Starting again - after 3 years break - goal 100K

Trading Discussion Trade Journals
1

Decided to start a new trade journal because the old one is just too old. So - Hi all - again - long time no chat. Currently 1 month in, looked at my account and has $12 left from 3 years back, traded it to the max, got up to $18 and then lost it all - not unexpected since i was trading it to the max.

Then added $500 to my account to make back my $18 - lolll and made it back easily and currently Im at about $710

I will be adding more cash but not right now - just first need to get used to things again.
So welcome aboard if you will be following
I also started a demo account again at the same time and set it to 100K and currently i have 118K in 2 weeks
i dont want to be trading with much risk so i will tone down to much more sedate percentages.
Goal for demo account. about 5000/month (5%)
Goal for live - maybe 10% per month

2

I am trading mainly 6 pairs, but most on USD/JPY, next maybe EU/JPY, GBP/JPY

3

Welcome back. Your story is very similar to mine. Took many years off and recently returned to the world of trading.

Hoping you have the best of luck.

4

Cheers - how long have you been back and how are you doing

5

All the best with your return Henry, may the odds be ever in your favor

1 Like
6

Started studying and formulating new Strat last August. Did a ton of back testing through the end of the year, then found Baby pips late in January. I have been doing better than expected, and I give a lot of credit to these forums. I post absolutely everything in my Journal here. My current 8-week experiment is chronicled there starting Feb 24.

7

The daily holding costs are staggeringly higher than long ago when i started trading. So one of the things i will try and do less is keep trades going through weekends. And in general trade less but more effectively. Or alternatively to let positive trades stay open, but its my habit to harvest any gains and not just leave them, though i may need to change that.

8

My goal on percentage profit ranges from about 5% to 10% per month. i have got about 40% profit per month this month so have to tone dwn the risk significantly

9

Not a whole lot of action in 2 weeks. Nothing to report, which is sort of good in a sense, riding out market turmoil without loosing anything

10

Some advice based on my (bad) experience.

Ditch the demo account. Trading a demo account for 100k is going to teach you nothing about how to trade $500. Also, from the way I’d guess you’re trading, I don’t think it’s going to help you at all.

My guess is that you go in big, get some winners and build the account quickly, then get a big loser that wipes you out. No offence intended, I’ve been there and done exactly the same. But a demo account won’t fix this behaviour, it can’t simulate that gut wrenching feeling of you doing something stupid and losing your money. Only a real account with a meaningful amount to you in it can do that. But there’s every possibility you will lose it, so you have to bare that in mind.

Remove any mentions of targets of what you want to make, it’s irrelevant. You want to focus on living to trade another day. Enter at the correct time based on the correct signals, don’t rush it thinking it’s nearly there and will make it, be patient. If you’re trading well, the account will grow. If you are good at it, quickly. But the most important thing about trading is discipline and risk management. You can make lots of money with low risk when you learn how.

2 Likes