I have been trading actively for 2 years and after a huge commitment of time and effort, I have been able to trade profitable - consistently!
You may find that my story sounds similar to yours.
I started off my Forex journey in the same way most people do - starting with a small account, trading sensibly and making a small profit before over exposing to try and make more money which blew my account.
I realised after a while that although I was able to make a small profit consistently, I would never be able to earn the amount that I wanted with the size account that I had.
I have completed my first funded account challenge and my plan is to stack more of these accounts up.
With a £1,000 account I would only be able to make £30-150 per month with a gain of 3-15%. With a $100,000 account (funded account is in $), I can now trade the exact same style but make $3,000-15,000 per month. Although I only get 70% of this, my losses are covered by them and it definitely beats risking my own money for smaller gains!
My objective now is to help new traders avoid the many mistakes I made when I started out trading Forex.
Please feel free to ask me any questions you may have regarding anything Forex related and I hope I can be of some use
Aww. That’s so nice @RingerFX. Good luck with this and I hope you get to help a lot of newbie traders here. I was just wondering, how long did you trade using the small account? Thank youuu!
I chose the FTMO broker and have a $100,000 account with them. I would like to stack up a couple more and get the maximum $300,000 maximum size.
I understand why people may be unsure about prop firms with most requiring an extortionate subscription fee to gain a small account. I had the same problem earlier in my trading career with TopstepFX. I wasn’t too impressed to find out after spending hundreds with them that by passing their challenge I would have £300k in buying power because it was actually a £3,000 with 100:1 leverage!
I had a few traders recommend FTMO with me as I didn’t want to risk my house deposit trading my own strategy and have found the experience with them good so far. I passed the challenge first attempt and got the initial investment refunded in my first payout
I’m guessing you must know a little about FTMO to know that they offer different brokers?
I traded for a year with them and blew a couple of small accounts! I mostly found that the first month I would be ultra disciplined and make a profit to go and get greedy and make losses from that point onwards. Since trading a larger account size I’ve found it much easier to stay disciplined and have been consistently profitable!
@ontario I am a day trader and hold trades for anything between a couple of hours to a few days. My strategy is based around a few different techniques/patterns but all require market structure confirmation before entering a position. I only trade minimum 1:2 RRR with 1% risk per trade and maximum of 5% total exposure
I won’t try to big myself up to you and hopefully you’ll find in time that my actions can speak louder than my words!
It’s very kind of you to offer your expertise to newbies like me.
I am still trading in a demo account using strategies learnt in an online course. Like you I am based in UK. Are there any taxes on profits from Forex trading?
Also how does the current market seem to you? Do you think the pandemic and oil prices have an impact on Forex market?
Hi @P_Trader, I think that’s very sensible trading on a demo account for now. It depends on how you trade but for me yes it is taxable. You may find this following article helpful to see when you need to pay taxes on Forex trading.
It goes without saying that we are going through a strange time and so the markets are a little erratic at times - but definitely still possible to trade in! I made my first weekly loss last week of 2% but I’m up 2% so far this week and up 12% overall for the month. I won’t go into to too much detail about oil but yes absolutely it has an impact! I’m sure you read in the news about how the price of oil dropped to -$37 per barrel at one point and no that wasn’t a glitch in the system. Although a production cut was agreed at the OPEC+ meetings last weekend, the price of oil hasn’t come up because of the global lockdown from coronavirus causing a huge drop in demand for oil. The demand for oil has dropped so much that the suppliers were close to filling up their storage and therefore were paying oil traders to take oil off their hands!
The knock on effect of this is on countries that export a lot of oil and where these exports make up a large part of their economy. Canada and Norway would be good examples so you would be looking at weakness in the CAD and NOK currencies.
Hope this answers your question!
@tradeforex077 I couldn’t use the same broker I used before trading with FTMO but when they offered different choices I did my research and their personal one seemed like a good choice. They setup the account and give you the login credentials. Obviously the account has to be linked to their algorithms so it can close my trades if I start losing more than the 5% daily allowance!
I saw a thread about blufx but personally don’t have any experience with them so didn’t get involved in that one.
@ponponwei No I am definitely not an ad for FTMO!!
It’s good to hear that you have started your journey in trading Forex!
My first bit of advice would be to test your signals provider first. Start off by trading their signals on a demo account and see how it goes for a month.
If it goes well, then you can consider trading with real money. The best bit of advice I can give you is to have a risk management plan and ALWAYS calculate your risk on every trade.
Do not assume that because you are following an ‘experienced trader’, ‘guru’, ‘expert’ etc. that they will be correct with their trades. Trading is a game of probabilities so even the best setups will fail frequently!
Let’s assume you have a £2,000 account, I would suggest risking 1% of your account per trade with a maximum exposure of 5%.
To calculate this I recommend using a pip calculator from your broker. When you first receive the signal from your provider, work out how big the stop loss is in pips. Let’s say as an example that the stop loss is 50 pips. You want to risk £20 as that is 1% of £2,000.
You want to divide £20 by 50… 20/50= 0.4
In the pip calculator, change the lot size/volume until you get roughly 0.4 and then you will know what position size to enter the trade with.
I hope that makes sense to you and good luck with your trading!
hi , i have tried a few signal providers and non of them were as good as they made out , infact they are worse than my trades (at the time) i have no learned to trade much better and found that signal providers are a bad distraction for me , for example i might have an idea for a trade and reading a signal providers signal could sway my judgment so now i find the least influence i have the better my trades , also i think a problem for a lot of traders is ’ dont have unrealistic expectations ’ just take a part of the trade and dont tray and get every pip out of it . a bird in the hand is worth two in the bush ’ hope this helps -steve
That’s so nice 
I was just wondering, how long did you trade using the small account? 
