Unfortunately, the government shut down the Investment Scheme, deeming it illegal and detrimental to our economy. Many, including my family, had invested, and while we managed to recoup our initial investments, others suffered devastating losses, with some even resorting to desperate measures.
This pivotal moment drove me to explore Bitcoin mining. I stumbled upon an enticing offer that required a small BTC payment to mine 1 BTC. Eager to give it a shot, I invested my savings, only to discover that it was a scam.
In the wake of these disappointments, I resolved to take control of my financial destiny. I embarked on a journey to learn trading, starting with cryptocurrencies. My initial foray was surprisingly successful, doubling my deposit in just one hour. Although the thought of quitting my studies crossed my mind, I knew it wasn't a practical choice because I still needed a stable job.
As my forex trading journey unfolded, I faced challenges and, on more than one occasion, lost everything. Nevertheless, I remained steadfast, determined to persevere. I sought to educate myself and initially attended free seminars that, unfortunately, were more interested in promoting their trading schools than imparting knowledge.
Alone and determined, I delved into the world of forex trading, relying on Google and YouTube as my primary source of information. My journey was both fun and tumultuous, marked by periods of success and sudden, regrettable losses driven by greed.
After nearly five years of trading, I still don't have a trading success story, but I acknowledge that it's largely my own doing. I underestimated the importance of studying the market properly. Yet, my journey hasn't been in vain, as I've learned the crucial art of Risk Management. In the beginning, I neglected to set Take Profit or Stop Loss orders, opting instead to watch the screen for hours on end, closing positions when I deemed it necessary. Stopping losses was the most challenging aspect, often leading to liquidation.
I've lost nearly $7000 in total, not counting profits, in cryptocurrency and forex trading. However, my determination remains unshaken. While my Financial Market Trading story doesn't have a happy ending yet, I'm committed to continuous learning and improvement. I've learned from my past mistakes, especially the importance of managing risk.
This brings me to my latest endeavor, creating an Expert Advisor (EA) called Position Closer. It's a simple EA that sets Take Profit or Stop Loss based on your preferences. While it's a valuable tool for risk management, I acknowledge that there's still much more to learn. I need to develop my own trading system, deepen my knowledge of technical and fundamental analysis, and refine my approach to lot sizing in currency pairs.
I may not have a happy ending to share today, but one thing is certain: I won't stop. I'll continue learning and growing until I become a trading "whale," hahaha.
If you found my story intriguing, please consider supporting my trading journey by purchasing my Position Closer EA. Not only will it help me build my trading capital, but it can also aid you in managing your risk, depending on your trading strategy's effectiveness.
That's all for now. Have a fantastic day!
(I am currently trading with a demo account, as well as a real cent trading account from FBS.)
In my eagerness to enhance my skills, I've also set up a signal to track and compare my performance in both the real and demo accounts. I believe this hands-on experience will be invaluable on my path to becoming a proficient trader.
I want to be transparent about where I stand in my trading expertise. Currently, I wouldn't recommend anyone subscribing to my signals just yet—I'm still honing my skills and learning the ropes. But, with dedication and a hunger for knowledge, I aim to evolve into a skilled trader in the near future.
Balancing trading with my job adds a layer of challenge, but I'm committed to seizing opportunities whenever time permits. I'll be strategically managing my positions, keeping a close eye on profits and losses. While I may not have subscribed to any VPS (Virtual Private Server) yet to run my own EA which is Position Closer 24/7, rest assured, I'll be implementing Stop Loss (SL) and Take Profit (TP) for every open position.
Here's to the thrilling adventure of learning and growing through trading! 📈✨
Demo Account: https://www.mql5.com/en/signals/2117510?source=Site+Profile+Seller
Real Account (Cent Account Type): https://www.mql5.com/en/signals/2122634?source=Site+Profile
Photo by Ahmet Şimşek: https://www.pexels.com/photo/high-angle-photo-of-a-child-walking-on-the-paved-street-17162274/
Although I managed to profit from this trade, I would still rate it a 3 out of 5. This is because I was on the verge of losing over $600+ from yesterday, which accounted for more than 6% of my total balance, pushing my maximum drawdown (max DD) to 6.19%, exceeding my risk management threshold.
One of the key lessons I learned from this trade was the importance of proper lot sizing. I believe that 0.50 lots were a bit too aggressive for XAUUSD, considering my risk tolerance and trading strategy.
How about you? Have you ever deviated from your risk management plan because your indicators suggested you were correct and there were only minor price corrections?
Also, how do you determine your lot size for a currency pair? (Sorry for the beginner question.)
I was able to recoup my balance from my Demo Trading Account and make a profitable trade on Gold. It took almost 4 hours for the trade to close, but thanks to position closer, I didn't need to stay glued to the screen and could still work. Once the trade reached my target profit, my XAUUSD position was automatically closed.
Here the link to my XAUUSD Chart trade position today:
Position Closer Link:
Introducing Position Closer - the solution for traders who want to automatically close all open positions when they hit a target profit or loss. Benefits of using Position Closer: Easy to use - just set your target profit and loss for all open positions. Set it once - no need to set it for each trading pair. Convenient way to manage positions, especially when you can't monitor them all the time. Runs in the background, so it works even if you minimize your MT5 platform. Bonus: You can also set