Well, I’m starting. I am going to be trading the following markets:
I forward tested Forex for four months and the other markets for two months and did OK. I know 6,000 USD is not much but I have to start with something. Maybe I’ll lose it all or maybe I’ll do well.
I’m planning on posting a monthly entry on this topic to show how I am doing. Any advice is welcomed.
Its a decent amount to start with and can turn a good return, dont over stretch yourself by trading to many markets , stick with 1 or 2 till sure that you are comfortable as real money is far different to a demo
Be interested to see how you get on. Are you aiming for any particular % profit each month or just seeing how it goes at first? Also is the plan to compound any profits on that seed money, look to try and get your $6k back out in time or just withdraw each month as a side hustle?
Don’t know if you have micro lots on your account, but my earnest advice is to trade with only 1000 for the time being
Your gonna mess up, that a given so better do it with only a small portion of funds than a big one.
When your profitable on that small part, only then scale up.
My advice is: don’t follow any advice for now.
You have forward-tested your strategy. If you start with $6000, I’m sure you know what you’re doing.
Then when you post your first trades or updates, maybe you can have a look at some suggestions from expert traders.
I don’t have a particular % profit per month and I am not planning on withdrawing any time soon. My long time goal is to get this 6,000 to 30,000 USD, and then start to diversify into ETF’s and other more long-term options. I know it’s going to take a lot of time, but I see it like my retirement fund hahaha.
Thank you very much. I am only going to risk 2% of my capital on every trade, so my Stop Loss levels are going to guarentee that I don’t lose more than that per trade. Although, I can still lose it all, it’s just goingo to take some time for it to happen. I hope I have the emotional control for all this.
4months isn’t bad. Congrats on a successful forward test. All the best
I don’t think that’s a bad idea at all. Takes the pressure off of it that you’re not looking to draw a salary off it in the short to medium term. Helps with your trading psychology massively. As I say I will be following this thread with interest buddy. Best of luck!
You have a serious bid to win, I hope you have a quality trading strategy that will allow you to develop your capital. Those assets that you have chosen are really interesting and at the same time dangerous, so good luck and do not risk too large amounts.
Well, in fact you have everything to achieve a high result - and good capital, and more or less specific action plan, someone has already told you not to try to cover all the assets, try to choose a few that you understand better and more accurately. And practice on them, when you realize that everything is working out perfectly, you can add another part of the assets to your investment portfolio.
Aim for 6% per month. With compounding you’ll double your account each year (but probably not in your first year). Don’t aim too high or you’ll blow it for sure, but also, don’t worry if you’re under because you’ll blow it trying to make it up. Higher time frames and lower position sizes are key when you’re starting because that gives you wider stops, especially at 2%. Once you get the hang of things then you can slowly increase your position sizes.
Good luck!
Great advice that I was offered by someone else as well.
Well, with all of these FX flash crashes recently and the recent oil price war, it’s quite difficult to trade something. Still waiting for an opportunity. Too much uncertainty for me to handle, lol!
Too much uncertainty? AUDJPY short has been a pretty much nailed on trade for about a month. Just don’t get into it on a Friday or a day after a huge move because there’s more likely to be a retracement. It’s at pretty much record low now, so who knows how much further down it can go.
And of course, there’s the very sure thing trades such as stocks to go up, oil to go up, eventually. Probably not the right time to buy them yet, but they will certainly go up in time and if you have enough margin to cover the short term losses, the long term gains can be very big on those
Thanks! I started like a week ago, I missed a lot of opportunities. Wish I had started at least 2 weeks ago.
To be fair, if I had started trading in this climate, there’s a good chance I’d have blown my first account much quicker than I actually did. The longer you’ve been looking at the charts, the more you’ll get used to how the market behaves. And in this climate, JPY was absolutely certain to be strong as soon as the virus broke out of Asia.
Waiting might be a smart move with so much volatility, but the magnitude of the moves that we’re getting right now might not happen again for a long time.
Oh and the AUDJPY isn’t near the 2008 low yet, it can go quite a bit lower if this continues
There’s defintely something to be said for market familiarity. Heard that said in all tyoes of trading. Some great opportunities to buy soon if you missed all the savage shorts though you’d think.
I look at my daily charts and I want to kill myself hahahaha with all those shorts I could have entered. Guess I’ll have to be a little patient now for longs.
FOMO is what you need to conquer here.