Should I put in more into forex

A year ago, after practicing on a demo account, I started a live account $3,000. I originally was going to trade with $10,000 but decided to only do $3,000 of it. I said to myself if I had a drawdown of $1,000 I would withdraw the money and just save the $9,000. But I increased it up to nearly $4,200. About a 40 percent increase. 40 percent increase I think is pretty good and a reasonable goal.

Do you think I should put in more? I don’t trade with tools like stochastic, RSI. I do my own analysis and draw my own lines. That’s how I am able to actually profit a little bit. When I practiced on demo I tried using indicators when I first started but I found them to be horrible.

My goal is to work for myself in the next 5 years. I believe I can achieve this.

First of all, well done for being in profit, which few achieve. The answer to your question above depends [U]whether the processes that brought you the 40% profit are reproducible[/U], but it isn’t possible for anyone here to tell that, just from the information you’ve given: we have no way of knowing whether it was mostly luck or mostly skill.

Here’s what we’d probably need to know, to offer a sensible answer …

Over how many trades did you make the 40% profit?

And over what time-period?

What was your average position-size, and its variability?

What was your biggest drawdown?

What was your maximum adverse excursion during a trade?

What was your profit factor?

If you can provide this kind of information about your results,[I] then[/I] it may be possible for experienced traders here to start taking “informed guesses” about whether it would be sensible for you to “play on, with more money”.

They’d [U]still[/U] be guesses, but they’d be a whole lot better and more worthwhile than “totally random guesses”, which is all that anyone could really offer, at the moment, from what you’ve said. :wink:

And welcome to the forum! :slight_smile:

Winning consistently encourages traders to put more in forex trading. It is not necessary you always put more investment just see your profit routine , you can compound your profit to your basic investment. it may grow your account and you can take more risk with it to gain more profit from it.

In my opinion you had enough amount for trading $3000 when you r making good profit as having good percentage . get more experience with this amount before put more investment in it. You will get better idea of your skill in few months.

Congratulations that’s pretty impressive. One important tip for newbie traders like you who managed to make profit - DON’T think you found a strategy that outwits the market. It is the ILLUSION. Try to be as much conservative as you can, in terms of deposit size, profit targets and risk. Always control your risks first.
Now you enter second stage of trading path: SAVING what you’ve earned, not doubling or tripling it.

I think that we should trade on the same amount and if we have more balance we should try to diversify our investments rather than putting all eggs in one single basket.

If whatever is you’re doing is working for you then stick to it. If you guarantee the same discipline and mentality (not scared of opening bigger trades/positions, hence not making mistakes) when you upgrade your account/increase capital then go ahead, if not, then simply don’t.