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Good Trading Results 700% in 3 weeks BUT what should i do next?

vontogr (togr)
Feb 26 2016 at 14:44
4862 posts
goodboyfx posted:
togr posted:
forexverified posted:
goodboyfx posted:
forexverified posted:
Which EA are you using?

goodboyfx posted:
Hi guys, over the past 3 weeks, i turned my live account to staggering 700% and balance is running into 30K+ i started with 4000. All this was achieved while me working a 9-5 dayjob (a decent job). I want to ask advice from professional traders, who have had success? what shouild i be doing NEXT? i have over 7 years experience it took time to be where i am. BUT now the question is what should i be doing next?

I have passions for FX markets. I feel i should be working for hedge funds, making myself n others big buck. Can anyone of you successful traders, share your experience? what road did you take? how was the experience, was it worth it leaving your career? to this industry where performance is everything. If you mess up a month or two, do they let you go?

Disclaimer: this is NOT as an advertisement. I am just seeking some advice after becoming successful @ trading. Thanks.


EA? none. All is done manually.


We're talking about your pap system, right? https://www.myfxbook.com/members/goodboyfx/pap/1504371


There is no point in evaluating system younger than 1 month.


I smile at your comment, but ya i agree 1 month is small then again Quality vs. Quantity. Thanks :)


Regarding quantity
Just now you had open 106 positions so you have used lot of your margin.
The point is that such trading won last long.
I did write such comment to more accounts like this one. All of them were wiped out...

hibikidan333
Feb 27 2016 at 17:19
9 posts
Of you're looking for honest advice @goodboyfx, here it is:

Looking at your trades, it seems that your trading strategy is based on an oscillator whereby you buy/sell against a trend using 0.05 lots and keep building on it if it goes the wrong way.. Is that right?

I assume that you've used a custom date range for your pap System for reason - perhaps you've changed your style before you started your current trend. When I unhide older trades, its showing a 87% drawdown. That sort of drawdown can happen in a grid-type system. Even if we were to take the 10.9% drawdown as the new standard, you'll need a streak of 396 consecutive trades of average-sized wins to make the risk:reward = 1:1



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goodboyfx
Feb 28 2016 at 07:25
56 posts
hibi, thanks for your advice. Nope thats not how i trade, i trade in the 'moment' meaning the current condition of the market which changes hour to hour, that's my main edge. Market is all about stop hunting and i know from price action if a move is 'REAL' or fake move. I monitor multiple asset classes that effect the flow of currency market and when i see their sentiment change i adapt and begin to get involve in market and no i don't trade .05 lots. To be honest, i don't like discussing my strategy. I just wish people stick to the topic of thread instead of polluting threads with different things & 'agendas' its rude & disrupts the flow of discussion.

Imagine when 2 people are talking about apples and third person just comes in and begins to talk about and asks 'how much money do you make, what's your salary, whats your secret to success' while 2 people having something total different discussion. How does that make the 2 people feel about the 3rd person? think about it.

Regards to customer analysis, sure look at customer analysis again and see 'WHEN' did i have big losses? that's right the first week of trading when i deposit/start my account with $1K i got hit in a huge DD, realized market volatility and realized i needed to inject more capital to manage risk. So i injected 3K more. so this 87% DD applies only to 1K account. It's how MT4/ myfxbook counts DD. Even if a trader make million dollar with 10%DD for remaining years, it will continue to show 87% from 1K balance ALL your life which isn't fair, i believe. That's why i customized date to give true reflection of performance. The 2 days analysis gave me an assesment that this market needs more capital to sustain long-term. I went in with just the right amount and rest is clear to the world.

Thanks for your advice & concern, i'm sure you meant well.

Get Rich & End World Poverty
hibikidan333
Feb 29 2016 at 12:28
9 posts
goodboyfx posted:
hibi, thanks for your advice. Nope thats not how i trade, i trade in the 'moment' meaning the current condition of the market which changes hour to hour, that's my main edge. Market is all about stop hunting and i know from price action if a move is 'REAL' or fake move. I monitor multiple asset classes that effect the flow of currency market and when i see their sentiment change i adapt and begin to get involve in market and no i don't trade .05 lots. To be honest, i don't like discussing my strategy. I just wish people stick to the topic of thread instead of polluting threads with different things & 'agendas' its rude & disrupts the flow of discussion.

Imagine when 2 people are talking about apples and third person just comes in and begins to talk about and asks 'how much money do you make, what's your salary, whats your secret to success' while 2 people having something total different discussion. How does that make the 2 people feel about the 3rd person? think about it.

Regards to customer analysis, sure look at customer analysis again and see 'WHEN' did i have big losses? that's right the first week of trading when i deposit/start my account with $1K i got hit in a huge DD, realized market volatility and realized i needed to inject more capital to manage risk. So i injected 3K more. so this 87% DD applies only to 1K account. It's how MT4/ myfxbook counts DD. Even if a trader make million dollar with 10%DD for remaining years, it will continue to show 87% from 1K balance ALL your life which isn't fair, i believe. That's why i customized date to give true reflection of performance. The 2 days analysis gave me an assesment that this market needs more capital to sustain long-term. I went in with just the right amount and rest is clear to the world.

Thanks for your advice & concern, i'm sure you meant well.


Hi @goodboyfx, I mean't no harm and I won't take offense to your post either. I understand that you're more focused on taking the next step in your FX career since you're convinced that your trading system works. I sincerely hope for the best for you. None of my questions directed to you were cynical or in any way to undermine you - I'm sorry if it was received that way.

Anyhow, I now understand how your system works now to a certain degree and am surprised at the positive back test results. Keep us up to date as to how you go.

joanpeterson
Mar 02 2016 at 07:49
2 posts
Been watching this one after a post on forexsignals. Was impressive results until now. With the massive growth just from 4K, might have been wise to take out 50K or so before the current DD. I have seen other signals do well with little initial deposit and go up to 100K but come tumbling down. Always good to pocket some profit so that in the end you don't lose your initial capital. From 71K top to down to 28K...still impressive on just 4K if DD does not go down further. Perhaps you recover. I will keep watching.

vontogr (togr)
Mar 02 2016 at 08:13
4862 posts
togr posted:
goodboyfx posted:
Hi guys, over the past 3 weeks, i turned my live account to staggering 700% and balance is running into 30K+ i started with 4000. All this was achieved while me working a 9-5 dayjob (a decent job). I want to ask advice from professional traders, who have had success? what shouild i be doing NEXT? i have over 7 years experience it took time to be where i am. BUT now the question is what should i be doing next?

I have passions for FX markets. I feel i should be working for hedge funds, making myself n others big buck. Can anyone of you successful traders, share your experience? what road did you take? how was the experience, was it worth it leaving your career? to this industry where performance is everything. If you mess up a month or two, do they let you go?

Disclaimer: this is NOT as an advertisement. I am just seeking some advice after becoming successful @ trading. Thanks.


Its martingale with very high DD and it is very fresh. It wont take long to get it wiped


I have to quote myself again:
Its martingale with very high DD and it is very fresh. It wont take long to get it wiped

trade2good
Mar 02 2016 at 09:50
26 posts
Whats the need to work for/with hedge funds etc? You can grow your own money and have fun with it. Thats the best thing to do

fxloot
Mar 02 2016 at 11:59
8 posts
How come the link went to private mode ??

Yurii (Zelinskyi)
Mar 02 2016 at 12:14
16 posts
HalleyFX posted:
I'm happy to see this guy made that kind of profit in such an extreme short period of time.

My honest to truth advice;
I see your profit is $41.865. I advice like withdrawing like 31k as soon as possible from it.

Open a new account: Keep in 1 account like 5k and another 5k.
Trade 1 account, of 5k manually with normal R/R.
And the other 5k with the risky strategy by repeating the same thing your doing right now.

That way; if one day you get wiped out; you remain with some very good returns on your investment. And perhaps IF lucky, you might repeat it like 2 a 3 times, before get wiped out.

Thank me later, for this advice!


goodboyfx, You were asking for advice. You got a great advice from HalleyFX. You ignored it. Now You are on 16% Equity level.
So what was the point of asking anyway ?

Talking about the hedgefunds...
Take a look at this simple information about top hedgefunds returns:
https://www.octafinance.com/hedge-funds/hedge-fund-returns/
And than go to some hedgefund and show them Your account with 83% Drawdown...

The hedgefunds be like...


I'm not obligated to judge you're performance, sir, but figures are talking for themselves.

You want to be cool and work in a hedgefund some day ? Try to focus more on consistency rather than level of return.

No investor would want to get 1000% in one month, jumping high up to the moon from happiness and than got destroyed by margin stop in one or two days. Crushing people's dreams is not a good thing I tell you.

des12
Mar 02 2016 at 12:14
30 posts
Shame you didn't make withdrawals earlier now equity is at 20% so huge DD again...

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