Tim's £500 marathon. Goal £1 million | Forex Factory

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Tim's £500 marathon. Goal £1 million

  • Poll

  • Do you think I have what it takes to make £1million
  •  
  •  
  •  
  • #1
  • First Post: Feb 4, 2015 4:58pm Feb 4, 2015 4:58pm
Hello people, this is my trading journal where I will document my trades in the FOREX market. I am also making use of the TRADE EXPLORER to asses my performance and display my trades.

I have been trading FOREX on a demo account for 7 months and have decided to go live. My goal is to make £1 million! I am probably going to have A LOT of DOUBTERS, but I believe NOTHING is IMPOSSIBLE. I don't know how long this marathon will take, maybe 10 years, 5 years, a month or even a day! Lol who knows, I guess you need to stick around and find out. Enough of the small talk, shall we...

Starting Balance: £500
Goal: £1million
Trade smart, not hard
  • #2
  • Feb 4, 2015 6:36pm Feb 4, 2015 6:36pm
Go Tim!

Go Tim!


Wishing you all the best!

If you achieve your goals,

share some profits!

Attached Image
ReAl MoDe: ON
  • #3
  • Feb 4, 2015 6:45pm Feb 4, 2015 6:45pm
Subscribed.


I wish you the best!

PS: I think you should let us see the balance on the trade explorer.
"The Public Sucks" - George Carlin
  • #4
  • Feb 4, 2015 7:11pm Feb 4, 2015 7:11pm
Quoting vicentis
Go Tim! Go Tim! Wishing you all the best! If you achieve your goals, share some profits! {image}
Thanks for the word of encouragement!

Quoting pistacho
Subscribed. I wish you the best! PS: I think you should let us see the balance on the trade explorer.
Thanks!

My balance is now visible as you requested.
Trade smart, not hard
  • #5
  • Feb 4, 2015 9:05pm Feb 4, 2015 9:05pm
Quoting TimTheTrader
Hello people, this is my trading journal where I will document my trades in the FOREX market. I am also making use of the TRADE EXPLORER to asses my performance and display my trades. I have been trading FOREX on a demo account for 7 months and have decided to go live. My goal is to make £1 million! I am probably going to have A LOT of DOUBTERS, but I believe NOTHING is IMPOSSIBLE. I don't know how long this marathon will take, maybe 10 years, 5 years, a month or even a day! Lol who knows, I guess you need to stick around and find out. Enough of...
With patience and discipline you will arrive at your goal. Congratulations !!!
  • #6
  • Feb 5, 2015 12:25am Feb 5, 2015 12:25am
go get'em Tim... Also-- do you want to talk about what your process is -- so we can see you use it and improve with it? We are all here to learn..

Good Luck!!!!
  • #7
  • Feb 5, 2015 7:34am Feb 5, 2015 7:34am
NOTHING is impossible!
  • #8
  • Feb 5, 2015 8:38am Feb 5, 2015 8:38am
You need to lose a 6 figure sum before you can make a million
Anyway good luck, pick your trades very carefully and don't overtrade
used to be undecided but nowadays can't make my mind up
  • #9
  • Feb 5, 2015 9:05am Feb 5, 2015 9:05am
Its possible in theory. I dont know about the variables, like how you are doing it and what your prios experience is and such. Though i would recomend smaller lots then 0.3. Even if you are great, if say your broker go offline before you have time to put a stop loss there, there is a big chance you wont have any money left when you connect to your account. Also, pure bad luck and a bad day can take off to much of your total account.

0.01 or 0.02 lots is what i would recommend till you double the account.
My signature is: "Classified".
  • #10
  • Feb 5, 2015 9:09am Feb 5, 2015 9:09am
Account Balance: £511.61
Loss: -£9.39

Only took two trades today, so far I am down by £-9.39. The first trade was successful but not as profitable as I would have wanted it to be, and the other was unsuccessful. On the other hand, I have analysed the cause of both trades and have noted down possible solution which I will implement in my next trade.

 

  1. Cause of loss: tight stop loss
  2. Possible Solution: Wider stop loss


So far i am doing will in terms of money management and not going against it. I also have improved on my patience, letting the market come to me instead of FORCING an opportunity and having NO REASON to trade

I shall wait until tomorrow for any trading opportunities. No rush at all, taking my time with this.

Quoting mrcreosote
You need to lose a 6 figure sum before you can make a million Anyway good luck, pick your trades very carefully and don't overtrade
Why should I lose 6 figures to make a million?

I trade METHODICALLY so picking the right trades is a must for me

Quoting yaed
Its possible in theory. I dont know about the variables, like how you are doing it and what your prios experience is and such. Though i would recomend smaller lots then 0.3. Even if you are great, if say your broker go offline before you have time to put a stop loss there, there is a big chance you wont have any money left when you connect to your account. Also, pure bad luck and a bad day can take off to much of your total account. 0.01 or 0.02 lots is what i would recommend till you double the account.
Thanks you for your advice, but my method of money management fits my trading style perfectly. I have my own way of doing things so you don't need to worry about stop loss or blowing my account
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Trade smart, not hard
  • #11
  • Feb 6, 2015 3:17pm Feb 6, 2015 3:17pm
Hi Guys, hope you all made profits today

Not so much of a good week for me, down by -1.6% so far. Gutted that I missed profitable opportunities today. I was in fact about to make a trendmendous profit on the USD/CAD, but pretty much trend went against me which within a a blink of an eye. Luckily I moved my stop to break even. Lost my profits that I made, and took a small loss due to other trades. My account currently stands at $492.

I take notes of the mistakes I do, in order to find solutions. Hopefully next shall be profitable...Oh well, I guess that's how the game works..you win some and lose some.

Despite the loss, it still has not discouraged me at all to trade FOREX, im always learning something new..
Trade smart, not hard
  • #12
  • Feb 6, 2015 3:25pm Feb 6, 2015 3:25pm
Good luck man.. Learn from your mistakes and don't repeat them.
  • #13
  • Feb 8, 2015 7:08pm Feb 8, 2015 7:08pm
Entered a trade with the AUD/USD. Moved stop to recover the loss and it got triggered due to a retracement, nonetheless I managed to bank £9.64. Could of held it for longer but I didn't want to become greedy.

Fairly a good start for the week. Lets see what tomorrow has in store for us. Hope you all make tremendous profits today.
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Trade smart, not hard
  • #14
  • Feb 9, 2015 10:17am Feb 9, 2015 10:17am
Nothing is impossible, but you must have good plan and worst plan of how to deal with economic crisis, when thousand pips against you.

I am heading from $500 to $39000 in 24 months. But in the meantime, i try to develop something auto EA to prepare for big distant against me.

Keep it up and good luck !
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  • #15
  • Feb 9, 2015 12:12pm Feb 9, 2015 12:12pm
Quoting ~bull.bear~
Nothing is impossible, but you must have good plan and worst plan of how to deal with economic crisis, when thousand pips against you. I am heading from $500 to $39000 in 24 months. But in the meantime, i try to develop something auto EA to prepare for big distant against me. Keep it up and good luck ! {image}
With ten pips he make a 2% of the account. I think that with this size positions he can make more than a 20% per month. I consider it quite risky.
  • #16
  • Feb 9, 2015 7:35pm Feb 9, 2015 7:35pm
Trading in action...Stop moved to breakeven. Lets see how far this can go.
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Trade smart, not hard
  • #17
  • Feb 9, 2015 7:43pm Feb 9, 2015 7:43pm
Got stopped out...

Banked 1.08.

Currently stand at 502.58
Trade smart, not hard
  • #18
  • Feb 10, 2015 2:17am Feb 10, 2015 2:17am
hello Tim.

hope everythings ok.


Just one question,

you are trading 1 minute charts?
ReAl MoDe: ON
  • #19
  • Feb 10, 2015 6:16am Feb 10, 2015 6:16am
Quoting TimTheTrader
Hello people, this is my trading journal where I will document my trades in the FOREX market. I am also making use of the TRADE EXPLORER to asses my performance and display my trades. I have been trading FOREX on a demo account for 7 months and have decided to go live. My goal is to make £1 million! I am probably going to have A LOT of DOUBTERS, but I believe NOTHING is IMPOSSIBLE. I don't know how long this marathon will take, maybe 10 years, 5 years, a month or even a day! Lol who knows, I guess you need to stick around and find out. Enough of...
Hi Tim,

If you traded demo for 7 months then you should have plenty of stats to know where and how its gonna pan out, by your statement, ' I don't know how long this marathon will take, maybe 10 years, 5 years, a month or even a day' i voted you as a dreamer. Unless you were joking there, then its good to see you have a sense of humor in this black and red game. But i get the feeling your methodology is not completely sound. Best of luck, Jay
  • #20
  • Feb 11, 2015 6:01am Feb 11, 2015 6:01am
Quoting Verve
{quote} Hi Tim, If you traded demo for 7 months then you should have plenty of stats to know where and how its gonna pan out, by your statement, ' I don't know how long this marathon will take, maybe 10 years, 5 years, a month or even a day' i voted you as a dreamer. Unless you were joking there, then its good to see you have a sense of humor in this black and red game. But i get the feeling your methodology is not completely sound. Best of luck, Jay
Hello Verve

I appreciate the criticism and to answer to of the things you have said, I do have an idea of how long it could possibly take me to reach my goals, but I choose to keep discreet as some may find the timescale unbelievable and unrealistic (not that it matters to me what people think) and you are right, I am a dreamer, I'm very optimistic about most things.

Anyway, like a mentioned, you're just going to have to stick around and find out
Trade smart, not hard
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