GROW THAT ACCOUNT -- MY £100 TO £50K CHALLENGE
The main reason for this thread is to challenge myself to do something I haven't done before. I know it is possible because I have done smaller challenges before and completed them successfully. Now I want to take it a notch higher by growing a £100 account to a £50k account in 7 months. I can trade and I know it, but I want to add some level of accountability to my trades hence my making this journey public. Another reason for doing this is to inspire those out there who keep complaining that they have little capital. There is a saying that whatever makes you blow a small account will make you blow a huge account. It sounds impossible but it is true: if you can blow a £100 account, then you can blow a £1m account. Another big motivating factor to me is money. Yes, I need the money. Who doesn't?
What I will Do
A. Connect my live MT5 account to myfxbook (I hate to do this for personal reasons) so that my trades and results can be independently verifiable. Also I want to be able to brag about it -- why not?! -- when it is all said and done.
B. Frequently post verifiable stats of trades from my MT5 or myfxbook.
C. Post some of my live trades here just to keep the discussion going, not as a signal service. I do not - and have never - provided signals. Please do your due diligence before taking any of my trades. I could blow your account, you know?
D. I will deploy all my trading arsenal in this battle, including things I have observed over time, and may or may not explain, because some things are better left secret. But I will do my best to explain my thought process vividly enough for the earnest seeker to understand and forge his own path.
E. I am a very busy person as a medical professional and usually won't have all the time to post charts and give reasons for my trades (I will try), as I trade off of my tablet gung-ho style. More like shooting from the hip. You know those times in between seeing patients when I am free and just sitting waiting for the next person. Yeah... you get the picture.
F. I will take some risky trades with regards to lot size and how I maneuver open positions. Overall I will be responsible. Do not copy these trades, and when/if you do, make sure to size your trade volume appropriately. I will not be responsible for mistakes.
G. I will moderate this thread as much as time allows me. In fact, I will also moderate comments in retrospect, so as to have a clean thread.
Who is Welcome Here
Spectators, believers, skeptics, all and sundry are welcome here. I will take the criticism and the praise equally. Also if you want to join in the challenge and post your trades and trade stats here, you are welcome. You just want to throw some banter here and there, you are welcome. Most importantly, if you think you are a profitable trader and have words of advice for struggling or even other successful traders, you are also highly welcome.
Rules
1. No insults. I repeat, no insults. No discriminatory or racist remarks. Friendly fire here and there is allowed.
2. Every chart must show timeframe. Please this is so important.
3. Anything, any pair, technical and fundamental analysis can be discussed here. The essence is for participants to learn and be encouraged to be their best.
4. If you are not a profitable trader please do not present yourself as such. Participate like others and your good trades, or otherwise, will speak for you. Remember that famous verse of Scripture that says, "Ye shall know them by their fruits...."
Start Date: 28/02/2022
End date: On or before 31/09/2022
Trade statistics link:
1. https://www.fxblue.com/users/mitiblotch/stats
2. https://www.myfxbook.com/members/mit...567385/9464692
Huge credit to Ata Turkoglu for this trading model below. The daily target will be my rough guide for the next 140 days. It simplifies the whole thing. In the early days I will make more than the daily targets and that should make it even easier.
The main reason for this thread is to challenge myself to do something I haven't done before. I know it is possible because I have done smaller challenges before and completed them successfully. Now I want to take it a notch higher by growing a £100 account to a £50k account in 7 months. I can trade and I know it, but I want to add some level of accountability to my trades hence my making this journey public. Another reason for doing this is to inspire those out there who keep complaining that they have little capital. There is a saying that whatever makes you blow a small account will make you blow a huge account. It sounds impossible but it is true: if you can blow a £100 account, then you can blow a £1m account. Another big motivating factor to me is money. Yes, I need the money. Who doesn't?
What I will Do
A. Connect my live MT5 account to myfxbook (I hate to do this for personal reasons) so that my trades and results can be independently verifiable. Also I want to be able to brag about it -- why not?! -- when it is all said and done.
B. Frequently post verifiable stats of trades from my MT5 or myfxbook.
C. Post some of my live trades here just to keep the discussion going, not as a signal service. I do not - and have never - provided signals. Please do your due diligence before taking any of my trades. I could blow your account, you know?
D. I will deploy all my trading arsenal in this battle, including things I have observed over time, and may or may not explain, because some things are better left secret. But I will do my best to explain my thought process vividly enough for the earnest seeker to understand and forge his own path.
E. I am a very busy person as a medical professional and usually won't have all the time to post charts and give reasons for my trades (I will try), as I trade off of my tablet gung-ho style. More like shooting from the hip. You know those times in between seeing patients when I am free and just sitting waiting for the next person. Yeah... you get the picture.
F. I will take some risky trades with regards to lot size and how I maneuver open positions. Overall I will be responsible. Do not copy these trades, and when/if you do, make sure to size your trade volume appropriately. I will not be responsible for mistakes.
G. I will moderate this thread as much as time allows me. In fact, I will also moderate comments in retrospect, so as to have a clean thread.
Who is Welcome Here
Spectators, believers, skeptics, all and sundry are welcome here. I will take the criticism and the praise equally. Also if you want to join in the challenge and post your trades and trade stats here, you are welcome. You just want to throw some banter here and there, you are welcome. Most importantly, if you think you are a profitable trader and have words of advice for struggling or even other successful traders, you are also highly welcome.
Rules
1. No insults. I repeat, no insults. No discriminatory or racist remarks. Friendly fire here and there is allowed.
2. Every chart must show timeframe. Please this is so important.
3. Anything, any pair, technical and fundamental analysis can be discussed here. The essence is for participants to learn and be encouraged to be their best.
4. If you are not a profitable trader please do not present yourself as such. Participate like others and your good trades, or otherwise, will speak for you. Remember that famous verse of Scripture that says, "Ye shall know them by their fruits...."
Start Date: 28/02/2022
End date: On or before 31/09/2022
Trade statistics link:
1. https://www.fxblue.com/users/mitiblotch/stats
2. https://www.myfxbook.com/members/mit...567385/9464692
Huge credit to Ata Turkoglu for this trading model below. The daily target will be my rough guide for the next 140 days. It simplifies the whole thing. In the early days I will make more than the daily targets and that should make it even easier.
Attached Image (click to enlarge)
