Hi, my primary objective is getting net 6 pips per day. Sounds easy, but believe me it’s NOT.
With the first trade to get 6 pips, this only happened about 40% of the time. If I have losing trades it might take even 15 trades to get the net 6 pips.
I’m not a new trader, I’ve been trading for many years. But this new phase started mid October last year. I had exceptional results. Started with $500 in my account, risking initially 7.5% which got reduced as the trade moved in my favour. Very high risk, but I wanted to advance quickly… The 6 pips was 5% profit.
So far I had 866 trades in 114 trading days. In the first 3 months I withdrew $23,000 from my account (not all at ones), BUT in the last 3 months I had to put back $7,000.
As I mentioned above, if I have losing trades (the first one is not a winner) I trade until I have my 5% or YES, I go bust. This happened 19 times. Mostly because after 3-4 losses I double up my risk to make back the money and if I still have losing trades, I could lose more then 50% of my account.
19 times I managed to make back the lost money and make at least 5% profit same day. 10 times I couldn’t do it by this method, mostly because the market didn’t move much that day and I run out of money to trade at such a high risk.
This month I reduced the risk to 3% and going for 2% profit per day. This way, if I need to double up I have more room to play…
I trade the EUR/USD 5M, 1M and the method is to get in the direction of the price after a turn.
First trade winner,
Losing trades, doubling up and making back plus 2%,
Past trades with withdrawal,