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$409k Challenge

  • #661
  • Jul 3, 2020 3:11am Jul 3, 2020 3:11am
Quoting Ah-Ong
{quote} I think he already survives for 6 months, not a few days.
his account is 18 days old
I blow few account in this style of trading. My last account blow it was at 700% up and in one day it was puff. trading without a plan is like donating money. sooner or later the end is the same.
  • #662
  • Edited 3:43am Jul 3, 2020 3:29am | Edited 3:43am
Quoting edybede
{quote} his account is 18 days old I blow few account in this style of trading. My last account blow it was at 700% up and in one day it was puff. trading without a plan is like donating money. sooner or later the end is the same.
Sorry, what I mean "he" is the op, mrdfx.
I think this style of trading needs proper SL, if not will blow as you said.
Luck is not part of trading.

I may join this challenge, but I don't know how far I can go.
  • #663
  • Jul 3, 2020 3:58am Jul 3, 2020 3:58am
Quoting Ah-Ong
{quote} Sorry, what I mean "he" is the op, mrdfx. I think this style of trading needs proper SL, if not will blow as you said. Luck is not part of trading. I may join this challenge, but I don't know how far I can go.
op has blown 1-2 accounts on this challenge like many others. i blow 2 accounts and then i change my strategy and mentality about trading.
when we understand that we are fish among sharks we will make friends with sharks to survive otherwise we will be eaten. That's how it is in the market. If you don't understand how it works, they will eat you one day.

“It's the possibility of having a dream come true that makes life interesting.”

- Paolo Coelho
  • #664
  • Jul 3, 2020 4:14am Jul 3, 2020 4:14am
Quoting edybede
{quote} op has blown 1-2 accounts on this challenge like many others. . . . .
My mistake , I didn't read thru all the posts and get into the detail of his trade history.
  • #665
  • Jul 3, 2020 6:21am Jul 3, 2020 6:21am
Quoting OnlineAddict
{quote} Instant killer? Thats 1:20 leverage...500 pips for major pairs is not something to be happening overnight...
Have to say that your TE is amazing!

Did you actually start with only $1? How did you manage to trade anything with only $1 balance? Normal margin requirements is a min of $3 balance to open a trade on any pair - with my broker anyway.

I'm just interested to find out how you did it. Even so your trading is incredible
  • #666
  • Jul 3, 2020 6:27am Jul 3, 2020 6:27am
Quoting Mtinifx
{quote} Have to say that your TE is amazing! Did you actually start with only $1? How did you manage to trade anything with only $1 balance? Normal margin requirements is a min of $3 balance to open a trade on any pair - with my broker anyway. I'm just interested to find out how you did it. Even so your trading is incredible
It took me a few tries to take off from $1. As you said, most brokers only have leverage up to 1:500, so you need about $3 to start. Thats why I had to find a broker with leverage above 1:1000...and since the stop-out level is between $0.1-0.2 and spread can go up to 2 pips, I had about 6 pips of a room to get it right with the first trade. It was fun and a good training on how to look for the perfect entry. Got easier with time, as the leverage descreased.
Everyone can see the chart, but only a few can actually read it.
  • #667
  • Jul 3, 2020 7:51am Jul 3, 2020 7:51am
Happy Friday guys!

Hmm quite a lot of chatter I see while I was away lol..

Guys you can debate on my trading and risk management all you want, but please read the first post again. I said its an aggressive strategy and of course the risk is high, this is a high risk challenge, how else to make $409k from $100 in 1 year without high risk??? How else will I achieve the results if I risk small?

I'm also well aware of the drawdowns that can happen and I'm prepared for them, it doesn't mean I like them, but they will happen. My trading style for this challenge will not suit many people as it comes across as too risky and that's fine to think that way, but this is the approach I'm taking to achieve this challenge.

I had a few bad runs in the beginning and then made some adjustments to my strategy and I think now I'm tuned in and good to go.

For the newcomers thanks for passing by my journal and have a great weekend.
Truth is like poetry. And most people f*cking hate poetry.
  • #668
  • Jul 6, 2020 12:45pm Jul 6, 2020 12:45pm
Today was pretty a good day adding +10.7% to the account and completing Month 4!

I was able to complete month 4 in 17 days, again with minimal stress and not too much pressure.

On to month 5 here we go!
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Truth is like poetry. And most people f*cking hate poetry.
  • #669
  • Jul 7, 2020 8:58am Jul 7, 2020 8:58am
Took some easy buys on AU and EU adding +10.5% today, was in and out in less than an hour.
Attached Image (click to enlarge)
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Truth is like poetry. And most people f*cking hate poetry.
  • #670
  • Jul 7, 2020 12:18pm Jul 7, 2020 12:18pm
I found this photo that I had saved from a forex group long ago thinking to give it a try some day.

I'm wondering if now isn't a good time to do it. Its only a one month challenge (more like 2 months) and it could be a nice boost to my trading account.

What you think anyone else seen this or tried it?
Attached Image (click to enlarge)
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Truth is like poetry. And most people f*cking hate poetry.
  • #671
  • Jul 8, 2020 1:50am Jul 8, 2020 1:50am
Hey Mrdfx,

What is your process to manage risk. Especially with stop los and risk:reward. Do you focus on +5% : -5% for a trade?

Thanks,
Swayam
  • #673
  • Jul 8, 2020 4:03am Jul 8, 2020 4:03am
Quoting mrdfx
I found this photo that I had saved from a forex group long ago thinking to give it a try some day. I'm wondering if now isn't a good time to do it. Its only a one month challenge (more like 2 months) and it could be a nice boost to my trading account. What you think anyone else seen this or tried it? {image}
Personally i think is better you concentrate in your challenge. You are forward about your plan goals. If you don't want wait for reach half million just put more balance and enjoy your future new life
Try don't lose pants never...
  • #674
  • Jul 8, 2020 4:30am Jul 8, 2020 4:30am
Quoting mrdfx
I found this photo that I had saved from a forex group long ago thinking to give it a try some day. I'm wondering if now isn't a good time to do it. Its only a one month challenge (more like 2 months) and it could be a nice boost to my trading account. What you think anyone else seen this or tried it? {image}
If you can make 20 pips a day, every day, without fail, you don't need this. Just mortgage your house and you will be a millionaire by next year.
  • #675
  • Jul 8, 2020 6:39am Jul 8, 2020 6:39am
Quoting mrdfx
Took some easy buys on AU and EU adding +10.5% today, was in and out in less than an hour. {image}
Hi mrdfx

Do you mind to stick up an image of your trading template? If it's not classified info of course
  • #676
  • Jul 8, 2020 7:13am Jul 8, 2020 7:13am
Quoting swayam1069
Hey Mrdfx, What is your process to manage risk. Especially with stop los and risk:reward. Do you focus on +5% : -5% for a trade? Thanks, Swayam
Hi swayam1069, I think I've covered this question before and a quick search in the thread you should find your answer instead of me repeating myself.
Truth is like poetry. And most people f*cking hate poetry.
  • #677
  • Jul 8, 2020 7:16am Jul 8, 2020 7:16am
Quoting Mtinifx
{quote} Hi mrdfx Do you mind to stick up an image of your trading template? If it's not classified info of course
Here. Like I've said before I only use the TMA as a visual reference of what price is doing that's it, the rest is my eyes.
Attached Image (click to enlarge)
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Truth is like poetry. And most people f*cking hate poetry.
  • #678
  • Jul 8, 2020 8:41am Jul 8, 2020 8:41am
To be honest I think even 0.05 lot for 100 dollar is a bit aggressive. I dont have balls to trade like that now. Maybe in near future =)

I am now slowly recovering my loss...

So far its going well, only -6 now from my orignal deposit

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  • #679
  • Jul 8, 2020 9:36am Jul 8, 2020 9:36am
Shorted UC and UJ to add +8.3% to the account today.
Attached Image (click to enlarge)
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Truth is like poetry. And most people f*cking hate poetry.
  • #680
  • Jul 8, 2020 9:41am Jul 8, 2020 9:41am
Quoting braintheboss
{quote} Personally i think is better you concentrate in your challenge. You are forward about your plan goals. If you don't want wait for reach half million just put more balance and enjoy your future new life
Sure I agree with you though I was thinking along the lines of adding this new account challenge and copying over the trades as most days I'm making 20 pips or more so I would basically be trading the same orders on the 2 accounts with 2 separate goals, one short term and one long term.
Truth is like poetry. And most people f*cking hate poetry.
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