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$25 to $25k in 10 days (By Psymon )

Gain : -99.9%
Drawdown 92.70%
Pips: 84.0
Trades 19
Won:
Lost:
Type: Real
Leverage: 1:500
Trading: Manual

$25 to $25k in 10 days Discussion

horacioo
Apr 27 2011 at 17:29
46 posts
you have my support.
you can do it!
Miguel (tapachula)
Apr 27 2011 at 18:47
193 posts
Why are you cheating? I see 2 deposits of $25 each one, total deposit $50. So isnt 25 to 25K.

Just kidding, wish you success
Yeah i know my grammar sucks, I speak spanish. Sorry if something doesnt make sense ;)
Psymon (psymon)
Apr 28 2011 at 03:45
61 posts
😝
its all down hill from here!
horacioo
Apr 28 2011 at 04:18
46 posts
Hi Miguel,
In case you do not know,Psymon's trading challenge is explained in this other thread
https://www.myfxbook.com/community/new-traders/200-1000000/55779,4

Just in case, somebody really think he is cheating or a crazy newbee trying to make it big, I thought that I should just post a small link to his original idea.

If i was able to vouch, I would vouch for his guts 20 times.
Psymon (psymon)
Apr 28 2011 at 07:49
61 posts
H, Thanks buddy, the second trade has been done and i'm still in the game, although i got the tp wrong by 4 pips the trade went exactly to where i thought it would.

when i put in a trade i dont apply the tp at the time and go back to add it in, i guess that the price moved against me by 4 points and i'll take it into account on the next trade.

2 down 8 to go!

p
its all down hill from here!
Miguel (tapachula)
Apr 28 2011 at 15:57
193 posts
horacioo posted:
    Hi Miguel,
In case you do not know,Psymon's trading challenge is explained in this other thread
https://www.myfxbook.com/community/new-traders/200-1000000/55779,4

Just in case, somebody really think he is cheating or a crazy newbee trying to make it big, I thought that I should just post a small link to his original idea.

If i was able to vouch, I would vouch for his guts 20 times.

Hi, the thread was deleted.
Yeah i know my grammar sucks, I speak spanish. Sorry if something doesnt make sense ;)
horacioo
Apr 28 2011 at 17:12
46 posts
Miguel: mm. link is still there. it got broken when I pasted it. please note that it is 'community' instead of 'mmunity' 😲
He is basicaly trying to do 10 all or nothing trades in a row. If he wins a trade, he doubles the account. If he loosses a trade, he blows the account and he has to start again depositing another $25. It is very clear that he is making this for fun, and this is not a 'system'

Psymon: great. keep going! 😉
Psymon (psymon)
Apr 29 2011 at 10:44
61 posts
3 down 7 to go
its all down hill from here!
Miguel (tapachula)
Apr 29 2011 at 15:24
193 posts

horacioo posted:
    Miguel: mm. link is still there. it got broken when I pasted it. please note that it is 'community' instead of 'mmunity' 😲
He is basicaly trying to do 10 all or nothing trades in a row. If he wins a trade, he doubles the account. If he loosses a trade, he blows the account and he has to start again depositing another $25. It is very clear that he is making this for fun, and this is not a 'system'

Psymon: great. keep going! 😉

its like using a martingale, u can double the account very fast but if u dont withdrawal o reduce the positions always end in MC

Yeah i know my grammar sucks, I speak spanish. Sorry if something doesnt make sense ;)
horacioo
Apr 29 2011 at 18:02
46 posts
no martingale here. this is just a challenge of doing 10 winning trades consecutively (betting all or nothing). 1 wrong and you have to start over. In probability terms he is looking for something really improbable.


A martingale is probably the opposite, you double your bet each time you loose in an attempt to hold your loses until probability of winning comes back to your side.

you are right in a sense, that in the long run they are both destined to crash. A martingale will crash when you can't leverage your trades any longer. Psymon said he never got further than wining 4 trades in a row.

I mean intentions are totally different. He is betting $25 that he can do 10 winning trades in a row. In fact this is an open chalenge for anybody who thinks that has the skills and luck needed.

Go Psymon!
Miguel (tapachula)
Apr 29 2011 at 18:23
193 posts
You re right Horacio. i said 'like martingale' because the risk involved.

This is another classic 'millonarie project'. if you're lucky, you will enjoy the benefits,

Regards
Yeah i know my grammar sucks, I speak spanish. Sorry if something doesnt make sense ;)
horacioo
Apr 29 2011 at 18:41
46 posts
i am supporting psymon becouse he seems to be doing it just for fun, kamikase style. Looks more like gambling on poker to me than a millionaire project.
this is just a skills test. not an investment contest, and not even an attempt of an investment strategy
Psymon (psymon)
Apr 30 2011 at 01:15
61 posts
hey guys, the way i see it there is no more or less risk than on the first trade? its a 25$ account, and if it mc then its only 25$.

the ability to make 25pips is not rocket science, i think that the perceived risk only starts when the amount of money increases. on a purely psychological level what i'm finding interesting is the level of anxiety vs volume traded. if i can block out the actual amount of money and keep my emotions in check i dont see why its not possible.

Sure i agree that i would never trade my normal account in this way, but one of the reasons i tanked the real account thats on here is because i wouldn't let my trades run to tp. hopefully this challenge will force me to let my profits run and give me some more confience in my analytical skills. proving to my self with $25 that i can be right will give me more confidence in trading my normal account.

also i love proving everyone who says it cant be done wrong. 😝

I wouldnt quite say its poker, because here we have such a wide variety of tools to help traders decide where the price action is headed. understanding the economic climate and econ reports that come out as well as being able to read a chart should reduce the odds more than gambling ever could.

its all down hill from here!
horacioo
Apr 30 2011 at 03:09
46 posts
Seen your account stats?

# Gain: +526.52%
# Abs. Gain: +288.0%
# Daily: 32.91%
# Monthly: 979.82%
# Drawdown: 0.00%

LMAO 😀
you probably already beat the stats of 80% of all the accounts published in this site. lol

keep going


PS: i would say that poker gives you better chances than winning 10 out of 10 trades for the most skilled trader on the planet. Anyways that is just my opinion. And don't get me wrong only a very good trader like you can bring this challenge to the table.

PS2: in this case i d love being proved wrong by you. I think you deserve to prove me wrong about the mathematical improbability.
Psymon (psymon)
Apr 30 2011 at 03:27
61 posts
hehe

whats so good about the stats? any idea what they will look like at the end of next week? assuming i dont blow the account? lolz

i really havent had time to look into all of the features here,

thanks for the support. it means a lot that at least one person thinks the same way as me!
its all down hill from here!
Psymon (psymon)
Apr 30 2011 at 03:29
61 posts
ps, hey i got some stars lolz
its all down hill from here!
Psymon (psymon)
Apr 30 2011 at 04:01
61 posts
Just had a read through some other trading systems, and i'll explain here what i'm doing.

as the title says $25 to $25,000. in 10 trades in 10 days.

looking for medium strength breakouts on short time frames, the AUD/USD was the most volatile of the few pairs i could trade

price action and candle stick patterns

daily pivot points & stoch on 1h charts

i'm using zig zag and trend lines for direction, on 5m & 15m charts

stoch, zig zag & zup 20 for entry on 1min & 5min charts

exit has to be 25pips

any questions and i'll try to answer them. and later i'll get around to posting a screen shot of mt4

thx
its all down hill from here!
Splexin
May 02 2011 at 02:36
202 posts
Hey great so far! Even $25 to $200 that quick is good in my book.

Any reason Track Record etc is not verified??
Psymon (psymon)
May 02 2011 at 02:52
61 posts
hi splexin, i dont know how to verify the track record or trading privlages? they were both ticked last week?

4 down 6 to go...

its all down hill from here!
horacioo
May 02 2011 at 03:10
46 posts
hi psymon.
You should rename this thread to 'how to double your account in 8 minutes' 😀
Great trade #4 !!!
Keep going!!
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