Anyone Trading For A Living?

PIP TEACHER, I do not understand your question

Compound your profit or reinvest your profit.
So, the question is do you reinvest your profit?

togr posted:

Davidfxonline posted:
Hello everyone. I'm quite close to its long-standing goal to earn $ 1 million https://www.myfxbook.com/members/Davidfxonline/invest-100%D0%BA/333735\

I wish good luck to all traders

Hey,

impressive results ;) The DD is quite high though...

Yes, impressive Martingale money management on a MICRO account. Based on the below 'lot pattern' recorded by MyFxBook and the large persistent floating DD since mid-February, it does look like a Martingale-type of money management:

June 6th: 12 lots
June 7th: 24 lots
June 11th: 44 lots
June 13th: 66 lots
June 14th: 88 lots with approx. 100k FLOATING DRAWDOWN! (Probably 1k in reality, as likely a micro account.)

The lot numbers can be clearly seen on the enclosed balance graph (see the original, if not removed).

P.S. North West Financial Broker DOES offer MICRO accounts...!! Read this comment from a MyFxBook user: https://www.myfxbook.com/reviews/brokers/north-west-financial-broker/87,1

When I check my balance graph I see that I trade with 7 lots, 21 lots, and so on but the true is that I always use 7 lots!
How is that possible?

3 trades at 7 lots in one day = 21 lots

I see, that would be it!
Thanks!

American is just jealous and writes nonsense ...
PIP TECHER, I took more than deduced now reinvested, it's evident on schedule

No, not being jealous at all, especially looking at the -52% DD. I would run for the exit even before hitting -20% DD....

Although I am somewhat cautious, no regular trader would tolerate larger than -30% DD's. Even at -33% DD one needs to make 50% profit just to break even.

At -52% DD (as in this case) one needs to make more than 100% profit just to recover losses. Since 99% of the investors would desert any strategy before hitting -50% DD, most of them would not even be around to recover their losses hoping for a 100% gain. Just common sense.

By the way, large investors would not even look at a strategy crossing the -10% DD line (even as a floating DD). Just a fact.

(My intention is simply to warn newcomers about potential pitfalls of high risk investing.)

Everyone has their idea of risk...

Davidfxonline posted:
Everyone has their idea of risk...

Well it depends on account size I would gladly risk 100,000 USD cents and in case of emergency I would double the balance ASAP.
I would not risk 100,000 USD nor double the account when needed.

Davidfxonline posted:
Everyone has their idea of risk...

Yes, that is very true. Risk can be very subjective and also very real when REAL money (USD, not cent...) is at stake. Most people simply oversestimate their risk tolerance. It is just a word until it becomes flesh cutting reality.

Playing around with cent account is just for fun. At best. But more actually it is just wasting of time. I have not seen anybody buying a Porsche or even a motorcycle from cent account profits. Not to mention making a living out of it.

Except for one case: when they sell the promising strategy to newcomers and noobs... Well, that is the only exception!

I don't understund how this DD is calculated.
It can not be used same calculation if trader compound his profit or if he doesn't compound.
For example my DD is 5.52%, I didn't compound profit and DD graph shows DD of 7.35% for that day.
Still, I see my DD as 5.52% and I continue with my trade.
I wish to say that trader knows what is his DD at any given moment but DD graph is something else.
That is why I have asked David about reinvesting his profit.

PipTeacher posted:
I don't understund how this DD is calculated.

'lies, damned lies, and statistics'
DD can be calculated in many ways depending which kind of result you wish to have.
And you can even 'cheat' statistics by doing properly timed withdrawals or deposits to your account between open and close of a trade or trades. Only way to see what has been done is to see the account statement!
AFAIK Myfxbook tries to show most realistic (worst) DD in account stats pane but in other places they use different calculations.

To my understanding DD should be calculated from account equity as explained here:
https://www.investopedia.com/terms/d/drawdown.asp
But in practise this is impossible because it requires you to have real time access to the account equity to track changes in it.
Myfxbook 5 minute resolution is quite good but not truly accurate.
And people can turn account updating off when they like so statistics could not be updated for the time that is not favourable for them.

All business is based upon trust.

Wow, I didn't know that you can manipulate with myfxbook statistics.
Thanks for sharing.
I agree with you on DD!
It seems that Myfxbook calculate daily DD.
For example: today I had DD 5.52%, statistcs has shown 7.35%, later I've made 100pips of profit.
Now statistics is showing daily DD of only 2.96% wich is correct if you make daily statistics.
But the worst and only true DD was 5.52% which statistics doesn't show nowhere.

I know that you can manipulate statistics on zulutrade and I told that to their support.
Their answer was: We are familiar with that and We have allready put that in our agreement.
The worst thing is that very rarely someone reads their agreement especialy fine print.

i am living on forex,forex is my only income source

fxmoney1 posted:
i am living on forex,forex is my only income source

Really? You must be living on next to nothing... Or do you have other accounts?

Boring forum

incometrader posted:

fxmoney1 posted:
i am living on forex,forex is my only income source

Really? You must be living on next to nothing... Or do you have other accounts?

This forum is not about being sarcastic to others my friend. He might or might not have other accounts.

Let us not spark any unwanted conversations and go off-topic with verbal duels. :)

fxmoney1 posted:
i am living on forex,forex is my only income source

congratulaion very good trading bro