Achieving Forex Goals - From £50 To 30k within 12 months

Trading Discussion Trade Journals
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I’m not going to bore you with all the details of my failures so far, instead I would like to use this opportunity to outline some basic goals of mine (mini goals) in order to reach my main goal for the year which is to achieve an income of £30,000 from forex trading within a 12 month period.

I have already started my journey, which was last week Monday (20/08/2018) with an initial investment of £50.00

Week 1:
Percentage gain/loss: +1040%

ill be documenting my my profit / loss; to read full story link in Bio

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Hello my friend! Love your books, have you re-read them lately? Here’s one of my favourite bits:

Warriors say:

I dare not be like the host,

But would rather be like the guest.

I dare not advance an inch,

But would rather retreat a foot.

This is called marching without marching,

Grabbing without arms,

Charging without enemy,

Seizing without weapons.

No misfortune is worse

Than underestimating the enemy.

Underestimating the enemy,

I risk losing my treasure.

Therefore:

When equal armies battle,

The grieving one will be victorious.

Less ambition… advance slowly, retreat quickly. If you start by scraping pennies from the floor, who cares? You won’t drop more than pennies either. Then you will still be in a position to win when the time comes…

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Woow reminds me of the Art of war - nice ill give it a read

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Crazy gain in 1 week!! What style of trading are you doing?

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My trading style is pretty simple, just your standard price action trading with a few tweaks to suit my personality.
I wish I had taken some pictures of that trading week to give you a better understanding, but going forwards ill remember to do that.

I’m looking forwards to completing my mini goal 2 ( to reach my true goal of 30k ) and open my 10x accounts.

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Mini goal 1 – Turn 1 $50 trading account into 10 x $50 trading accounts
Investment of $50
Timescale of 1 month
Week 1 – (1 x $50 trading account) – $10 profit per day – Profit reinvested to create 2nd trading account

Week 2 – (2 x $50 trading accounts) – $10 profit per day – Profit reinvested to create 3rd and 4th trading account

Week 3 – (4 x $50 trading accounts) – $10 profit per day – Profit reinvested to create 5th, 6th 7th and 8th trading account

Week 4 – (8 x $50 trading accounts) – $10 profit per day – $100 of profit reinvested to create 9th and 10th trading account. $300 of remaining profit put aside for contingency.

Mini goal 2 – Reinvest 30% of all profits into growing the accounts
Timescale of 2 weeks
Day 1 – $10 profit per account means $10 x 10 accounts = $100. 30% of $100 = $30. $30 reinvested into 10 accounts = $3 reinvested per account. Final account balance = $53.00

Day 2 – $10.60 profit per account means $10.60 x 10 accounts = $106. 30% of $106 = $31.80. $31.80 reinvested into 10 accounts = $3.18 reinvested per account. Final account balance = $56.18

Day 3 – $11.23 profit per account means $11.23 x 10 accounts = $112.30. 30% of $112.30 = $33.69. $33.69 reinvested into 10 accounts = $3.36 reinvested per account. Final account balance = $59.54

Day 4 – $11.90 profit per account means $11.90 x 10 accounts = $119. 30% of $119 = $35.70. $35.70 reinvested into 10 accounts = $3.57 reinvested per account. Final account balance = $63.11

Day 5 – $12.62 profit per account means $12.62 x 10 accounts = $126.20. 30% of $126.20 = $37.86. $37.86 reinvested into 10 accounts = $3.78 reinvested per account. Final account balance = $66.89

Day 6 – $13.37 profit per account means $13.37 x 10 accounts = $133.70. 30% of $100 = $40.11. $40.11 reinvested into 10 accounts = $4.01 reinvested per account. Final account balance = $70.09

Day 7 – $14.18 profit per account means $14.18 x 10 accounts = $141.80. 30% of $141.80 = $42.54. $42.54 reinvested into 10 accounts = $4.25 reinvested per account. Final account balance = $75.15

Day 8 – $15.03 profit per account means $15.03 x 10 accounts = $150.30. 30% of $150.30 = $45.09. $45.09 reinvested into 10 accounts = $4.50 reinvested per account. Final account balance = $79.65

Day 9 – $15.93 profit per account means $15.93 x 10 accounts = $159.30. 30% of $159.30 = $47.79. $47.79 reinvested into 10 accounts = $4.77 reinvested per account. Final account balance = $84.42

Day 10 – $16.88 profit per account means $16.88 x 10 accounts = $168.80. 30% of $168.80 = $50.64. $50.64 reinvested into 10 accounts = $5.06 reinvested per account.

Final account balance = 10 x accounts of $89.48.
Mini goal 3 – Sustain this level of trading (in theory)
If I sustain this level of trading and withdraw 100% of my profits, in the next 10 months I will earn a salary of $33,760……right on target! However, as I want to increase sustainability and reduce risk I will be adding further mini goals into my journey which I will outline at some point in the near future.

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Now I know life does not move in a straight line, especially when trading, but ill try my best to follow the above, ill have to come up with my 3rd mini goal but ill see how things turn out after the 10 days

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Yeah, from roughly the same period of China’s history :slight_smile:

Hope your system works!

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You can still do that! Do a daily or 4hr screen grab of that time period… It’s always a great learning experience understanding how a trade was scouted, why a trade was executed and how the decision to exit was made!

Sounds like you made a great trade!

Do I understand correctly that your goal is to be trading from 10 individual accounts? If this is the case will they be with the same broker or different brokers? Will the same trades be spread across all accounts or will specific accounts be assigned specific pairs or time frames?

Wondering if there a specific reason for ten different accounts, seems like a lot to manage?

Good luck! You are off to a great start!!

FR&L

Someone told me “It’s all about capital perversion.” I guess it is if you’re successfull beyond imagination.

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Thank you,
the percentage gain I made wasn’t on just one trade, it was made up of a few trades some winners some losers.
so getting pictures now is a lot of effort (sorry to sound lazy) but going forwards ill try and remember to snap a picture, but sometimes I might forget because I get too engrossed in the trading activity.

well my main goal is to reach 30k within a 12 month period, and to reach that goal ill be setting myself mini goals to make the task an easier journey. And the reason why iv chosen to divide my funds between 10 accounts is because I have a much more level head when trading smaller capital.

So I will be using the same broker for all 10x accounts I will be taking the same trades on all accounts and ill be using a multi terminal to manage all the trades so not really that much effort.

Ta

BTW my trading style is very different from many many traders on here, so don’t be too taken back by my trading style, all that matters to me in the end are results

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First deposit in, just waiting for the other 9…

ill update on Friday with my profit / loss

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I will watch with interest.

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I know I said that I would update this on a weekly basis, but I thought id let people know that there has been a change in plan.
Originally I was suppose to start my 2nd mini goal with 10x accounts, but as lady luck would have it, my brokers (InstaForex) multi terminal has not been connecting my accounts for the past few days. I have tried to call them and web chat them with no joy; therefore going forward there is a 80% chance that I will have to trade only one account :frowning: (sad times)
Im still between two minds whether to put all the 10x accounts into 1 account, or if I should just start with the £50 deposit with one account ……

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Not heard of that broker. I use Jafx.

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this will be interesting to watch. Do you use a price action strategy at all? Just curious

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nothing particular, I just try and trade “weakness” in the market, but I use price action to verify that weakness

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I’m surprised the negative Nancies haven’t invaded this thread with a vengeance, but I too am looking forward to seeing your progress reports.

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I use same broker. Still trying 2 compare dem wt other brokers.

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sorry for a somewhat late reply, been busy visiting family, so no time to update.
my broker has not been able to fix the problem with the multiple accounts, so that’s really thrown a spanner in the works. so decided to withdraw the 9 out of 10 accounts, and start again from £50. will post maybe one or two pictures.

So the temporary plan of action is to trade 1x account @ £50,and ill trade that until I hit £500 (on or around) then hopefully in the mean time I would have found a broker that allows multiple accounts, and has a mt4 multi terminal

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@LaoTzu ,

How is the account going?

would be interesting to see how you may have tweaked your plan since you’ve gone live.

KC