Been here a while, let me introduce myself

Community Introduce Yourself
1

Hello All,

I am a 33 year old music producer and educator from CT, USA. I have been involved with forex for about 2 years. I have blown many small accounts. I managed to build one up to about 10k from 500 bucks and luckily a withdrew 4k before I proceeded to blow that as well. That was about a year ago. I have really been reading and studying the art of trading forex and have become really interested in what the banks are up to. I am currently on demo trading my new trading plan which includes strict rules of what, when and how much to trade. I have been able to focus my energy on UCAD and have had some success lately with my strategy. I have had great success with simple MMM ideas. My current goal is to make 30k by years end and I am well on my way. My biggest issues seemed to have been risk management and incredible expectations. As they say Anxiety kills. Anyhow, glad to be here for the purpose of sharing and learning.

Regards,

TAB

2

Hi TAB,

Can I be very honest without offending you?

The three comments above make me strongly suspect that your position-sizing would give me palpitations, and that you’re not looking at trading as being primarily about risk-management, but are trying to have a wild punt and achieve extraordinary things.

Well, at least you’re open about that. :wink:

I wish you well with it, naturally, but I’m unsure whether (m)any of the experienced, professional traders here are going to be able to offer much advice that you’d welcome, really. Plenty of inexperienced, unsuccessful ones might, though, because they share your aspirations.

I also suspect that the fact that you’ve once turned a $500 account into $10k (even if you ended up blowing that, as well) is going to predicate that you wouldn’t enjoy a “risk management” approach and you’d find it frustrating … but to me (and I think almost certainly to the few others here making our livings this way) the purpose of trading with a $500 account isn’t so much to get rich from it but to get practice from it, awaiting better capitalisation before thinking about trading in income terms.

To say the same thing a little more bluntly (:8:) turning $500 into $30,000 by the end of the year seems like living in dreamland, to me. (That doesn’t necessarily mean you won’t manage to do it, [I]of course[/I] … and [I]maybe[/I] one person in 10,000 can actually achieve it. [I]Maybe[/I].)

This is a very good thread: [B]301 Moved Permanently

I can recommend some books, if that helps - but again, I’m not sure, from what you say above, how much you’d welcome learning about position-sizing and risk management? :33:

Welcome to the forum anyway!