cool
Do full-time forex traders exist or is it just make believe?
- Thread starter zbojnik
- Start date
Yes mostly reversals.
Daily and weekly cycles are in compression against each other which makes for the congestion we have at the moment in the daily. It's not a quality set up but I'd like to see the daily pop up a bit and then the weekly take it down.
There isn't anything really hot at the moment intraday. I like the resistance at 1.3070 in the 30m chart for a short if the PA sets up, but again, not great quality.
"Not great quality"
His emblem, always a touch of ambiguity.
The sob can't commit without a "but". lol
Quote from Xspurt:
You can live most places quite comfortably on US$1mil pa. That last statement was just over US$50,000 profit on the day. Most people can survive on that but I know a few complain
The client started with $10,000 USD and makes $50,000 USD per day? Is that what you are saying?
A lot more relevant to see the IB performance statistics over that time than a snapshot of two days in which xspurt admitted the guy added capital.I gave a pretty detailed review several times but here's a brief recap:
1) Week 1 trading was supposed to be trading at $2.50/pip to iron out the wrinkles of live trading for the first time. He was over enthusiastic and traded at $50/pip without telling me. He also clicked 20 times to get the $50 fill and so made a complete hash of it. Account drops over 25% in week 1 and we need to have a big review of the rules.
2)Trading starts next week at $2.50 for a few days and then increases fairly quickly because his performance is very good.
3) On week 6 he is supposed to be trading at $100/pip but he didn't tell me his dad was impressed and invested with him so he traded at $500/pip. I knew he did just over 100 pips so that equates to $10K+. However when I asked for the statement I found he traded at $500/pip so he made just over $50k that day.
4) He's trading at $140/pip at the moment and by the end of next month will be on at least $200/pip risking less than 1% per trade. Current performance would take him over the US$1mm in 12mths from his first trade. His dad's investment really doesn't impact the math that much. Last week he did 140 pips in one day at $140/pip so he made $16,800 that day.
5) He is averaging around 40 pips/day ignoring a few spikes at 100+ pips in that average. 40 pips X $200 X 20 days is US$160,000 pm. I think that's a reasonable income for anyone to live off in a year let alone a month.
6) He has not had a losing day so far since beginning week 2. Worst day was +11 pips early on. Worst intraday DD was -40 but managed to get well into the green before finishing the day. There have been about 5 minus days that needed a hefty recovery.
Hope that clarifies
Xspurt told us bits and pieces of this story weeks/months ago, so yes I believe him. But like I told here before http://www.elitetrader.com/vb/showthread.php?s=&postid=3785043#post3785043