thread: My Journey to a $1,000,000

What a difference a day makes. A majority of our gold longs have paid off. I've exited all my gold longs for about $60 profit at 668.95 that were approximately 9 places ranging from 664 down to 656. I will look to re-enter long positions on the next week's open. After a rough drawdown of over 20% since the second week of May I'm now at breakeven factoring at the floating PL of the account's current open positions so far:

Gold: Long 1 unit a piece @:
-686.85 (2 units)
-673.70

EUR/USD: Long positions @:
-1.3538
-1.3534
-1.3525
-1.3516
-1.3489
-1.3465
-1.3450
-1.3444
-1.3436
-1.3425
-1.3419
-1.3400

Today some of you might be asking Why didn't you just close all your positions on May 29th if the EUR reached a high of 1.3521? And that is an excellent point. There might have been several motive for this but the most important one probably is that I was anticipating a floor along with a point of no return, which along with general laziness and lack of attention has given me a long boring period of waiting period before the position turned around again. A stop loss should have been set on that afternoon along with a TP point would have been an excellent idea seeing as it was apparent watching Entrex that the border was reached. Oh , I might have also forgot to mention that I use Entrex 1 and 4 hour along with Trend Manager I think comes as sort of a package deal once you download it. It's often times accurate but doesn't account for powerful trending movements that breach the outer borders of their tunnels for days or months at one time. My egy for all these EUR trades today is to hold until I feel that the EUR bears have taken over. Or before I get sick of and can not resist the drawdown, whichever comes first. But that'll be a long way off seeing as these are very tiny places stered throughout the range. The most important aspect now is figuring out how the exit egy for the remaining part of the gold longs I've taken. I'd like to just switch over to some daily egy but don't think I'm really ready for this just yet. I'm a fan of the 3 hour OHLC price action. They are really accurate if you play them combine them using some other straightforward things.

As for the goals of bringing the account for the year, here are the stats since the close of the latest places:

Realized PL on the account (since I've started trading, program. 16 months): -$3737 (-$2000 is mine - that the cost of my forex eduion )
PL on the entire year: $65 (that is after blowing the $300 miniature, so it's $365 since the last blown mini - not bad)
Account Balance: $595.87 (program. $241 added lately )

Additionally, I've been seeing Kharvell's thread with fantastic interest recently and admire the results he's been achieving. If a system does and his has done lately and is performing good it is well worth exploring. (Or copying)

Alright, I closed all my EUR trades yesterday. A majority of them that were at profit were closed at 1.3492, the remainder that weren't in profit at the time I closed the additional ones and went to sleep hit my TP stage early this morning at 1.3545. I may be eyeing going long on EUR again soon because it looks to have left a base for May, but not before after this interest rate decision comes in.

Alright, onto what's left of my open positions. It's going to be fascinating figuring out the depart egy on them.

Gold: Long @:
- 686.85 - two components
- 673.70 - 5 components
- 672.90 - 1 unit

Gold still appears to going strong because the majority of the time frame MAs have crossed over. If we look at Mondays and Tuesdays action we could see basically gold has been stuck in a tight range between 670 674 with yesterday's daily bar forming a pin that I imagine most people will probably be playing a rest of on both sides but time will tell so let's see where that ends up.

Here are the stats since the close of the latest positions:

Realized PL about the account: -$3724
PL about the entire year: $78
Account Balance: $606.49

I already posted it at the James 16 Chart Thread but I thought I'd also talk about it in my journal too - a couple reasons I believe gold is looking good for your longs. Of course I could be totally off my rocker but I believe my analysis is somewhat sturdy. http://i100.photobucket.com/albums/m...Trades/XAU.jpg

Well, I could honestly say I thought that daily pinbar was likely to be something pleasant. Now my account is once again in jeopardy of a margin call. Over-leveraged with no ceases = bad idea. All it takes is one major move against you and your in the doe. Boo-urns. . .Should that happen I will go back to paper trading for three months to determine if I could work out something profitable on a new system, with a focus on cash management which I believe I'm still definately lacking. It is sad to say I have all the tools to make profits in forex but either my greed, impatience or un-disciplined skills in money management have taken me out from time to time and dwindled my account. (I believe too much screen time may also be a element in my losses) At least the hassle of losing cash was diminished to an extent, and in my head it's basically become DEMO trading together with the cash not really present until hits the inside of my pocket. Anyways, I've just been offered advice and guie out of a mentor whom I have known and met with personally over the previous 2 years while on vaion, he has done exceptionally well in his career trading the financial markets so hopefully he'll bestow a few of his great knowledge upon me. I am hoping this journal has aspired some traders out there to reach beyond their own method to experiment and persist through the tough trials and tribulations, set some realistic objectives, and loe their very own profitable system out there. This isn't goodbye and won't be the last of my postings. I am here to stay as long as I feel I'm contributing something useful to the community. It is just too bad my analysis isn't always the best or right.

It is simply too bad my analysis isn't necessarily the best or right.

And it will be always the very best or right. That is why you use stops and suitable position sizing.

One more thing that jumped out at me was that you intend to demonion for 3 weeks to come up with a viable system.... Just in time to the market feature to change again. I think what you come up with throughout the summer won't be an excellent system in the fall.

As far as blowing accounts, I think it's safe to say that every single trader out there has blown accounts.

Anyone who would attempt to trade for a living is confident, entrepreneureal, a risk-taker. The same traits that make us tend to become impatient, overconfident, and therefore we blow accounts. This might be the chief reason why many traders fail -- the character traits that are probably necessary to put us into it will be the same ones that make us shed as traders.

I don't mean to come off because the pro, just offering what I hope is constructive criticism.

Hi there
I am really happy with ur travel howmanypips
somehow u inspiring me

I'm wishing u all the best

hi there
I'm so happy with ur travel howmanypips
somehow u inspiring me

I am wishing u all the very best

I am guessing he wasn't very successful because the last upgrade in the thread was in june....

Or he's already lying on a beach someplace. .

I'm guessing he wasn't very successful since the last update in the thread was in june....

Or he's already lying on a beach someplace. .

ohh
I didnt see the date in 1st~ silly me
*it's like my 220.99 is going to fall too

Darn... I was going to call him about the date ... but I didn't want to burst his bubble...!!!

And yeah... I think 220.90 is gont hit on the dust too...

I am guessing he was not very successful because the last update in the thread was in june....

Or he's currently lying on a beach someplace. .

This will chronicle my journey to a million dollars over the course of a life prior to the public eye. As ridiculous as it sounds, I shall go even farther by stating I'm starting with a $300 mini-account. Being that is what I am able to lose right now. All transactions will be obtained with 8% margin or less. I may or may not start utilizing an EA for automated trading in the near future, until then these are all manual transactions. Let's get started:

1st trade:
2/28/07
GBP/USD
Entrance - Economy 1.9621
Result - Stopped Out 22 or 3.6percent

I wonder how many lot u open per place and is ur leverage ratio lik?

sonic