Hey, I’m not here to sell you my strategy nor pitch you another way to trade Forex. Everyone has a different perspective on the market. In my opinion there are 2 ways to make money in Forex, the fast way, and the slow way. I like fast cash, I have no patience, therefore I trade daily. I just started to read about Forex 1 month ago, and I started a demo account and finally went live on 9/27/11 with 10k starting. I have a goal to reach 10k-20k a month. I have synced my Live account with mt4pips.com. I like to share my success and mistakes to everyone and make it public, so if anyone has doubts they can just check at my account at mt4pips.com
As of right now, I have no positions open. My P/L is currently at 56%.
Do you mean 10-20k a month immediately, as in earning that from a 10k account, or do you intend to build the account up to a higher sum, say 50-100k pot, and then make 10-20k on that? Not trying to be combattive, just not clear from your original post and it makes a lot of difference!!
I went over your mt4 numbers in trades, and some trades with losses of 4k+?!
That’s 40% of the initial account balance. It also looks like you’re closing trades early scalping for 1-5 pips, a few longer ones for 40+ pips. But for the most parts your losing trades are for double that, one losing as much as 90 pips.
I understand your goal of achieving a certain return per month, but with those two things I’ve noticed, it’s going to be much harder to get where you want.
Just for discussion’s sake, what do you base your entries on?
I struggle with closing trades early myself STILL. But I am getting better as I’m becoming better at trusting myself. The other major thing that helped build that confidence is using appropriate money management. I know you’re thinking here’s another rant about it but just for sensibility, if I can trade and be comfortable taking 30 pips a trade with confidence, down the road I’ll feel confident knowing I’ve raised my lot size and will still take those 30 pips and not get worried after being in there for 10 and closing out.
Hope to hear from you. Hope you reach your goals also; cuz lets face it, being a millionaire these days is just the cool thing to be
Hi Ronak I respect what your trying to do, but with only one month of experience your chances of pulling this off are honestly not good. Who knows though, you might get lucky and get a good run and turn 10k into 100k or more…its possible, it can be done, it HAS been done. I hate to sound conservative but my advice to you would be to take whatever profits you have and withdraw all but 1,000 dollars, and just do exactly what your trying to do but with a smaller starting amount. My fear is that your very first trading lesson will cost you: 10,0000 dollars
