$500 to $1M Part II

Hello everyone! This is my new thread with all positions flat from my previous attempts to recover an old account. Outside of the fact of issuing a public challenge to a few traders on here whom decided to flame me for posting what they claim were unsupported results to a 1200 pip gain in a couple days, despite posting the actual results, I found it easier to get rid of my existing losing trades which I had held on to from previous experimental systems and just start over from scratch.

So here I am, on a clean slate. Starting over.

In my previous thread, I had a beginning balance of $500 which hit a deep drawdown (long story) and then re-funded the account to bring it up to $1500 total with existing losses carried over which later dwindled to $347 before I decided to close everything and start over. Out of the $1500 I had, I withdrew $300 to setup a training account for my wife to practice on.

The account hit a drawdown for the second time due to trading large positions to balance the open trades that were in drawdown for a few months. I decided it would be easier to start new with the small roll I have left.

In any case..........here I am...with little cash in my pocket on my small account and looking to attempt to bring it back to at least $1200. If my trading method is valid, this shouldn't be a problem....

The one thing I will be doing however is trading larger than normal position sizes. I have to. I know its risky, but I've done my fair share of trading .01 lots to know what I am capable of doing and thus, begins a new journey to the ultimate goal of 1M. I have a long way to go...so I begin this personal challenge and see where the wind takes me....

My original thread is here: http://www.forexfactory.com/showthread.php?t=201166

Here is the new link to the myfxbook trading stats:

http://www.myfxbook.com/members/fmc007/fmc-live/7228

You are most welcome to follow along.

Thank you.

good luck, and I remember you starting your other journal, but didnt follow it long enough to understand what happened and what problems you incurred! nonetheless, compliments for brushing them off and starting again

Thanks Sim...

I see 1% gain. Is that it?

2.7% so far...

Hi all I am in the process of moving my account to an over seas broker at the moment.....so there will be a slight delay in this thread.

I'll be back shortly....thanks for following along...I'll post as soon as my new account is up and running...

Did you manage to avoid being margin-called? I checked in yesterday and saw your balance was a mere $65, which meant over 80% of the account had been wiped out in a single trading session.

No definitely no margin call. Actually I made 565 pips yesterday too bad they were .01 trades across 22 pairs! LOL! The account is still alive and well...but yes, did hit the drawdown...

No I'm en route to UK where I can place more hedging options with a little more leverage....you'll see... stay tuned!

I should be up again shortly.

You know what....on second thought....I'm going to leave this account in tact and still open up the new account in the UK. I'll keep the two seperate...and use two different strategies...

I'll see what I can do to bring this one up....not a problem....


http://www.myfxbook.com/members/fmc007/fmc-live/7228

Well today was like Christmas day with some lucky trading decisions.....inched the account up a little from an all time low.....that's what I get for trying to trade too large of lot sizes....

Still testing some new setups that have been working quite well....today, I spread my entries across 27 pairs....did it twice, profited twiced...
the only problem I had was closing the trades....with so many positions open, it was tough to close each individual trade without giving up some profits....I tried using a close all script, but it only closed a few trades before stopping altogether.

I will have to seek out a new tool to help me close all trades quickly.

Based my entries on some new back tests I've been working on.....seems promising but can't really say because its a thin market today...so I will discount my gains as a mere fluke and nothing more. Need to do more research.

Will pick up on Sunday. I'm calling it quits for today. The markets look like they still have some gas in it, but I'm going to hang on to my wins today and let someone else catch the left overs...

Latest Results:

http://www.myfxbook.com/members/fmc007/fmc-live/7228

So you're about 90% down from the original $1200?

Well the account dipped back to around $63 in open equity again. I went ahead and started trading larger lot sizes once the account hit $100 and wouldn't you know, the market reverses.....I had a feeling it would....

We'll see what Sunday brings....we have certain posters in here that are lurking and waiting to see me fail, so I'll do my best to bring the account to a positive light. We'll see what happens.

Bro you gotta stop trading so large. I mean do you want to win? Dont let forex become a gambling addiction because thats all it is if you dont enact some kind of moneymanagement. Check out my conflip journal im starting it sunday.

Erikte,

You're right. Everytime I've upped my lot sizes too early prices react against me.....I'll see what the market does Sunday and try to get out of what I'm in...

X.Oden, good luck man.

Thank you GCP....

You too eh? Every, and I mean EVERY single time I 'assume' it's a sure thing and increase my lot size beyond 3%, I loose... And every time I 'assume' it's good to go & get in early, I loose. If I do both together I'm throwing money away guaranteed. It's hard enough cuttin loosers loose and letting profits run without compounding the risk. I think I learned my lesson, but every now & then I still catch myself almost taking the bait.
Good luck & hope you do well

If I could offer one piece of advice to you, it's this:

Choose one positions size for all your trades and stick with it. Just looking at your trades on myfxbook, you'll have a few trades that are literally 10-100x larger than your other trades, so inevitably what happens is that you'll win big on the small trades and get stopped out (or panic) on the large trades. This is going to cause you headaches and make you lose your confidence. Instead of having some big, some small trades, have all medium sized trades.

I've also noticed that you don't seem to have pre-defined stop-losses on your trades (at least according to FXbook). Set up your stops prior and know exactly how much you have at risk on each trade (or at a bare minimum have mental stops where you will get out). Anything less is asking for trouble....

(ok, fine that was 2 pieces of advice...)

Anyway...Good luck in your quest.