If it works for you it works for you, nothing wrong with that - end goal is to make money after all.
Many years a go, I used to be the same as you.
I just couldn’t keep it up, and eventually hit rock bottom, once you are burned out you are burned out.
The difference between now and last year for me, I used to go all in a lot of time and tried to do daily compounding. Now I always set aside profits and trade 20-50% of my margin. Has helped me hold through intraday drawdown and volatility. Excited to see what happens on Monday when I increase capital to 6K, and by June when I increase capital to 10K.
Technically once you’ve doubled your initial capital and withdrawn it, there’s no real risk anymore.
A lot of traders don’t withdraw winnings for a start so you’re on the right track.
More than tripled my initial 3K capital, kept putting profits into a sub account. Now at 7,495 profit. Will take 3K of that to add to capital so will be left with 4,495 as a buffer. That’s still more than my initial deposit.
Henceforth I hope to not add anything anymore after the 3K initial capital, and infuse profits maybe every month or so. And keep moving profits to the sub account.
Sup baller, cheers for getting back to me.
Yeah im 27 years old.
Living in australia.
Yeah so for the past 3 years ive been trading live since then. Started out live straight away, and I have never once blown my account, because my risk management displine is A+.
I trade price action, combined with support/resistance and patterns. I also do like trading divergence combined with all of that. I have had good months and not so good months. How ever, i am ahead. which is good.
Yeah i supposed I could take $10000 out the account and leave for it emergency… or a house deposit!
I have set the workspace as you have on ctrader, I also have been using ctrader for 3 years.
I have seen a few setups this coming week. IE, eurgbp, usdchf and some other i think… Not sure.
But yeah…
One question I do have is, do you wait for the reversal candle or abit of momentum into the week?
Cheers
Monimate, I would recommend to you to make an analysis of your lose trades to see what you are doing wrong and then try to correct it. As for TheBaller strategy, I am also trying to keep my strategy as simple as possible and with S/R lines it runs perfectly fine
No worries.
My broker is based in Australia as well - IC Markets, not sure if we’re using the same broker.
It sounds like you are already clued up and know the ins and outs of this game, so that is a good start.
From what I hear, you also like to trade a few different strategy’s - nothing wrong with that. All I can say is big money has their eye on the weekly and monthly chart and the bigger moves, these can only be determined by the bigger time frames.
Taking $10K out of the account for a rainy day is the first smart thing you can do.
Personally I tend to avoid GBP for the time being, because it doesn’t really know what its doing day to day - and lets be honest the government here is thick as ****.
For example, AUDUSD, looks short on the weekly and monthly to me. It could be said, what was once support, could now be resistance.
2 traders could trade this, one could go on to make money and one could lose money. The difference, could all come down to the stop loss, and where your stop goes is determined by your risk and position size.
And to answer your question, I don’t really wait for any reversal candles, as I don’t really trade reversals. I just jump on board an already moving train that looks like its about to pick up some speed.
I haven’t spent my couple of hours analysis for the coming week, as I’m still eating pizza - but I will be tonight.
I use pepperstone, pretty good broker actually. Money withdrawals are quick. Usually only takes a few days.
Anyway thats not really the point here.
Im glad you pointed the AUDUSD out actually, I did notice that one too and to be honest the economics Australia are horrible at the moment. We are literally in a crisis… plummeting house prices, big unemployment and so on.
Oh and not to mention we just had an elections this weekend, the liberals won which is the party nobody wanted…
So shorting this pair is pretty wise
I have actually already jumped in.
Haha alright, well enjoy your pizza.
As you know ill be following the thread.
@jamerz1991, Maybe the Party you didn’t want to win … The people definitely did and the ASX has soared to a decade high and the AUD is stronger… short the AUD at your peril…
Personally I dont give a ■■■■ about those parties. I didnt even vote honestly…
My bias is short, and it will be for a while…
So we will see what happens.
You don’t want to be the guy that wakes up everyday and has the age old problem, whats going to happen in the next 5 mins, the next 15 mins, the next 4 hours or what’s going to happen today.
That’s a game for suckers with time on their hands.
This game is about sending your money out so it can work for you - not so you can earn $20 bucks an hour sat procrastinating at your computer.
I’m sucker number 1 then 
Different strokes for different folks.
Again, this isn’t anything personal - if it works for you it works for you, and its working for you.
TB, its Monday, am eager to see what trades you have opened.
My most recent yesterday below - possibly a few more to come. Will update accordingly.
Hey Karl.
Well that’s about ten cartons of cigarettes here!!! LOL!!! Over there I expect it’s about one though.
Matter of interest question (and somebody actually did attempt to ask you this much earlier in the thread but the grammar and spelling wasn’t exactly in The Queen’s English so you elected to not answer i.e. the way it was phrased didn’t make too much sense but I think I got it):
Given your percentage of profitable trades: why are you not trading far larger lots???
And I guess the other obvious question is (notwithstanding your answer to the above): assuming you don’t trade with stops (just an assumption) do you have a mental stop in place and, if so, do you work on a certain percentage???
Cannot tell a lie: I’ve been monitoring this thread since I started up here again. As you may or may not know: my trading system or methodology takes its sweet time to generate profits and I’m working against the clock (month) here. So it’s with keen interest I look at something like this that’s making clear profits every other day. Obviously very scared to deviate in any way shape or form from what I know works for me of course i.e. I don’t have the luxury at the moment of being able to experiment. But looking around and checking around nevertheless.
The above being said: we made about the same % last week (not that it’s a competition mind you i.e. was pretty chuffed that I wasn’t lagging that far behind you is all!!! LOL!!!).
Hope you don’t mind my asking these questions in public. If so: lemme know and I’ll happily delete.
Regards,
Dale.
The price of cigarettes has gone up exponentially over the last 10 years here so you’re right.
To answer your question for this particular account, it started off as just an experiment. I wanted to show that the average man, with £10K, not a small amount, but its nothing special either, can make a living, pay bills, put bread on the table.
This goes hand in hand with your other question regarding stop losses. I do use stop losses, and having a smaller position size allows me to put my stop loss far far away out of the noise, which ultimately allows me to stay in the trade, avoid any false breakouts, at the same time making sure I’m not risking more than 10%.
If I went in bigger, and still wanted to risk 10%, my stop loss would be ridiculously small and chances are I would get pinged out several times and that would be the end of that account.
I do manage accounts like the below where my client is happy to take a bigger risk, no doubt the account size is bigger as well.
Of course, if you’re making money - at the end of the day that is what counts. Some people sit there and scalp it, others like you and sometimes myself, take their sweet time.
For me it goes hand in hand, I don’t commit that much time so I have to wait a little for things to play out.
There may be people making fat returns a day or every week - but the chances of that lasting more than a year or so is pretty slim.
Main thing is consistency.
Thank you.
Really nice post and detail.
Funny thing is and based on your response: compared to 99.8% of the threads around here of late this is one of the LEAST deserving of the word “gamble” in the title!!! LOL!!!
