Can I repeat turning $800 to $5000 again? | Forex Factory

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Can I repeat turning $800 to $5000 again?

  • #1
  • First Post: Jan 13, 2015 4:27pm Jan 13, 2015 4:27pm
I've turned $800 to $5000 last year, but for some odd reason I decided to trade differently and I started to lose money.. I'm going start with $200 or 600 probably next week.. I want to repeat the same success that I had before..
  • #2
  • Jan 13, 2015 5:10pm Jan 13, 2015 5:10pm
Why would you change a working system? A 625% return in 1 year seems like a great system to me! Curious, so what was your odd reason?

Should have kept trading the same system with your real money. And demo traded your new system. Just my thoughts
Losers only have goals but winners have goals with a system - 'Scott Adams'
  • #3
  • Jan 14, 2015 9:14am Jan 14, 2015 9:14am
agree with above. just imagine if you manage to do the same in 3 consecutive years $800 - 5,000 - 31,250 - 195,312.

so the big question is how did you do it and why did you change?
  • #4
  • Jan 14, 2015 10:09am Jan 14, 2015 10:09am
Quoting walther6588
Why would you change a working system? A 625% return in 1 year seems like a great system to me! Curious, so what was your odd reason? Should have kept trading the same system with your real money. And demo traded your new system. Just my thoughts
I agree with you I was stupid.. And guess what, do you want to know what was the reason I change? Because I was mad that I had a breakeven week lol.. Sad I know smh..
  • #5
  • Jan 14, 2015 10:16am Jan 14, 2015 10:16am
Quoting kraven
agree with above. just imagine if you manage to do the same in 3 consecutive years $800 - 5,000 - 31,250 - 195,312. so the big question is how did you do it and why did you change?
At the time I was trading triangle breakouts on the 1 min following the 5 min chart as the main chart..... But believe it or not it wasn't the triangles that made me the money.. It was my ability to hold on to a winner.. Every trade I was looking for 2:1 or better... I remember one day I had four losers in the row and then the next day I had one trade that took care all the losers and still had a profit (5:1)..
  • #6
  • Jan 14, 2015 1:08pm Jan 14, 2015 1:08pm
Quoting focusonmoney
{quote} At the time I was trading triangle breakouts on the 1 min following the 5 min chart as the main chart..... But believe it or not it wasn't the triangles that made me the money.. It was my ability to hold on to a winner.. Every trade I was looking for 2:1 or better... I remember one day I had four losers in the row and then the next day I had one trade that took care all the losers and still had a profit (5:1)..
money management is key.

did you just focus on one pair? did you increase lot size or just stick with the same?
  • #7
  • Jan 14, 2015 7:19pm Jan 14, 2015 7:19pm
Quoting kraven
{quote} money management is key. did you just focus on one pair? did you increase lot size or just stick with the same?
Yea money management played a big part, also learning how to read market behavior (context) was another major reason.. I traded one market at the time (oil), but this time I will trade multiple markets..
  • #8
  • Jan 18, 2015 7:59pm Jan 18, 2015 7:59pm
The last two weeks looked good for trading... I saw a lot of 2:1- 3:1 trades.. Hopefully I can fund my account this week and start to trade on Tuesday.. We will see..
  • #9
  • Jan 18, 2015 8:10pm Jan 18, 2015 8:10pm
Nope cuz your not consistent. You lost it all.
Trade less make more!
  • #10
  • Jan 18, 2015 8:19pm Jan 18, 2015 8:19pm
Quoting doughnut
Nope cuz your not consistent. You lost it all.
Cool.. I can understand why you would think like that.. I have no problems with your reply..
  • #11
  • Jan 18, 2015 8:20pm Jan 18, 2015 8:20pm
Quoting focusonmoney
The last two weeks looked good for trading... I saw a lot of 2:1- 3:1 trades.. Hopefully I can fund my account this week and start to trade on Tuesday.. We will see..
Please share with us the following:
Which broker do you planned to fund your account? What is your favourite currency or commodities which you trade?
  • #12
  • Jan 18, 2015 8:30pm Jan 18, 2015 8:30pm
Quoting focusonmoney
{quote} Cool.. I can understand why you would think like that.. I have no problems with your reply..
I wish you success in this business. I have been trading for 8 years in the early days I lost 30k. 8 years later I'm at break even. Mots traders are consistently profitable after 10 years of trading. If you don't give up before that. Look it up you will see. Cheers
Trade less make more!
  • #13
  • Jan 18, 2015 9:31pm Jan 18, 2015 9:31pm
Quoting GreySkull
{quote} Please share with us the following: Which broker do you planned to fund your account? What is your favourite currency or commodities which you trade?
I don't know what broker yet.. I'm still looking... favorite currency ? Don't have one.. I look at six pairs to find the right setup.. commodities ? I really love crude oil but the same thing.. I look at the right commodity to trade the right set ups.. But for Right now I'm only trading the forex..
  • #14
  • Edited 9:56pm Jan 18, 2015 9:44pm | Edited 9:56pm
Quoting doughnut
{quote} I wish you success in this business. I have been trading for 8 years in the early days I lost 30k. 8 years later I'm at break even. Mots traders are consistently profitable after 10 years of trading. If you don't give up before that. Look it up you will see. Cheers
Thanks buddy!! I have 8 years already... So we will see... who knows what will happen.. I just want to go back doing what worked for me that's all.. I literally stop trading the strategy that was making money for me (weekly). just because I had broke even one week.. I got scared and started to trade a different strategy and went for small profits and lost money in the process..
  • #15
  • Jan 18, 2015 11:08pm Jan 18, 2015 11:08pm
I've been only 6 six years now...on and off, mostly off .
its always nice to be surrounded with seasoned trader...get you going!!

Good luck with your trading plan bro, wish you achieve it!!
Maura Zaky Putri Fadhin
  • #16
  • Jan 19, 2015 2:53am Jan 19, 2015 2:53am
Quoting focusonmoney
{quote} Thanks buddy!! I have 8 years already... So we will see... who knows what will happen.. I just want to go back doing what worked for me that's all.. I literally stop trading the strategy that was making money for me (weekly). just because I had broke even one week.. I got scared and started to trade a different strategy and went for small profits and lost money in the process..
I started trading since 2007, i have that same feeling "forexphobia" once i made profit from my inital captial from USD 300 to USD 1000 within 2 weeks. Then start picking small profits. All lost it to /GBP/USD.
But i keep trying, till this day. Win some & lose some. I have tested many strategies from scalping to long term strategy. I learned that strategies in forex is tool to decide to take the trade, but in the end, it's all about me making right move (to trade or not to trade), how do i control my greed/even the devil's whisper or emotional. or even other distraction.
  • #17
  • Jan 21, 2015 1:03pm Jan 21, 2015 1:03pm
Took my first live trade today with my $300 account.. The trade was a breakeven trade and after that I didn't trade anymore... The market was really crazy today, too much going on, and my setup's wasn't the cleanest... So I decided not to force anything today.. I'm going take off tomorrow and trade on Friday..
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  • #18
  • Jan 21, 2015 3:14pm Jan 21, 2015 3:14pm
Super scalpers...look up currency overlay, and then think about how sensible trading on a 1m/5m chart is. Also, look up random reinforcement.
  • #19
  • Jan 21, 2015 3:36pm Jan 21, 2015 3:36pm
Quoting TranceTrader
Super scalpers...look up currency overlay, and then think about how sensible trading on a 1m/5m chart is. Also, look up random reinforcement.
Don't know where you are trying to go with this..
  • #20
  • Jan 21, 2015 3:56pm Jan 21, 2015 3:56pm
You're chasing the wind my friend, look up currency overlay.
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