Hello BeatlemaniaSA,
Glad to hear there are no hard feelings. I respect all the work you've put into the system and I'm happy to have the opportunity to learn more about how you trade for free.
I do have a few clarifying questions about what you have written. I will need to sit down and study this more closely in order to understand what it takes to make 10% per day/week.
1) When you refer to risking 0.5% to 1% and nothing more, I assume this is per individual trade?
In other words, do you normally have several trades placed where EACH trade has a risk of 0.5% to 1%? Or is that 0.5% to 1% across ALL of your open trades?
2) In your EURAUD example where you have the 35 pip SL and your risk for a $1000 account is either 0.5% ($5) or 1% ($10), are we assuming that 220 pips as shown in your image is where you would take your TP?
I ask because 220 pips divided by 35 pips equals ~6.29x.
This would mean in the 0.5% risk example, we are risking $5 to make $31.45 (3.414%).
And in the 1% risk example, we are risking $10 to make $62.86 (6.289%).
I think this checks out with the pip value calculator and lot size calculator from CashBackForex you provided in your post.
3) In your EURAUD example where you have the 35 pip SL, would you allow your trade to hit the SL in case it reverses direction, or do you usually get out of a losing trade well before the SL is hit?
I noticed some traders have very different approaches toward stop losses. Some claim you should keep them as is and allow the trade to progress until it hits your TP/SL dead on, while others advocate cutting your losses much earlier (thereby using your SL as nothing more than an "emergency").
4) If you are comfortable sharing this information, what is your approximate win/loss percentage for your trades (example would be 75% of trades placed are won and 25% of trades placed are lost)?
Maybe this is the newbie in me speaking, but I think we can agree a 100% win rate, let alone a 90% win rate, seems impossible even for the most seasoned veteran traders.
Lastly, I wanted to expand on why I was so skeptical of the claims made by yourself and XARD of making 10-40% per day/week.
Literally anywhere else you go online to talk about money made in trading, and offline if you're talking about books and seminars, people will relentlessly hammer down on the idea that 1% per day or even 10% per month is both extreme and impossible.
Examples 1, 2, and 3 showcase the sentiment I'm referring to.
Anybody claiming these numbers or higher without showing comprehensive proof of returns is purportedly a liar attempting to build up a customer base who will buy their courses, indicators, seminars, paid membership groups, private coaching, et cetera.
After seeing these claims for years, I then go into this forum and people are claiming it's well within the scope of reality to get 10-40% per day/week. Not only that, but they are providing their methodology entirely for free.
To me, the results from yourself, XARD, and other prolific contributors on this thread would directly imply that the institutional banks, the Wall Street traders, and the hedge funds managing multiple billions of dollars are doing something fundamentally wrong and haven't been able to figure it out for the past 100 years.
Just to be conservative, let's say we start with a $1,000 account, gain 10% per week. Assuming there are four trading weeks every month, which will give us a monthly return of 40%.
If you keep that up for an entire year you would be at ~$56,700. That's a 56.7x gain!
Let's go crazy and say we do 10% per day with the same $1,000 account. Assuming there are five trading days every week and therefore 20 trading days every month, we get a monthly return of 200%.
If you keep that up for an entire year you would be at ~$531,441,000. That's a monstrous 531,441x gain!
I hope you can start to understand where my skepticism comes from. With the numbers being floated around here, any person on this forum who takes your system and uses it exactly as you describe it would be a literal millionaire in 7 months and a multi-millionaire with just another month or two. Heck, you would be a BILLIONAIRE in the early months of Year 2.
But perhaps there is something I am missing and I am seeing this the wrong way. Feel free to chime in and correct any errors I have made!
