Dream Journey from $ 200 to $ 20000

[dilsefx]

Update

Hi friends

Bal now is reduced to 285 $
trade went against and i lost 20 pips on two lots .


I disobeyed one of the rules , I need to be more careful whlle on trades. It was due to a due data from UK and i had a long posn in place, i beleived that the mkt wil go up after the data but it did not and ultimatley i converted a winner in to a loser!!!!!!!!

Still i am glad that i coould manage to close the trade in time with min loss.

Lesson : while i had two lot trade at that time , i should have booked profit on half of the trade wnd warched the mkt, if the news favopured my trade, fine, if not , i am still in posn to close the other trade at bre3ak even.


I like to post here some of the quotes which will be useful for trading in any financial market.

I thought it might be a good idea to list out as many actions as possible that will cause bad trades to happen.
This list should help both seasoned and new traders alike ...

Not in order of "merit":

1. Overtrading both in number of trades and lot size (I mean if you already chalked up 4 bad trades in a day ... STOP TRADING and get a day's break before coming back)

2. Impulse trading / Unplanned Trades (Rushing to take a move because one doesn't want to "miss the boat")

3. Getting into a trade based on other people's advice/"tips"/opinions (Compulsion trading one might say)

4. Trading without a stoploss (Pretty common this one ... I mean who loves to take a loss right?)


5. Trading just for the sake of getting a trade into the market and seeing what happens from there (Hmm ... a casino will do just that and provide some excitement at the same time)


6. "Lying" to oneself that the market WILL reverse when everything (charts, etc) don't support that view

7. Doubting a trade before even getting into it (This one will self-sabotage you right away)

8. Revenge trading (Trading to gain back your losses)


These are some of the main mistakes done by a trader.

 

[Vchopra]

Goodluck Dilse. I am saying it with my dilse

Anyway, I am just wondeing how you are taking 2 lots with so much little capital. Are you referring as mini lots? .2 lots or 20K trades? I see you are using CMS's VT. I hear that is a good platform/charts.

It would be great if you can post your positions (even after you trade is fine).

Also what timeframe you use for your trades?

Thanks

VChopra

 

[kkeskar92]

Hi dilsefx,
Which session do you prefer to trade..NY or London? Do you continue your trade during news releases or do you hedge the trade? Or you prefer to close the trade before news?----KK

 

[dilsefx]

Hi friends,

I saw so many debating about legality of forex in India. Just for you informations i personaly visited HDFC bank amd discussed the issue wiuth the manager at Vasai (E) branch. She said after confirmations from her seniors that any one can trade in forex .
She gace me a circular copy of RBI which states that any one can invest up to 25000 USD per year . The copy of the circular can be found on RBi site at

http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/51175.pdf

Please do your own home work about this document.


As far as choice of broker is an issue, there is no broker from India who will provide you a plateform for forex trading.
One has to rely on offshore broker only.
Now about the brokers , please do you own research and choose your broker. I will prefer that one must open an a/c with US based broker who is regd with NFA. I will prefer CMS, due to high leaverage and hedging facility.


Hope this will be helpful to those who are intrested in trading forex.


Happy Trading

 

[desisoup]

Hi dilsefx,

Congratulations! - many speak of setting out on a journey - but you are actually doing it! - that's something.

Say, do you keep a log of your winners and losers? - if so! -do you publish it online? - would be great to see your live log.

Anyways, wish you all the best -and I am sure you will achieve your dream - if you don't quit in the middle.

later

 

[amarnath]

Re: Update

Hi friends

Bal now is reduced to 285 $
trade went against and i lost 20 pips on two lots .


I disobeyed one of the rules , I need to be more careful whlle on trades. It was due to a due data from UK and i had a long posn in place, i beleived that the mkt wil go up after the data but it did not and ultimatley i converted a winner in to a loser!!!!!!!!

Still i am glad that i coould manage to close the trade in time with min loss.

Lesson : while i had two lot trade at that time , i should have booked profit on half of the trade wnd warched the mkt, if the news favopured my trade, fine, if not , i am still in posn to close the other trade at bre3ak even.


I like to post here some of the quotes which will be useful for trading in any financial market.

I thought it might be a good idea to list out as many actions as possible that will cause bad trades to happen.
This list should help both seasoned and new traders alike ...

Not in order of "merit":

1. Overtrading both in number of trades and lot size (I mean if you already chalked up 4 bad trades in a day ... STOP TRADING and get a day's break before coming back)

2. Impulse trading / Unplanned Trades (Rushing to take a move because one doesn't want to "miss the boat")

3. Getting into a trade based on other people's advice/"tips"/opinions (Compulsion trading one might say)

4. Trading without a stoploss (Pretty common this one ... I mean who loves to take a loss right?)


5. Trading just for the sake of getting a trade into the market and seeing what happens from there (Hmm ... a casino will do just that and provide some excitement at the same time)


6. "Lying" to oneself that the market WILL reverse when everything (charts, etc) don't support that view

7. Doubting a trade before even getting into it (This one will self-sabotage you right away)

8. Revenge trading (Trading to gain back your losses)


These are some of the main mistakes done by a trader.

Hi can you post screen shot of demo account's equity rather than just typed number i assume any one can do that unless its posted near real time

 

[amarnath]

Re: Update

Hi friends

Bal now is reduced to 285 $
trade went against and i lost 20 pips on two lots .


I disobeyed one of the rules , I need to be more careful whlle on trades. It was due to a due data from UK and i had a long posn in place, i beleived that the mkt wil go up after the data but it did not and ultimatley i converted a winner in to a loser!!!!!!!!

Still i am glad that i coould manage to close the trade in time with min loss.

Lesson : while i had two lot trade at that time , i should have booked profit on half of the trade wnd warched the mkt, if the news favopured my trade, fine, if not , i am still in posn to close the other trade at bre3ak even.


I like to post here some of the quotes which will be useful for trading in any financial market.

I thought it might be a good idea to list out as many actions as possible that will cause bad trades to happen.
This list should help both seasoned and new traders alike ...

Not in order of "merit":

1. Overtrading both in number of trades and lot size (I mean if you already chalked up 4 bad trades in a day ... STOP TRADING and get a day's break before coming back)

2. Impulse trading / Unplanned Trades (Rushing to take a move because one doesn't want to "miss the boat")

3. Getting into a trade based on other people's advice/"tips"/opinions (Compulsion trading one might say)

4. Trading without a stoploss (Pretty common this one ... I mean who loves to take a loss right?)


5. Trading just for the sake of getting a trade into the market and seeing what happens from there (Hmm ... a casino will do just that and provide some excitement at the same time)


6. "Lying" to oneself that the market WILL reverse when everything (charts, etc) don't support that view

7. Doubting a trade before even getting into it (This one will self-sabotage you right away)

8. Revenge trading (Trading to gain back your losses)


These are some of the main mistakes done by a trader.

Hi can you post screen shot of demo account's equity as progress rather than just typed number i assume any one can do that unless its posted near real time

 

[amarnath]

Re: Dream Journey from $ 2 to $ 20000

Hi dilsefx

You have mentioned big figures and about wonderful strategy.
really exciting . thanks for your effort and will to share it with us.

can you give some details about the trading plan you adoptand the setups you use? it is looks like pullback trading on retracements-etc
if it is something that can work for stocks let us know if you dont mind sharing it with us.

detail in terms of a chart or strategy so that we also can test it and see if really it can go that far.

Only momentum strategies can do that kind of return.
---------------------------------------
TWO GUYS MADE HISTORY
1.Darvas made 6400% return in 1960(10000 to 2 million in 18months)
2.DAN ZANZER made 164000% in 1990s(10000 to 42million in 2 years)
Exact details not available how they did it.
-----------------------
Does your strategy hold that kind of power?

Read about Three crisis point approach-simple and straight but time taking.
It comes in another post of mine!!!!!!!!!!

rvlv

i dont heared much about dravas but heard of his core idea of his strategy buy high and sell higher with his dravas box strategy. But on other case Dan Zanger cant be praised as true trader as he made his stake in bull run and cant able to repeat his success in range or bear market so no consistency hence want he did is just random statistical luck??

 

[dilsefx]

Hello friends
Sorry for not being able to update this thread duting last two weeks. I had been busy with other things and got very little time for my trading and online, so i was not able to post my current results.
As for now i am at 364 $ in this a/c. I am attaching a file which will show the current a/c balance in my a/c, for privacy of a/c i have done some editing in that, hope no body has any objection.
I shall kep it updated as fast as ppossible.
Thank you all who have taken intrest in my thread.

 

[dilsefx]

Hi dilsefx,

Congratulations! - many speak of setting out on a journey - but you are actually doing it! - that's something.

Say, do you keep a log of your winners and losers? - if so! -do you publish it online? - would be great to see your live log.

Anyways, wish you all the best -and I am sure you will achieve your dream - if you don't quit in the middle.

later

Thanks a lot for your well wishes.