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Thread: Starting From Nothing (continued)

  1. #1

    Starting From Nothing (continued)

    Its true, you can have nothing and still have a future. You don't need much, besides a laptop, a dream and near by a wifi connection.

    It's true, you don't need fancy computers, bank accounts, or an office. All you need is patience, a trading plan, and discipline to follow your trading plan and wait for the proper trade setups.

    Its not going to be easy when your hungry and you need to make $10 to get your next meal. You only have $100 in your trading account and that would mean a 10% on the next trade without risking more than a few percent. Remember that conserving your capital is rule #1 of your trading plan. So back to the basics of patience and waiting until everything looks perfect. Now its time to enter that trade and calculate the worst case scenario because if you lose this trade, you aren't getting lunch, and now to regain what you just loss will take twice as long and possibly longer.

    Now we both know that making sometime out of nothing is difficult to do and if your not already a trading expert the story above is just another gamblers dream who will end up in the losing squad.

    The truth is, that there are successful traders out there that were probably in that above scenario and he is probably eating lunch right now, while you are reading this. Cuz he waited long enough to get his 10 pips for the day.

    $1 a pip on $100 of account equity? are you crazy? IDK, ask the guy eating Lunch and not me. But with the brokers offering 500:1 and 1000:1 leverage, you can do it.

    Ok back to trading....

    Trading Guru
    Last edited by pipinvestment; 11-19-2010 at 04:58 AM.

  2. #2
    Administrator Jim's Avatar
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    Hi Pip,

    Quote Originally Posted by pipinvestment View Post
    Its true, you can have nothing and still have a future. You don't need much, besides a laptop, a dream and near by a wifi connection.

    It's true, you don't need fancy computers, bank accounts, or an office. All you need is patience, a trading plan, and discipline to follow your trading plan and wait for the proper trade setups.
    Whilst there is much truth in what you say, I'm not at all clear why you thought it appropriate to start a new thread on this topic in the "non-trading" section of this forum.

    When I have a spare moment I'll move this discussion to a more appropriate venue. (Which has now been done!)

    This thread continues a discussion in the Business section which gradually wandered back to trading. Here is the premise from that thread:

    Your English is good enough to allow you to go online and learn a computer programming language. You program a trading strategy. You enter it into a trading competition. You're brilliant or you just get lucky and you win some money, which you use as your bank for your first live trading account. The odds are much better than winning the lottery. You don't even have to pay for a ticket!
    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  3. #3
    Administrator Jim's Avatar
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    Hi Pip,

    Quote Originally Posted by pipinvestment View Post
    $1 a pip on $100 of account equity? are you crazy? IDK, ask the guy eating Lunch and not me. But with the brokers offering 500:1 and 1000:1 leverage, you can do it.
    You seem to be suggesting that a $100 bank isn't enough to get started with, except possibly if you have very high leverage? IBFX offer nano lots at 50:1 leverage. Smart Live Markets offer spread betting at 10p/pip with 100:1 leverage. Couldn't you start with $100 or £100, and build from there?
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  4. #4
    You are completely right. You can start with $100 at many brokers around the world.

    Can we start with $100 and work up from there with micro lots? Yes of course. however, can the trader take it seriously with a small amount of funds at risk? This will depend on the person and their financial state.


    here is account that I started with $500 a few weeks ago and it's more for testing strategies than investing
    http://www.myfxbook.com/members/Fore...mentcom/116067

    Investing should be steady returns with very little volatility and drawdown levels like my Risk capital account at Alpari -

    http://www.myfxbook.com/members/pipi...EbW9bYBq3Fm8lK

    These two accounts are a good reflection of investing vs Trading

  5. #5
    Administrator Jim's Avatar
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    Hi Pip,

    Welcome back! I don't suppose you'd be prepared to share with us the source code for the "robots" (or the pseudocode for the strategies) that produced those equity curves would you?

    Ray the Random Robot has been producing "steady returns with very little volatility and drawdown" for many months now. In such circumstances I'm afraid I always start to wonder what might happen if everything unexpectedly turned pear shape.

    Cheers,

    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  6. #6
    project(www.pipinvestment.com) was a few different strategies that I've been working on for quite some time. Mostly trend line break and bounces that work with iDRAW semi-automated trading system. iDRAW simple put trades off the users trend line analysis.

    The second link - http://www.myfxbook.com/members/pipi...estment/109725
    is my manual trading strategy that I've been using for 1 year now. It is following price action on smaller time frames using S/R levels for break out and bounce levels. I've been trying to code it to run the system on auto pilot and this is my first attempt at it -
    http://www.myfxbook.com/members/pipi...ent-bot/111246
    I'm finally running into some constant losses from crazy news event spikes and a few errors that allows the bot to trade the same signal after a loss,. I haven't had time to re code it, but at some point I'd like to.

    As far as sharing the source code etc. you can download a free copy of iDRAW from my website and start trading trend line break outs.
    this is the account with iDRAW - http://www.myfxbook.com/members/pipi...tomated/116438

    and you get your free copy of the basic version by emailing idraw@pipinvestment.com and the auto-responder will give you the download link =)

    what is the Ray the Random Robot? sounds interesting. do you have any links?

  7. #7
    any details for this random BOT?

  8. #8
    Administrator Jim's Avatar
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    Hi Pip,

    Well, Ray's mentioned all over this forum as well as on my blog and a few other places around the web also. If you Googled him you might discover he has a little website of his very own - http://raytherandomrobot.com/

    He even sells tee shirts, though I don't suppose anyone apart from his closest friends would fancy paying those prices!

    Hopefully all that will be of some interest to you.

    Cheers,

    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

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