I have a general answer to my question but there honestly isn’t any historical facts behind it nor any noted opinions from my fellow traders here at BP and others at FF.
My question is how do I know I’m successful? I ask because I was trying to figure out when I should begin to load sizable funds into my account to produce a secondary income for myself. How many positive months should I have with my small-money account before taking the next step?
Aug was my first month back after revamping my strategy and the rust showed. I missed out on great trades in the Pound by fractions of a pip, others within a few pips. I outright lost some bad trades, but I’m still positive at +2.6% with a week left. I’m confident going forward but didn’t want to do anything drastic. I thought 3 solid months in a row of +5% or 5 months if I dip into the 1-2% range. Maybe others have been in my position and could shed some light.
Thanks
Why do you need to “load sizable funds into your account”, over-night, all in one shot?
If you presently have a $10,000 account and want to “load” 50 more, why not add 12.5 each month, for 4 months, after a set period of consistently profitable months?
5% / month to some is going to be absolute success.
5% / month to others is going to be failure.
You need to define your own level of success by setting realistic goals and striving to attain them.
I agree. I view success as consistent growth but like you said, the actual size of the growth varies. 5% is attainable in one trade so that being failure to some is completely understandable to me.
Information about FX outside of strategies and psychology is something that’s hard to grasp. The whole “95% Fail” followed by the “1000% growth in Month” followed by the “Day Trading isn’t Profitable”. I’ve seen all the contradictory messages. Not many ideas in this business are strictly formal besides preserving capital which probably explains my ignorance of what success actually is.