Chasing my forex dream with $2000

Hello Everyone,

I have been demo trading on and off for past 4 years and never managed to make any profits. Every time i started, i managed to move my account into red.

Few months ago, i made a promise to myself that i will properly start learning forex and make atleast $10K out of $2000 before 31st December 2019. i have been watching you videos and completed baby pips course couple of times along with 2 books to improve my knowledge and trading strategy.

I have managed to double my demo account from $2k to $4K in about 1 month time and will be using same strategies in live account. I must confess that when i am in the green, i use my strategies wisely but when i start loosing trades that i tend to increase volumes and end up hurting my balance.

Will try to post couple of times a week here as i am a part time trader with a full time job.

Happy trading.


Just an update from last week…

I managed to make $500 in EURUSD trade with risking about $60 followed by few more trades in first 3 days… However, i end up getting down to $800 total account value after GBP trades turned around. I guess this loss is mostly due to my poor risk management AFTER hitting stop losses on these trades.

I have now recovered $400 that were lost on Thursday with my total account value currently at $1200.

Hoping to take this value back to about $1700 mark this week.

1 Like

may i suggest you to try and risk a fix % of ur account on any 1 trade? calculate where ur stop should be first, then calculate that risk to be for example 2% or whatever procentage u wanna risk of ur account and always go for atleast 2>1 risk reward ratio(that doesn t mean that the trade moves for u then u let it go against u, u move the stop at breakeven as soon as possible let s say at 1>1). if ur doing something right, meanin u win more then u lose no matter the win rate(as long as it s above 51%) then ur 2% risk will increase with the growth of the account. another thing that u could do(that is if u journal ur trade) look at all the losses, at what time they occured, why, what kind of setup was it if there was a setup, how did u managed the trade etc… and, make some rules out of all these losing trades in order to cut ur losses(ofc if u gonna respect them). for example, after 108th trade, i saw that most of my losses were after 5 or 6pm when volume starts to die off, so i made a rule to stop trading after max 6pm. this should fix the problem of u increasing the lot size while ur losing, so that should defenetly be a rule>do not revenge trade>… u lost a trade, do not move ur stop, move on to another pair, setup etc (never ever move ur stoploss). U should write these rules down and read them everytime before u want to trade, it worked for me. the only way u can increase ur win% is by cutting ur losses, so if u do that, u ll have less stress while growing the acount. cheers

It’s common mistakes to take higher risks in order to recover fast. But it won’t happen because trading without money management is a disaster in the long-term

money management is very good skill which always supportive to avoid risk , but it for all time cannot protect you , becasue market is unpredictable most of the time.

Money management isn t a skill, it s a tool u should be applying while u exercise that trading skill. moreover, market is most of the times predictable, except wars, hurricans and whatnot(high impact news, but even those can be traded).
If u don t know what ur doing or ur not sure, don t give advice, there s a lot of people talking crap and giving opinions on here that have no idea what it means to make consistent profits in forex.

its a good reply with nice information.

Hi, what strategy are you using?

If I understand correctly, you went from 2kUSD to 2.5kUSD in 3 days with 60USD risked. Then took “a few more trades” (risk?). Then you lost 1.7kUSD in GBP trades. Then +400USD to NAV of 1.2kUSD.

If this is right, you may be over-risking. 3:25 (60:500) is very ambitious P/L target ratio. If you get that consistently where your edge is positive (%gain a bit higher than %gain), you’re going to make money.

Since you’ve been trading/learning for a while and have your demo account stats, you should be in a position to calculate whether your edge is high enough to sustain the trade size you’re taking.

I don’t have enough information to know with any certainty but the size of your NAV fluctuations appear to be too large for your account size. A 1-2% risk per trade is generally considered “good risk management.”

I hope the losses don’t dampen your spirits @PipfinderAK! :slight_smile: I wish you all the beeest in your trading journey! :smiley: Good luck!

i hope you achieve your dream man. just don’t let emotions overpower your strategies. great going till now. good luck!

Good luck!
The best you can do is to keep a dairy that lets you track your trades, you can refer to what moves, strategies worked for you and gave better results. In real trading, you can replicate them and yield better results.

Oof. That sounds like a pretty crazy drawdown there. Hope you have a better way to manage your risk this time! :slight_smile: Looking forward to reading more updates from this thread! A $2k account sounds like something really doable too!

I think that’s fairly a good amount to start with. I can actually expect a good return.

The way you’re going, this account will be blown soon.