From £20,000 to £250,000 this year

Hi to all that read this thread, I am posting this as a journal of my quest to turn my £20,000 account into £250,000 by the end of 2009. I will primarily trading the GBP/USD but possibly other pairs on those days when my primary pair are not offering much opportunity for profit. I will be intraday trading primarily the 5 min time frame, sometimes scalping, but also taking advantage of longer trades when available. Living in the UK I am able to spread bet on the Forex so all gains are totally tax free. The spread on GBP/USD is 3 pips, and initially I will be trading £10 a pip using a SL to limit my risk to 2% of capital. I will post results (hopefully daily)

I started trading on Monday 26/01/09 and currently my account is at £20,657 after 4 days trading, it was at £21020 on tuesday, but yesterday lost £902 managed to pull back £539 today, now looking to get back above £21000 tomorrow.
More tomorrow

May the pips be with you

Disaster in the making.
Anyway good luck.

Don't break any of your MM rules!
If you catch yourself doing that. Stop!

Thank you, I certainly hope you are wrong, but thank you for the good wishes, keep watching


May the pips be with you

Yes from past experience I can tell you that M5 is not the best timeframe to trade if you want to make some consistent money. Trading got alot more profitable and consistent after moving to H4 - Daily Timeframes.
Don't think you can make more money on smaller timeframe because you could short and long every little swing.

Hi there fellow Brit

Best of luck with your trading and your journal!

I see from your profile that you're fairly new to trading & you're going to be trading on the 5 min charts.

Tjpld is right when he says it's not the easiest - that's not to say it cannot be done but you have to be incredibly focused and disciplined.

Kind Regards
Steve

Using the 5 min time frame, I traded a £50 live account to a little over £600 between October and Christmas time trading at 50p and occaisionally £1 per pip, so whilst I don't dispute that longer TF's may be better,at this poin I am more comfortable in the shorter TF's. I am studying the longer TF's but don't want to change a winning formula at this point, but thanks for the advice.

Thanks for the best wishes Steve, keeping focus and discipline are two of my strengths, and I have great faith in my ability to stick to strict money management. Keep watching

May the pips be with you

Looking forward to hear from your progress.
Hope I can help out if you have a question.

Good luck!

BTW: The link in your signature isn't really a link...

Hey - good luck.

I hope you make it - I'm trying something very similar.

Well folks, what an up and down week, the account has been up as high as £21020 (5.1% up) but finished the week 2.78% down £19444 however I've spent the weekend (or most of it) reviewing my trades and found the problem, I would call it fear of loss. My SL's were too tight on a number of trades that went on to be winners shortly after being stopped out, so a new week, a new month and a slight adjustment to my strategy should see things corrected. Will keep you posted.

May the pips be with you

Here we are, a new week, a new month, and back in positive territory. Once again an up and down week, didn't trade on Thursday due to feeling unwell, but brought the fund up to just over £20,800.00 on Friday. I am learning more as each day passes, and I will be posting again next week with what should be more positive results. In the meantime, I wish everyone good trading, may the pips be with you.

all the best!

Hey Micro, thanks for the good wishes, that looks like nice trading the past few months, keep it up.

My best wishes,


happy trading, and remember, surf the trends and ride the pips......


jack