Haven’t been doing much with trading at all the last few months and been focusing on online biz, but was on vacation the last 2 weeks and decided to have some fun.
I figured I’d start a follow-along here just for sh!ts and giggles. I’m not making any promises, you might see me make a lot of money or you might see me lose it.
The following is from my blog:
Forex Trading Strategies - ForexHabits.com I’m Back – After 7 Months
I’ve been in Thailand for the last 2 weeks on a mini-vacation and during this time I decided to have some fun and put $1000 into a trading account. The result is $2744 profit in just 3 weeks.
Now before you start projecting this kind of return forward, there are a few things I need to mention.
1 – I based all my trades on technical analysis.
Technical analysis is still the cornerstone of all trade entry and exit decisions.
2 – I totally disregarded safe money management.
I was prepared to risk 50% of my account with the first trade ($500). This comes very close to gambling, but since I am pretty good with technical analysis, I’d call it calculated gambling (but it still has a big risk of loss).
Now that my account is a bit beefier, I’m not going to continue with the same risks. If I would, yes it means I could grow the account to $9000 in the next 2 weeks, but I could also blow it all and that would be sad. So instead I’ll be reducing the risk to $400 per trade, which is still high as a percentage but not as risky as before.
I have been using the mobile Metatrader app which is really awesome because it just allows me to move around and do everything I want without being glued to my screen.
Here is a screenshot of my progress and trades
The most important metrics from my stats are:
1 – Maximal drawdown was 31.2% (still too high for my liking, but okay)
2 – Winning trades is currently at 72% (18/25 trades were winners)
