There are bad days and there are good days. I try to adjust only with profit target.
I know I lost a lot, but I have a really small account and if I want to move higher I have to risk more then with pro(mean big) account. But overall I know exactly when to cut lot size. I lost over 10%, but then there will be a day when I make nice profit also.
Only what I have to do is keep trading and following my process day after day.
If I make my goal you can be sure that I will be trading with different money management for sure.
Yestarday I took another loss. At this moment I am taking break and have to study more and have to more modify my approach. Everything worked fine on paper but printed chart really not corresponded with pullbacks in real time. So at this moment I will be trading demo to see if I can make profit. Then I will back with the same goal.
[QUOTE=âfxeutrader;689644â] I make my goal you can be sure that I will be trading with different money management for sure. GL[/QUOTE]
That logic does not fit. Thatâs like saying, Iâm going to take steroids just until I become a professional baseball player and then I will quit and play for real.
You will never hit your goal unless itâs pure luck.
Adhere to proper money management or continue to be in the pickle youâre in.
Yeah Iâm gonna have to echo mastergunner99 here.
The first step to successful trading in my opinion is finding a strategy that has an edge. One that wins money in other words.
Once you find that (through back testing usually) the next step is to have the discipline to trade that plan as mechanically as possible. You mention for example not closing trades at your PT levels. You need to stick to your (presumably) winning strategy.
Then comes the role of money management. You use it to help maximize your gains in the optimum way while managing your risk.
Then you have to follow that money management plan mechanically and you will be successful.
Can I ask you for example why are you trading on 1 minute time frames? Is it because you donât have time? Well how about trading the 4 HR or daily chart. This way you only need to look at the charts once or twice a day and you will make more money than trading on 1 minute chart.
I started fresh like you with 90 EUR in Feb. I am up > 200 EUR now but you are right.
We need a bit of risk to make some money to trade with.
Maybe we can share some ideas.
I do not know. Probably mastergunner had right. Slowly growing banc is probably better with proper risk manageent. I am now leaving 1min. and 5min. chart and more concetrate for 30min and 1h charts. And not looking only for EUR/USD but also for another pairs. I am trying new thing so I will see.
after 7 months I am back and I am much better and I have much better feeling about fx markets. I worked really hard and it is time to start my blog again. I want to continue with my challenge but with different start money. Later today I will write more
First of all I have to apologize for my English. I am not US, so my language and gramatics are not good.
As I wrote it is time to start blogging again. I was really naive to think I could beat my challenge with such a aproach which I had. It was more gambling then trading, but from that time lot of I changed. I worked ten even more hour per day and studied how EURUSD is moving. Then I realized some things and created my own trading approach.
From this moment I will do not challenge if I can make 2000 from 1000 because it is stupid idea. My goal is step by step increase my bankroll which I set $1000. My risk per trade is 2%.
Now profits⌠it was the biggest question. After few weeks I made my profit exit plan, which exactly set predefined levels where I scale out my position and also moving trailing stop.
I am only using price chart, no indicators and every evening I am doing analyzis, where is BUY or SELL zone. If markets reach these levels then I am trying to find good points for entry in to the trade. I am only trade with trend and I am trading only Europe session approximatly from 8-17.
I think for this moment it is everything and if you have any question, do not hesitate to ask me.
If you want to talk me via skype, do not hesitate. You can find me under name: fxeutrader.
So I wish you a lot of good trades and I am starting again. Now with really much better approach!!
So today I ended with profit. I made 3 trades, one of them I am still holding, but small portion already and i am moving with my tralling stop. Monday is usually less volatile so during the day not too much
First trade was a short because I had confirmed SELL zone. I could sold out 1/3 of my position o my first target but then market moved up and I had to get out on stop. So here I caught loss.
Second trade was a mistake from start, because price was in BUY zone but not confirmed. After while I decided to exit with small loss.
Third trade was proper. Market was in SELL zone number 2 and after entry i could almost immidiately close 1/3 of my position on first profit target. Later I could sell for profit another 1/3 of my because of market drop and the rest of position I am still holding with trailling stop.
Below is my screenshot of trades. For the day up arround 2% of my bank but it is still opened.
After market close I will post BUY/SELL zone number for tommorow.
You have been very aspirant forex trader like all of us who wish to excel in the forex trading business and achieve total financial freedom. All the best for your approach and keep going:)
I am here with my report. My system working pretty good so far and here is a summary.
All day we were in SELL zones so I looked for selling points. In the morning it was pretty bad and I had to close some trades with lost but i followed my system and after while I had another selling signals and at this moment I am still in trade with rest of my position. At this moment I am moving with my trailing stop and I will see if the market can move lower or hit my trail.
