Just wondering if anyone can still remember how much their initial trading account was and how long it took them to actually start adding more money into it.
While I haven’t lost my account yet, I also haven’t gone anywhere. My account is usually always within the breakeven level. Either slightly above or below it, which I guess is SOME progress as I haven’t blown it yet but still.
Is there anyone here who started with a $300-$500 account but is now trading anywhere from $2k-$5k?
Hi ponponwei, interesting question. I think it was around 2007/2008 I did the school of pipsology, how time flys lol. I referred a friend here a few weeks ago to do his initial homework before I show him the ropes, the school is a good starting point for the new, even if it’s just to learn the basic terms etc, I was checking up on his “homework” when I first seen your question about prop firms and then this one. Anyway as I mentioned earlier around 15 years ago was when I first went ‘live’ starting account was £500, like you mentioned above I stayed pretty level for maybe 6 months or so, small losses and small gains, at the time (in hindsight) it was down to the fear factor, i always kept a short SL but couldn’t handle being in profit and would keep cutting my profits far to early. The change from demo to live was a learning curve, even with a small account, example in demo I would go into a trade, set a stop loss, go to work come back 10 hours later and either be stopped out or have a running profit of say 100pips ( back in the day when we only had 4 points) easy peasy ehh ? Watch that live and it’s a different scenario ( well it was for me ) took about 9 months to a year before I was confident in my returns to add to my account ( that I would proudly add was never blown) anyway to answer your original question, I started with £500 added to it over the next couple of years and including profit made got to a £20,000 trading account in about end of year 2 after adding £5000 in total to the accounts. Maybe not the wham bam be a millionaire in a week you read about but I knew that was bollocks anyway lol. I’m 56 next month and semi-retired when I was 48 due to trading. Am I one of the 10% seems so, Am I millionaire? no but I do make a good living from trading. I wish you all the best. I will leave you with this advice. Intraday trade ( who with a £500 account can trade hourly charts unless your 12 and willing to cash out when your 95, set up A clean chart ( every indicator is just showing you the same thing in a different funky colour) pick 1 just for direction ( let’s say a simple moving average, any number but pick 55 lol)look for a retracement hitting MA, use Pivots and support and resistance as exits. and just look watch and learn, spot the patterns, keep SL really tight and let it run and be one of the 10% good luck.
Holy crap. My inspiration! How much time were you spending trading each day during those times?
Thank you so much for your very detailed reply. This question was posted 3 years ago with absolutely zero answers. I’m grateful you took the time to reply to me IN DETAIL!