I was pointing out a successful trader with results that go all over the place from month to month. Not all traders trade like David Druz though, I would never been in a position that I have 40% draw down. While his results are an extreme case, they do illustrate a reality of trading. You wont be making a consistent X% per month. Some months its 30%, some months its 1%, other months it’s -5%. You either need to accept that, or stop trading.
And you wont be turning £2,000 into £2,000,000 in a few years. That is not how it works.
You came in with very high expectations. Probably fueled by bull**** ads and scams. What you thought was Forex clearly wasn’t. This is a hard business, it takes work, patience, and a lot of perseverance. It also takes a sensible and well thought out approach…
And I have been nothing but honest to you about that fact… even to the point of stopping you from buying my course. I honestly feel like your expectations are way too high. You need to take a more realistic approach to trading.
Here is a plan for you to follow if you want to actually make a go of trading.
I suggest you stop trading live as you are not ready for live trading. Real traders protect their capital, and you are currently losing yours by trading it before you are ready. I also suggest you create a bank account for your trading capital. You set up a monthly direct debit of whatever you can afford.
Let’s say you start with $2,000 in the account. Set a direct debit of $100 a month, and stop live trading. Switch to a demo account for 3-6 months. At the end of those months you will have more trading capital for a live account, and you will be better prepared.
As for your demo trading, I suggest you take a systematic approach to demo trading.
- Pick a strategy and set a trade goal
If you go with my strategy set a trade goal of 50 trades, and demo trade until you hit 50 trades. Record every trade in detail in a trading journal. Your journal should include every detail you can think of about the trade, including your feelings towards it, your confidence in it, and your mood at the time of entry and exit.
The point of setting a 50 trade goal is to give you something to work towards. But also because 50 trades is a nice amount of data to analyse.
- Data Analysis
In a few months when the trades are done, comb through your trading journal, and see if you can find similarities between your losing trades. For example, a large percentage of your losing trades were on JPY pairs, you may want to stop trading JPY.
You should use risk management throughout this 50 trader period, keep your risk at 1% or lower. Use a position size calculator to make sure your risk is within your limit.
Your first few months of trading should not be about making profit. That is a pointless waste of time. It should be about data gathering. You need to gather data on yourself and your strategy. The data you gather is powerful, it can be analysed to figure out what you can improve.
Or you could keep doing what you are doing now… but that does not seem to be going well for you.