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[Forex] Road to $1000/day

Discussion in 'My Journey Discussions' started by DFWi Reaper, Dec 30, 2016.

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  1. DFWi Reaper

    DFWi Reaper Regular Member

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    • DO NOT PM THIS USER - THIS METHOD DOES NOT WORK
    Mod Note:
    This user was using the results of his bot to sell access to "copy" his trades via PM. The thread contains some useful insight so I decided to leave it up but please do not contact the OP about this. It's a very common scam as a user pointed out in the thread.

    ---------------------------------------

    ABOUT ME:
    I've been in the IM world for a long time, I've made tens of thousands, and I've also wasted money learning different ventures. Very few of them, if any of them, I regret doing. But I have been able to create a long term revenue source for myself with IM. About a year and a half ago, I started to learn the world of forex. The first few months I studied my ass off, traded demo, and thought I was ready for the big leagues. Going LIVE :D.

    A few short months after that, I got caught in the emotional ride with a few trades and blew my first account. I was pissed, but determined that I could make a living with Forex. So I continued to hone my skills and grow my knowledge. I started to code (well have them coded for me) EAs to trade for me/find setups for me to help reduce the time needed to sit in front of the computer all day, and also reduce the chance of emotional stress/losses. It took me a while, and a lot of different algos, and tons of testing. But I just finished my first month of trading Live with my newest system, and the results are looking good! I did trade for a month with demo before, which is why I decided to go live.

    MY SYSTEM:
    Over the last 8 months I've spent a few thousand testing/trying/coding different setups to try and find the right auto-trading system. And my most recent one uses price-action/technical analysis to enter trades as well as exit them. So far it is having great results, especially since this is a very slow market time of the year. Hoping for an even better 2017 :)

    RESULTS:
    [​IMG]

    As of right now (Dec 30th) this is where my account stands. I originally deposited $1,000.00 and kept adding money as I sold items IRL to grow my capital. I have a total of $4000.00 invested, and a total profit of just under $1000.00 so far.

    Here is a live-time chart:​
    [​IMG]

    Internet Marketing:
    As the bot continues to be profitable, I would like to grow a following of "copy traders" as it's called in the forex world. That way I can make a little extra money to invest, and others can benefit from the profitable trades without having to do much. I'm using an IG account I've been growing over the years very slowly (3-4k followers). My own facebook page. As well as a few other sites to promote myself. Since I've never done this before I'm not all to sure that I will make much money off others copying my trades, but there are some people making some good monthly income from it. But as long as the bot is profitable it seems like it would be a win-win for both parties :)

    GOALS:

    [75%] Goal 1: is to reach $100 a day with this system. I think I'm averaging close to 75$ right now?
    [18%] Goal 2: goal is to reach $500 a day with this system. It is very doable, I just need a sizable account to make it possible :)
    [7.5%] Ultimate goal: $1000+ a day, at this point it will be a pretty large account and I will be grinning from ear to ear!

    I will attempt to keep this updated multiple times a week, if not every day :3
     
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    Last edited by a moderator: Jan 6, 2017
  2. NovaflareFX

    NovaflareFX Jr. VIP Jr. VIP

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    I have very little Forex knowledge but we seem to have a very similar background. Look forward to seeing your progress!
     
  3. DFWi Reaper

    DFWi Reaper Regular Member

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    Thanks! I feel a few people here may have similar backgrounds as me :) But hopefully you've found your niche to make money!
     
  4. petooos

    petooos Junior Member

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    great job keep going
    i plane to start trade in forex to now i just trade in demo account ( etoro )
    what website you use ? etoro , xm or other ?
     
  5. DFWi Reaper

    DFWi Reaper Regular Member

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    Practice demo until you're continuously profitable, that's my biggest advice xD

    Based in the US my brokers are EXTREMELY limited.... I trade with Tradersway and FxChoice though. The only two I can get 1:100 leverage or more and not worry about FIFO rules.
     
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  6. ByIDz

    ByIDz Regular Member

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    Would love to see a Forex Journey, keep it up. Have followed the journey !
     
  7. DFWi Reaper

    DFWi Reaper Regular Member

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    Glad to hear! I will definitely keep this going then if people are interested :D
     
  8. ZlatanTheGod

    ZlatanTheGod Jr. VIP Jr. VIP

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    Nice OP post. I did forex for a one week. You can make some nice money with it. I will continue when I'm 18 years old. Good luck, will follow this journey!
     
  9. mechleader

    mechleader Junior Member

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    Really impressed OP, what are some resources you used to learn forex trading?
     
  10. elavmunretea

    elavmunretea Elite Member

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    This reminds me of a CPA email script I wrote haha.
     
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  11. ByIDz

    ByIDz Regular Member

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    You should train and train to be ready at your 18yo :p
     
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  12. DFWi Reaper

    DFWi Reaper Regular Member

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    Definitely study until you're 18! If dont properly it can be a great source of extra income or main income :)

    When manual trading, I use harmonics + technical analysis. Formationseeker is great for that (the godfather of harmonics runs it)
    Learned my technical analysis from I Markets Live and Forever in Profit.
    But now I just let my bot do the trading :)

    Lol I definitely just wrote this out in a few mins xD But kind of scary that it sounds like your CPA email....hope I'm not sounding selly with this -_-

    Agreed :D
     
  13. primeCS

    primeCS Regular Member

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    Good luck OP!
    Very glad to see a trading journey here as this is pretty rare.

    I have traded forex for 12 years and has witnessed many successes and countless accounts burst.

    I have 2 questions for OP that i believe will help people who is interested in taking trading seriously as a business.

    1) How many years of price data have you backtested your strategy on?
    Many people just believe the 'profitable strategies' that are taught by 'internet trading experts'. Well, there's nothing wrong with that.
    It is just that you have to be aware that some strategies can work exceptionally well over the past few months or even past 2 years. But if you seriously put such strategies on a simuation over 10 years of price data, you may find that during particular year the market fail the strategy badly and that drawdown can burst the trading account to wipe out all the previous years hardwork.
    What i really meant to say is, a strategy that worked well for 2 years does not mean that it is safe over 10 years.
    Trade the strategy because you have personally tested over 10 years of price movements and is 100% sure of its profitability in every market condition.
    Do not trade a strategy just because a seemingly knowledgeable website claim that it works for the past 12 months.

    2) What is the maximum losing streak or drawdown threshold your account can take before it burst, taking into account maintenance margin?

    This question is in relation to the first question.
    Many traders focus too much on the bright side of how much profit they can make during good times, but turn a blind eye to find out how badly it can be during bad times.
    In my experience, a strategy that makes money fast has the potential to lose money even faster when the time comes.
    Thats the truth, people just choose to avoid finding out the worst case senario and they become helpless when they are hit.

    I personally backtested every of my selected strategy over 10 years data with the aim of breaking the system. Only the best strategies that survived my brutal testings will get my capital to trade it.
    Trading only take a few minutes of my time. Its as simple as entering a buy and sell command.
    The activity that takes up hours of my day is the testing of potential strategies. I still do it now, but not everyday.

    I meant well and i honestly hope your journey will be a continuous great success. Will be following this journey. Good luck!
     
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  14. clark123

    clark123 Junior Member

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    OP have you heard of elliott wave theory? Seems its a tool which can help you out :). There is 1 guy who uses it and basically can predict future trend with it o_O. Pretty fascinating stuff man.
     
  15. saam vinay

    saam vinay Newbie

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    hi i am your new follow
    and interested in making money
    i have wasted time
    please send a mail to me
    explain me about your system
    [email protected]
     
  16. krishnacode360

    krishnacode360 Power Member

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    I would like to be your copy trader
     
  17. whitecat1

    whitecat1 Junior Member

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    1k per day is not possible amigo, no one makes that money
     
  18. michaeladewale2010

    michaeladewale2010 Junior Member

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    @DFWi Reaper and @primeCS

    I'm so glad to find this thread...I paper traded stocks for a year and did exceptionally well. I have my own system I developed from reading books and analyzing human behavior in the markets but besides papertrading, I haven't been able to backtest this system over a few years becos i dont know how...not a coder and i dont know any tools that can help...my system is built around price/volume data - simple support and resistance....can u pls help me on how I can backtest this system? If possible, for free?
    Or what coding language do I have to learn in order to develop my own bot to test this system and trade with this system? Thanks very much
     
  19. Gosocials

    Gosocials Jr. VIP Jr. VIP

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  20. DFWi Reaper

    DFWi Reaper Regular Member

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    SO many to respond to, lets give this a whirl :D

    1) I've backtested four years, with multiple settings. Some settings did better than others for certain markets (and I have different settings for different market types). I dont personally believe very strongly in huge backtests. Because not every strategy works for each market. You have to always be changing, updating, and moving with the times. Just IMHO.
    2) Are we talking equity drawdown or balance drawdown (some people refer to them differently).

    I have :) It's used in technical analysis trading. Well by some people at least. The way I learned it was implemented as a trend guide.

    I will send you a PM on here :)

    I will send yo a PM on here :)

    No one makes $1k a day? In Forex or anything? Because in my friend circle, granted a small one, half the people bring in 7 figures a year.... o_O

    I've personally never studied stocks, so I'm not sure how auto-trading works with them? I feel there are many variables that could be pinpointed, but a lot more goes into a stock than just numbers. There's significantly more human interaction that affects stocks in my opinion. I would try and find someone that codes stock systems. I found one for forex, and they have helped me along the way. I dont actually code myself unfortunately.

    Thanks mate :D[/QUOTE]
     
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