i have funded 500$ , what amount should i aim for everyday?

[Piratetrader]

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No! I wanted to be very clear. It is an exception. Nothing is cream pie in this business. I'm a good trader and forecaster, but all of us are subject to bankrupting their account in a single click of the mouse if they are not careful. There are too many variable to disaster. This is why the mental part to trading is vital. Mixing in a work ethic and discipline is also highly vital.

I think most people would like to make 40% per month. You're in the top 10% if you are making 1% per month. After all 90% are loosing. Those are just statistics for the industry.

I never said to risk only 2% on a trade. Many suggest that, which I think is another typical talking point. There are some important points that should be made, and this is what I think is important. When you risk 2% and lose, you only need 2.04% to get back to the original amount. If you risk 20% and lose, you need to make 25% to get back to 0. It is better to start off at a lower risk until you have established yourself as a live trader.

I'm glad you are getting some good from my experience, but I have no grace to offer. Just some trading skills and always an honest opinion or assessment.

As long as what you have is working, then the best thing to do is stick with it. It's okay to improve what you have, but never make wholesale changes to your method.

The accompanied chart shows why I adapted the TL's. The red lines on my chart are always drawn from the weekly TF. What we see if the initial break of the TL, then the correction back up to it. That is the point position traders would want to short this pair.

Hey sir thanks again!! 40 % every month is something that i will be focusing, I know of a woman on etoro Her name is majel, she made over 2300 % in less than 3 months according to the etoro broker! if you still visit her page on etoro you can find her with similar results, every top trader on etoro(visit the openbook) they have a 200%-300% gains every month! I don't know how on earth could that be possible!! there is also a story of a guy there who converted 10k into 158k in less than 2 weeks,- LOOL! you really have an impressive story behind how you created your winning system! but why did you leave trading with bollinger bands when you were doing good with it sir? It really discouraged me
Besides sir today i opened only 1 trade on eur/usd ,there were no clear signals from the indicators, eur/usd broke the upper BB and moved to 1.4475 and came down and again it hit there, RSI and STOCH were neutral so i didn't open any trade except 1 i sold at 1.4465 when the eur/usd attempted to brake the level of 1.4475 second time but failed to do that so eventually i thought it would be a good idea to sell for 20 pips !! ! and sir i see that the euro/usd is moving higher its been in a bullsih movement from 19th august! there were so many up and down in between but overall its going up!sir don't you think this month is very choppy for the pair ?

 

[4xpipcounter]

I got one thing to say about E-Toro. They need to stop dangling carrots under their donkeys' noses.
Saif, I can show you those gains every month if I want to. I can open an account with some pittance, and then trade it like a gambler and show the gains. Look at the gains by comparison to the pips and it proves they gambled. If you are going to stay in trading for the long haul, then you will be a trader, not a gambler.
Simply put, this is why I say anything is possible in this business, but it is not practical. There's a saying called "risking the farm". It means putting just about everything you have in your account on one trade hoping it will turn out okay. This is what the guy did (10-158). Someone like yourself that is just learning to trade and has limited funds needs to focus in on establishing a set methodology, get a sound foundation for your business, and focus on trading, not focus on some joint for gambling.
What E-Toro did not tell anyone are the myriad of people who fell prey to those schemes, traded like those people, and bankrupted.
Here's another cold hard fact. E-Toro nor any other broker has the money to support anyone who is winning 200% per month consistently. At 200% compounded monthly, if someone starts off with $1,000, in 1 1/2 years that roll is worth $387.420,489, 000. 2 months later, it is worth $3,486,784,401,000 ($3 trillion). Send those numbers to E-Toro. There is no broker or bank around that can afford to pay that kind of money.

Again, don't focus on 40% per month. Focus on a winning methodology and let the profits come naturally.

What I do should never discourage you as a trader. I quit the BB's because the ichimoku is far more effective for me. You mentioned how your trading is coming around and you are doing well. That should not discourage you.

It's good you opened only one trade today in knowing that is what your methodology yielded. It seems you are letting the trades come to you which is a good thing.

The last 3 months have been choppy for the EUR/USD.It has broken above the cloud and has been consolidating in preparation for what will be a move to circa 1.5000. This sort of price movement is symptomatic of huge breakouts.

Here I go again. Just in case the posturing on those percentages sounds like nothing but a rant, ask any of the seasoned winning traders in this forum of 200% is practical. I would dare say most of them do not even set % goals for gains. I believe it is the nature of the mental concept of trading.

After you get an answer, then you have to ask yourself what is the motive behind companies that advertise such garbage.

Hey sir thanks again!! 40 % every month is something that i will be focusing, I know of a woman on etoro Her name is majel, she made over 2300 % in less than 3 months according to the etoro broker! if you still visit her page on etoro you can find her with similar results, every top trader on etoro(visit the openbook) they have a 200%-300% gains every month! I don't know how on earth could that be possible!! there is also a story of a guy there who converted 10k into 158k in less than 2 weeks,- LOOL! you really have an impressive story behind how you created your winning system! but why did you leave trading with bollinger bands when you were doing good with it sir? It really discouraged me
Besides sir today i opened only 1 trade on eur/usd ,there were no clear signals from the indicators, eur/usd broke the upper BB and moved to 1.4475 and came down and again it hit there, RSI and STOCH were neutral so i didn't open any trade except 1 i sold at 1.4465 when the eur/usd attempted to brake the level of 1.4475 second time but failed to do that so eventually i thought it would be a good idea to sell for 20 pips !! ! and sir i see that the euro/usd is moving higher its been in a bullsih movement from 19th august! there were so many up and down in between but overall its going up!sir don't you think this month is very choppy for the pair ?

 

[Piratetrader]

I got one thing to say about E-Toro. They need to stop dangling carrots under their donkeys' noses.
Saif, I can show you those gains every month if I want to. I can open an account with some pittance, and then trade it like a gambler and show the gains. Look at the gains by comparison to the pips and it proves they gambled. If you are going to stay in trading for the long haul, then you will be a trader, not a gambler.
Simply put, this is why I say anything is possible in this business, but it is not practical. There's a saying called "risking the farm". It means putting just about everything you have in your account on one trade hoping it will turn out okay. This is what the guy did (10-158). Someone like yourself that is just learning to trade and has limited funds needs to focus in on establishing a set methodology, get a sound foundation for your business, and focus on trading, not focus on some joint for gambling.
What E-Toro did not tell anyone are the myriad of people who fell prey to those schemes, traded like those people, and bankrupted.
Here's another cold hard fact. E-Toro nor any other broker has the money to support anyone who is winning 200% per month consistently. At 200% compounded monthly, if someone starts off with $1,000, in 1 1/2 years that roll is worth $387.420,489, 000. 2 months later, it is worth $3,486,784,401,000 ($3 trillion). Send those numbers to E-Toro. There is no broker or bank around that can afford to pay that kind of money.

Again, don't focus on 40% per month. Focus on a winning methodology and let the profits come naturally.

What I do should never discourage you as a trader. I quit the BB's because the ichimoku is far more effective for me. You mentioned how your trading is coming around and you are doing well. That should not discourage you.

It's good you opened only one trade today in knowing that is what your methodology yielded. It seems you are letting the trades come to you which is a good thing.

The last 3 months have been choppy for the EUR/USD.It has broken above the cloud and has been consolidating in preparation for what will be a move to circa 1.5000. This sort of price movement is symptomatic of huge breakouts.

Here I go again. Just in case the posturing on those percentages sounds like nothing but a rant, ask any of the seasoned winning traders in this forum of 200% is practical. I would dare say most of them do not even set % goals for gains. I believe it is the nature of the mental concept of trading.

After you get an answer, then you have to ask yourself what is the motive behind companies that advertise such garbage.

THANKS SIR, you are right i want to be a trader not a gambler!! BUT I ALSO want to use the ichimoku as i know it is a very good indicator! but it is just very confusing, looking at the chart with ichimoku gives me a headache ok sir here is a chart in which i bought gbp/usd ! after buying it i was am thinking i did not make the right decision though i plan for20pips only and all the indicators are showing oversold but i think it could just keep on falling, i should have waited for the rsi to get above 30 and then buy it! what do you say sir??

 

[4xpipcounter]

You don't need headaches for now. Keep doing what you're doing, and you can look at experiment with the ichimoku later.

I posted a view on the GBP/USD in my thread. I think you are on the right track with your trade.

THANKS SIR, you are right i want to be a trader not a gambler!! BUT I ALSO want to use the ichimoku as i know it is a very good indicator! but it is just very confusing, looking at the chart with ichimoku gives me a headache ok sir here is a chart in which i bought gbp/usd ! after buying it i was am thinking i did not make the right decision though i plan for20pips only and all the indicators are showing oversold but i think it could just keep on falling, i should have waited for the rsi to get above 30 and then buy it! what do you say sir??

 

[Piratetrader]

You don't need headaches for now. Keep doing what you're doing, and you can look at experiment with the ichimoku later.

I posted a view on the GBP/USD in my thread. I think you are on the right track with your trade.

Thank you sir yes i did the right trade i am happy i hope i keep winning like this!but sir these indicators BB,RSI,STOCH won't help much in trending markets,so that is why i wanted to learn fibo,and ichimoku! and sir i wanted to know about support and resistance, !! but i never got the doubt clear from the beginning, every day eur/usd is making differnt support and resistance for today R is 1.4480 and S is 1.4380 !! how does these S and R help to indicate a signal? is it like "buy at support , sell at resistance" please explain sir !

 

[4xpipcounter]

This depends on how you draw the S&R's, or how they are derived. Just a high and low, of itself, is a weak S or R. Watching what other TF's can also give a picture of price reactions. As an example, my methodology is showing me this kind of price action was predictable today. This is because it was hitting at extremes on the SD channel on the 15 and 30m charts, while forming a confluence between my DR1 and DS1.
It also pays to be aware of the time of day you are trading in. The forex markets start slowing down between mid-NY and the beginning of London. There is not much volume during those times. Picture volume as horsepower. Prices are subject to drifting those times.
For the most part, Friday is the most volumous day of the week. Today's action could be building up to some very huge moves on Friday.
Another thing (This is only constructive.) is that even though you are doing well with your current setup. Stochs, RSI and BB's have no way of indicating S and R's They have a way to provide a signal for buy and sell. I know that after 7 years of looking at these charts there is a knack to spot S&R's on the chart just by looking at it naked. Nevertheless, learning to draw TL's, and spotting chart S&R's, ichimoku and my proprietary S&R's all help in locating those events.

Thank you sir yes i did the right trade i am happy i hope i keep winning like this!but sir these indicators BB,RSI,STOCH won't help much in trending markets,so that is why i wanted to learn fibo,and ichimoku! and sir i wanted to know about support and resistance, !! but i never got the doubt clear from the beginning, every day eur/usd is making differnt support and resistance for today R is 1.4480 and S is 1.4380 !! how does these S and R help to indicate a signal? is it like "buy at support , sell at resistance" please explain sir !

 

[Piratetrader]

This depends on how you draw the S&R's, or how they are derived. Just a high and low, of itself, is a weak S or R. Watching what other TF's can also give a picture of price reactions. As an example, my methodology is showing me this kind of price action was predictable today. This is because it was hitting at extremes on the SD channel on the 15 and 30m charts, while forming a confluence between my DR1 and DS1.
It also pays to be aware of the time of day you are trading in. The forex markets start slowing down between mid-NY and the beginning of London. There is not much volume during those times. Picture volume as horsepower. Prices are subject to drifting those times.
For the most part, Friday is the most volumous day of the week. Today's action could be building up to some very huge moves on Friday.
Another thing (This is only constructive.) is that even though you are doing well with your current setup. Stochs, RSI and BB's have no way of indicating S and R's They have a way to provide a signal for buy and sell. I know that after 7 years of looking at these charts there is a knack to spot S&R's on the chart just by looking at it naked. Nevertheless, learning to draw TL's, and spotting chart S&R's, ichimoku and my proprietary S&R's all help in locating those events.

Yes sir thank you, By this comment i have come to the point that what i am currently doing is not setting up a winning system but just working with the indicators. I AM very dissapointed on my self, this was never a system i was thinking that it could be a system using these 3 indicators i know that BB, stoch and rsi indicates OB/OS conditions only and that is not all what i want!I understand now this is not a system for me using BB,RSI,STOCH but it just gives me a buy and sell entry! that is ok but it is not going to happen everyday !Like you i want to learn about the market current position and views !where is it heading! like you knew already that gbp/usd will hit WS1 on 1.6364 and it did!

 

[4xpipcounter]

Whoa!!!! Back up!
Are you winning consistently with the setup you have now?
If you honestly said yes, that is all that counts.
Why would you be disappointed in being a winner?
If all your system shows is OB/OS conditions, and you are winning, then stick to it!!!!!!!!!!!!!
You have plenty of time to look at and study other indicators.

I already showed you how it took a few years to develop my entire methodology. Nothing happens overnight.

Yes sir thank you, By this comment i have come to the point that what i am currently doing is not setting up a winning system but just working with the indicators. I AM very dissapointed on my self, this was never a system i was thinking that it could be a system using these 3 indicators i know that BB, stoch and rsi indicates OB/OS conditions only and that is not all what i want!I understand now this is not a system for me using BB,RSI,STOCH but it just gives me a buy and sell entry! that is ok but it is not going to happen everyday !Like you i want to learn about the market current position and views !where is it heading! like you knew already that gbp/usd will hit WS1 on 1.6364 and it did!

 

[Piratetrader]

Whoa!!!! Back up!
Are you winning consistently with the setup you have now?
If you honestly said yes, that is all that counts.
Why would you be disappointed in being a winner?
If all your system shows is OB/OS conditions, and you are winning, then stick to it!!!!!!!!!!!!!
You have plenty of time to look at and study other indicators.

I already showed you how it took a few years to develop my entire methodology. Nothing happens overnight.

well yes sir, honeslty I am winning consistently with the confluence of BB,RSI and STOCH, but I am totaly dissapointed, i don't think i am a winner but the thing is that i never understood what a winning system is,sir you have a winning system because , you know where the market could go in the future A winning system is predicting where the market will go this week and getting it consistently right !!but for me its like just like sell and buy signal when there is OB/OS ! it won't work when the market is trending! how would i know! Now the market (eur/usd) is moving sideways, its a consolidation pattern which is working with the indicators that is why i am winning! it was never a system I just cannot say where the market would go, if its pulls above 1.46 its bullish if it breaks below 1.4250 it is bearish! i just cannot say that!

 

[4xpipcounter]

Saif, do you understand 90% of everyone that enters the markets bankrupt their accounts, or at the least are in arrears? Consistent equity growth is a winner in this arena.

Don't judge my forecasting in determining if you are winning. You will discourage the good you have already accomplished.
Let me say something else without sounding like an ego maniac. You can look anywhere on the internet you wish, and you will not find anyone (Best of my knowledge.) that tracks the quantity of markets I do with the level of accuracy. I even apply my methodology to the weather. What I'm saying is that does not make other traders and forecasters losers. Everyone's approach to the market is different.

Here's another nugget. Let's say you never are able to forecast the markets in advance. But, the one thing you can do is simply enter a trade and almost everyone of them end in the positive. Does it matter you can't forecast

Here's a fact: I got a friend in the UK who is an institutional trader. You have to have $250,000 before he will touch your account. He makes 20 trades a day and 17 win. Yet, if you ask him where the EUR/USD will be tomorrow, he could not tell you. I will never say my friend is not a winner.

well yes sir, honeslty I am winning consistently with the confluence of BB,RSI and STOCH, but I am totaly dissapointed, i don't think i am a winner but the thing is that i never understood what a winning system is,sir you have a winning system because , you know where the market could go in the future A winning system is predicting where the market will go this week and getting it consistently right !!but for me its like just like sell and buy signal when there is OB/OS ! it won't work when the market is trending! how would i know! Now the market (eur/usd) is moving sideways, its a consolidation pattern which is working with the indicators that is why i am winning! it was never a system I just cannot say where the market would go, if its pulls above 1.46 its bullish if it breaks below 1.4250 it is bearish! i just cannot say that!