5% per month possible? - page 4
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'Comments InLine' (CIL)
I Agree with you on a lot of your points. When I read doubling your account, I taught that you were getting smart with the brokers there as Not keeping too much money in the account. Seem like you were Doubling, then taking half out and putting into a nice checking account.
I know that numerous successful long term traders utilize this method. rather than being totally greedy and trying to keep building their accounts completely open ended and ever increasing very high ROI rate, There is a lot to be said for utilizing this as a solid foundation with which to trade from. They get to their 'account TP' point and then withdraw the funds and took their account back to the base level. I recently read a piece by a long term successful trader that talked about his experiences with this. One time he didn't do that and ended up losing the 100% profit that he had an ended up losing it all again and brought his account back to the original balance. Like he said, he really didn't lose any as he was back to where it was originally, but he didn't make anything that way either. My plan is to build up an 'endowment fund': that will provide steady income while keep adding to it a little more than inflation. Until that point I will only be taking 10% of the profits at most out of my account every month and letting it build up slowly and steadily until it gets to the point where I want it to be and then will take more out the account on an ongoing basis. I'm hoping to do the same for my offspring, some fiends and family members
Trading like something else I know can be deceptively easy. I know my demo experiences doesn't measure up to yours.
'Live and Learn' The only thing that doubling my account on the first day of live trading did was to make my already naive attitude about this be even more unwarranted over self confidence. It didn't take long to bring me back to reality. Being a 'Know it all' can be expensive in more ways than one and in many different aspects and on numerous different levels. But even with this, like most things in life, sometimes I am very successful with it. We live in the ever changing duality of the flow of the Yin and the Yang. Their are MANY other levels of existence over and above the 'duality' aspects of our existence. As mortal beings living in the flow of time and the only thing that is constant is change There is a reason that the Gods (Archetypical aspects of humanity) tried to destroy Chronos. Failing in it they banished Him to they 'edge of existence' for eternity. Some talk about the 'Circle of Life' but I speak of the 'spiral of life' Life IS change through time. Once it stops for us in this stage of our existence, when the change 'stops', then our mortal existence here in the physicality is 'Dead' There is no ReBirth without Death. Many others ( in our primarily Western 'advanced civilizations' speak of 'passing away' when someone dies. I term it as 'passing on'
Scientists have recently learned that the entire universe as we now know it to be at this point in time is all being drawn in one direction towards some unknown point. There is also the theory that we are located inside of a black hole. I think that perhaps that (evaporating) 'Black holes' are the birthing points of new universes.
One can only have so many trades on the go at once. When there gets to be to many of them and the portion of our trading accounts are to high, we have to 'kill' some off' be they winners or losers, in order to survive. I had my live account 'stopped out' several times one night on my live account because the Martingale scalper EA didn't have money management, I was using it without the Martingale turned on, but when set to high it traded almost constantly at a VERY prodigious rate! All of my EAs calculate trading levels on ALL of the information in the entire account at this point in time. I'm going to be adding some for individual trades into them as well as is the norm.
However, what do you think happened the first day I lunched into my new found Toy "Meta-Trader". Yeah boy, once I'd figure out the New-Order button, it was On. I had the minute chart open and watching the Ticks like they had support and resistance on their own.
On that first day of live trading where I got lucky, I had every pair that the broker has ope and them all open (~18) at once on small simple charts with no indicators and 'Day traded / Scalped'' When they were consolidated and static, I ignored them for the time being, but on any of the charts that had definite up or down movement, just placed orders in the direction it was moving. Repeat ad infinitem. There IS a validity to this approach, if one wants to and is willing to do it. But I'll pass on it.
Yep, (my opinion) humanly, if someone just sat in front of a trading panel without much to little training, he/she would place over 100 orders per day.
One can scalp manually successfully and have that many trades in a day, but not something I want or am going to do
Something that most of us know even the computer can't do and be profitable.
Our minds are still more adept at the ongoing dynamics of the market. Most systems are based on the past.
We have all heard of very successful bots that either just stopped trading or starting to lose money after a while fro reasons that hey are usually unable to determine. This never happens to my tech trading teacher as he responds accordingly to the changes in it.
As I'm doing this I'm seeing and thinking about these, I am realizing more and more what the benefits of 'ongoing, dynamic feedback 'learning algorithms'' along with calculus will be. i posted this topic onto the forum here about it a little while back, but got no responses. I just bought an EA that like the evolution of of life with variations in genetics optimizes and changes it to suite new. changing conditions. It learns as it goes. Something I'm aiming for as well.
I'm happy that you had a Mentor. I'm trying to investigate everything and information I can get my hands on. Starting with the easy stuff first. Nothing wrong with Demo trading, preservation of capital is the name of the game. Nothing preserve capital better than having 0 risk. So I'm gonna Demo till I Drop rather than learn the hard way.
Most definitely the smarter and much more economical way to climb the learning curve and makea a LOT more sense. If you literally have money to burn and are just doing this as a game with the money being the scorecard. There ARE trading systems based on this idea.
In the short term (couple of years), one can make a lot more money a lot faster selling SUCESSFUL and proven profitable EAs. These are very rare and the exception rather than the rule. Even the losers make lots of money if marketed properly. I have the current 'world champions' in regards to sales anyways. ~50,000 + in their first year) But I can't make any money with them. At best the only thing that I can say about some of them was that while they didn't make me any money, at least they didn't lose much. That was until I utilized the settings of a ForEx 'Guru' that just cranked the SL WAY up. One day when i sat down at my computer it was hundreds of pips in the red on one trade. I got 'married to it' for a while. It dug the hole a couple of hundred more pips in the hole )< 8( I dumped it at a very significant loss when it got back to several hundred pips in the hole and it stalled. One hardly ever traded. Can't win OR lose if you don't play. I was trying to find profitable settings for one of the more complex ones that had a lot of external variables and traded a number of different pairs that I would then sell as well as the EAs themselves as an affiliate. But in spite of trying for many months, I couldn't make any money with them. Phtt. Up in smoke and move on.
I'm looking for &/or trying to make such proven profitable ForEx products to do mass marketing and sales with. However unlike most of them, I won't be selling anything that I cannot make any money with them. If they don't I won't be selling them, regardless of who created or owns them. The bar is currently 'set very low'.