Did you see history charts? I was making plenty of income before drawdowns happened - I described earlier why they happened. 
As far as I understand you (with my Englishā¦) I have to say that I train to start over with $1500 account - such amount of money (thatās my monthly incomeā¦) I will save in 2yrs. So, I need to play a little more aggressively. Usually I risk 4-6% of my account (mental SL). Loosing 10% of account gives me red alert and I need to take a break for a day or two (or a week). And I focus on Gold/XAUUSD only.
Ok, so upon closer looking of your 3 most recent losing account
They all ended with the last trade being your biggest losing amount: -93%, -80%, -98%
This 3 ādrawdownsā as you call it happened in one tradeā¦ If you are able to lose this much of your account in 1 trade, are you telling me you do not think you will benefit from a SL?
Maybe I could give it a try, but what for if I set it mentally and watch my trade until it is closed? It would be stressful to me waiting if market hits my SL or not:) If I see clearly that market is against my position than I close it instantly, but when I see that this is just small correction then I wonāt close my position even if it goes for -20% of my account. Also other requirements must be met here - but you get the idea (no macro announcements, indicators confirming what I see).
Thereās of course another problem when you trade at work and trading is not your profession there - thatās why sometimes drawdowns happened to me. Now it all stopped because my boss locked the net and I cannot trade there anymoreā¦ I think about changing my strategy - setting awaiting positions in the morningā¦ but I feel it wont work because of macro data that usually change everything. Better I try to trade at lunch time using my old proven strategy and choosing carefully the time for it.
I left those trades alone because: 1. my boss came in to my desk, 2. I got bored with demo, 3. Sometimes I try another strategy (because itās demo). In another thread somebody said that this is always demo and nobody cares of loosing money there. Thatās why I ask you: are my results good enough to go live with mini account? What do you think?
The results do not look too bad, steady increase in profits, but then at the same time i have not been in the game long enough to judgeā¦ The only thing that stood out apart from the last few losses, were there were a few that lost you sometimes 10/20/40% of your account, just work on trying to cut your lossesā¦
Demoās are great to use i think as long as you treat them as a real account. Im still demo stages myself but i treat everything including my starting balance of what i will realistically start with when i fund a live account. If you find you do not care about your demo, then maybe start off with a [I]small[/I] live account with real money - that way you will feel the psychological wins and losses when you tradeā¦
Good luck!
Do you have any blog I could read about your results? Please share it
I havenāt got one up and running atm, but iāve been meaning to setup a myfxbook to help myself monitor my own progressā¦
Iām still working on becoming consistently profitable every week, iād like to have a good grasp of the markets before i plan to go live account
Itās all relative on how you actually achieved those returns.
I have seen a lot of demo account traders brag about how good they are then they start trading real and start losing.
I would start trading real money once you know the following:
-Your method to interact with the market and exploit it. It must be time proven to the point that you feel comfortable trading it.
-Good trading philosophy and psychology to drive your methods. Such as discipline and patienceā¦
-Good money management skills
Then go live. If you donāt have the above 3 things at least. The market will crush you.
Most beginners are so eager on making money that itās the base of all there trading problems. YOU MUST learn the above 3 things before you even think about the money. And when you go live still think about those things and not the money. You think about the money before everything else. BOOOMMM the market will rush you.
Your plan should go like this
PSYCHOLOGY>METHOD>MONEY
But most new traders think like this
MONEY>METHOD>PSYCHOLOGY
The markets are dynamic and they change from one state into another state with time, so a particular trading style/technique may bring good profits during one time period but starts losing its edge once the market dynamics changeā¦Hence the need to be aware of the strengths and weaknesses of any particular trading techniqueā¦
I study in this community about the trial or stay consideration. Which do you want to trial consideration or stay account? I think trial consideration is a good way for learn and exercise our trading action. Live consideration is full of challenges
Honestly, its a good questionā¦you need to look at the answer this way!
Form every trade you need 9 wins 1 losss. If any of your wins did not have a stop loss at a maximum of 20 pips or below then they should not count as a win. Becuase if you got a win that at one point was more then 20 pip negative with money thats a lossā¦as you cant win with poor money management
I like the approach to take a small amount, like 200 bucks, and just trade very small increments live after youāve learned your system and committed your trading plan to heart. Trading live is much, much different than trading with play money. Even a small amount will help you get acclimated to the potential for real gain and loss. Developing the right psychology is probably the most challenging part of successful trading.
I also read a point of advice where the writer suggested that whatever you want your starting balance to be live, actually start with a 1/5th of that and see how you do over about a six month period. That way you donāt blow your account out on your first foray into live trading.
I agree with you to take small profits, how many trades
have you seen go up to 150 bucks and more and pull back to negative or you end up taking 70 bucks when if you got out took the 200 you could have entered at the same price again for another 200 before the pull back. So the key is momentum. If it does not take of like a rocket, chances are you can enter again at the same price and double up on profit. Another thing, for break outs you never know if its going to be short or long but you ptretty know where the break out will be for. Just front run those short and long with a stop loss, you hardley ever loose on that way,
Look at the recent break outs from consolidaition on USD vs gbp and euro and cad. honestly i target 5000 usd a month which is good for me. I only take 6 trades a month maximum and most months less trades using the above break out system. ECB is the best. I been trading for a living since 2006 and have managed to pay the bills. I am still long on USD GBP and long on USD Euro. If I trend trade then typical 1 2 3 entries and engulfing candlesā¦most important never play the pull back thats for order flow you will get burned if you do not have order flow data. On trend trading its all about the fibs if the price is in your direction which should always be with the trend. If anyone is interested in knowing how to make forex a living for dummies then i will post some charts. Oh never trade JPY the BOJ will turn you to sushiā¦AUD is the easy currency to trade. If your a new trader just starting out with real money, make your first trade the a buy lowest last to years or sell highest last 2 years with a stop loss. if price takes off then forget all the rest just hedge against it on any pull backā¦
thats true for all currencies but not aud usd when aud is long it for 3 months and when its short its pretty much the same and it always right on the fibs
however it was a bit choppy in May
That is a sound advice, trading with a small fraction of your initial capital.
I believe there are more traders who lack discipline than those who lack the money to trade with.
I donāt think this should be based on a dollar amount but rather how many days a week or month you are trading in the demo account profitable. One last note the losing days even if it was one day must not take back several days of gains.
its not how much you make, but that you make a consistant profit