Can a £5 Account be Profitable

This thread is just something for me to play with. It is meant to be a distraction and nothing more.
This is not my main trading account, nor does it reflect how I trade.
I am not here to teach.
I am not here to explain what I do or why I do it.

I will be trading a £5 account.
My aim is to see if I can grow it to a level that will allow me to make regular withdrawals.
Trade Explorer will be attached.
I will trade way too much volume in relation to account size so don't be surprised by large drawdown.
If I blow the account I will start again until I get bored.

That's it

Edit:
I know the title of this journal suggests that it is just another crappy thread, which is how I read another one described recently and maybe it is. I did try to change the title but I missed the window of opportunity to do so.

Anyway for now this will simply be my journal. A place to post a few charts etc.

But the idea to grow a very small account is something that I have thought about for some time and it will be an ongoing part of my journal for the time being. The reason is that I think it is possible but when I began trading I would read things like to be successful at trading you must start with about a 2K account or even more. Hopefully I can debunk that myth, although time is running out until leverage restrictions will indeed make it impossible

Trial 1, Day 1 will be tomorrow Thursday 12 April (if I can as my main interest is trading my main account while doing my normal job).

I will be looking to scalp only a small amount of pips per trade. My aim is to end the day in the green.

I won't have a set profit target and I won't have a set a set stop loss. I will just fly by the seat of my pants and hope to make some money.

If I think my trade is a loser I might just close it manually. If I have some profit on the table I might just snatch it and run even if there is potential for a larger profit.

I am only looking for small wins at this stage.

Good luck mate

Slight teething problem. Seems Admiral Markets didn't like the fact that deposited £200 to open a new account and then withdrew £195.

Tried to open a short on Dax a few minutes ago and got a trade disabled message.

Looks like I will have to put the 195 back in and then try opening a position. Then hopefully I can withdraw again and go from there.

Would have been a great 1st trade if it had worked as Well!

Hi wizlon, maybe with your leverage, your 5 pounds didn't represent enough margin to trade ?

Yes it does. I have 1:500 leverage and I can trade 0.1 on Dax.

0.1 DAX lot = 10000 units of your base currency = £10000
10000 / 500 (leverage) = £20

You need £20 on your account to trade your 0.1 DAX lot

Well my MT4 must be broken because it is allowing me to trade with my £5 balance.

It's CFD not standard lots.

And Admiral Markets is wrong in their explanation about margin requirements !

So, anyway, everything's good, that's what you wanted to do at the beginning !

I like to post charts but my little 20 pence wins wont make good viewing so here is a trade taken on another account.

Attempt number 1 crashed and burned. That's it for today I think.

I will try attempt no.2 next week. As it is quite difficult and I don't want to throw too much money away I may limit myself to 1 attempt per week.

Some trading today....

Today's trading/scalping...

Last trades of the day. Been holding the 1st position for hours!

These trades may have nothing to do with the thread title but it's my journal so I can post what I want

Also they show consistency which is a must if I am going to conquer this challenge that I have set myself.

So this morning I brought my "challenge account" back to £5 and I close the day on just under £8 so not a bad day.

Here is my best trade of the day on that account which made about £2 profit. Entry after bearish engulfing candle.

Some other trades from today.

I had the day off work on Friday so got a few trades in and had a pretty good day.

I love it when a plan comes together Lots of little wins make big wins