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$409k Challenge Part 2 137 replies

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$409k Challenge

  • #681
  • Jul 8, 2020 10:02am Jul 8, 2020 10:02am
Quoting mrdfx
{quote} Sure I agree with you though I was thinking along the lines of adding this new account challenge and copying over the trades as most days I'm making 20 pips or more so I would basically be trading the same orders on the 2 accounts with 2 separate goals, one short term and one long term.
Maybe cashout and restart with 200 usd. Reach again 1800% (3600 usd) then cashout and restart with 400 usd (reach 7200 usd), then restart with 800 usd (reach 14400 usd) then restart with 1600 usd (reach 28800 usd) then restart with 3200 usd (reach 57600 usd) and so on. This way you will have money to restart not from initial 100 usd. You will have money for ~9 attempts to reach next level and no need to restart always from 100 usd. Just idea. Nice work you are doing here
  • #682
  • Edited 11:50am Jul 8, 2020 10:59am | Edited 11:50am
Quoting mrdfx
{quote} Sure I agree with you though I was thinking along the lines of adding this new account challenge and copying over the trades as most days I'm making 20 pips or more so I would basically be trading the same orders on the 2 accounts with 2 separate goals, one short term and one long term.
Its not bad idea. While to open a new challenge not disturb your current challenge work, its fine from my point of view
Try don't lose pants never...
  • #683
  • Jul 8, 2020 12:16pm Jul 8, 2020 12:16pm
Hi, I'm new to Trading,
just wanted to know how a lot size of 0.05 with 10pips will get $5 profit, i guess it should be 0.05*10=$0.50
thanks and regards,
Nitin.
  • #684
  • Jul 8, 2020 1:03pm Jul 8, 2020 1:03pm
Quoting NitinKhatri
Hi, I'm new to Trading, just wanted to know how a lot size of 0.05 with 10pips will get $5 profit, i guess it should be 0.05*10=$0.50 thanks and regards, Nitin.
A lot size of 0.05 is 5 x microlots. A microlot is 0.01 which equates to 10 cents ($0.10) per pip. Thus 5 x 10 cents equal 50 cents (a pip) x 20 pips = $10

Hope that helps!
  • #685
  • Jul 8, 2020 1:39pm Jul 8, 2020 1:39pm
Quoting NitinKhatri
Hi, I'm new to Trading, just wanted to know how a lot size of 0.05 with 10pips will get $5 profit, i guess it should be 0.05*10=$0.50 thanks and regards, Nitin.

Standard account is as follows

0.01 lot = 1000 currency units = 0.10 Dollars/pip
0.1 lot = 10 000 currency units = 1 dollar/pip
1.0 lot = 100 000 currency units = 10 dollar/pip
10 lot =1 000 000 currency units = 100 dollar/pip
100 lot = 10 000 000 currency units= 1000 dollar/pip
1k lot = 100 000 000 currency units = 10 000 dollar/pip

in other words, if you don't know what you do, in less than 200 pips with 0.05 lot size your account is blown.'

Let's assume your margin call is 80% then that means you have 80 dollars to play with, anything above it will cause broker to automatically to close your trades.

80/0.5 == 160 pips going against you, before your account is blown

  • #686
  • Jul 9, 2020 8:54am Jul 9, 2020 8:54am
Quoting NitinKhatri
Hi, I'm new to Trading, just wanted to know how a lot size of 0.05 with 10pips will get $5 profit, i guess it should be 0.05*10=$0.50 thanks and regards, Nitin.
I trade with a standard account where 0.01 lots is = $0.10 per pip, so 0.05 lots would have a value of $0.50 per pip and if I trade for 10 pips that would = $5, ($0.50 x 10 = $5).
Truth is like poetry. And most people f*cking hate poetry.
  • #687
  • Jul 9, 2020 8:56am Jul 9, 2020 8:56am
Only one order today, long on UC adding +4% to the account, finally breaking the $2k mark.
Attached Image (click to enlarge)
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Truth is like poetry. And most people f*cking hate poetry.
  • #688
  • Jul 9, 2020 10:37am Jul 9, 2020 10:37am
Quoting mrdfx
Only one order today, long on UC adding +4% to the account, finally breaking the $2k mark. {image}
Already, by turning $100 into $2000, you are now in the 5% forex skill vip group. Turn it into $10k and you will be in the 1% club.
Everyone can see the chart, but only a few can actually read it.
  • #689
  • Jul 9, 2020 10:54pm Jul 9, 2020 10:54pm
Good job mrdfx, I love this thread! it reminds me of the rags to riches approach. Have you thought about taking withdrawals later on or is the idea to let it ride until your goal of 409K?
  • #690
  • Jul 10, 2020 8:53am Jul 10, 2020 8:53am
Quoting mrdfx
Only one order today, long on UC adding +4% to the account, finally breaking the $2k mark. {image}
excellent job, discipline is there, i am thinking about doing the same.
congrats !
  • #691
  • Jul 10, 2020 11:21am Jul 10, 2020 11:21am
Happy Friday!!!

It was a slow kinda day adding +1.2%. I did not achieve the daily target, but a profit is still a profit and I'll take it. This closes the week on +39.3% which is great and I'm happy with this weeks performance.

Have a great weekend FF.
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Truth is like poetry. And most people f*cking hate poetry.
  • #692
  • Jul 10, 2020 5:02pm Jul 10, 2020 5:02pm
Quoting mrdfx
Happy Friday!!! It was a slow kinda day adding +1.2%. I did not achieve the daily target, but a profit is still a profit and I'll take it. This closes the week on +39.3% which is great and I'm happy with this weeks performance. Have a great weekend FF. {image}
Ok so I wasn't done yet, thought I was, but took 2 small scalps to add another +1.9% to bring today's total to +3.1% and this week to +41.9%.

You might have noticed that I removed the TE. While I am trading and there are open orders I will hide the TE and once all orders are closed I will make it public. By doing so it will prevent people from trying to copy my trades, but still allow members to check out the account stats and follow along.
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Click to Enlarge Name: Screenshot 2020-07-10 at 18.29.25.png Size: 202 KB
Truth is like poetry. And most people f*cking hate poetry.
  • #693
  • Jul 10, 2020 5:21pm Jul 10, 2020 5:21pm
Quoting mrdfx
You might have noticed that I removed the TE. While I am trading and there are open orders I will hide the TE and once all orders are closed I will make it public. By doing so it will prevent people from trying to copy my trades, but still allow members to check out the account stats and follow along.
Doing the same.
Everyone can see the chart, but only a few can actually read it.
  • #694
  • Jul 10, 2020 7:30pm Jul 10, 2020 7:30pm
Quoting OnlineAddict
{quote} Doing the same.
LOL just seen your sig now, like your thinking bud.

Btw nice results on your TE.
Truth is like poetry. And most people f*cking hate poetry.
  • #696
  • Jul 11, 2020 12:12pm Jul 11, 2020 12:12pm
Quoting mrdfx
{quote} Ok so I wasn't done yet, thought I was, but took 2 small scalps to add another +1.9% to bring today's total to +3.1% and this week to +41.9%. You might have noticed that I removed the TE. While I am trading and there are open orders I will hide the TE and once all orders are closed I will make it public. By doing so it will prevent people from trying to copy my trades, but still allow members to check out the account stats and follow along. {image}
Really superb trading mrdfx.

The secret of your success in my view if the 4th column.
Only 153 trades since you started

Trade less to gain more is a big chunk of the holy grail. No doubt about it.
If we could all spend a lot more time looking for and then trading only the very best setups instead of allowing ourselves to be induced into trading when we should be sitting on our hands, we could quite easily imitate your fine results
  • #698
  • Jul 11, 2020 7:52pm Jul 11, 2020 7:52pm
@mrdfx great results. Hope i can join your challenge
  • #699
  • Jul 12, 2020 2:49am Jul 12, 2020 2:49am
Hey mate what is your favorit time for looking setups.... Is london open or something else from what I see you have grate results bravo but you should set all day befor pc and waiting an i right
  • #700
  • Jul 13, 2020 7:18am Jul 13, 2020 7:18am
Quoting Brle110
Hey mate what is your favorit time for looking setups.... Is london open or something else from what I see you have grate results bravo but you should set all day befor pc and waiting an i right
Hi Brle110, I trade mostly during the NY session. I only trade a cpl hours a day. At NY open I first check for any economic news events that might affect the pairs I'm scanning for set ups, then wait and watch.
Truth is like poetry. And most people f*cking hate poetry.
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