am surgical in my trading, being able to place an order in the right place at the right time. Doing it with real money makes it a bit more tense, and doing it with just enough real money to cover a 5 pip loss is extra motivation to get it right first time!

    The idea of this thread is not how to trade forex, its more like a side line challenge, for fun. (Just to see how many times i crash out before i get somewhere.) to make or break a name for myself! ha ha
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    Default

    to be completely honest, i'm testing similar strategy on demo myself, although my goal is to grow the initial deposit into a safe size from which point i can minimize the risks. i've done it for approximately 2 weeks now and i've come to a conclusion that it is safer to snipe 10pip profits than 25 or more.
    it all depends how things are going in the market, on some days i have achieved 50 pip profit and the next day everything crashes down.

  9. #9
    In Profit Psymon's Avatar
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    Default

    well the first day is over and i overshot my pip target, but undershot my $ target!

    I have to admit that i didn't manage to hold the ball for one trade, so i had to exit and enter again. a little while later, but it was done, very little negative pips(went to -7 at one point).

    things are going according to plan woo hoo

    to scheinwerfer, i know exactly what you mean, i get the fear and take smaller profits, usually if had let it run a little more i could have easily reached 25pips.

    this is a challenge in consistency which as you say is oh sooo important! and it might sound like you are still working on your manual system? i have been staring at charts for months and trialing so many different sysems, the biggest and best thing i have learned is how to read a chart properly. I dont use fib, or pivot, as you could see on my blog or on other posts here, keep it up and remember we never think we are ready to fly, even when we are.

    lets push ourselves to see how great we are.
    Attached Thumbnails Attached Thumbnails day_1.JPG  
    Last edited by Psymon; 02-18-2009 at 03:11 PM.
    Psymon Peers

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    Default

    congrats, Psymon, nice result
    lets say i'm fine tuning my system, the biggest problem at the moment is to be in the right place at the right time.
    but the way things are going, haven't you considered the option to carry out more trades in a day? i have experienced that if profits are running on a good day then don't stop, take the maximum out of the day.

  11. #11
    In Profit Psymon's Avatar
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    Default

    i agree, when your hot let it run. i am running another live account which i trade normally on, and a demo where i trial new ea's and systems.

    This is an attempt to teach myself disipline, and to get the entry points right first time every time. If I can keep strictly to a system i know that i will have learned something this year he he
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    In Profit Psymon's Avatar
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    Default

    grrr i posted a sell in eurusd, just as the germans came out! and i couldn't post a .2 order, so as soon as i show a profit i'll scrap tthe order and go to another lower cost pair
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    Default

    i was thinking about your strategy, that if sums are getting large you will be not able to use 500:1 leverage (from 25K), and there is a lot size limitation as well. if you exceed 25K i wonder how large the maximum leverage can be? is it 200:1 or even 100:1? it will slow you down quite evidently

  14. #14
    In Profit Psymon's Avatar
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    Default

    i have found a couple of problems! yup there is a lot size limitaion of 999. And i hadnt taken into account the change of leverage
    Psymon Peers

  15. #15
    Market Maker ilearn2t's Avatar
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    Default

    Hello Psymon

    Nice idea: How would is formula suit starting with a 0.10 lot size 100:1 leverage. $1/pip - $25/25 point win/loss.

    Example:

    Day 1: First trade wins profit: $25

    Day 2: Cut down the risk and place the same order, that wins your overall profit: $50 or the order losses. Breakeven. (Because you planed to use a 0.20 in your formula for the second days trade you'll be -$25 overall if first order failed.) place another order 0.10 win/$25 second win/$25 overall profit $50

    Day 3: The first 2 days worked the way you wanted: Profit $50
    place your first order again at 0.10 = win $25 second order win = $25 overall profit $100 or first order loss you'll have another chance to win on the next order and one more after that will win = $100.

    Day 4: If you have managed to achieve success after 3 days. Profit $100
    place first order 0.10/win second order 0.10/win third order 0.20/win. Profit $200 or first order/loss profit $75 second order/loss profit $50 this will leave you $50 (2 trades) to try and get back on track.

    Day 5: assuming your first 4 days orders win: Profit $200
    First order 0.20 = $50/win second order 0.20 = $50/win third order 0.40 = $100/win Profit $400 or $100/loss, your profit stands at $100 go back to day 4's trading. If you manage to achieve day 4's trading repeat day 5 again.

    Day 6 and onward try splinting the trades into 3 orders so only half of profit is risked it gives you a second chance to try again.

    I know my formula requires more trades, but better risk management and cuts your lot size limitation by a third.

    I know there's a lot of if or buts associated with this formula: Like what happens if first order wins and second order losses.

    So I try to explain it in an easier way

    After day 3 and you have achieve you've $100 profit. Use only half this profit risk to achieve the next stage with 3 orders.
    1x25 +1x25+ 2x25 = 200
    1x-25 + 1x25 (breakeven) + 1x25 + 1x25 + 2x25 = 200
    1x25 + 1x-25 (breakeven) + 1x25 + 1x25 + 2x25 = 200
    1x25 + 1x25 + 2x-50 (breakeven) + 1x25 +1x25+ 2x25 = 200
    1x-25 + 1x-25 + 1x25 + 1x25 (breakeven) + 1x25 + 1x25 + 2x25 = 200

    You see it could take 3 and upward trades to achieve $200 profit.
    But at lease you'll not burst in first trade. And remember all the above is only using half your profit. Easy answer once you get a loss the next trade will be to breakeven. 2 losses in a row to trades to breakeven and so on.

    Always split your previous days profits in half over 3 trades.

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