I will start tracking my progress in this fashion, capital growth and NOT in pips. Pips mean nothing. I NOW understand this. It took me 8 months to really comprehend this. This is a real trader who has achieved consistency for the last +2 years but behind this spreadsheet is +10 years of blood and sweat. He is not promising +100% return on investments weekly like so many traders on today's social media do. He does however, promise a long journey filled with hard work, sacrifices, disappointments and persistency if you decide to become a trader. I am thankful of meeting a genuine trader that I am learning from (about a month now) and taking full advantage of this opportunity. My goal is for this to reach as many new and struggling traders as possible that are looking for genuine guidance in the arduous journey that trading really is.
Strategy: Price, Supply/Demand Zones, Resistance/Support levels, and trend lines. I will not get into any specifics of how this strategy is utilized as I am in no position to disclose this information. But, this trader is working on bringing up his own site with goals of raising a community of traders who wish to learn how to trade in this manner. He is currently working on a thread on FF that I will gladly share the link to once it is completed.
Risk Management:
My Personal Journey:
I am raising an $8K live account and my goal is to post in this thread my monthly results. I left the Instagram "trading" community because I am sick and tired of the extravagant posts I see from 20 year -olds "making a killing" in the Foreign Exchange Market. If you are part of Instagram, you know what I'm talking about. This is my hard earned money and I have very clear that my priority is to protect my capital and my objective is to make a profit when the opportunity presents itself. Leaving your money in savings doesn't do shit (excuse my French) for you and the banks gladly take your money and invest it themselves for their gains, not yours. You might as well learn to invest yourself and even If I can safely make a $50 return on $8K account for the month, that is still a great return compare to the cents (literally) that you will collect as interest on the capital that is left sitting in your bank account. I have spent a great deal of time and effort educating myself, have corrected my major flaws that were hampering my trading with the guidance of a trader with real market experience and fully understand that I must protect my capital and remove the "make a killing" mindset in order to do so.
Those that say this is too risky, as the great Warren Buffett once said "risk comes from not knowing what you're doing." We need to accept that we are not going to win every trade and to be bluntly honest in order to be successful in anything in life, we need to step out of our comfort zones and take risks. Thankfully in the world of trading, that is done with the optimal usage of stop-losses, position sizing, and risk management. I'm done trying to time the market with a 30 pip stop-loss to achieve the risk:reward ratio my greedy nature wants. Whenever I do feel too greedy, I have a separate account for a "Las Vegas" night out. But this account is my baby. See down below for more.
It is paramount for your success to use a stop loss that gives your approach the space needed for normal fluctuations and use a stop loss in a zone where the trade idea becomes invalid if it is triggered. This will make a huge difference to your trading, it did for me. The stop-loss/lot used will depend on the setup, experience, and risk you are willing to take. I will post my returns if I take a trade this month (I am currently deployed and work in a classified area that prevents me from being active in the markets at the moment), but I continue to educate myself daily even after a long day and highly recommend my mentor to anyone that is serious about trading Forex. Once he is up and running I will share all the details here for anyone that is interested. I'm ready for an amazing 5-10% return this month. That's it for now.