Challenge for newbie: $300 to $3,000

Trading Discussion Trade Journals
#1

Hi newbie,

I open this topic to challenge myself and if you want to join, you’re always welcome. I will update the result every Friday night (after closing the last trade). I’m not sure how far I can go but just want to see what I can do.

Happy trading!

7 Likes
#2

Stay focused, I have done this myself lots of times.

Remember, look for one good trade only then repeat.

3 Likes
#3

Thank you @PhoneticNachos for your comment.
Can I ask how many times did you get the target?

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#4

More than 6, less than 12, maybe 7 times? It was now five or six years ago.

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#5

Ooooh! :blush: This is interesting! :smiley: So this will be your trading journal of some sort! :smiley: It probably would take quite a lot of time before you get to $3k, but I hope you’re determined to get there! :smiley:

3 Likes
#6

Thanks for your comment, @ria_rose

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#7

Ooh exciting! How will you do this? Will you post each trade you take? :slight_smile:

2 Likes
#8

Hi @ponponwei,

Currently, I’m planning to update the result at the end of week, if I have time, I will add more information for each trade.

2 Likes
#9

Hi,

It’s around 1 month when I first posted my challenge in this forum. I was planning to update my result every week but I was upset a little bit about my lost in a couple first week so I didn’t have any activity on it.
Today I have done my target early so I don’t need to trade at night time, let use my rest time to write something here for myself and for someone that is interest in on my topic as well.

  • I trade with all major currencies (USD/JPY, GBP/USD, EUR/USD, AUD/USD, XAU/USD, USD/CHF, USD/CAD)
  • My profit target for each day from: $10 to $20 and the size is 0.01
  • Maximum lost each day is 5%. I use reward-to-risk ratio is 2:1 and if I lost 5% then I’ve done for that day
  • I usually trade from 10 or 11am to 3pm then from 9pm to midnight including reading news, books, topics in this forum.
  • My main frame chart is H1 and 5 minutes => I want to move up to H4 or daily chart but I think I need more time since for a long time I feel comfortable with short time frame. Need more time to practice on higher time frame.
  • I take around 8-10 trades per day => I’m thinking about reducing the number of trade to 3-4 trades per day.
  • After checking on my history, I see I did better about Risk Management

Here is my result for last month, it’s not much to someone here but to me, I have tried my best and hard working for a month. And I know I have to learn and practice more and more.
Thank you for every comment in this forum and I will continue update my result.

30_09_2022_Balance
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2 Likes
#10

I support this move and look forward to reading about what you’ve learned trading shorter vs. longer time frames. :slight_smile:

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#11

For a beginner, such a jump is quite difficult. In my experience, this can be extremely difficult.

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#12

Thanks @ponponwei!
Sure, I will update my progress about moving up to higher time frames if it works to me, :slightly_smiling_face:

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#13

Yes, it’s not easy even though I have been with Forex around 2 years (I’m not fresh newbie). I’m doing better about risk management and I’m going to manage about overtrading to protect capital.

#14

Hi,

Here is my update for the result from 03/10/2022 to 07/10/2022. I got the profit in 4 days from Monday to Thursday and Friday I lost $3.78. Total is $86.57 for the week.

Balance_08102022
Balance_08102022701×151 1.69 KB

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#15

Well done! You’re making good ROR!! That’s the important thing

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#16

Thank you for your encouragement, @Blue2.

#17

Wow that’s pretty good! Keep that up and you’ll certainly make it to long term success

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#18

Thank you for your encouragement, @jennyjones68. I hope I could reach my target someday.

#19

Great job!! Keep going!

I’m also curious about the shift from H1 to D1.

That’s great that you’re managing risk better. What helped you improve that?

How are you doing strategy-wise? Are you following your strategy’s rules or are you breaking them frequently?

1 Like
#20

Thanks for your encouragement @dushimes!

Well, I had a lot of bad experiences in the past about big lost so I always set Stop Loss for every trade and try to limit the lost for each trade like I don’t wait for my trade to hit SL, I cut it early if it has some signal against to my way. These bad experiences like a nightmare to me, and I don’t want it happens again. In one of the book I have read, it said that: if you want to run your business, the most important thing is you have to protect your capital, you may not have profit or you can lose a little bit but you have to protect your capital to continue run your business.

I always follow my strategy but sometime, just some special cases, I didn’t. And I know it should not like that.

2 Likes