Double your forex account in a day

Let’s get back to our trade. On monday I opened the charts, and take a look at the chart above.

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How To Double The Account In 1 Day, double your forex account in a day.

A bullish divergence pattern is forming on H1. We don’t need any indicator in fact. We can spot a double bottom pattern which is an important trend reversal pattern. I enter into a buy trade at the close of the H1 candle which is bullish. My entry price is 1.51879 and the stop loss is 1.51650. The risk is 22 pips. I have $1000 in my account. So I enter with a lot size of 0.1 lot which gives me a risk of $22 which means I am risking 2.2% of the account on this trade. I wait for the next H1 candle to close. However EURUSD is different. I have found with experience that EURUSD loves to make good moves at the close of the new york market sessions and the start of the london market session next day. Keep these facts in your mind. Two important news releases are the NFP report and the FOMC meeting minutes. These 2 important news releases can start new trends on GBPUSD and EURUSD.

How to double the account in 1 day?

Author: hassam
forex trading can be fun if you can master the skill of risk management. In my opinion, the most important thing in any trade is risk management. If you risk 30 pips per trade and make 100 pips on average, even if you have a 50% winrate you will be making 350 pips in 10 trades ( 50% winrate means in 10 trades you win 5 trades and you lose 5 trades on average. Winning 5 trades means making 500 pips and losing 5 trades means you lose 150 pips so you make a total of 350 pips).

There is a no 100% winning trade setup. Every trade setup has a probability of failure. When you enter into a trade, you are taking the risk. With a small risk you ensure that if the trade setup fails you will not lose much. The trick lies in entering small and testing the waters. When the trade moves in your favor and you become pretty sure that you have caught a good move, you should open more positions. This will ensure that you multiply your profits manifolds. The important question is how we do it. I use candlesticks a lot in my trading. H4 candle and H1 candle are very important and they can give you very important clues where the price is going and where you should place the stop loss. I don’t bother about M5, M15 but use M30 candles as well as H1 and H4 candles in making my entry and exit decisions. I only open a trade at the close of M30, H1 or H4 candle.
All indicators are lagging and unreliable. The most reliable indicator as said above is price action. In the screenshots you will see stochastic and MACD oscillator. I use them only 30% of the time while the use candlesticks 70% of the time. Moving averages work as strong support and resistance levels. I use moving averages as support and resistance levels.

This is precisely what I do. As I said above I look at the candlesticks 70% of the time and make my trading decisions. I use the candlestick high and low as stop loss levels also. So as a trader you should focus on price action much more than the indicators. Using price action solely is also known as naked trading. The shape of the candlestick can give you very important clues what the market is thinking and where the price is going to hit next.

This is what I do. Every morning, I first look at the daily chart. The daily candle shape, high, low open and close tell me the most probable shape of the daily candle that will be formed that day. Once I have analyzed the daily chart and make my mind in which direction the market will move, I then look at the H4 chart for possible entry signals. I only enter into a trade at the close of H1 candle or H4 candle as I have said earlier. Sometimes I also use M30 candles but I never use M15 or M5 candles. The shape of H4 and H1 candle is very important when making the entry and exit decisions. With practice you will know when to enter and exit the market. Daly the first thing that I do is look at the economic calendar of the day. You can use forex factory and daily FX economic calendars. The time of each news release is important as near that time you should expect volatility.

Below I explain in detail how to double your account in 1 day. This is a recent trade. On friday was the NFP report release. The red arrow in the screenshot below shows the H4 candle formed after the NFP report release. You can see price first went up made a high and then fell. The closing price is the same as the low. This is a bearish candle. When the close and low are the same, you should expect the price to go down more as this indicates downward momentum. I close the charts for the day.

On monday morning I open the charts again. I live in a timezone where london open is at 11: 00 AM so fortunately I don’t have to get up at the night to trade the london session. The new york open according to my local time is 5:30 PM. By 11:00 PM local time, the new york market also slows down. GBPUSD makes the high or low for the day between the times 2: 00 AM EST and 5: 00 AM EST which translates into 11:00 AM and 2: 00 PM local time for me. You should keep this important fact in mind if you want to trade GBP pairs like GBPUSD, GBPJPY, GBPZNZD etc. Once GBP pairs find the high and low between 2; 00 EM EST and 5: 00 AM EST, it trends in that direction for the day till the next day until and unless there is a very important news release which is only the FOMC minutes release which happens only one time in the month. This means when a trend starts on GBP pairs it only reverses next day except only one day of the month which is the FOMC day.

However EURUSD is different. I have found with experience that EURUSD loves to make good moves at the close of the new york market sessions and the start of the london market session next day. Keep these facts in your mind. Two important news releases are the NFP report and the FOMC meeting minutes. These 2 important news releases can start new trends on GBPUSD and EURUSD.

Let’s get back to our trade. On monday I opened the charts, and take a look at the chart above. A bullish divergence pattern is forming on H1. We don’t need any indicator in fact. We can spot a double bottom pattern which is an important trend reversal pattern. I enter into a buy trade at the close of the H1 candle which is bullish. My entry price is 1.51879 and the stop loss is 1.51650. The risk is 22 pips. I have $1000 in my account. So I enter with a lot size of 0.1 lot which gives me a risk of $22 which means I am risking 2.2% of the account on this trade. I wait for the next H1 candle to close.

As I have said above I only open a new position at the close of H1 or H4 candle. This H1 candle just below the red arrow in the above screenshot is also a bullish candle. Which means that price is going to go up and the next H1 candle will also be bullish. So I open a new position at 1.52006 with 0.1 lot and move the stop loss to 1.517900 which is 2 pips below the low of this candle. The risk is now 9 pips for first position and 21 pips for the second position. So the total risk is 30 pips. Our total risk is only 3%. If the stop loss gets tripped we will lose $30.
But the shape of the 2 bullish candles show that the third candle will also be bullish. You can see in the above screenshot that the next h1 candle is very bullish. It is a strong marubozu which means price is showing strong upward momentum. Marubozu candle means strong price momentum. Since this marubozu is bullish it means price is going to go up strongly.

The above screenshot shows just below the red arrow the H4 candle that has been formed. This is a big marubozu means price has strong momentum. I close the charts now knowing that the price will trend in the upward direction till the next day. The uptrend has been set in motion by the NFP news release last week on friday. This is monday and there are no news releases scheduled for today. So I expect the price to keep trending in the up direction. Next day morning I open the charts and first thing look at the daily chart. Take a look at the following daily chart.

Daily candle formed is a strong bullish candle (below the red arrow). I know that price is go up today as well. Price is hovering at 1.52763. There is a profit of 89+73=162 pips. I open one more position at 1.52763 with 0.3 lot and move the stop loss to 1.52663 which is 4 pips below the low of this H4 candle. The risk is only $30 for this position. If the stop loss gets hit I lose 20 pips and the profit is still 142 pips. I look at the h1 chart and find that the whole night price has been moving in a narrow range which means a breakout in the upward direction today.

You can see the above screenshot showing H4 chart. The whole night price has been moving in a narrow range. The h4 candle just below the red arrow is a doji meaning the open and close prices are almost the same. This h4 candle is inside the previous h4 candle which is a trend continuation signal. The low of the previous h4 candle is 1.52694. I open a position at the close of the H4 candle just below the red arrow at 1.52763. The stop loss is at 1.52663 which is just 10 pips in this case. I open this position with 0.3 lots. The risk is $30 but since the first 2 positions have a profit of 162 pips I am more than covered in this case. If the stop loss gets hit I make 132 pips which is not bad.

The next h4 candle is again bullish. The inside bar pattern spotted in the morning was indicating an up move which is confirmed by this bullish h4 candle. I open one more position at the close of the H4 candle. The entry is 1.53145 move the stop loss to 1.52763 which makes the first 3 position risk free now. The risk for this position is now 39 pips. Since the profit from the first 3 position is 162 pips even if the stop loss gets hit this profit is guaranteed now. We close all the position after 8 hours at the close of H4 candle above the red arrow in the screenshot below. The closing price is 1.53961.

The profit is:
first position (0.1 lot) =209 pips
second position (0.1 lot) =196 pips
third position (0.3 lots) =360 pips
fourth position (0.1 lot =82 pips

The total profit is 847 pips which translates into $847. The return is 84.7% which is not exactly 100% but I have used this strategy to double the account many times in just 1-2 days. In the beginning we had a risk of 3% but once the trade moved in our favor we had a totally risk free trade. You can read more examples of this strategy below:

The double your forex account in 1 day technique the way barry does it

The double your forex account in a day technique (DIAD)

The double your forex account in 1 day technique was actually created from a top up technique that barry thornton uses in some of his high potential trades. It is an attempt to automated the process barry follows in an expert advisor.

The double your forex account in one day technique which is also available as an EA basically adds lots to a forex deal with a high potential of success is such a way that:

The increase in lots 2 or 3 times makes it possible to double your account or increase your account in the original trade.

Normally adding lots adds to the risk of the trade but when using this technique the calculations are done in such a way that adding lots makes the transaction risk free. In other words at worst you can be stopped out at break-even.

All of the above has been made available in a double in a day EA which automates the top-up process but the trader is responsible for the identification of the trade entry. You don’t always need to go for a 100% gain when using this EA but many traders do or think they have to. Click here for more information about the DIAD EA :- DIAD

How barry use the concepts of this technique

Barry uses this concept during trading in the following way:

The daily highs and lows occur mostly during 3 to 5 hours of the day. Trading the weakest currency against the strongest currency barry would enter deals in these high potential times using high potential currencies with small lots and using the lower time-frames (1 minute to 15 minute).

When the deal goes positive and starts looking good with high trend potential on a longer time-frame (30 min to 4 hour) and starts triggering entry signal on those higher time-frame charts he then uses the profits already made with the first deal to increase the lots of that deal and to move the stop to a risk free, break-even position.

So now he has a risk free deal with good potential. As the deal progresses and triggers more entry signals on higher time-frames he follows the same process. Adds more lots and moves the stop to break-even.

In general he only goes for a return of 10% to 20% of his account and that allows him to have bigger break-even stops. The break-even stops are calculated when required using a basic excel model similar to the one provided in the double in a day course.

Differences

So the main differences between using the EA and barry’s method are:

He only starts the top up process once the transaction has proved itself. With the EA you need to commit to the top up process at the initial entry point.

His top ups are at specific additional entry points such a new support being violated or a longer term chart signal being triggered. The EA top up points are pre-calculated and relatively random.

The EA provides the best automation of his process we know of.

Typical barry thornton deal

So a typical transaction using barry’s top-up method could be:

Enter a deal using the 5 minute charts. Using the 1 min to 5 min charts also allows for small stops.

Top-up and move the stop to break-even when an entry is triggered in the same direction on the 15 minute or 1 hour chart

Top-up and move the stop to break-even when an entry is triggered in the same direction on the 30 minute or 4 hour chart.

Manually cash in when appropriate making 10% to 20% on the transaction. At this point barry also does partial cash-ins and would leave smaller portion to run risk free. He has often caught 200 pip runs this way although 50 to 60 pips is enough to get a 10% return.

Trading strategies

This process can even be enhanced even further when using the multi-currency approach of the WATO system.

This waterfall affect is not difficult to occur when momentum indicators are ALL overbought or oversold at the same time for a particular currency. The 5 minute charts will always be first to trigger a momentum entry and if you have caught the start of a reasonable trend the other entry signals will follow like a domino effect.

If you use the forex tester and setup multiple time-frame charts to all run at the same time it is possible to view this process where different time-frame sharts trigger entries at the same time on one screen.

Video

View this video to see the forex tester, the domino top-up strategy and the progressive RSI strategy in action

Click on the full screen option for better viewing

I hope this gives you a few ideas on how to trade a top up strategy when you have caught a reasonable trend.

Like the barry thornton series

If you like the barry thornton series tell your friends. If you don’t tell us.

Questions or comments

If you have any questions please use the facility below.

Double your forex trading account in A day EA!

Are you interested in doubling your forex trading account with just one trade risking not more than 3-5% of your trade? This double your forex trading account in A day EA can accomplish precisely that while risking not more than 3-5% of your account on the trade. Most doubling methods require taking on undue large risks. What separates this method from the usual run of the mill methods is that when you have made a good entry and you think you have a winning trade, you can use this EA to double your account while not adding any more risk to your trade. The additional lots are added by the double in a day EA in such a manner that you don’t risk more. So this EA is unlike other eas. You use it with your manual trading strategy. When you have a winning trade, just use this EA and double your account with that trade.

Alex du plooy is a professional forex trader from south africa who has been trading forex successfully for many years now. He and his team have come up with a number of very good forex strategies. Alex du plooy and his team at expert4x have come up with this double your forex trading account in A day strategy. When I looked at this strategy, I was amazed. This is a very good strategy that keeps the risk below 5% while adding more lots to a successful trade. So in essence with this strategy you are not taking any more risk. You are only risking what you have risked on your trade initially. They have gone one step further, expert4x team did a join venture with the eafactory team and come up with an EA that completely automates this double in a day strategy. This double in a day EA comes with a 6 module course that cover trading the double in a day strategy and technique and the low risk high return long term approach. 3 modules and the 2 ebooks cover ways to enter high probability trades for double in a day trading. It will also show you the best times to activate the EA for high probability trades.

Double your trading account forex trading strategy

This double your trading account forex trading strategy is a trading system that has the potential to simply do what the name says and that is double your forex trading account.

It can take a few days, a week or a few months to do that. The timeframe it takes to do that is irrelevant and its not really important. What you need to learn is how to do it.

You can do this without risking too much of your trading account.

For this to happen, you need two specific things to fall into place:

A very strong trending market

Take multiple trades during that trend

You will always encounter times when the market is trending strongly and you may have entered at the right time and you may make a few hundred of pips in profits. Awesome…you think.

But chances are that those few hundreds of pips profit you made in that trade come only from ONE TRADE! An example would be similar to the chart below, where you only enter one trade and you make only 1013 pips profit:

Double Your Trading Account Forex Trading Strategy explained

But on the other hand, you could have made thousands of pips in profit in that SAME TREND move instead of just 1013 pips.

How you do that is by adding more trades and if you do that, this can happen(this is the same chart as above but in here, you are taking multiple trades along the way):

How To Double Your Forex Trading Account

So now you can see that, taking multiple trades can increase your profits greatly and therefore double your forex trading account.

Things you need

Indicator: you just need the 34 simple moving average indicator.

Timeframes: can be applied to any timeframe.

Currency pairs: you can use this forex system to trade any currency pairs

The only purpose of the 34 simple moving average indicator is for telling you the trend direction.

If a candlestick closes below the 34 simple moving average, that is considered a downtrend so you only look to sell

If a candlestick closes above the 34 simple moving average, that is considered an uptrend so you only look to buy.

A sell trade is initiated only when a bullish candlestick is formed in a downtrend.

A buy trade is only initiated when a bearish candlestick is formed in an uptrend.

Short trading rules

Wait for a downtrend…this happens when a candlestick closes below the 34 simple moving average.

Your first sell signal (initial sell trade signal) is that bullish (green) candlestick that forms under the 34 simple moving average and makes a higher high. This means, it must be a breakout the high of the previous candlestick.

As soon as that candlestick closes, you open a sell market order immediately.

Place your initial stop loss just a few pips above the nearest swing high (which is the nearest resistance level).

For the subsequent sell trades, you do not place a stop loss.

You exit all trades when you see a candlestick close above the 34 simple moving average.

Double Your Trading Account Forex Strategy short trading rules

Long trading rules

Wait for an uptrend…this happens when a candlestick closes above the 34 simple moving average.

Your first buy signal (initial buy trade signal) is that bearish (red) candlestick that forms above the 34 simple moving average and makes a lower low. This means, it must be a breakout the low of the previous candlestick.

As soon as that candlestick closes, you open a buy market order immediately.

Place your initial stop loss just a few pips below the nearest swing low (which is the nearest support level).

For the subsequent buy trades, you do not place a stop loss.

You exit all trades when you see a candlestick close below the 34 simple moving average.

Double Your Trading Account Forex Trading Strategy

A few additional notes

When you take the initial first trade,you should make sure that nearest swing high or swing low that you place your initial stop loss is not too far away. The close it is, the better it is for you to move to break even and then open the subsequent trades that may come.

Ideally, any subsequent trades that you enter, you want to make sure that the FIRST TRADE CAN COVER THE COST OF THAT. What do I mean by that? Well, for example, you risk 2% of your account when you enter a buy trade and the price moves 100 pips so you move your initial stop loss to breakeven. Now you have no risk. Then you open a second trade and a third trades with no stop loss. That means, as long as these two trades do not reverse a total of 100 pips, you are still risking 2% of your account. Remember, you first trade is breakeven now. So you use the first trades profit as as buffer for the subsequent trades that follow. In that way, you do not increase your trading risk.

Read about this pyramid trading strategy I wrote and this should give you an idea of how to do this.

Don’t forget to share, like or tweet this forex trading strategy about how to double your trading account.

The double in A day forex technique and forex EA

The double in a day EA and forex trading technique

This EA and forex technique has developed the name “ double in a day ” because its uncanny ability to double trading accounts in one forex trade (there are lots of examples of this on the website). It has the ability to automatically add additional lots to a successful trade on a risk free basis when currency trading, which is in fact its biggest strength. How to trade the forex market has always been a challenge. Read on for more information.

The double in a day EA and course is a joint venture between expert4x and eafactory. Eafactory supplies and supports the EA and expert4x supplies and supports the currency trading technique and course

History and background

In the last few years expert4x has been promoting a some live webinars where forex trading accounts were in fact doubled using a manual pending order method to double account balances. Over the years clients have been requesting an EA which would help them double their account on an automated basis. This has led to the creation and development of the double in a day EA and trading course below a few years ago.

A further influence has been bill williams, whose family is independently wealthy from trading, who says that you can never become an exceptional trading success unless you add to your winning positions. He is so highly regarded in the trading community that metatrader has allocated a whole section of their standard indicators to the ones used by him. This EA does exactly that as it allows you to add to winning positions AUTOMATICALLY and at NO RISK whatsoever.

The philosophy behind the EA

This expert advisor differs from most expert advisors in that it not designed to be traded continuously on a set and forget basis.

It is a trading tool designed to be used by a reasonably experienced forex trader who is:

- Already trading on a manual or automated basis to identify entry price levels

- Want to enter the market using market or pending orders at these price levels

- Wants to automate risk control and

Accumulate gains on a risk free basis.

What is achieved is that great return on risk ratios are created. There are many example where the return on risk ratio’s achieved were over 20. That means that if you only have 1 successful trade out of 20 like trades you will be profitable.

What the EA will do for YOU

Once the trader has identified a market order or pending order entry price level for a trade, the EA will use a predetermined strategy using settings specified by the trader. This is done by a strategy generator that is part of the EA. Settings can be pre-programmed so there is no need to waste time. You can also add your own pre-programmed strategies. Once the strategy created by the strategy generator is accepted by the trader the EA takes over and completes the entire trade automatically by:

- Entering the trade at the price level specified by the trader

- Placing the initial stop

- Moving the initial stop to breakeven to create a risk free trade

- Adding additional trades using 1, 2 or 3 topup opportunities on a risk free basis

- Moving the stops to a level that guarantees a risk free basis continuously

Closing all trades when the target for all open trades is reached.

The EA can be set to trade continuously to open a new trade when the previous trade is closed.

Comment below received from a client in february. Straddling is a popular and easy strategy.

What you can control

This expert advisor will allow you to specify:

- How many top up levels you want to use.

- Where you want these levels to be.

- How much of your account you want to risk,

- What size initial stop you want to use,

- The minimum stop size you want to use

- When the initial break-even stop should activate

- What % gain you want to target (100% to double but you can go for any other % such as 20%)

- Where you want to enter the market and in which direction

Whether you want to trade continuously or one trade at a time

Double in a day course

The double in a day expert advisor comes with a detailed 8 module course on how to use this forex technique to your best advantage. The modules also contain links to 2 additional downloadable ebooks on finding high probability entries.

5 modules cover trading the double in a day strategy and technique and the low risk high return long term approach.

3 modules and the 2 ebooks cover ways to enter high probability trades for double in a day trading. It will also show you the best times to activate the EA for high probability trades.

Module 3 of the course also has a quick start process and checklist

In the end, it is still the traders responsibility to identify which trading technique to use and to identify trading opportunities. The EA will do the rest from then on.

In addition as an owner you receive this $66 udemy course for free. For more information about this course please use this link: udemy double in a day course

Thorough user testing process

As with most of the expert4x EA’s and courses, they are thoroughly tested by our clients before they are formally launched. This process has happen for over a month and considerable feedback was received enabling us to make user improvements to the EA and the course.

Trading examples results achieved in testing

Our most recent trades are available from the “DIAD trades” tab on the above menu

There are 47 trading examples that you can access once doing the training.

There are forex technique trading examples with results varying from 30% to 200% account gains off 1 initial trade. Click on the picture and links below.

20 recent trades where

An 80 pip trend resulted

In a 100% gain: 80 pip trend

Example of the benefits of using the double in a day forex technique

Let’s take an example of a swing trader who identifies a good trading opportunity that is likely to result in a 70 pips gain. If the trader were to trade in the traditional manner, possibly using a following stop etc., the risk return ratio is likely to be 2. He would risk 5% of his account to make 10%.

However by using the double in a day forex technique which manages risk and the transaction automatically and tops up his winning transaction twice, he is able to generate a gain of 100% having risked 5%. This is a 20 return on risk ratio.

Support

The double in a day EA is professionally supported. Eafactory supplies the EA and it has an automated download and update process. They also supply a detailed user guide and email support. A personalised username and password (1) is used to control the download and upgrade the EA. The EA is download process uses your paypal email to communicate with you.

The double in a day course and technique is supported by expert4x using email support. The web based training pages are password (2) controlled – the passwords are supplied in the expert4x DIAD welcoming email.

The expert4x forum provides a great opportunity to view successful trades and discuss any matter relating to the double in a day EA and technique. The forum can be joined once you become a double in a day EA owner.

Double or even triple your forex trading account risking 2-5% only

On august 29th, I published an article about two important mistakes that novice traders make: averaging down and scaling up; which one works?

There is no doubt that “averaging down” is a terrible mistake. Sometimes you succeed to double your account through averaging down (you take a position, the price goes against you… you take another position… and this happens for few times, but suddenly the price turns around and you close all your positions with a good profit), but when it turns to a habit, it will wipe out the whole account, and you will not only lose the principal, but also the profit you have already made.

In the same article, I explained that “scaling up” is not a good idea also, and I am against it. It is not a good idea, because it is possible that the price turns around when you add to your winning positions, and you have to close many of them with loss. Even if that is not the problem, I am still against scaling up, because I believe we have to keep our trading as simple as possible, and not to make it complicated with adding some more rules to our strategy about scaling up when a position is in profit.

If you don’t know what “averaging down” and “scaling up” are, please read that article, and then read the rest of this article.

A while ago, one of my friends and trading buddies who had read that article also, contacted me and explained about his “scaling up” strategy that has enabled him to double or triple his account sometimes. He follows almost the same trading strategy that we do, but he has some innovative methods in managing his positions and maximizing his profit. I asked for his permission to share his scaling up strategy with luckscout followers, and he sincerely accepted. Thanks to him!

How does he add to his winning positions?

As you may know, when there is a strong trade setup, I take two positions with the same stop loss. Usually the first position has a 5xsl target, and the second one has no target. When the first position hits the target, I move the second position’s stop loss to breakeven, and wait for the price to run. I usually close my second position manually when a strong reversal signal forms. In some rare cases, I move the second position’s stop loss further to lock some profit. This is all I do for my positions. I don’t spend any more time on them, and I am happy with my style. However, my friend does much more than this, and he is so happy with the result. Let’s see what my friend does.

He enters the market when a strong trade setup forms. This is what I do too. However, he takes only one 2-5% risk position, with a proper and reasonable stop loss, but no target. He allows the price to run accordingly. When a continuation trade setup forms, he moves the initial position’s stop loss to breakeven, and takes another 2-5% risk position. When you move the stop loss to breakeven, there is no risk anymore, and the 2-5% risk that you had taken, turns to zero. It means your capital is safe even if the price turns around and goes against you. Therefore, you can take another position with peace of mind, as if you have no open position at all (of course keep in mind that sometimes your stop loss won’t be triggered when the market is too volatile. This is the risk you have to consider).

Besides, as your position is in profit, and so your equity is increased, and you have more room for the second position. However, the 2-5% risk he takes for the second position is based on the account initial balance, not equity (read this article to learn about balance, equity, margin, free margin, and…).

The second position my friends takes, will have a reasonable and proper stop loss too, but no target. Again, he waits for the price to run accordingly, and if another continuation setup forms, he repeats the same process.

Therefore, he only holds a 2-5% risk from the initial balance, while the previously taken positions are safe and only the last position has a 2-5% stop loss.

Sometimes when the market trends strongly, and several continuation setups form, he will have the chance to take several positions while all the previous positions are in profit and their stop loss orders are moved to breakeven.

Let me show you an example.

On 2014.05.08 he took a short position when the 2014.05.08 candlestick closed on EUR/USD daily chart (candlestick #1 on the below chart). This is what I did too. He moved his first position’s stop loss to breakeven when 2014.06.05 candlestick formed, and took the second position when a continuation setup formed by candlestick #2. Later on, when another continuation setup formed (candlestick #3), he moved his second position’s stop loss to breakeven and took another position.

All of his three positions are still open. Let’s calculate how much profit he has made so far with a $10,000 account as an example.

Risking 2% of the balance and having a 50 pips stop loss, he had to take a 0.4 lots position each time. A 0.4 lots EUR/USD position has a $4.00 pip value. His first position is in 930 pips profit ($3,720), and his second and third positions are in 700 ($2,800) and 500 ($2,000) pips profit respectively, which is $8,520 in total. It means he would have almost doubled his $10,000 account taking a 2% risk only.

What if he had taken a 5% risk? Then he had to take a one lot position ($10 pip value) each time, and so his first position was in $9,300 and his second position in $7,000 and his third position in $5,000 profit now, which is $21,300 profit in total. So his account would be tripled already.

It looks great, but you have to take some very important points into consideration:

1. We are not supposed to be that lucky always, because usually markets trend 30%, and range 70% of the time. So we will not have such a strong trend always. For example, he applied the same strategy to our GBP/CAD short trade setup (if you don’t know what I mean by “our GBP/CAD short trade setup”, I have to explain that on last august, a short trade setup formed on GBP/CAD daily chart by 2014.08.06 candlestick (#1 on the below chart). We reported the short trade setup on luckscout, it worked very well, and now we use it to “gauge” the other short trade setups we locate).

My friend took a GBP/CAD short position almost when I did. I took two short positions as usual, but my stop loss was hit by 2014.08.08 candlestick (#3 on the below chart), and I entered again while this candlestick was still forming. My first position hit the x5 target, and I closed the second position with a

740 pips profit when the 2014.09.08 candlestick (#8) closed.

My friend could take only one position that was closed by him almost at the same time that I closed my second position. So with this trade setup, I made more profit than him. Unfortunately, there are so many cases like this that my friend doesn’t succeed to “scale up”. In spite of this, even if we can do it rarely, it will have a good return.

2. In order to become able to trade and maximize the profit like my friend, we have to know how to take the “strong trade setups”, have an optimum entry, a reasonably tight stop loss, and also the ability of taking the continuation trade setups, otherwise it is impossible to scale up properly and maximize the profit. So if you like to copy him, first you have to learn how to pick the strong setups, and then scale up when continuation setups form. What he does is the maximum level a trader can go. You have to work toward that destination, and I am sure you can make it: make your first $100,000 trading forex

36 comments

Singh

Good article. Co-incidentally I was thinking about this technique yesterday while driving and it looked like good strategy. But since I am novice and because of complicity I decided to not do it at this stage. I didn`t know it is called scaling up but I agree that you won`t be lucky all the time.

Right now the main problem I am struggling is risk-reward ratio. I usually take 10% risk because smaller risk make my target (x3 or x5) small too. Small target doesn`t seem much worth pursuing and at the end I repent that I missed the opportunity. I know it is bad habit but I am wondering what is the best way to keep my losses minimum and profit maximum.

On positive note, I agree with you, to take less and strong setup. One trade which make 100 pips is better than 5 trades which make 150pips.

Luckscout team

Hi singh. The best way to keep your losses minimum and your profit maximum is being on time to take the strongest setups only.

Singh

That is one of the best thing I learned form you. Its incredible these are common sense things but like they say common sense is not common. We as human try to complicate things very easily.

Steve

Hi… that’s a great article as usual… i believe am going to get there with your amazing mentorship… i am greatly inspired by you and your buddies. THANKS!

Luckscout team

Hi steve. Thank you too. Happy trading ��

Great artickle. Thanks.
It would be good to know how losses vs profits are different if your friend is wrong in ranging market and better in trending markets. But for novice trader it would be probably better use your approach as there 70% of time ranging market as you said.
However, what do you think about combination if a trader gain required experience. To use your system (2 positions, 1 get out at 5RRR) and once you are out with profit from 1st position and see continuation pattern, to start using your friend’s scaling approach with only 2-5% of risk in total as you described (plus you would already have your first profit from position 5RRR back home in your pocket, so no additional risk).
Or is it getting too complicated? Just wondering ��

Luckscout team

Hi mark. No, it is not too complicated at all. It looks like another good strategy to manage the positions. Thank you ��

That’s what I was thinking that’s why I ask if your position are each 2-5% or combine 2-5% so if each are 2-5% then aren’t you taking a bigger risk then your friend

Luckscout team

Yes, I take a higher than usual risk, maybe because I am too confident about the trade setups I take. However, I don’t recommend it to anybody else, because handling losses is emotionally a little hard for some people. The other thing is that my account has never been a big account. I have friends with seven million dollars accounts, but I never wanted to do the same. Therefore, I have no fear trading my account. Everybody has his own method to control the emotions. See this:
https://www.Luckscout.Com/a-great-money-management-strategy-we-have-been-following-for-years/

Okeke

I think I will try out this system in the future when I begin making consistent profit

Hi your two position that you take are each 2% or combine they become 2% risk

Luckscout team

Slothinker

Coincidentally, I was also thinking about this problem yesterday. Really interesting approach!

Perhaps I missed the article, but let’s say your stock (I trade stocks) moves from $97 to $100 and the position looks very strong based on accurate chart analysis; I buy w/ a STOP just below $97. I want a 3X profit so the target is $109. A few days go by, the stock goes up to $108, then meanders down to $102 or so. How would one determine when to take a small profit (or loss) rather than wait for the target or stop to be hit?

I’m guessing the answer is a closer reading of the candlesticks but one might also set a time-limit, I suppose.

Luckscout team

You close all positions when a strong reversal setup forms.

How to double the account in 1 day?

The profit is:
first position (0.1 lot) =209 pips
second position (0.1 lot) =196 pips
third position (0.3 lots) =360 pips
fourth position (0.1 lot =82 pips

Is it possible to double your money each day by trading?

There are many ads online that tell you can double your profits on forex in just a day. Of course, this is an exaggeration. And yet, it might be possible.

With this article, you will:

Explore the most profitable forex trading strategy;

See if it is possible to double your starting capital each day.

What is the most profitable forex trading strategy?

There are hundreds of forex strategies that claim to be profitable. Of course, there is no way we could review all of them in this article. That’s why we are going to discuss just the most profitable one — scalping.

Scalping is a collective term for all strategies that prioritize the number of deals before their profitability. For example, a scalper would have ten profitable orders closing with ten pips of profit rather than have one that closes with 100 pips.

This form of trading allows for extremely tight stoplosses. With scalping, a single lousy order will not hurt your overall disposition on the market — unlike the other way around.

The main issue with scalping is its high demands. Scalpers trade on the small timescales, which means they don’t get a lot of time to make a decision and often have to go with their intuition. And since it is your money that’s involved, scalping causes a lot of stress.

How to trade with lazy river?

Lazy river is the friendliest scalping strategy. It is easy to get into, and it provides a fair number of trading opportunities daily. There are other strategies, like bali scalping or RSI scalping, that bring more trading opportunities or larger profit margins. However, they also carry much more risk and aren’t recommended to a newcomer.

Lazy river trader is going to need:

A 5-minute timeframe;

Two indicators: exponential 50 MA and 20 MA;

A currency pair with high liquidity. EUR/USD or USD/CAD are good examples.

Once you have this system set up, wait for the price to get in-between the 50 MA and 200 MA. Consider them the banks of your “river.” if the rate remains there for more than three candlesticks worth of time — do nothing, this situation is not profitable for lazy river. However, if it attempts to exit the boundaries of the indicators — it’s time to act.

Open two orders for the same amount of money in the direction of the price movement.

Close both by stoploss if the price reverts behind the local extremum;

Close the first order by takeprofit when it reaches the stoploss value;

Close the second order manually when the trend starts to reverse.

NOTE: if your indicators are crossing, consider stepping back for a couple of minutes, until the things settle down. Even if the other conditions are favorable, the risks get too high.

If it sounds complicated, here’s an example:

On this EUR/USD chart, the trading opportunities for the lazy river strategy are marked with arrows pointing in the direction of the price leaving the “river.” the best example occurred on january 10, at 10:05 (the third arrow from the left, marked blue). Let’s take a closer look at it:

The first order ends up making 80 pips or profit, the second one — 240 pips. If both orders were opened with 10 000 USD, the first order would end up making 8 USD, the second one — 24 USD. Combined, they’d put the trader 0.16% in the green.

0.16% doesn’t sound like much. However, that’s only if you are trading without leverage. With 1:100 leverage, these orders end up making 16% of profit — which is not too shabby for a single order! Of course, this case is exceptional. An average deal would be less profitable — around 5-8%. You can test this strategy on free practice account only by just entering your email here.

Is it possible to double your starting capital daily?

If you take the average order profit of the strategy (8%), you might think that you can easily double your starting capital — after all, you need only 13 successful orders a day. The reality is not that simple.

First of all, not each deal is a success. Even if you do everything right, you still might end up losing money because of an erratic movement on the market. Sometimes the strategy doesn’t work out, and you end up closing by stoploss or just without profit.

Also, there might not be enough opportunities in a day. For example, in the less volatile currency pairs, you might get only 5 or 6 trading opportunities a day — and getting 20% profit on each of them would be a miracle.

So while it is possible to double your starting capital, it is highly improbable to do so. However, multiplying it by 1.5 is possible and probable, as long as your broker has tight spreads. Justforex ECN zero accounts, for example, are perfect for lazy river scalping due to 0 spreads.

Double your forex trading account in A day EA!

The double your forex account in 1 day technique the way barry does it

The double your forex account in a day technique (DIAD)

The double your forex account in one day technique which is also available as an EA basically adds lots to a forex deal with a high potential of success is such a way that:

The increase in lots 2 or 3 times makes it possible to double your account or increase your account in the original trade.

Normally adding lots adds to the risk of the trade but when using this technique the calculations are done in such a way that adding lots makes the transaction risk free. In other words at worst you can be stopped out at break-even.

How barry use the concepts of this technique

Barry uses this concept during trading in the following way:

The daily highs and lows occur mostly during 3 to 5 hours of the day. Trading the weakest currency against the strongest currency barry would enter deals in these high potential times using high potential currencies with small lots and using the lower time-frames (1 minute to 15 minute).

When the deal goes positive and starts looking good with high trend potential on a longer time-frame (30 min to 4 hour) and starts triggering entry signal on those higher time-frame charts he then uses the profits already made with the first deal to increase the lots of that deal and to move the stop to a risk free, break-even position.

So now he has a risk free deal with good potential. As the deal progresses and triggers more entry signals on higher time-frames he follows the same process. Adds more lots and moves the stop to break-even.

Differences

So the main differences between using the EA and barry’s method are:

He only starts the top up process once the transaction has proved itself. With the EA you need to commit to the top up process at the initial entry point.

His top ups are at specific additional entry points such a new support being violated or a longer term chart signal being triggered. The EA top up points are pre-calculated and relatively random.

The EA provides the best automation of his process we know of.

Typical barry thornton deal

So a typical transaction using barry’s top-up method could be:

Enter a deal using the 5 minute charts. Using the 1 min to 5 min charts also allows for small stops.

Top-up and move the stop to break-even when an entry is triggered in the same direction on the 15 minute or 1 hour chart

Top-up and move the stop to break-even when an entry is triggered in the same direction on the 30 minute or 4 hour chart.

Manually cash in when appropriate making 10% to 20% on the transaction. At this point barry also does partial cash-ins and would leave smaller portion to run risk free. He has often caught 200 pip runs this way although 50 to 60 pips is enough to get a 10% return.

Trading strategies

This process can even be enhanced even further when using the multi-currency approach of the WATO system.

Video

View this video to see the forex tester, the domino top-up strategy and the progressive RSI strategy in action

Click on the full screen option for better viewing

I hope this gives you a few ideas on how to trade a top up strategy when you have caught a reasonable trend.

Like the barry thornton series

If you like the barry thornton series tell your friends. If you don’t tell us.

Questions or comments

If you have any questions please use the facility below.

So, let's see, what we have: how to double the account in 1 day? Author: hassam forex trading can be fun if you can master the skill of risk management. In my opinion, the most important thing in any trade is risk at double your forex account in a day