Forex Trading Made E-Z
Hi,I am interested in trading with u.Pls can u give me the details.
Today was the first day of this experiment and it was a losing day. I lost a little less than 7% of my account balance today.
I'm very excited for this challenge though and will be posting my results win, lose or draw.
I will be posting my results as soon as my trading for the day is done. I traded the US session today so that's why I'm posting my results so late.
So once I'm done trading for the day, I will come and post my screenshots with a quick explanation on how I did for the day.
YoungMillionaire
Had another rough day today. I am getting off track and trying to prove too much. In return, I'm paying for it. So, I'm going to switch things up a bit.
Focusing on the 1 minutes chart just is too much right now with other stuff I have going on. So with that, I'm going to remove the 1 minute trading from my toolbox for now. I'm going to focus on just the 5 minute chart and higher but most trading witll be done on the 5 minute chart.
I will also place some trades in the other sessions, not just the US and London sessions. The benefit of this is for those who can't trade the US or London session, you still can make money.
I've attached my screenshots from today so you can see where the account stands.
I will try and teach using my screenshots as much as possible. Since I won't have as many trades, I'm hoping I can use individual trade screenshots to teach a few things I've learned over the years.
With these changes, tomorrow you will get a better understanding of how I trade and why it's possible to take a small amount of money and turn it into a hefty account.
YoungMillionaire
Here are the screenshot for my trading today. I've been done trading but I had to run around town to take care of a few things.
Today was the first winning day of this challenge. Now lets see how many winning days I can string together.
YoungMillionaire
Hello GB777,
Thank you for your interest. I will be sending you a private message with the information. You will have it by tomorrow.
YoungMillionaire
Hi,I am interested in trading with u.Pls can u give me the details.
Today was a winning day also. Small but it was still a winner. I did not get to do too much trading today because I had to take care of a few things.
The blue line that is on the Activity screenshot is the first trade I took once I began trading again.
This post is coming much later in the day than what I like to post. I will try to have the post in once I'm done trading. Today, my running around town caused me to have to post this late.
The account is still down overall but only $16, so things are still fine. I'm not alarmed one bit. I'm having fun with this challenge and I believe that things are going to continue to head in the positive direction.
YoungMillionaire
Here is my information from my trading on Friday. I've been busy this weekend so I was unable to post this information on Friday. I had a slight losing day but it was nothing devastating.
I'm looking for this week to be a better week in my trading. I'm hoping to start to really build the account up from this point.
I do trade on Sundays so if I have any valid trade opportunities for today, I will be post those also at the end of today.
YoungMillionaire
Here are my results for the day. I'm getting off track a bit.
I'm going to spice things up a bit. I'm going to take trades on all four major currency pairs.
I will be taking trades off the hourly chart as well as the smaller timeframes.
Any trades that I take from this point forward will be mixed between the hourly chart, the 5 minute chart and the 15 minute chart. I will no longer place trades using the 1minute chart.
YoungMillionaire
Here are my screenshots from my trading on 3-23-2010.
I had a very nice day and made some money in my account. Since I'm trading multiple pairs now, I'm not showing any screenshots of my charts.
YoungMillionaire
Here are my screenshots from my trading today. I had a losing day and dropped my account a bit.
I got an email from someone and they brought up some good points and had some good questions.
They asked me if I would stick to just one pair. I thought people would want to see results all across the board so that's why I added some other pairs.
So, here is what I will do. I'm going to open up another sub account and use this new account only. Like I said in my first post, I don't need the income from trading to survive so this is not detrimental to me for this to succeed but I really want to push this challenge all the way and show what is possible.
I will just transfer $100 into my sub account. I will only be trading the EUR/USD currency pair is this account. No more switching pairs or anything like that.
I also will be sticking to trading the 15 minute chart. My reasoning for this is because it allows for one not to be glued to the screen all the time but you still can get enough signals throughout the day to make a nice profit.
My risk per trade will be capped at 5%. My stop loss is 25 pips. Now I know this is alarming and I can understand why. My thought process is since I will be taking a much smaller amount of trades per day, I can increase the risk a bit. Once again for anybody who is wondering, I'm playing with sock money! None of this money is detrimental to me surviving or providing for my family.
I will also be using a custom tool that was created by a friend of mine. I can't share this tool as it is a commercial tool and cost money. If you want to know more about the tool, send me a private message and I will be happy to explain it to you. The tool is not an EA or anything like that. I have to manually input the numbers but the outcome is very beneficial.
So now that I have gotten my new guideline out of the way, I will begin looking for trades on EUR/USD only and I will be posting my successes and failures in this same thread.
I will be posting more detailed charts, along with my account summary and activity sheet.
I'm starting with $100 but I still will be making deposits from time to time in this account to show how they are truly a beneficial thing. Some people say if you can't make money without making deposits then why count it but find me someone who would turn down $10k because a few deposits were made along the way.
YoungMillionaire
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Hello,
This thread/journal has been created to show, using a live account, that you can take a small amount of money and grow it into a respectable amount of money.
I'm sure others on this forum have done this before. If so, I want to congratulate them as it is not a easy thing to do to succeed in this business. Once you do though, it makes all the pitfalls worth it. Trust me, I know from my own personal experience.
I will be using a very small live account for this experiment. I just transfered the money from my primary Oanda account. I trade forex for a living and also help run a successful online forex business. I would post the link in my signature but when I try I get an "invalid file" message. If you want to know more about the way I will be trading, send me a private message and I will give you the link (as long as that is okay with the rules of this forum).
If someone will let me know about the rules with posting links on this forum, I will come back and post the link here in the thread/journal.
At the close of the market today, I wanted to have some fun. I was thinking of ways to challenge myself. So I decided to open a sub-account with Oanda and then I transfered $140 from my primary trading account to my sub-account. My goal is to take my $140 into $10k in one year. I will place my first trade in this challenge on March 14th, 2010. So, I want to have this account be at $10k by March 14th, 2011.
I don't risk more than 2% per trade. I use a 10 pip stoploss on all trades and never deviate from that. I trade using 48% of the maximum amount of lots I can trade. So for example if the most units I can trade based on my account balance is 5000 units, I will be using 2400 units. That 2400 units is 48% of 5000 units. Using 48% of the maximum units possible allows for a stop out at my maximum of 10 pips, to still be under a 2% of my total balance.
I also target 10 pips on each trade. Both my stoploss and profit target are set by default on all of my trades through my Oanda platform. Although my initial target is predetermined at 10 pips, I will close out my trades manually if I don't like what I see. If I am in profit +9 pips, I will move my stoploss to +5 or something like that because I don't want to let a winner turn into a loser.
One thing I've learned over the years is that successful trading is not about how many pips you make but how many you don't lose. I know that probably sounds crazy to some of you but it is true. The pips that you have earned, love them and try not to give them back. Keeping the losses to a minimum is the most important thing for me.
Since I help run a successful online forex business, I'm just going to focus on this small account. I don't have to trade my primary account for the income because the business takes care of that.
So if you are a trader out there with a small account (I consider small anything from $1 - $1k) then I'm going to be trading from your perspective. We can battle this forex war together.
I remember the days of working a full time job and trying to trade forex when I was not at work. It's a tough battle but it is one that you can accomplish. So in this challenge, I'm going to show that it can be done.
I don't like staying in the markets for 8 hours a day. I believe that a great deal of exposure to the markets is very dangerous. I trade the London and New York sessions. If I hit 5% profit in a single day, I quit trading for the day.
I know some of you are probably saying, why quit if you are on a hot roll? For me, it's very simple, I never know when it will end and a 5% day is great for me. I don't want forex to be my entire life. I have other passions in life that I like to enjoy besides trading.
If I lose 10% in a day, I quit trading for the day. I know that is a big chunk but honestly, I can't remember the last time that I lost 10% in a day but I know that I'm not immune to it happening. It has happened to me before in the past and I know it can happen again.
I will also be making deposits into this account. I will take income from my online business and make deposits from time to time. I'm not sure how big or small the deposits will be but I know I will be making them. My reasoning behind this is to show just how much making deposits helps out. When I was trying to become a forex trader for a living, I made as many deposits to my account as possible. I did not splurge on crazy stuff. I was focused on reaching my dreams and I knew forex would assist me in getting there. After being focused and determined, my dream of trading forex for a living came true and I know my deposits helped in that result. Deposits helped me reach my goals sooner and they also helped me manage my money correctly.
When you have $140 like I'm starting this challenge with, you have the tendacy to be reckless. As you see your account grow, you pay close attention. I know you should trade $1 just like you do $100k but I'm sure we all know, that's not a reality in this business. It should be but usually it is not. I want this challenge to be as realistic as possible. I know the struggles and pitfalls that traders face because I was facing them one day myself.
So for those of you out there who can drop a few hundred dollars into your account every 3 months or something like that, go for it. Trust me, it pays off and it's better than blowing it on something crazy. Forex will generate an incredible living for you, so if you can make deposits, make sure you do.
That's all I have to say for right now so I hope I motivate someone to keep striving even if they have a small account.
I'm not here to argue my method or trading with anyone. This is more of a challenge to myself. So if you want to come to my thread/journal and be rude and disrespectful in any way at all, please don't and just keep it to yourself. This is more of helping those who are struggling to know that they can take a small amount and gradually build it into a hefty trading account.
YoungMillionaire