How to lose $25 a day trading Forex

[Datingafter35]

Hey. It's Dan here.

I want to make $250 a day or lose. But I have to get accustomed to losing it first. So I start small with $25.

My plan is to gain $25k in trading capital in 50 months or 5 years.

Short term goal is to make $5000 a month or lose $1000 in a month.

Long term goal is to beat my endowment plan of $50, 000 and before I turn 55... I'm 38. So I have 17 years.

Each year I need to make $3k. Baseline is $10, 000 trading capital. Conservatively is around 30% per year which is more than Warren Buffet. Haha.

I'll start with $2.5k and pump $500 every month.

I've been trading Forex since 2006. And I'm not profitable nett. So no need to know much about tools or skill.

Made some in a week. Lost most of it in a month.

Haha. This is a personal journey. Don't follow. Can critize. Haha.

Ok. Let's start Monday 8th Feb with a bang.

Milestone #1.
Make my first $100.

Milestone #2.
Make my first $250.

Milestone #3.
Make my first $500.

Last Milestone #4.
Make my first $1000.

God bless me.

(to be continued)

 

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[fhs8]

Hey. It's Dan here.

I want to make $250 a day. But I have to get accustomed to losing it first. So I start small with $25.

Short term goal is to make $5000 a month or lose $1000 in a month.

Long term goal is to beat my endowment plan of $50, 000 and before I turn 55... I'm 38. So I have 17 years.

You'll lose all your money. I'm guessing that you're using high leverage? The effect of decay due to high leverage is extremely high once you go over 5x. Also HFT trade Forex so it's impossible to trade based off of patterns and make money. The ROI for day trading on Forex is always negative. The average expected loss per trade is the spread and/or commission. Studies have been done and most Forex traders lose money.

 

[Datingafter35]

You'll lose all your money. I'm guessing that you're using high leverage? The effect of decay due to high leverage is extremely high once you go over 5x. Also HFT trade Forex so it's impossible to trade based off of patterns and make money. The ROI for day trading on Forex is always negative. The average expected loss per trade is the spread and/or commission. Studies have been done and most Forex traders lose money.

I won't argue on this.

But I assume leverage is the key.

Only time can tell.

I appreciate the response and care.

Thank you.

Sent from my SM-N9005 using Tapatalk

 

[fhs8]

I won't argue on this.

But I assume leverage is the key.

Only time can tell.

No It's already been proven. It's math that you're up against.

Let's say you buy 0.02 lot ($2,000 USD) but only have $100 USD. The probability that you'll double your money by holding on the position is less than 50% because you have to pay spread/commission. The randomness in Forex means that there is pretty much a 50% chance of a currency going up or down 50 pips. Forex in short time spans is very random.

 

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[Datingafter35]

No It's already been proven. It's math that you're up against.

Let's say you buy 0.02 lot ($2,000 USD) but only have $100 USD. The probability that you'll double your money by holding on the position is less than 50% because you have to pay spread/commission. The randomness in Forex means that there is pretty much a 50% chance of a currency going up or down 50 pips. Forex in short time spans is very random.

Ok.

But it also proven that friends I know had made it big in currency and they have nothing to do with algorithm.

Just pure price action and grit.

So I guess that's that.

Ps. I've made 80% in Jan 2015 on a low 4 figure but it was not sustainable so I guess I'm back to my 100% in 2013.

 

[TheGenius]

I used to work in FX at a major investment bank and we used to laugh at retail FX traders. Even discretionary FX hedge funds have been doing terribly for many years now. It is a zero-sum game and I would honestly heed fhs8's advice and invest your time in building a tangible business.

 

[Datingafter35]

Just watched Transformers 2.

Mikaela Banes - How do you know it's gonna work?
Sam Witwicky - Because I believe it.

I know my downside.
$1k.

 

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[loop101]

I used to work in FX at a major investment bank and we used to laugh at retail FX traders. Even discretionary FX hedge funds have been doing terribly for many years now. It is a zero-sum game and I would honestly heed fhs8's advice and invest your time in building a tangible business.

Forex is worse than that. In the FX market, your competition, the person sitting across the table, the one you are taking money from - is your broker. The same broker who has seen every order you have ever placed, every order that is currently placed, and every position you hold. Because there is no central FX market, prices are set by the brokers, and brokers are kept in sync by arbitrage traders. If you make enough money, or any money over time, you will get scrutinized by your broker. If you are trading a popular methodology, like grid-trading or carry-trading, the method itself may come under attack. It has also already happened that the FX market has been manipulated at the highest levels by brokers between firms illegally colluding on price.

 

[knightsb]

Most of the previous replies are spot on.
Read my AMA thread on Forex Broker's for more information.

https://www.thefastlaneforum.com/co...ist-for-a-forex-broker-ama.65886/#post-517185

 

[Datingafter35]

Most of the previous replies are spot on.
Read my AMA thread on Forex Broker's for more information.

https://www.thefastlaneforum.com/co...ist-for-a-forex-broker-ama.65886/#post-517185

Deleted?

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[knightsb]

Deleted?

Sent from my SM-N9005 using Tapatalk

Hi!

Nope, it should still be there. I looked at it about an hour ago so not sure if it was a server or some other "web" issue.

Cheers

 

[lowtek]

Hi!

Nope, it should still be there. I looked at it about an hour ago so not sure if it was a server or some other "web" issue.

Cheers

is it on the INSIDERS forum?

 

[knightsb]

is it on the INSIDERS forum?

is it on the INSIDERS forum?

Hi, Yeah it actually is...sorry I just realized.

 

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[Datingafter35]

Didn't made much.

Place a take profit level too early in the game.

I was lucky today.

 

[fhs8]

Didn't made much.

Place a take profit level too early in the game.

I was lucky today.

What kind of method are you using in order to decide when to buy or sell?

 

[Unknown]

You sound like you have a gambling addiction. I do too. It took me awhile to realize that forex wasn't investing, but just another form of gambling.

 

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[Datingafter35]

You sound like you have a gambling addiction. I do too. It took me awhile to realize that forex wasn't investing, but just another form of gambling.

Capital gains have always been gambling. You are taking risk in return for money and time.

Calculated risk is not gambling.

I don't understand. In life everything is about decision and risk.

I've paid my dues. I've paid $25 on Facebook trying to make $50.

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[Datingafter35]

What kind of method are you using in order to decide when to buy or sell?

Doesn't matter. Unless I can hit my last milestone.

 

[fhs8]

Capital gains have always been gambling. You are taking risk in return for money and time.

Calculated risk is not gambling.

I don't understand. In life everything is about decision and risk.

I've paid my dues. I've paid $25 on Facebook trying to make $50.

Sent from my SM-N9005 using Tapatalk

You're not doing calculated risk. What you're doing is gambling plain and simple. The theoretical ROI on Forex is based on randomness. The theoretical ROI on facebook is not based off randomness.

 

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[Datingafter35]

You're not doing calculated risk. What you're doing is gambling plain and simple. The theoretical ROI on Forex is based on randomness. The theoretical ROI on facebook is not based off randomness.

Then teach me how to make $26 for spending $25.

I'm running Facebook traffic to a landing page trying to sell bootcamps for Singapore man on how to approach and attract beautiful women.

My CPC is $1. My CTR is 1%. My CPA is negative.

I don't have a oto just optin and redirect to a free preview.

Writing a tripwire on approach anxiety and hopefully can breakeven.

My targeting is narrow. On people who knows about pickup and pua like David D. Angelo and RSD and Neil Strauss.

But my mentor's mentor is coaching businessman and doctors.

How do I move on.

 

[fhs8]

Then teach me how to make $26 for spending $25.

I'm running Facebook traffic to a landing page trying to sell bootcamps for Singapore man on how to approach and attract beautiful women.

My CPC is $1. My CTR is 1%. My CPA is negative.

I don't have a oto just optin and redirect to a free preview.

Writing a tripwire on approach anxiety and hopefully can breakeven.

My targeting is narrow. On people who knows about pickup and pua like David D. Angelo and RSD and Neil Strauss.

But my mentor's mentor is coaching businessman and doctors.

How do I move on.

Your idea is just bad so I would think of something else that actually has a chance at making money.

Why in the world would your CPC be $1? Why not $0.99? Why did you pick $1? Your CPA can't be negative. CPA by definition is always a positive number unless somehow other people were paying you so you could advertise with them. The first thing I would do is learn the basics.

 

[Datingafter35]

Your idea is just bad so I would think of something else that actually has a chance at making money.

Why in the world would your CPC be $1? Why not $0.99? Why did you pick $1? Your CPA can't be negative. CPA by definition is always a positive number unless somehow other people were paying you so you could advertise with them. The first thing I would do is learn the basics.

My CPA is negative because I have leads that doesn't convert.

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[Datingafter35]

You're not doing calculated risk. What you're doing is gambling plain and simple. The theoretical ROI on Forex is based on randomness. The theoretical ROI on facebook is not based off randomness.

Forex is random without news.

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[biophase]

I've been trading Forex since 2006. And I'm not profitable nett. So no need to know much about tools or skill.

You've been trading 9 years?? What is changing now that will make your results any different from the last 9 years?

 

[Datingafter35]

You've been trading 9 years?? What is changing now that will make your results any different from the last 9 years?

Taking loss and let profits run. Hahaha

Understand when the market is in a channel and when to follow through after a breakout.

When to pyramid on profits.

When to apply loss recovery on wrong direction.

I also have been involved in pua. As stupid as it sounds. Learning success with women has open my eyes to gratification.

And being outcome dependent.

Lastly. I have success with making $25 to $50 a day but never been very consistent with $250 to $500.

I want to write a book but the title sucks and my accolades is not as impressive as my friends who is making $100k to half a million in a month either trading currency or binary option. And they are from Singapore.

"How to make $50 a day trading Forex and still enjoy your life without staring at the screen whole day."

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[fhs8]

My CPA is negative because I have leads that doesn't convert.

In that case your CPA is a positive number but less than the amount of revenue minus variable cost per acquisition.

Forex is random without news.

You do realize that there are HFT that actually read headlines and make trades off them immediately? Humans are incapable of placing a trade in 2ms after reading a news headline. There's HFT reading tweets to try and determine where things are headed. There are HFT doing complex hedges that you wouldn't even understand. However some traders think that looking at a chart and making lines can beat the system which is laughable.

Taking loss and let profits run. Hahaha

...Or what about those times when you tried to let profits run but it instead turned into a loss?

Lastly. I have success with making $25 to $50 a day but never been very consistent with $250 to $500.

It's not possible to even make $1 a day and be consistent. If you made $25-$50 a day then it's randomness. Eventually it will catch up to you.

I want to write a book but the title sucks and my accolades is not as impressive as my friends who is making $100k to half a million in a month either trading currency or binary option. And they are from Singapore.

Doesn't matter if it's true or not (your story about 100k-500k a month is probably not true though). The fact is that Forex in short time spans is very random. Anecdotes aren't going to change my opinion on this.

 

[Datingafter35]

In that case your CPA is a positive number but less than the amount of revenue minus variable cost per acquisition.




You do realize that there are HFT that actually read headlines and make trades off them immediately? Humans are incapable of placing a trade in 2ms after reading a news headline. There's HFT reading tweets to try and determine where things are headed. There are HFT doing complex hedges that you wouldn't even understand. However some traders think that looking at a chart and making lines can beat the system which is laughable.




...Or what about those times when you tried to let profits run but it instead turned into a loss?



It's not possible to even make $1 a day and be consistent. If you made $25-$50 a day then it's randomness. Eventually it will catch up to you.



Doesn't matter if it's true or not (your story about 100k-500k a month is probably not true though). The fact is that Forex in short time spans is very random. Anecdotes aren't going to change my opinion on this.

You do realize sooner or later I'm going to have to report you. Because you are not very positive.

 

[StartupsRFun]

You do realize sooner or later I'm going to have to report you. Because you are not very positive.

Welcome to the real world, not everyone is going to coddle you and give you a pat on the back. Hes giving you some solid advice, I would definitely take it.

 

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[Datingafter35]

Welcome to the real world, not everyone is going to coddle you and give you a pat on the back. Hes giving you some solid advice, I would definitely take it.

True. But I digress.

Hmm... My apologies. Maybe I should bring it elsewhere.

 

[Datingafter35]

Didn't do a good job of focusing because I'm doing my MVP landing page regardless and let the market see if there is a demand.