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"Just Oil"
Member Since Jan 14, 2010
2279 posts
Aug 13, 2011 at 15:29
(edited Aug 13, 2011 at 15:30)
No problem iwillsurvive,
Not yet. i am working in this direction.
I have no my own funds sufficient to trade and live from so I am developing skills and track record to manage other people/ company's funds.
I work and trade.
I have not seen you posting for a long time.
Not yet. i am working in this direction.
I have no my own funds sufficient to trade and live from so I am developing skills and track record to manage other people/ company's funds.
I work and trade.
I have not seen you posting for a long time.
iwillsurvive posted:
Thanks for your reply Chikot,
Its good to see that your live account is doing well.
I'll probably try out fixed spreads with them and see how it goes.
Is trading your full time job?
Member Since May 21, 2011
45 posts
Aug 13, 2011 at 15:43
yeah, I am a college student and my summer holidays are about to end and you probably wont see me posting for awhile. but i'll come back to checkout and post on a weekly basis :)
I have been busy myself learning from a mentor the ropes of trading and in the past week have been practicing his methods with oil and S&P 500 & EUR USD. His methods are mainly price action as well. so far so good.
You should checkout cashbackforex by the way, they give 15% off commissions for ECN spreads for FXprimus
I have been busy myself learning from a mentor the ropes of trading and in the past week have been practicing his methods with oil and S&P 500 & EUR USD. His methods are mainly price action as well. so far so good.
You should checkout cashbackforex by the way, they give 15% off commissions for ECN spreads for FXprimus
Armada Markets 5% discount, Axitrader $1.50 discount, IC markets $1.50 disc, LMAX 12% discount, Price Markets 5% disc, FinFX (accepts US traders) $0.7 ECN disc, Global Prime $1.50 discount, SynergyFX $3.50 discount, Blackwell Global $6 rebates - Abundance Trading
Member Since Jan 14, 2010
2279 posts
Aug 13, 2011 at 17:14
(edited Aug 13, 2011 at 17:16)
That's interesting. I will ask them about if it is possible to do rebates with already registered and opened account. If no, at least it might be possible for the future as they do have FXPrimus on their list.
BTW, I remember your nick and remember talking to you but that was quite a while.
Do you have your own thread?
I think you can choose something one and concentrate on it. When you learn just one instrument you tend to know it thoroughly and your trading might take off much faster and results can be better.
I used to trade the whole lot of of currency pairs but never knew one in details. Now when I trade oil I know all price levels , pivot points, trend lines,support/ resistance levels, daily highs/ lows practically everything. I even remember by heart. It helps to focus.
BTW, I remember your nick and remember talking to you but that was quite a while.
Do you have your own thread?
I think you can choose something one and concentrate on it. When you learn just one instrument you tend to know it thoroughly and your trading might take off much faster and results can be better.
I used to trade the whole lot of of currency pairs but never knew one in details. Now when I trade oil I know all price levels , pivot points, trend lines,support/ resistance levels, daily highs/ lows practically everything. I even remember by heart. It helps to focus.
Aug 13, 2011 at 22:44
Chikot, have you evaluated what you would consider as large enough capital to manage, in order to quit your job and start trading full time?
Chikot posted:
No problem iwillsurvive,
Not yet. i am working in this direction.
I have no my own funds sufficient to trade and live from so I am developing skills and track record to manage other people/ company's funds.
I work and trade.
Member Since Jan 14, 2010
2279 posts
Aug 14, 2011 at 11:17
(edited Aug 14, 2011 at 11:20)
trader757, considering that I am looking at 5% monthly average and if I can do it consistently I would say with my own funds it might be at least $100 000, if it is OPM funds it would depends upon manager fee, as I understand it is between 25-40% monthly from monthly gain, so, I guess it should be $300-500 000 of OPM to start with to be able to quit job and start trading full time.Trading is a waiting game so, with broken trading schedule a lot of low risk trades might be missed. Full time trading allows to look for this trades without break.
trader757 posted:
Chikot, have you evaluated what you would consider as large enough capital to manage, in order to quit your job and start trading full time?Chikot posted:
No problem iwillsurvive,
Not yet. i am working in this direction.
I have no my own funds sufficient to trade and live from so I am developing skills and track record to manage other people/ company's funds.
I work and trade.
Aug 14, 2011 at 12:43
1 Mini @ 75 pips per day x 5 days a week = $1,500/month
2 Mini's @ 38 pips per day x 5 days a week = $1,500/month
4 Mini's @ 19 pips per day x 5 days a week = $1,500/month
8 Mini's @ 10 pips per day x 5 days a week = $1,500/month
Obviously the compounding interest will be quite helpful. Another thing you need to consider is can you risk 2 mini's and get 38 pips a day out of Oil? That is extremely doable. In pips, 75 a day on Oil is extremely doable.
That gives you some basis.. now what do you need to live per month? How much to grow the account? If you take all of it out you can't grow it, so you need to have a % you an take out per month. Using the above and taking off a % of that for expenses gives a basis to go on.
I also have a spreadsheet somewhere that shows the % and pips per day, the calculates per week showing you what is possible.
2 Mini's @ 38 pips per day x 5 days a week = $1,500/month
4 Mini's @ 19 pips per day x 5 days a week = $1,500/month
8 Mini's @ 10 pips per day x 5 days a week = $1,500/month
Obviously the compounding interest will be quite helpful. Another thing you need to consider is can you risk 2 mini's and get 38 pips a day out of Oil? That is extremely doable. In pips, 75 a day on Oil is extremely doable.
That gives you some basis.. now what do you need to live per month? How much to grow the account? If you take all of it out you can't grow it, so you need to have a % you an take out per month. Using the above and taking off a % of that for expenses gives a basis to go on.
I also have a spreadsheet somewhere that shows the % and pips per day, the calculates per week showing you what is possible.
Live to trade another day...
Member Since Jan 14, 2010
2279 posts
Aug 14, 2011 at 14:44
(edited Aug 14, 2011 at 14:46)
It's the minimum to start with.
Anyone gotta start from something. The most important is to trade well. The rest will come. I do not care about those lifestyles you mentioned.
Obviously more would be better. But it is pointless to argue as I do not have the said amount . So, I will concentrate on my trading to get to the level where I will at the end manage $10 millions. this is my final goal and to make 30-50% annually consistently for my investors.
Anyone gotta start from something. The most important is to trade well. The rest will come. I do not care about those lifestyles you mentioned.
Obviously more would be better. But it is pointless to argue as I do not have the said amount . So, I will concentrate on my trading to get to the level where I will at the end manage $10 millions. this is my final goal and to make 30-50% annually consistently for my investors.
FXraider posted:
100K USD to quit your job? To have in an account to trade with? You need 100k? My gosh mate, what sort of lifestyles of the rich and famous do you live?
Member Since Jan 14, 2010
2279 posts
Aug 14, 2011 at 15:00
BTW, how much trader should have in funds to be able to open this kind of trades considering maximum 1% risk per trade?
FXraider posted:
1 Mini @ 75 pips per day x 5 days a week = $1,500/month
2 Mini's @ 38 pips per day x 5 days a week = $1,500/month
4 Mini's @ 19 pips per day x 5 days a week = $1,500/month
8 Mini's @ 10 pips per day x 5 days a week = $1,500/month
Obviously the compounding interest will be quite helpful. Another thing you need to consider is can you risk 2 mini's and get 38 pips a day out of Oil? That is extremely doable. In pips, 75 a day on Oil is extremely doable.
That gives you some basis.. now what do you need to live per month? How much to grow the account? If you take all of it out you can't grow it, so you need to have a % you an take out per month. Using the above and taking off a % of that for expenses gives a basis to go on.
I also have a spreadsheet somewhere that shows the % and pips per day, the calculates per week showing you what is possible.
Aug 14, 2011 at 15:44
I have a day job and im seriously considering trading full time in the near future. It took me 4 years to find soemthing that works for me and although i'm still working on my system it has been giving me good consistency results since the begining of this year (around February).
100K is what i defined as a good start for me. Something that would allow me to trade with low risk and confidence. My target is around 8% to 10% per month (although i believe i can make more) with 2% risk level per trade. I trade EURUSD with a broken schedule. Ive tried trading full time for 2 consecutive weeks and ive managed to make around 45 pips/per day average which is good although it means nothing because it is a short period. While working in my day job i'm happy if i can make 25 :-)
Luckly i have enough capital and I started trading a 100K real account at the same time you started your real account (begining of July). Last friday my balance was 113K . Not bad for someone that was used to always loose.
If i manage to win consistenly until Q1 2012 i will probably quit my job. If needed i can raise my capital. Luckly i still have some in a fund that has been down around 30% and does not move since the end of 2008.
I've been following your thread and i think you can make it.
100K is what i defined as a good start for me. Something that would allow me to trade with low risk and confidence. My target is around 8% to 10% per month (although i believe i can make more) with 2% risk level per trade. I trade EURUSD with a broken schedule. Ive tried trading full time for 2 consecutive weeks and ive managed to make around 45 pips/per day average which is good although it means nothing because it is a short period. While working in my day job i'm happy if i can make 25 :-)
Luckly i have enough capital and I started trading a 100K real account at the same time you started your real account (begining of July). Last friday my balance was 113K . Not bad for someone that was used to always loose.
If i manage to win consistenly until Q1 2012 i will probably quit my job. If needed i can raise my capital. Luckly i still have some in a fund that has been down around 30% and does not move since the end of 2008.
I've been following your thread and i think you can make it.
FXraider posted:
100K USD to quit your job? To have in an account to trade with? You need 100k? My gosh mate, what sort of lifestyles of the rich and famous do you live?
Member Since Jan 14, 2010
2279 posts
Aug 14, 2011 at 20:52
(edited Aug 14, 2011 at 20:53)
That's good that you have got enough funds to trade.
$100 000 is definitely enough.
I am working on psychological, read patience part of my trading. To trade only best set ups and increase my hit rate and pip count. Then, I think I will be able to risk more per trade.
I need another 5-6 months of consistently good results to consider myself ready. Most important patience.
at the end of September it will be 3 years I am trading. Only 4 months while I studied oil were traded on demo. Before I always traded live as I am doing now.
I think 5% monthly on average is pretty good goal and results. If I manage to pull it off for 6-8 months with proper risk control that it is. Considering I will be looking to trade OPM it is good goal. Own funds is a different story but OPM sure must be traded with less risk.
$100 000 is definitely enough.
I am working on psychological, read patience part of my trading. To trade only best set ups and increase my hit rate and pip count. Then, I think I will be able to risk more per trade.
I need another 5-6 months of consistently good results to consider myself ready. Most important patience.
at the end of September it will be 3 years I am trading. Only 4 months while I studied oil were traded on demo. Before I always traded live as I am doing now.
I think 5% monthly on average is pretty good goal and results. If I manage to pull it off for 6-8 months with proper risk control that it is. Considering I will be looking to trade OPM it is good goal. Own funds is a different story but OPM sure must be traded with less risk.
trader757 posted:
I have a day job and im seriously considering trading full time in the near future. It took me 4 years to find soemthing that works for me and although i'm still working on my system it has been giving me good consistency results since the begining of this year (around February).
100K is what i defined as a good start for me. Something that would allow me to trade with low risk and confidence. My target is around 8% to 10% per month (although i believe i can make more) with 2% risk level per trade. I trade EURUSD with a broken schedule. Ive tried trading full time for 2 consecutive weeks and ive managed to make around 45 pips/per day average which is good although it means nothing because it is a short period. While working in my day job i'm happy if i can make 25 :-)
Luckly i have enough capital and I started trading a 100K real account at the same time you started your real account (begining of July). Last friday my balance was 113K . Not bad for someone that was used to always loose.
If i manage to win consistenly until Q1 2012 i will probably quit my job. If needed i can raise my capital. Luckly i still have some in a fund that has been down around 30% and does not move since the end of 2008.
I've been following your thread and i think you can make it.FXraider posted:
100K USD to quit your job? To have in an account to trade with? You need 100k? My gosh mate, what sort of lifestyles of the rich and famous do you live?
Aug 15, 2011 at 06:46
Well Chikot,
A $2,500 account using 1% risk per trade is 25 pips @ 1 Mini lot. So your SL would be 25 pips for example using 1 Mini on a 2,500 USD account. At 1% risk it would be 12 or 13 pips for 2 Minis. A half mini, or 0.05 Micros would be a 50 pip stop @ 1% risk and the pips per day would be 150 x 5 days to achieve $1,500 Profit.
A $2,500 account using 1% risk per trade is 25 pips @ 1 Mini lot. So your SL would be 25 pips for example using 1 Mini on a 2,500 USD account. At 1% risk it would be 12 or 13 pips for 2 Minis. A half mini, or 0.05 Micros would be a 50 pip stop @ 1% risk and the pips per day would be 150 x 5 days to achieve $1,500 Profit.
Live to trade another day...
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 07:31
Thanks FXraider, i will definitelly have a look at eminis? Have heard of them but never watched.
FXraider posted:
Well Chikot,
A $2,500 account using 1% risk per trade is 25 pips @ 1 Mini lot. So your SL would be 25 pips for example using 1 Mini on a 2,500 USD account. At 1% risk it would be 12 or 13 pips for 2 Minis. A half mini, or 0.05 Micros would be a 50 pip stop @ 1% risk and the pips per day would be 150 x 5 days to achieve $1,500 Profit.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 07:32
Only when Mongols invade China again 😁
zuntrader posted:
oil is goin to 1.50...by end of the year.
Member Since May 21, 2011
45 posts
Aug 15, 2011 at 07:33
I dont have my own thread but i'll definitely pop by here at least once a week considering the fact that college has started!
Armada Markets 5% discount, Axitrader $1.50 discount, IC markets $1.50 disc, LMAX 12% discount, Price Markets 5% disc, FinFX (accepts US traders) $0.7 ECN disc, Global Prime $1.50 discount, SynergyFX $3.50 discount, Blackwell Global $6 rebates - Abundance Trading
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 10:24
Good luck with your studies!
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 10:24
(edited Aug 15, 2011 at 10:25)
0.3% up. day is done.
Nice trade. went 3 time further but I did not want to test trend line and support with this. could have closed half but I was in with minimum size. after I improve hit rate will increase size and will be able to make partial closes again.
Nice trade. went 3 time further but I did not want to test trend line and support with this. could have closed half but I was in with minimum size. after I improve hit rate will increase size and will be able to make partial closes again.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 10:30
Kudos for patience.
Member Since Jan 14, 2010
2279 posts
Aug 15, 2011 at 10:31
I will continue practicing with demo.
