RahmanSL
Major
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Nothing to worry about. Those are just temporary drawdowns.
Yuppp....and I have cleared all outstanding from both my credit cards...just in case
How much profits do you expect to get back from a USD20,000 trading account?
- Thread starter RahmanSL
- Start date
Yuppp....and I have cleared all outstanding from both my credit cards...just in case
hiprobabilitly
Private
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- 11
I would aim/expect 50%. I've been trading FX for some time now and don't see why you'd expose that sort of money for anything less. Its far too risky of a game to play in hope to make return that just 'beat the bank'. If thats what your after your much more likely to have success using buying a blue chip defensive stock. And if your in it just for the fun, then I'd suggest using a smaller account.
That's just my opinion though!
That's just my opinion though!
RahmanSL
Major
- Messages
- 2,938
Opinion, and thoughts, very much appreciated...Thank you!
Yes, admittedly, I am into forex mostly for "fun" (and for the trill/euphoria of winning, beating the market, etc
), but I also am trying for the huge possible profits that can be derived from the market....i.e if I can get my "over trading" bad habit lickedI can easily get much2 more then 50% returns on my capital.....Problem is, once I have made the profits, I usually blow the account within a short period of time.
I need to be consistent in trading profitably and, hence, this thread which I hope can help me to curb my "bad over-trading habit" since I will have to publish my trading performances, both good and bad, which is subject to open comments and suggestions from forumers.
If I use smaller account (i.e below USD5k), I tend to blow the account faster than I can transfer money into it.....and I must have blown at least 20 such accounts in the past 3.5 years that I am into trading the forex....and if I were to add up all those capitals, it would hurt more than a little
So, with consistent & sensible trading, hopefully I can recover all those past losses from my main account with AxiTrader
=========================================
Report Card Week 3:
Main Account at AxiTrader:
Doing well with 103.88% gain since re-start of account on 18/Aug/2013
Total Balance: USD14,182.77
Equity: USD12,247.34
Temporary DD:-USD1,935.43
Secondary account at ICMarkets:
Not doing well due to sudden substantial rises in exotic pair being traded.
Total Balance: USD6,614.71
Equity: -USD311.21
Temporary DD:-USD5,751.71
Permanent DD:-USD997.16
To prevent account wipe out, I have injected another USD2,748.01 (with fees totaling USD133.36 charged by CC and banks).
Account balance is now: USD9,362.72
and Equity: USD3,611.01....which is not at safe level.
Will consider further funds injection just before Monday market open (if necessary) to save account because, in the long run and since its a "positive swap" account, this account should become profitable.
================
Overall account performance (two accounts combined):
Total deposit: USD16,630.27
Balance : USD23,545.49
Total P/L : USD6,915.22 (+41.58%)
Equity : USD15,858.35
Total Temporary P/L : -USD7,867.14 (-4.64%)
Last edited:
hiprobabilitly
Private
- Messages
- 11
Opinion, and thoughts, very much appreciated...Thank you!
Yes, admittedly, I am into forex mostly for "fun" (and for the trill/euphoria of winning, beating the market, etc
I can easily get much2 more then 50% returns on my capital.....Problem is, once I have made the profits, I usually blow the account within a short period of time.
I need to be consistent in trading profitably and, hence, this thread which I hope can help me to curb my "bad over-trading habit" since I will have to publish my trading performances, both good and bad, which is subject to open comments and suggestions from forumers.
If I use smaller account (i.e below USD5k), I tend to blow the account faster than I can transfer money into it.....and I must have blown at least 20 such accounts in the past 3.5 years that I am into trading the forex....and if I were to add up all those capitals, it would hurt more than a little
So, with consistent & sensible trading, hopefully I can recover all those past losses from my main account with AxiTrader
=========================================
Report Card Week 3:
Main Account at AxiTrader:
Doing well with 103.88% gain since re-start of account on 18/Aug/2013
Total Balance: USD14,182.77
Equity: USD12,247.34
Temporary DD:-USD1,935.43
Secondary account at ICMarkets:
Not doing well due to sudden substantial rises in exotic pair being traded.
Total Balance: USD6,614.71
Equity: -USD311.21
Temporary DD:-USD5,751.71
Permanent DD:-USD997.16
To prevent account wipe out, I have injected another USD2,748.01 (with fees totaling USD133.36 charged by CC and banks).
Account balance is now: USD9,362.72
and Equity: USD3,611.01....which is not at safe level.
Will consider further funds injection just before Monday market open (if necessary) to save account because, in the long run and since its a "positive swap" account, this account should become profitable.
================
Overall account performance (two accounts combined):
Total deposit: USD16,630.27
Balance : USD23,545.49
Total P/L : USD6,915.22 (+41.58%)
Equity : USD15,858.35
Total P/L : USD15,858.35 (-4.64%)
Yes but it's those lessons and the thought of how much money you've lost in the past that will hopefully keep you on track from not on
The first 2 years of trading FX (and CFDs) it was like lighting money on fire for me, then I spent a bit of time at a level where I would make money for a while then blow up my account on emotion (not cutting losses).. I'm finally at a level now however that I ONLY take trades that I'm certain on... Perfect set up sort of ones.. and I'm up 12% with mostly consistent profits in the first two months of opening the account, so let's hope this is a new era in my trading But always remember, it is possible. A guy I use to work with left his job to day trade - he has 3 kids, a mortgage and a wife to support. I'm not sure what his returns are exactly but it must be something pretty decent. The only thing I know about his strategy is that he uses a fair bit of fundamental as well as technical analysis. I personally think thats a place where many traders go wrong - only using technicals. My strategy is still 80% technical but I think its imperative that you at least check if any economic data is due out for the currency pair your trading while you will be holding an open position.
Triantus Shango
Sergeant Major
- Messages
- 1,371
rahman, you sound like you have the same problem i used to have. if i may, let me give you some friendly advice (and am sure you know most of this already, but i'll say it just the same just in case others read this who are just starting out):
based on what you wrote, i have to say this:
TAKE 1 WEEK OFF, RELAX, SIT and PONDER carefully all aspects of your strategy, AND set clear and immutable rules (make them immutable in your mind and heart, that is where discipline comes in, that is, no matter what, the following rules SHALL NEVER be broken, and if you do break them, then since you live in malaysia, you must eat a scorpion (i'd imagine that's a good deterrent)):
the immutable rules are:
1- if you just hitch to make money, feel you must make money, or just feel/lust to make money, and/or realize that you have been thinking of profits first and not losses, then ABSOLUTELY STOP, DO NOT TRADE, go for a swim, smoke some nice sweet weed, or whatever it is you do over there to relax and spend 2 hours examining the workings of your mind and the nature of your relationship with money. (i am not kidding: 2 hours is minimum.) (personal story: i used to do that, insane leverage, huge profits, and just as quickly give it all back. why the hell are some of us that nuts? very weird.)
2- unless absolutely sure that you are entering the market at a level where the probability of the market going your direction is high, even after SL is hit (we must allow for flukes and overly confident SL positioning), DO NOT trade.
3- NEVER ENTER A TRADE WHEN IN THE MIDDLE OF A RANGE. definition: price is 50% away from a clear top and 50% from a probable interim bottom or bounce point (S/R) (and vice-versa) even if it seems the potential is for 2 or 3 times that move. does not matter. impossible to know which way it is going. it might continue to the nearest 38.2%, sure, but (just a simplified example) what if there is a 100 SMA before then on a higher TF and for whatever reason market thinks it should bounce from there while you are chasing it thinking it will hit the 38.2% fib but it never happens? instead WAIT and SEE what happens until some significant level has been reached.
4- if after all the analysis you still feel 50-50 about long or short, DO NOT trade (which means you hold on to your previous profits--always a good thing).
5- if during analysis you cannot tell for sure where all the significant S/R levels are located, and if you cannot determine where market is in the current cycle, DO NOT trade.
6- if after all the analysis, you realize that the best entry point is gone because you turned on the computer too late, SIT and WAIT for a potential retrace and perhaps invalidation or no invalidation, and then trade accordingly--BUT at no time jump in because you feel you need to catch up or you might lose the opportunity. the opportunity is already gone. the next one will come. WAIT.
7- as you WAIT, watch the market and run scenarios through your mind (what-ifs) and what you should do in each situation if it happens. (another thing i find useful, to make sure i haven't jumped into some kind of mental box, is open a naked chart and start your analysis anew from monthly and identify all the key S/R levels, going down to weekly, daily, H4 and ending with H1. if i scalp, i also do it on smaller TFs. no indicators on the chart during this process. then breathe the chart in, imbibe its spirit.
8- when trying to reset your approach, if some part of your routine feels new or unusual, only use the smallest amount of leverage for the first few trades. when confidence and clarity of mind and clear vision of market behavior is there because CONFIRMED by your ability to call market direction correctly more often than not, then and then ONLY increase leverage appropriately (relative to total equity of course).
and finally, what i found the most helpful thing to do is to set aside time on the weekend (by time, i mean hours) during which you will meditate (zen buddhist or yoga style meditation) to clear the mind, to polish it like a mirror, to sharpen it like a deadly shuriken. if you don't know how to meditate, get a book on vipassana or zen meditation.
ok hope this helps.
based on what you wrote, i have to say this:
TAKE 1 WEEK OFF, RELAX, SIT and PONDER carefully all aspects of your strategy, AND set clear and immutable rules (make them immutable in your mind and heart, that is where discipline comes in, that is, no matter what, the following rules SHALL NEVER be broken, and if you do break them, then since you live in malaysia, you must eat a scorpion (i'd imagine that's a good deterrent)):
the immutable rules are:
1- if you just hitch to make money, feel you must make money, or just feel/lust to make money, and/or realize that you have been thinking of profits first and not losses, then ABSOLUTELY STOP, DO NOT TRADE, go for a swim, smoke some nice sweet weed, or whatever it is you do over there to relax and spend 2 hours examining the workings of your mind and the nature of your relationship with money. (i am not kidding: 2 hours is minimum.) (personal story: i used to do that, insane leverage, huge profits, and just as quickly give it all back. why the hell are some of us that nuts? very weird.)
2- unless absolutely sure that you are entering the market at a level where the probability of the market going your direction is high, even after SL is hit (we must allow for flukes and overly confident SL positioning), DO NOT trade.
3- NEVER ENTER A TRADE WHEN IN THE MIDDLE OF A RANGE. definition: price is 50% away from a clear top and 50% from a probable interim bottom or bounce point (S/R) (and vice-versa) even if it seems the potential is for 2 or 3 times that move. does not matter. impossible to know which way it is going. it might continue to the nearest 38.2%, sure, but (just a simplified example) what if there is a 100 SMA before then on a higher TF and for whatever reason market thinks it should bounce from there while you are chasing it thinking it will hit the 38.2% fib but it never happens? instead WAIT and SEE what happens until some significant level has been reached.
4- if after all the analysis you still feel 50-50 about long or short, DO NOT trade (which means you hold on to your previous profits--always a good thing).
5- if during analysis you cannot tell for sure where all the significant S/R levels are located, and if you cannot determine where market is in the current cycle, DO NOT trade.
6- if after all the analysis, you realize that the best entry point is gone because you turned on the computer too late, SIT and WAIT for a potential retrace and perhaps invalidation or no invalidation, and then trade accordingly--BUT at no time jump in because you feel you need to catch up or you might lose the opportunity. the opportunity is already gone. the next one will come. WAIT.
7- as you WAIT, watch the market and run scenarios through your mind (what-ifs) and what you should do in each situation if it happens. (another thing i find useful, to make sure i haven't jumped into some kind of mental box, is open a naked chart
and start your analysis anew from monthly and identify all the key S/R levels, going down to weekly, daily, H4 and ending with H1. if i scalp, i also do it on smaller TFs. no indicators on the chart during this process. then breathe the chart in, imbibe its spirit. 8- when trying to reset your approach, if some part of your routine feels new or unusual, only use the smallest amount of leverage for the first few trades. when confidence and clarity of mind and clear vision of market behavior is there because CONFIRMED by your ability to call market direction correctly more often than not, then and then ONLY increase leverage appropriately (relative to total equity of course).
and finally, what i found the most helpful thing to do is to set aside time on the weekend (by time, i mean hours) during which you will meditate (zen buddhist or yoga style meditation) to clear the mind, to polish it like a mirror, to sharpen it like a deadly shuriken.
if you don't know how to meditate, get a book on vipassana or zen meditation. ok hope this helps.
Last edited:
RahmanSL
Major
- Messages
- 2,938
Hi Triantus
Yes, all that you have posted are 101% correct, sensible, and what all wanna-be traders should do.
Zen meditation?? ....hmmmm...LSD can fast track the brain to higher upper level of consciousness which took years of Zen meditation and yoga to achieve
I was heavily into all that "higher consciousnesses" in my younger years.....occasionally still revert to what I have learned as it helps calm nerves and to achieve inner peace.
Point 1 - "If you just hitch to make money, feel you must make money, or just feel/lust to make money, and/or realize that you have been thinking of profits first and not losses..."
Now in my golden years, I don't really desire to make very much more money and hence have no fear of losing some either which, I supposed, give me an edge when trading the forex market.
I have some other worst "wasting money" habits but which I seem to find less trilling since discovering forex. So, I think trading the forex is good for me.....haven't made any money yet....but, yes, much better (and cheaper) for me than the other "vices"
I hope my main challenge account will survive the trial 3-12 months period and I am quite curious to see the final results if I continue to trade conservatively and sensibly like I did these past 3 weeks.
As for account 2 which is designed to capture positive swaps over a long period of time, I will have to cut down on the pending orders since, as proven in last week trading sessions, even those preset high levels can be triggered that can & will put the entire account in jeopardy.
So lesson has now been learned and duly noted....and not to be repeated.
Thank you for your most valuable advise and comments which are highly appreciated.
All the best!
Yes, all that you have posted are 101% correct, sensible, and what all wanna-be traders should do.
Zen meditation?? ....hmmmm...LSD can fast track the brain to higher upper level of consciousness which took years of Zen meditation and yoga to achieve
I was heavily into all that "higher consciousnesses" in my younger years.....occasionally still revert to what I have learned as it helps calm nerves and to achieve inner peace.
Point 1 - "If you just hitch to make money, feel you must make money, or just feel/lust to make money, and/or realize that you have been thinking of profits first and not losses..."
Now in my golden years, I don't really desire to make very much more money and hence have no fear of losing some either which, I supposed, give me an edge when trading the forex market.
I have some other worst "wasting money" habits but which I seem to find less trilling since discovering forex. So, I think trading the forex is good for me.....haven't made any money yet....but, yes, much better (and cheaper) for me than the other "vices"
I hope my main challenge account will survive the trial 3-12 months period and I am quite curious to see the final results if I continue to trade conservatively and sensibly like I did these past 3 weeks.
As for account 2 which is designed to capture positive swaps over a long period of time, I will have to cut down on the pending orders since, as proven in last week trading sessions, even those preset high levels can be triggered that can & will put the entire account in jeopardy.
So lesson has now been learned and duly noted....and not to be repeated.
Thank you for your most valuable advise and comments which are highly appreciated.
All the best!
Last edited:
RahmanSL
Major
- Messages
- 2,938
The main trading account with AxiTrader is progressing well with modest daily profits.
Start Date of account: 18th July 2013
Total deposit: USD6,547.66
Total capital balance: USD14,333.47 ending 19-Aug-2013
Equity: USD12,114.92 (approx & variable) ending 19-Aug-2013
Total % Gain: 118.91% ending 19-Aug-2013
*Note: Above taken from AxiTrader "Detailed Report"
Since account two is for positive swaps, I'll not touch on that in this post.
Start Date of account: 18th July 2013
Total deposit: USD6,547.66
Total capital balance: USD14,333.47 ending 19-Aug-2013
Equity: USD12,114.92 (approx & variable) ending 19-Aug-2013
Total % Gain: 118.91% ending 19-Aug-2013
*Note: Above taken from AxiTrader "Detailed Report"
Since account two is for positive swaps, I'll not touch on that in this post.
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Last edited:
Triantus Shango
Sergeant Major
- Messages
- 1,371
did i read this correctly? fuc&ing 118.91% return? LMHO!! dude, you should have been on that BBC show, Million Dollar Traders. you would have amazed Anton Kreil shltless. (goddam i hate this stupid language filter feature on this site--WTF is wrong with using cuss words? it's part of life. deal with it, you sensitive flowers. )
great job btw.
dude, you should have been on that BBC show, Million Dollar Traders. you would have amazed Anton Kreil shltless. (goddam i hate this stupid language filter feature on this site--WTF is wrong with using cuss words? it's part of life. deal with it, you sensitive flowers. ) great job btw.
waseemiftikhar
Recruit
- Messages
- 1
I can make 40000 from 20000 in 260 days trading . it has no limit that how much you earn you can take unlimited profit from forex because its is the best business in all over the world and forex trader can make unlimited money from forex.
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