Ray's amnesty page

[immy]

Ray,

Its best you please see a psychologist who specialise in addictions.

LOL

[wiseambitions]

Hi Immy

Just back from an emergency appointment in line with your advice.

I thought he was quite sympathetic, and he suggested I take the wife on a long cruise.

Then on the way to the door afterwards he dropped a bombshell.

He asked what I could do with £10000 for him :crazy:

[petera]

You guys are hilarious. I had a good chuckle.

[wiseambitions]

We like making you laugh!

Happy new Year to all! I hope all who stick to the system make piles of money

------
Today, after Chinese "circuit breakers" kicked in to close their markets early after a lot of selling, the tone was pretty much set for equities in the rest of the world. However it makes me realise that we don't often talk here about market sentiment, the system is based mainly on chart and price action, (except to say stay away when economic news releases are planned) and that's ok with me. I said the other day that when I find myself researching the fundamentals it probably means I am holding a loss making trade! So it's kind of nice to be able to switch off from all the fortune telling which goes on amongst other traders (I don't mean inside the Aims membership), and just follow the strategy which has worked for me in the past.

I am trying to stick to my rules, stopping now for the day having made 3.1% after 1% DD. Nice feelings... perhaps as well as the "Discipline Score" I ought to record my emotional state by the end of the day, I know it will directly reflect self assessment of the discipline. So I'll give myself 3/5 for discipline and 4/5 for emotional quotient today...... I could have done better, best trade 36 pips, worst trade -19.

[wiseambitions]

For your possible interest, 2015 was a pretty awful year for equity investments. The UK FTSE100 index ended about 5% down. Consequently very few managed funds achieved positive growth during the year. I'm attaching a chart of a couple dozen examples, showing one actually did achieve 8% and that would be one of the best mixed-asset medium risk funds available to investors.

The difference between what those funds can do compared with the potential we have in leveraged trading here are enormous. One of the main reasons is the managed funds, often holding £100 million and more, are too big to duck and dive in the market like we can, and few of them are allowed to take short positions like we can.

So even if we can regularly make 0.5% a day, (not even the 1% I often refer to), this is going to more than treble an account in a year, and the simple message is just go steady, don't take silly risks and just stick to the rules that are clearly laid down, and you'll have an amazing result by next Christmas! Far better than Warren Buffet and many more experts!

[immy]

You can triple your account if you manage 10% a month and compound only once a month. If you use money management scripts and expert advisor such as Snorms ATM the compounding effect can actually make you achieve 10% a month within lesser amount of trades and achieve tripling your account sooner than 12 months.

my 2 cents worth

[wiseambitions]

And may your 2 cents worth soon become many thousands

Such is the power of compounding!

[wiseambitions]

A while ago someone here was compiling a list of trading mistakes.

Here's a new experience to add to it

I manually opened a trade this morning, as an instant order, but after waiting about 10 seconds it did not appear on my trading terminal, so I pressed the button again. Consequence: Slow execution, 2 open trades, the first one was a better bite than the 2nd, I thought I'd extract myself with BE with one of the positions, but it immediately went very bad, of course for both transactions.

Moral: Sod's law works against you in trading. Get out of any mistakes as soon as possible.

Today, DOWN 19 pips but ROC positive 3.3%. It's not just about pips, it's mostly about position size and money management
So according to my rules I have to stop now for the day. Quite satisfied. DS 3/5 Emotional quotient 3/5 today


Here's an inspiring article, I recommend you follow the link
http://www.dailymail.co.uk/femail/artic ... rcars.html
If he can afford that much rent and flash his wealth I suppose it must be real.
PS. But I dont think I believe the one hour per day bit. With the best will in the world we all end up baby sitting some trades which take longer to finish! He's not exactly a stock broker either. And we don't forget the guy called Alex Hope who was jailed last year for running illegal investments for other people, and losing or spending rather a lot.

[wiseambitions]

My most lucrative attempt today will be the last one as it caused me to achieve and surpass my top daily target, nice feelings.

The day has contained for me 14 trades, +92 pips and +4.9% ROC. best pips 50.2 worst trade rent 17 pips approx

I will try and paste below the 3 main KPIs (Key performance indicators) which I am now watching.
Specifically pips per trade in the last 100, (+183) displayed trade by trade
Profit/loss per trade in the last 100 (values withheld!)
Equity curve from the last 100 trades. The blue portion are trades before year end, and the red are since Monday morning this year
Similarly pips per batch of 20 as suggested by Immy last year, this quickly alerts us if our discipline is slacking

Monthly target 20% for January, 11.47% already achieved. All from 139 pips. DS today 4/5 Emotional quotient 5/5

I would recommend you try and make records in the same way it will help you immensely. I paste the data from MT4 detailed reports into Excel and it's simple to maintain the statistics there and display them in any graphical format too

[wiseambitions]

Lovely s1 trade on Dax m1. DS is 0 because I opened it in the lull time which ought to be out of bounds for me

I might have got out a little bit early, but it more than caused me to reach my upper target today, 11 trades, 5.5% ROC

Most trades were losing. Which is because I am being too greedy and not tightening up my stops like I ought to , but fortunately I seem to catch a few 50 and 80 pippers with my present methods, and it is these which contain the big profits.