Matty… i’d say if u have 3 months in a row where your volatility is pretty even (no 20% drawdowns or whatever), and you have made money 3 out of 4 weeks…and been profitable every month in a row for 3 monhts…you can really consider putting in real money. If you can do this for 6 months…your probably there, pending you arn’t just trading a system that works because of certain market conditions (with ICT’s…your all good)
So, i’d say 3 months to get excited…and 6 months before you really plunge in.
That is pending you are getting at least 1 trade a day. You will need that sample size to determine if your statistics are anywhere close to accurate over the long haul.
I mean, you could take 1 trade a month for 6 months, and have a perfect win rate. this would NOT be enough to know if you can really keep that up
as for the other part of your question…i’ll let someone else field that. my answer would be beyond the scope of this thread, and it likley would not help you per se’. Maybe someone can do a better job than me
I had to travel for work; and I knew I’d miss Dec 1 ICT ‘gifts’ however - I AM BACK - just in time;; AND I have tomorrow off - My next three days consist of entertaining family : studying and reviewing ICT info . . can’t think of anything I’d rather be doing this time of year. (By the way ICT - I am a break even trader the past two months - INCLUDING the stupid sh1T - get rid of that and I am up over 20% ) It is difficult for ME with an $82.34 account- - BUT I have decided, "let me know your thoughts - anyone - to have superior money management skills - - lets see - - 2% is about $1.60 and divide that over a 30 pip S.L. so at a nickel a pip - again - all approximations - it is difficult to put in my head - hey you just made $1.25 THATS FANTASTIC - - any thoughts on this matter? (I’d be better off for example, if I could make $50 a trade - then I would ‘feel’ better about it - make 1 or 2 or 3 trades a week/month it just seems to be worth it then) Logically I KNOW the percentage is the key - but the physical amount seems to make a difference.
Should I - put the $2,000 in the account so I feel better? or am I fooling myself - ---- - sorry this isn’t the basis of this thread- but this thread is TOP NOTCH, so I take to heart responses here. thanks.
Well, now thats a different story. You seem to know your way around, so all I can say at this stage is well done, and I’ll be watching any posts from you in the future to see how it goes.
I would go ahead and deposit more in your account, since you always realize your trading for a gain of $1.50. Maybe with some real money, you might put a little more into it. Personally, I just deposited more money into my account a few weeks ago and struggled a little with the extra risk I was putting into a trade, but I always thought in terms of pips and not $$. Maybe you won’t feel the same way. If you do struggle with the extras cash at risk, you can always trade it like it’s a $500 account, then $1K, and so on until the additional dollars at risk doesn’t affect you.
I had a demo account for about 2 weeks before I started trading live. I just couldn’t discipline myself with phony cash and was making dumb trades because I knew it wouldn’t hurt financially. It sounds like you are more or less in the same boat.
Yep. agreed. every great trader i’ve ever heard of does things in their own way. if your gonna be great (or even really succesful), this will require you to do the same.
As far as my other thread…maybe i should specify, I have 2 (3 includeng the new book club one that I need to make a post on). i’m not talking my mentorship one. ICT’s is more thorough and better for a “paint by numbers” approach. Mine is more conceptual, and not quite as mechanical, and though IMO very powerful, it takes a degree of background experience to be able to really develop a full strategy from my stuff. ICT has it all laid out for you already.
I was talking about the $100 - 1 mil thread I have. check that… it’s NOT about my trading methodology. it’s more about what one can do to develop as a trader…or at least, what I"M doing to acheive that.
Anyway… just something to consider.
Jay
P.S. Infamous eh? hehe…that makes me sound like I need to wear spurs and get a stetson and a horse and go rob banks or something. But thank you nonetheless
I would just look at the percentages and not the dollar amount…find a percentage you are looking to achieve and then try to accomplish that month after month…once you become consistant at getting close or around that percentage every month then add more money as you see fit.
I know it’s hard to think you could make more money working at McD’s flipping hamburgers then what you can make with a 80 dollar account in forex, but you have to look at the long term goal. The journey you take in making that 80 dollar account something you can use to live off of will be worth the wait in itself.
Just my 2 cents…I just wouldn’t put in anymore money they you can afford to lose…
Lazydogs - thanks - what U say does make sense, and I am 100% confident in myself in this manner:
Deposit the, well, I already stated it so I’ll state it again $2,000 - with ABSOLUTE RULE 1 - if for ANY reason it gets to $1,000 - pull out and go back to $86 account. (ie - losing 50% at any point no matter how whether through stupidity or consistent losses is certainly an indicator that I am not ready) I feel this will allow me the risk 1 or 2%, and have enough ‘physical’ gain to trick me into saying -yeah, this is worth it.
2% of 2,000 is 40 bucks - at 30 pip risk is over $1.00 a pip - - - so that 30 pip or roughly $30 gain - is real for me $30 a trade at 1 or 2 or 3 trades a week, OR on the other side - just like I stated above lose $30 a trade at 1 or 2 or 3 trades a week - will certainly instill the reality for me.
Nope- no food concerns - paying off debt sooner rather than later ’ yes ’ - allowing a nice trip for the family at a cost of 3,000 - yeah maybe - but the trip would be a concern financially anyway - so either skip the trip or - have it half paid for :), or maybe fully paid for? is about where I am at. Can’t afford both the trip and the forex. and I don’t wanna afford the trip, my better half does - I’d rather risk the trip for the income. - - - -
edited - -again- only really risk half - so trip and forex could happen -just be dumb financially.
I swear somehow he drew a fib, and knew this thread was going to get to a milestone of 500 pages on Dec. 1 so he could place his 25 days of Christmas entry.
