Apply a 28 Levels Financial Plan to Forex and convert $10 to $10,000 -
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thread: Apply a 28 Levels Financial Plan to Forex and convert $10 to $10,000

  1. #11
    I wanted to finish placing up to date my trades to answer you scott.
    I don't see any problem with different people posting here on my thread.
    Thisis a public forum and thread so it's ok. Perhaps it might assist on my objective and can assist others.

    Bye

  2. #12
    Hi Efex,

    Can I ask you a question?? Which broker are you currently with?? How can you buy/sell 1 lot with $10?? Isn't that minimum of $50 for $200:1 and $25 for 400:1? You own a broker that has 1000:1 leverage?? I will want to find out which broker it's...

    Anyway, wish you a great success in your trading.

  3. #13
    Miscon777,

    I believe when you say egy you are referring to some mix of indiors and the conditions I use together.
    I really do use a egy to exchange, but I really like to use three words to specify my own trading: Approach, Strategy, System.

    I call it my FX ASS

    I must tell u it isn't anything like an automated system or anything like that.
    I respect, I do not share the opinion with those that believes there's a holy grial or something they can let running in their computer to generate money for them.
    That's the reason why I use the three words APPROACH, STRATEGY, SYSTEM

    I call it an APPROACH like I have been working on my personality and feelings to enter a trade and the market. Every day I am trying to perfect my own trader's personality and feelings and till now it is working.
    I call STRATEGY due to my own objectives before and after entering a transaction, that means setting my cease and my goal and respecting them, money management, risk management, etc..
    Eventually I use SYSTEM word talking about this combination of indiors, settings and other items I use to provide a more very clear entry signal and respecting those combinations.

    So, all three combined are making me input in profitable trades until now. Does not meaninig there aren't or won't be winners, but having a balance on the three things I'm and will be convinced on myself and quite profitable.

    I completely know you want to know more about how can I get the good deals than simply reading exactly what I did.
    Like I said on the initial post later on I will discuss the indiors I use, however I will guarantee they are well understood and also the standards I use. So, what is making me input in great trade is another two words as well as the experience watching the charts and the price behavior.

    I don't fell right now to be such an exceptional trader to provide any kind of information or to tell others to use the system I use. Maybe when I establish myself that this work (on some advanced degree of this plan) I'll begin writting about the settings and conditions to enter.

    I hope you know and it doesn't keep you from the experimentation. Perhaps we all will finish learning here.
    Tell you what, when I finish degree 4 I'll begin speaking about the indiors

  4. #14
    Puppy,

    for the time being, I prefer not to disclose exactly what broker I am with.
    I know if in some stage I post some account balance or chart, everyone will find that. However, for now I prefer to maintain a low profile with the broker lol

    since I wrote on the very first post 1 lot is equivalent to 1,000
    Along with the leverage is 400:1 (for now, I will reduce my leverage when I progress )

    Thus, the margin required for 1 lot of EUR is approx $3
    In the beggining of the plan, you have to be carefull with the transactions as you'll be risking a higher% of your equity.

  5. #15
    Stage: LEVEL 4
    Date: 01/09/2006
    Trades:
    EUR/USD SELL 1 lot in 1.2803, CLOSE in 1.2807 TOTAL: -4 pips
    EUR/USD BUY 1 lot at 1.2810, CLOSE in 1.2817 TOTAL: 7 pips
    GBP/USD BUY 1 lot at 1.9025, CLOSE in 1.9040 TOTAL: 15 pips

    Total for the day: 18 pips
    Current Account Equity: $32.71 (this does not match exactlly with pips lost and won because of the premiums that I receive and pay sometimes, but I place it for benchmark )
    Comments: Well, today was a specific moment. I could not be on my pc first so that I dropped the increase of the dollar because of the news event. When I was ready to trae with all setted up, the dollar had dropped again.
    I decided to input LONG, my first trade today was actually a mistake (pressed the wrong button), but I knew, to get its price action, we had a little bit more about the movement up, my indiors were not too great, so I had been long on EUR and GBP but without much confidence. In the first opportunity I took my profit and got out -I did not want to hurt my great weekbecause of my unconfidence about the indiors. Following that, price went up and missed nearly 50 pips wich would have made me pass the actual amount.
    But I am glad and proud of my 18 pips They're greater than my daily target of 15 and hello, it is a 148pips week

    Pips To Level 5: 45
    Accumulated Pips: 224
    Days Since Level: 2
    Days since Start: 10

  6. #16
    A new week starts for me. Yesterday was a no trading day for me due to the US holiday.
    Here are the consequences for today (Not quite good )

    Stage: LEVEL 4
    Date: 01/09/2006
    Trades:
    EUR/USD BUY 1 lot at 1.2813, CLOSE at 1.2802 TOTAL: -11 pips
    EUR/USD BUY 1 lot at 1.2800, CLOSE at 1.2803 TOTAL: 3 pips
    GBP/USD BUY 1 lot at 1.8933, CLOSE at 1.8917 TOTAL: -16 pips

    Total for the day: -24 pips
    Current Account Equity: $30.28
    Comments: I am very upset with myself today. I entered in my trades very convinced because of very good signs from my indiors. As I was likely to be facing my pc and I wasn't expecting quite difficult moves, I dind't placed my ceases, wich I normally do on 20 or even 25 pips off. Following a couple of bars I began to feell unconfident eventhough my indiors stored showing me . So, there was a second when price went the other hand and I shut my trades and lost.
    I must work on that!!! (not good, not great )

    Pips To Level 5: 69
    Accumulated Pips: 200
    Days Since Level: 3
    Days since Start: 11

    PSI must say here that, according to another criteria I use to enter intradays trades, I opened two trades to get POSITION TRADING. Both are LONG around the dollar. So, I have two open trades shorting GBP and EUR and right now, in total they are LOSING 60 pips, wich I have hadged, therefore, if the GBP and EUR move UP I won't loose more than that, but if my criteria is good I'll shut the hedge and let them run profit.

  7. #17
    Stage: LEVEL 4
    Date: 06/09/2006
    Trades:
    GBP/USD BUY 1 lot at 1.8948, CLOSE at 1.8922 TOTAL: -26 pips
    EUR/USD BUY 1 lot at 1.2823, CLOSE at 1.2808 TOTAL: -15 pips
    This two transactions were the Dollar I took to my position trades. I closed when I awakened in the afternoon. Eventhough the tendency didn't go against me after I took the Dollar, so I might never have understood that.

    GBP/USD BUY 2 lot at 1.8840, CLOSE at 1.8824 TOTAL: -16 pipsx2 = -32 pips
    IDIOT! IDIOT! Stick to the program! DISCIPLINE! DISCIPLINE! It's a battle with myself I'm fighting .

    EUR/USD SELL 1 lot at 1.2787, CLOSE at 1.2777 TOTAL: 10 pips
    GBP/USD SELL 1 lot at 1.8823, CLOSE at 1.8815 TOTAL: 8 pips
    GBP/USD SELL 1 lot at 1.8917, CLOSE at 1.8816 TOTAL: 101 pips
    EUR/USD SELL 1 lot at 1.2802, CLOSE at 1.2780 TOTAL: 22 pips

    LEVEL 5
    GBP/USD BUY 1 lot at 1.8813, CLOSE at 1.8799 TOTAL: -14 pips
    GBP/USD BUY 1 lot at 1.8811, CLOSE at 1.8856 TOTAL: 45 pips

    Total for the day: 99 PIPS
    Current Account Equity: $40.09
    Remarks: DISCPLINE! DISCIPLINE! DISCIPLINE!
    I'm very very happy I have only passed level 4!!

    Pips To Level 5: NONE (30 PIPS UP)
    Accumulated Pips: 299
    Days Considering Level: 4
    Days since Start: 12

  8. #18
    LEVEL 5
    Equity: $36.86
    Target: 25 Percent
    Profit: $9.21
    Total: $46.07
    Lots: 1
    Worth per pip: $0.1
    Needed Pips: 92


    Stage: LEVEL 5
    Date: 07/09/2006
    Trades:
    GBP/USD SELL 1 lot at 1.8733, CLOSE at 1.8748 TOTAL: -15 pips
    GBP/USD BUY 1 lot at 1.8748, CLOSE at 1.8753 TOTAL: 5 pips
    GBP/USD SELL 1 lot at 1.8741, CLOSE at 1.8749 TOTAL: -8 pips

    Total for the day: -18 pips
    Current Account Equity: $38.29
    Comments:

    Pips To Level 6: 80
    Accumulated Pips: 281
    Days Since Level: 1
    Days since Start: 13

  9. #19
    Hi,

    Well, it is hard for me to write this at this instant.
    I'm feeling very bad, very dissapointed with myself. All of the work I didn't improve my plogical trading (my APPROACH as I called it) was sent into the garbage now by me.
    Let me just say I made a mistake yesterday and was weak enough not to close my winning trades.
    I entered a few reversal trades based on my SYSTEM plus they did work very good, they reached my stablished target but then they became winners since I didn't close them after which I reopened some places at the same direction. At this point I was only emotions and didn't care about my own indiors or system or egy or egy.
    To make the story short, I have to state I blewed ALMOST ALL THE ACCOUNT

    I didn't place ay SL, didn't hedged, didn't do anything. I allow them started and when I came to my pc I was down almost 160 pips. Even seeing I didn't hedge. I was actually very dominated with my own emotions and my rational side didn't say anything.

    After this, the market gave me a final punch and I got a margin call. After that I was another person in front of the pc. Entered a couple of trades more and lost a lot. Then.... The finish, my account was back in level 1 with a little less than $10

    I'm also very ashamed but I had to write this , since it is my diary and this is exactly what its for.

    I might have not written this just not to disclose just how bad I did, but I think that will be merely a lie to me and wouldn't enhance my trading, and wouldn't help on my learning.
    Now I have it written in people and everyone could read it. Additionally I can read it in the future and see how I was at this stage of my trading.

    I was thinking to deposit $30 in my account and start over from the stage I left (level 5), but I think that will be also a lie .
    I have to asume my errors and learn from them. PERIOD
    I also hope this article helps others with the same problem, or simply promotes not to make the same mistakes I did.

    I think that it is sufficient to just have said this and won't bill the details of my trades. Please know and do not make me suffer longer.

    I've just lost 12 days of work. I believe it is well worth it to start over with this experience which will make me more powerful.

    Best wishes to ya all!

  10. #20
    Junior Member casta12337's Avatar
    9
    Start again friend and don't give up hope. Today is a new day and you'll have recovered from last week and learnt alot. Most of us get sucker punched at some stage, occasionally some people get sucker punched two, three four times! Man up and keep moving! Wish you well.

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