I also had a derelict live account which I started trading on last year. Took it up to $3000 then blew it up after countless text book mistakes. Gave up on trading and recently started reading the forum again, saw daft traders thread and thought I’d give it a go. Though I am not sure I’ll aim for £5,000,000,000… call me unambitious. :eek:
For now I’ll aim to make $1,000 by making 1,000 pips. I’ll stick to small lots, ignore $P/L during trades and focus entirely on the PIPS. I’ll give myself a year to do it trying to just slowly bag 20 pips per week.
February is over, trading wasn’t too bad. Kept it conservative, the aim was to make 40pips. Somehow I managed 517 pips :o Which oddly now just worries me that I might have been trading recklessly. It took 105 trades, average lot size 11k always a 30pip S/L. Traded mainly Cable and Fibre. Concerned it might all be blown again. :58:
Back to my old ways. Was convinced I found a solid short on Cable but it continues to climb. Added a few more shorts on the way up (I know!!!) but no sign of the price coming down. I can’t help but think it has to drop though, but that could be just me being dazzled by Fundamental news and rumours.
From the screenshot, you can see… It’s not a good place to be. Visions of snipers in the mist are deserting me. Perhaps I shouldn’t trade sober.
Well its the first week in March and I’m pleased to say I hit my target, I just claimed my 1112th pip in three weeks. I know this success was greatly assisted by the significant downtrend in Cable and Fibre these past few weeks.
Time to reset my spreadsheet and start again with the same principles and many new learnings but this time with slightly elevated lot sizes to match the new account balance.
WooHoo! Just bagged 19 pips on the NFP report at my max leverage of a 250k lot. I know you’ll say its irresponsible. But I am testing a way of trading news reports using Margin Calls as a tool. Will elaborate later. Right now, I’m off for a cold shower.
It’s been a while since I posted on Babypips. Thought I’d leave a little progress on my trading since last May. I was inspired by ICT’s quest to go from $5,000 to $1,000,000 and set up a spreadsheet that mirrored his:
Pleased to say that by sticking to a goal of 8 pips a day and no more than 3% risk, trading cable and fibre only and keeping it very simple I just hit $32000.
Nice work. It looks like you set your goals, broke those down into manageable sizes (weekly, monthly) and then focused on one area (cable and fibre) and became and expert in it.
