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(binned per thread starter's request) Turning $40 dollars into $1

  • #1
  • First Post: Edited Jan 20, 2020 8:30pm Jun 26, 2018 11:10pm | Edited Jan 20, 2020 8:30pm
This account was burned long time ago. I started another try this month of January 2020. I started with $23 and another $33 and all were burned and I add another $16 dollars last Sunday January 19 2020. Hoping that I would come to the expected results posted as headline on this thread. I know it is seemingly impossible to achieve the projected result considering my capacity which is still newbie but hoping to find my edge, soon.


I know there will be a lot of bashers coming in once this journal is posted online but I don't care. If bashers come around and commenting different craps, I DON'T CARE for this is my journal with a live account. I have messy years in the past since 2015 until now. But I will try to take this career seriously by trying to develop a tiny investment into a possible 5 figure account. If I can't make it this year, I will extend my limit until I will succeed.

We have different aspirations. I'm still lack of understanding in forex but in my own little way of knowing it, I know I will succeed one day. Proper discipline and patience are the two important factors to succeed to which I failed many times in the past months and years. As a matter of fact, I blew up account after account with my own money over the years. A couple of times, my buddy Jay Davis even donated me $60 bucks and still I blew it up in 3 weeks time.

There will be gurus who would stop by and throw their cents in this thread and I will only respond to those who are lifting me up but to those who are just stopping by to pin me down, I'll tell you. I don't have time for you. You are just equal to a book with totally crap content inside.

Others are fortunate enough to have substantial investments and having a thorough understanding over the years, good for you guys but don't be a bully to those who are just starting up. I would appreciate good advises here but don't recognize any form of sarcastic words. I know that there are high impact members here who are throwing sarcasm instead of sharing some brotherly wisdom. You can tell me who I am based on my TE here in FF. I don't know if others accounts needs to be reactivated but you all can see that in my profile, it's all public. Trying to apply the rules of PA, don't even understand it fully but I will continue to read and explore and this tiny account will be a catalyst of either my success or failure by the end of this year. If it doesn't work with this amount. I'll try for another round and try for another round, of course I want to see the Risk involve to this adventurous journey in the forex world. I think, my best enemies here who commented in my profle will be stopping by as well to this thread and you are all welcome, your attidude speaks louder than your TE here in FF.

I would discourage any sarcastic words, bully, and other gross attitude into this thread but good advises, suggestions, encouragements, sharing of ideas and other related things to that are all welcome.

When you comment here, look this up. Post # 1

Let's get it on.
The Past mistakes are your guides to provide you directions of the present.
  • #2
  • Jun 27, 2018 12:37am Jun 27, 2018 12:37am
[quote=ministry;11205652]I know there will be a lot of bashers coming in once this journal is posted online but I don't care. If bashers come around and commenting different craps, I DON'T CARE for this is my journal with a live account. I have messy years in the past since 2015 until now. But I will try to take this career seriously by trying to develop a tiny investment into a possible 5 figure account. If I can't make it this year, I will extend my limit until I will succeed. We have different aspirations. I'm still lack of understanding in forex but in my own little way of knowing it, I know I will succeed one day.

Speaking as a guru and a troll ,(joking).
It can be done.
I remember several years ago i would start off with £20 and compound it several times and show the results in here.
That was to show that it could be done.
It does help if you have a decent method with stats.and of course be more selective.
i will not speak of any cliche's, money management etc blah blah.
GO FOR IT, IT CAN BE DONE, it is difficult and you will learn...
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3
  • Jun 27, 2018 3:24am Jun 27, 2018 3:24am
Quoting billytt
Speaking as a guru and a troll ,(joking). It can be done. I remember several years ago i would start off with £20 and compound it several times and show the results in here. That was to show that it could be done. It does help if you have a decent method with stats.and of course be more selective. i will not speak of any cliche's, money management etc blah blah. GO FOR IT, IT CAN BE DONE, it is difficult and you will learn...
I know you've been here for long time and though there's a bit sarcasm with your reply. But really appreciate it. I'll make another try with a thread here in FF. I made several tries already but couldn't make it to four figure and then blow it up. Maybe, I'll be more careful this time since it is public and anyone can stop by and bash anytime seeing an ugly results. Anyway, I'll start it today and see how long this $40 dollars can go. Perhaps, even not reaching $15K this year but have a consistent positive performance till the end of the year and I think, that would be the great achievement I could probably have. Let's see.
The Past mistakes are your guides to provide you directions of the present.
  • #4
  • Jun 27, 2018 3:32am Jun 27, 2018 3:32am
Quoting ministry
{quote} I know you've been here for long time and though there's a bit sarcasm with your reply. But really appreciate it. I'll make another try with a thread here in FF. I made several tries already but couldn't make it to four figure and then blow it up. Maybe, I'll be more careful this time since it is public and anyone can stop by and bash anytime seeing an ugly results. Anyway, I'll start it today and see how long this $40 dollars can go. Perhaps, even not reaching $15K this year but have a consistent positive performance till the end of the...
i wasn't being sarcastic but just having a bit of banter .
i am sincere about compounding up from a small amount.
i have done it.
once you get experience ( i assume with compounding) you can trade slightly different.
i started to trade just 3 compounds and if i had a fail i would carry on as if nothing had happened.
It works but you need the method and be selective.
Trade well
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #5
  • Jun 28, 2018 7:12am Jun 28, 2018 7:12am
Quoting billytt
{quote} i wasn't being sarcastic but just having a bit of banter . i am sincere about compounding up from a small amount. i have done it. once you get experience ( i assume with compounding) you can trade slightly different. i started to trade just 3 compounds and if i had a fail i would carry on as if nothing had happened. It works but you need the method and be selective. Trade well
Thanks my friend. Actually with the bonus included given by the broker. It's $48 dollars and not $40. It's really scary with the fact that it's public. I'll see what I can do. I'll stick to $0.01 lot size, what do you think? The leverage, at the moment it's 500:1. I don't know if reducing it would be better or staying at that level would be healthy to my account or too much exposure in the market.
The Past mistakes are your guides to provide you directions of the present.
  • #6
  • Jun 28, 2018 7:32am Jun 28, 2018 7:32am
Quoting ministry
{quote} Thanks my friend. Actually with the bonus included given by the broker. It's $48 dollars and not $40. It's really scary with the fact that it's public. I'll see what I can do. I'll stick to $0.01 lot size, what do you think? The leverage, at the moment it's 500:1. I don't know if reducing it would be better or staying at that level would be healthy to my account or too much exposure in the market.
Hi, i have never ever used leverage.
Trade with what you feel comfortable with.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #7
  • Jun 28, 2018 7:54am Jun 28, 2018 7:54am
Quoting billytt
{quote} Hi, i have never ever used leverage. Trade with what you feel comfortable with.
Thanks. Yeah, we have different comfort zone. I usually blow up my accounts especially I used the maximum leverage offered by the broker. I did make substantial profits in one account with a deposit of $37 dollars and I turned it into $467 dollars in two weeks with the leverage of 300:1 and first two days of the third week, I blew it up down to zero. What do you think seems to be the problem here?
The Past mistakes are your guides to provide you directions of the present.
  • #8
  • Jun 28, 2018 12:24pm Jun 28, 2018 12:24pm
Quoting ministry
{quote} Thanks. Yeah, we have different comfort zone. I usually blow up my accounts especially I used the maximum leverage offered by the broker. I did make substantial profits in one account with a deposit of $37 dollars and I turned it into $467 dollars in two weeks with the leverage of 300:1 and first two days of the third week, I blew it up down to zero. What do you think seems to be the problem here?
The problem is with your money management. Seasoned traders will tell you that your rate of return of doubling every month is not possible. Because you are risking your full capital for the returns, which if I simplify it for you means you either earn 100% profit or lose 100%. Even if you are really good, plus really lucky, you double up your account a few times like previously, one mistake and you lose 100%, can you tell me the result of your account now? So it doesn't matter even if you do manage to grow your account from $40 to 15k, because one mistake you will lose 100% and go back to square one.

So my suggestion is, start with something manageable like 5-10% profit monthly, while not losing more than 10-20% of your account with any one trade. Losing only 20% you can still earn it back after 2 months, but losing 100%, everything is gone. If you can profit consistently, then slowly start aiming for more profit without risking more losses.
  • #9
  • Jun 28, 2018 2:51pm Jun 28, 2018 2:51pm
Quoting zeac14
{quote} The problem is with your money management. Seasoned traders will tell you that your rate of return of doubling every month is not possible. Because you are risking your full capital for the returns, which if I simplify it for you means you either earn 100% profit or lose 100%. Even if you are really good, plus really lucky, you double up your account a few times like previously, one mistake and you lose 100%, can you tell me the result of your account now? So it doesn't matter even if you do manage to grow your account from $40 to 15k, because...
Well said! I would even suggest sticking to a maximum of 2 instruments for such a tiny account.
Manage your money like a fucking grown-up
  • #10
  • Jun 28, 2018 3:11pm Jun 28, 2018 3:11pm
Quoting ministry
{quote} Thanks. Yeah, we have different comfort zone. I usually blow up my accounts especially I used the maximum leverage offered by the broker. I did make substantial profits in one account with a deposit of $37 dollars and I turned it into $467 dollars in two weeks with the leverage of 300:1 and first two days of the third week, I blew it up down to zero. What do you think seems to be the problem here?
Using high Leverage yes has its obvious benefits yet the fact is the money used to open the positions wasn't yours. For me it only means your account would not survive the unavoidable random distribution of losses no matter how good your system is. Then I would suggest having a detailed Trading plan. When one talks about trading plan other people get confused as to what it should entail. *billytt (https://www.forexfactory.com/billytt)* said be more selective with your trades - Exactly what you need! You do that by forcing yourself to take a specific number of trades say in a month with specified risk a trade then compute how much you will lose say all the specified number of trades taken were losers. These should be in your Trading plan and you are better off and a good start anyone trying forex.
Manage your money like a fucking grown-up
  • #11
  • Jun 28, 2018 7:10pm Jun 28, 2018 7:10pm
Best of luck - looking to do something similar myself
  • #12
  • Jun 28, 2018 8:22pm Jun 28, 2018 8:22pm
Quoting zeac14
{quote} The problem is with your money management. Seasoned traders will tell you that your rate of return of doubling every month is not possible. Because you are risking your full capital for the returns, which if I simplify it for you means you either earn 100% profit or lose 100%. Even if you are really good, plus really lucky, you double up your account a few times like previously, one mistake and you lose 100%, can you tell me the result of your account now? So it doesn't matter even if you do manage to grow your account from $40 to 15k, because...
Thanks bro. I'll try to figure it out. My other problem is that, I can't stick to my strategy once I'm profitable and there, the losing starts to appear and doubling the size of your lots when you are in profits is also a dangerous habit plus high leverage. Yeah, I try to aim this year starting this late of June down to month of December to have a consistent positive performance in a slowly pace. I think the title of this thread is somewhat inappropriate and I just let it appear there but I need to make an immediate change of my outlook of what is going to be like in the coming months with this tiny start up.
The Past mistakes are your guides to provide you directions of the present.
  • #13
  • Jun 28, 2018 8:25pm Jun 28, 2018 8:25pm
Quoting oswaldmotape
{quote} Well said! I would even suggest sticking to a maximum of 2 instruments for such a tiny account.

Thanks bro. What particular instruments do you suggest for me to focus on. Anyway, I won't blame you for suggestion is just a healthy reminder from somebody who is really concern about and it is up to me to decide and to weigh it down afterwards. Thank you. Welcome to this thread. Wish you success, too in the forex world.
The Past mistakes are your guides to provide you directions of the present.
  • #14
  • Jun 28, 2018 8:29pm Jun 28, 2018 8:29pm
Quoting oswaldmotape
{quote} Using high Leverage yes has its obvious benefits yet the fact is the money used to open the positions wasn't yours. For me it only means your account would not survive the unavoidable random distribution of losses no matter how good your system is. Then I would suggest having a detailed Trading plan. When one talks about trading plan other people get confused as to what it should entail. *billytt (https://www.forexfactory.com/billytt)* said be more selective with your trades - Exactly what you need! You do that by forcing yourself...

Couldn't ask for more bro. Thank you. I'll try to wrap this up all. Most of the time I based on my trades with the market news, most of the time I was profitable but a few mistakes lead to my account to finish. Risk management is really important which I have to learn it again and again. I don't have it. I'm easily driven by my emotion. I'm just real here. I don't want to hide and pretend to be like someone I don't. You can see that in my account. I have other accounts which has bigger losses that I did not place a TE here in FF.
The Past mistakes are your guides to provide you directions of the present.
  • #15
  • Jun 28, 2018 8:31pm Jun 28, 2018 8:31pm
Quoting Ivanyo
Best of luck - looking to do something similar myself
You too my friend. We will succeed here if we don't give up but as the admonitions of those who are here for years now. We should be mindful of our account about the risk management, proper discipline and patience in our trading activities which I am still down below in adjusting myself towards these important factors to success.
The Past mistakes are your guides to provide you directions of the present.
  • #16
  • Jun 28, 2018 8:34pm Jun 28, 2018 8:34pm
I'm just glad that this thread having good people. Providing suggestions, timely words, and enlightenment. Kudos to all of you. I'll keep these words and will continue to review and I'm sure I'll get something nice from here, ideas and concept that can be added to this personal journal in the time to come.
The Past mistakes are your guides to provide you directions of the present.
  • #17
  • Jun 29, 2018 10:10am Jun 29, 2018 10:10am
Just two days old, reaching 70% and then all is gone. I'll come back with more risk management in place. Two much positions open at the same time. Greediness will send you to hell. I'll set up another for the second round but I won't be in hurry anymore and need to edit this title into a different one.
The Past mistakes are your guides to provide you directions of the present.
  • #18
  • Jun 29, 2018 2:40pm Jun 29, 2018 2:40pm
Quoting ministry
{quote} Thanks bro. What particular instruments do you suggest for me to focus on. Anyway, I won't blame you for suggestion is just a healthy reminder from somebody who is really concern about and it is up to me to decide and to weigh it down afterwards. Thank you. Welcome to this thread. Wish you success, too in the forex world.
Thank you mate! Yes, it eventually boils down to you to decide which pairs. I would say kick it off with a major pair and minor pair. I too yet to tone it down to just 2 pairs for all my systems. It just keeps it easy for us newbies and once we are solid with those 2 pairs, we expand the portfolio. It makes sense to approach the market this way, less stressful and enjoyable. Hey, even makes it easier to explain what you do to family, friends and people showing interest in forex.
Manage your money like a fucking grown-up
  • #19
  • Jul 20, 2018 6:34am Jul 20, 2018 6:34am
Quoting oswaldmotape
{quote} Thank you mate! Yes, it eventually boils down to you to decide which pairs. I would say kick it off with a major pair and minor pair. I too yet to tone it down to just 2 pairs for all my systems. It just keeps it easy for us newbies and once we are solid with those 2 pairs, we expand the portfolio. It makes sense to approach the market this way, less stressful and enjoyable. Hey, even makes it easier to explain what you do to family, friends and people showing interest in forex. ...

Well said bud. I'll be on track in the coming weeks. Still accummulating for small investments. Thanks.
The Past mistakes are your guides to provide you directions of the present.
  • #20
  • Jan 20, 2020 8:25pm Jan 20, 2020 8:25pm
This was burned out long time ago. But I'm trying to get back on the road again. I started with $32 then was burned again and another $16 and was burned again and Hopefully this time. I have deposited another $16 dollars last Sunday January 19 2020. I will start to manage well with my risk and reward aspect.
The Past mistakes are your guides to provide you directions of the present.
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