Well midwest, my journey took 10 years and about a ton to become profitable.
First I only traded with robots. Had some success with managing eventually 2,5 million.
Trading the 1 minute timeframe. (about 10 pips avg)
Used a martingale strategy.
But time to time a large DD toke all the profit. Had to think for something else.
I see you are scalping the 3 minute timeframe. For me, watching other prof traders as well, u have to focus on 4H and day timeframes to get the overall direction. Otherwise u have to use costly SL’s. (USDJPY going up next week, GBPUSD going down for example) Then the use of SL’s is less important. To spot the direction took years for me to learn.
By analysing all collerated pairs I see which movements are ‘sollid’.
Then I try to trade the H1 in the same direction. Smaller is to costly I think.
I also prefer naked trading. (without indicators)
Then I’m traying to make 50, 100, 300 pips. If the price goes the opposite direction, i simply wait.
I watch 2 times a day, trying to spot an oppertunity, then making a trade of about 10%.
Because not using a stoploss (& making large trades), 50% of the equity I’m using is beside the market in a bank account. Once every year I’m blowing up the fx account. Then starting over with 50% of the total value of the bank account. Each month 50% of profit goes to the bank account.
Maybe I will use TP’s and SL’s in the future. Also when knowing the overall direction, then stepping in low or high is enough to be profitable for example 75% / 25%.
Using TP = SL = 60 pips. 3 x 60 - 60 = 2 x 60 = 120. 120 / 4 = 30 pips / trade.
By doubling each 1 or 2 months (10-20% each week, 1 or 2 succes trades each week) I’m doing the total capital times 1.5.
500 / 500 ( next 1 or 2 months -> ) 750 / 750 etc.
first year: 1000 x 1,5^6 = about 10k (10 times each year)
sec year 10000 etc. = about 100k.
third year 100k = about 1 milj.
Pro traders normally do 20% month. Doing 2 nice 2% trades each week.
but of course they use larger investments, ‘little’ profit then is fine for them.