The barman special

Discussion in 'Journals' started by total_keops, Nov 29, 2011.

  1. I was at this bar yesterday with a gambler friend and the special drink of the barman was named "Blow me". Southern Comfort, Amarula, pineapple juice and ice. Shake and serve.
    I woke up this morning with the idea of blowing a forex account. There is only a couple hundreds in it and I will blow it with 50$ shots trying to shoot for a million. 25 trades required with a profit factor of 0.5.
    Forex only. Directional trades or spreads. Decisions on price action, technical analysis or news. Whatever, nothing fancy, pure delicious gambling. Predefined (hard) stop and take profit. Using Interbankfx with MT4. Time frame mostly daily but may venture into weekly and intraday.
    Account starting at 321.72.

    Enjoy the BJ.
  2. First trades:
    Long EURCAD 1.37548, target 1.3845, stop 1.3575. Long EURAUD 1.33157, target 1.339, stop 1.312. Negative carry on both.Time stop 10 trading days.
    14 cents risk per pip on each. (1400$ positions, or 0.001 100k standard lot).
    Risk 50$ to make 25$.
  3. I fully support this.

    Check out this thread:
  4. Stopped out of EURAUD (-25$ ish).
    Got out of EURCAD at a no loss after a drawdown.
    Account standing at 292.99.
    Looking for another trade to enter.
  5. Well, this is gambling and the probability of making it is close to nothing.
    The real way to do it is start with 5 small accounts, risk a fixed % (let's say 10-20%) of the smallest account on each trade (only playing one account at a time). You are therefore protecting capital and reducing the blowout probability. I know of one guy that did it to seven figures starting with 600 bucks. Shit can really happen. Survival of the fittest though, you must be super aggressive.
  6. Yeah the thing is though, how do you know when to stop?

    So you start with $600 and your goal is $1,000,000. Cool.

    I bet a lot of people would stop when they get to $10,000. They'd be like "I just turned $600 in $10,000. Whoa!"

    Or $50,000. Or $100,000. Or $500,000.

    Because they'd be like "I just went from $600 to $500,000... what if I lose it all on this next trade? I better stop now."

    Like you said, it's gambling.
  7. Watching a long EURCHF 1.23 figure.
    1.3075 AUDNZD also.
    77 figure AUDJPY.
  8. Long EURUSD 1.3194, stop 1.313, target 1.3225.
    Real bad idea.
  9. Got out flat.
  10. Long EURCHF
    Long EURUSD
    #10     Dec 13, 2011