This is incredibly insightful, thanks for sharing!
I am a very new trader. for 6 months i began saving, reading, learning, and trading demo. Finally after 6 months i proved profitable on the account.
My strategy was to start at £500 and trade to £1000. reset to £500 and repeat until i did this 3 times consecutively. After this i began with £500 real money. The plan was to withdraw £500 once i made my £1000 to return my initial invetment and trade away risk free, pulling out £1000 every £2000 earned and so on then going to £4000 etc.
In the first month i was gutted. I lost £280 in the first 2 weeks! and was left with £220. All that planning, strategy and excitement just blown out of the water in 2 weeks, it seemed like my dream was over and i had no idea why (until i took a step back and assessed.) SO… (and some would say this was pretty stupid to do because it’s the beginning of a bad spiral) - i stuck another £400 in, so my total input was £900, my £500 strategy was out and i had to rethink things. but for the next 6 weeks things have been consistently great. averaging a 3:2 win/lose ratio with an average of £3-9 losses and £15-£20 wins.
over the next 6 weeks i managed to break even, bringing my account back to £900, which i’m very happy about, i feel as though i’ve learned so much about the mindset of trading real money and the differences in leverage capabilities etc and have shifted the way i work so that i am now once again (just about) profitable.
What i found really surprising is that you think with X amount of cash you can double it in a year, but it’s more risky to do that, and even it’s really behind what i’m averaging so far, about £10 a day/£50 a week/£200 a month, which i thought was modest since it was way lower than the profits on my demo account. I’m set to double my money in less than 5 months if things keep going the way they are. or 6 months with some drawbacks.
To me this seems reasonable… but i’m a newbie what do i know? literally i’m not being funny, i’m new to this world. I find it worrying that i find a 5-6 months money doubling speed acceptable where a very experienced profitable trader would consider that high risk and probably unsustainable? it makes me think my goals are unrealistic but i don’t know what to do, since it appears to be working? Learn the hard way? I hope not
(EDIT: the trading app i’m using currently doen’t support the use of indicators, all my decisions so far are purely chart based judgement calls. Not sure what to make of this either)