From $20 to $10,000 in 3 Years | Forex Factory

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From $20 to $10,000 in 3 Years

  • #1
  • First Post: Dec 4, 2014 1:03am Dec 4, 2014 1:03am
With 18 months of trading behind me, I have decided to start this thread in the hope of others learning from my mistakes. (and more importantly me learning from them and not repeating them over and over again) This thread will be my way of trying to maintain some form of discipline in my trading, and not impulse trading when I get bored.

By starting with $20 in my account, I can no longer take those trades based on a feeling (gambling) but rather only on my trading plan.
Here is my basic trading plan

1. Only trade GBP/JPY and XAU/USD
2. Wait for my indicators to give me a signal to Buy/Sell - don't try to anticipate the market
3. Make sure the the Higher Time frame signal confirms your entry
4. Target 30 pips per day trading 1% of account.
5. If more than 3 losses in a row, END trading day
6. Never trade more than 4 hours a day

One of my failings in the past was my inability to accept that losses are a part of trading and not chase after that elusive winner.
Respect the inescapable certainity of Math
  • #2
  • Dec 4, 2014 1:56am Dec 4, 2014 1:56am
Here is my first trade, with discipline. Once price gets to position where I can move my SL to + 30 pips I will stop trading and place trailing stop. This way I can let the trade run a bit further.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.jpg Size: 117 KB
Respect the inescapable certainity of Math
  • #3
  • Dec 4, 2014 2:08am Dec 4, 2014 2:08am
Wish you luck on this journey. Will be checking for updated status now and then.
Striving to Develop & Implement Innovative Ideas
  • #4
  • Dec 4, 2014 2:27am Dec 4, 2014 2:27am
Quoting New-Pragati
Wish you luck on this journey. Will be checking for updated status now and then.
Thanks I appreciate the thoughts
Respect the inescapable certainity of Math
  • #5
  • Dec 4, 2014 2:31am Dec 4, 2014 2:31am
Quoting Agent Orange
Here is my first trade, with discipline. Once price gets to position where I can move my SL to + 30 pips I will stop trading and place trailing stop. This way I can let the trade run a bit further.{image}
Nice R:R if it goes to TP ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Dec 4, 2014 2:34am Dec 4, 2014 2:34am
It can be, good luck
All haveba nice day
focus while relaxed to see better
  • #7
  • Dec 4, 2014 3:18am Dec 4, 2014 3:18am
All the best. I will check on updates as well. I agree with the discipline part of your list.
  • #8
  • Dec 4, 2014 3:52am Dec 4, 2014 3:52am
sounds like a realistic goal so long as you dont withdraw! cheers
All posts are my personal opinion
  • #9
  • Dec 4, 2014 3:58am Dec 4, 2014 3:58am
Quoting Rtm
sounds like a realistic goal so long as you dont withdraw! cheers
Ahhh.... forgot about that. Once my wife finds my account in profit, she will want some capital back no doubt.
Respect the inescapable certainity of Math
  • #10
  • Dec 4, 2014 4:23am Dec 4, 2014 4:23am
Quoting Agent Orange
{quote} Ahhh.... forgot about that. Once my wife finds my account in profit, she will want some capital back no doubt.
well tell her to have patience and that you will be able to grow that 10k into 100k if she can wait another 3 years, i mean who doesnt like earning interest from your husband? women do it all the time in america forex or not.
All posts are my personal opinion
  • #11
  • Dec 4, 2014 4:58am Dec 4, 2014 4:58am
I can't believe it.....already Ive broken Rules 2 & 4. I had already made my pips for the day.
But as I was about turn off the computer I looked at the GBP/JPY and noticed it was at the top of a channel/ resistance line (blue). I couldn't help myself and had to trade, even though my indicators gave the opposite signal. I know I'll regret this

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot1.jpg Size: 129 KB
Respect the inescapable certainity of Math
  • #12
  • Dec 4, 2014 6:59am Dec 4, 2014 6:59am
Quoting Agent Orange
{quote} Ahhh.... forgot about that. Once my wife finds my account in profit, she will want some capital back no doubt.
No worry ... the capital to give her back is only $20
MT4/MT5 EAs/Indicators/Alerts coder
  • #13
  • Dec 4, 2014 7:01am Dec 4, 2014 7:01am
Quoting FerruFx
{quote} No worry ... the capital to give her back is only $20
All posts are my personal opinion
  • #14
  • Dec 4, 2014 9:57am Dec 4, 2014 9:57am
Quoting FerruFx
{quote} No worry ... the capital to give her back is only $20
so wrong!
wifes always try to put their hand on 100% of whatever you money you have.
and invariable get away with at least half your total wealth!! if you are lucky!
there is always, always another trade!!
  • #15
  • Dec 4, 2014 10:56am Dec 4, 2014 10:56am
You need few years in this business to understand that 20 to 100 in 3 years would be great performance
On my way to financial independence - if others can do it - I can do it
  • #16
  • Dec 4, 2014 6:07pm Dec 4, 2014 6:07pm
Quoting profitfarmer
{quote} so wrong! wifes always try to put their hand on 100% of whatever you money you have. and invariable get away with at least half your total wealth!! if you are lucky!
Yes ... sadly true!
MT4/MT5 EAs/Indicators/Alerts coder
  • #17
  • Dec 4, 2014 11:50pm Dec 4, 2014 11:50pm
Quoting Eur Usd
You need few years in this business to understand that 20 to 100 in 3 years would be great performance
Hi Eur USD

Don't get me wrong, I would be thrilled to get my account to $10,000. Statistically by risking 1% of my account and gaining 30 pips per day I could do it in 2 years, not 3. However, I am not disciplined, nor will I have a 100% success rate of trades, so I have allowed myself an extra year for comfort. But believe me I would certainly be happy about it .
Respect the inescapable certainity of Math
  • #18
  • Dec 5, 2014 1:13am Dec 5, 2014 1:13am
Quoting Agent Orange
Statistically by risking 1% of my account and gaining 30 pips per day ...
it is hard to catch 30pips movement every day. How long you've been in FX?
On my way to financial independence - if others can do it - I can do it
  • #19
  • Dec 5, 2014 2:46am Dec 5, 2014 2:46am
Quoting Eur Usd
{quote} it is hard to catch 30pips movement every day. How long you've been in FX?
Been trading for 18 months. So i do know the task ahead is not as easy as it seems.
Respect the inescapable certainity of Math
  • #20
  • Dec 5, 2014 2:50am Dec 5, 2014 2:50am
Here is second trade for today, first one was opened automatically by an EA which I accidentally loaded onto my screen. OOOpppps

Notice the new indicators, I will see how these go
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot3.jpg Size: 172 KB
Respect the inescapable certainity of Math
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