I want to document if I can make $1000 from a $100 account.
Deposited $100 AUD ~ 98 AUD after charges
Opened a position 17/11/14 short AUD/USD 0.87832 take profit 0.87650 = $8.04 (closed)
Opened 17/11/14 EUR/GBP 0.79858 short -> currently -$5.00 AUD. Have no stop loss only take profit at $5.00 AUD (0.79816).
So I guess I got luck today.
I took profit at 0.79795 = $8.42
So started today with $98.20 and ended up with $113.02
Gotta sleep, tomorrow I think AUD/USD deserves a short
any link to myfxbook page, perhaps i can made a short brief or minor suggestion based on your trading statistic.
is trade on aud/usd only ?
or do you plan to trade with another pairs.
:41: Good Luck. Remember the rick is in measuring risk and no one ever went broke closing a trade in profit.
Gp
Today is a painful day, open a short position EUR/GBP @ 0.79597. It wasn’t a very well thought out trade.
It’s been running at a loss all day, will keep it open until the British consumer price index news and see which way it goes. Based on the news on the internet I expect the news not to be in my favor.
Cannot post a link to myfxbook as I have not enough posts as yet
This is going to be an interesting test.
I have read in many threads that it is difficult to make any kind of cash with a micro account. That kind of puts me off so I hope to learn some things from this thread…providing it goes the distance.
Good luck blakhawk!
Patience and discipline is what will make a trader or break the trader. If you are using a trading method that on the balance of probabilities will give you more positive results than negative in the long run and you’re using a money management plan that protects your account balance while at the same time adding to it again based on the probabilities, then all you need to is work your method and money management with patience and discipline. The smaller account balance you start with, will require you to become a master at patience and discipline.
When it comes to tests it’s like any strategy; some win some lose; the important part is, the trying. If he wins then he should keep on what he’s doing with an eye to improving; same as if he loses.
Good Luck to both of you and think long term
Gp
Yes I have noticed that a lot of patience is required when trading with micro numbers. I am on a $500 demo account and try to stick to $0.01 trades [B]but it is hard[/B]!
I mean sometimes those tiny cent gains just do not make it seem worth my while. Having said that, it is teaching me to be patient and to look long-term to gain my account over time.
Anyway, I look forward to your next report blakhawk.
That is exactly right and why you need to have super patience and discipline. It’s hard to think long term when you’re dealing with a few cents; but that’s one of the biggest reasons most blow their account. You have to stay focused and bring your best game, no matter what you’re dealing with.
Dont trade with 0.01 size lots it is a waste of your time imo. With a 500 account you could trade at 0.05. Depending on the situation of course thats the good thing about forex is the amount of levverage you can use obviously the more leverage the more risk but at the end of the day everyone trades forex to make money.
What size trades are you doing?
Interesting… That give me an idea… with my none MT account to see what I can do.
Yes I can trade at 0.05 but with the little knowledge and experience I have right now I would blow my tiny account in a few weeks.
Eventually…as I get better and more knowledgeable I will take bigger risks now and again with 0.05 to test the waters and see how things go.
Will definitely be following your thread; I believe thats an achievable goal, have no guts to test it myself though; good luck
As expected the news did not favor my position and lost big on the trade (-$60.00). Need to be smarter in my loss management as this was a huge stop loss and was silly really.
During the day crawled back half the losses and am currently on a long GBPUSD trialing profit stop.
See what tomorrow brings
Stay sideline during news events. If you don’t have experience there is a high probability for heavy losses.
Oh okay whatever makes you feel at ease. its just that iv tried that myself and when your trading at 0.01 etc the profits are so small the time you take out to look at forex isnt worth the reward. You may say your learning and it will pay off in the end but forex is pretty random you will still have wins and losses in 20 years time. im not saying you cant become more skillful at forex with time but i think your see yourself anyway in a few months time.
I’d say stay small at first. If you are doing ok (slowly increasing capital %), go ahead and increase the lot size by .01 and continue.
Yes, it will be boring at first, but if you are slowly reducing your capital, you will hopefully notice you are losing more than gaining and need to adjust your trading style.
As your capital increases, so can your trade size naturally increase along with it, hopefully to a level where the numbers start to mean a bit more. If you do this and are trading successfully, it will be obvious the plan worked. If you aren’t it won’t be due to having a small trade size, it will be due to not trading well.
Good luck.