Last 40 days were the most exciting days in my trading career where I have learned the lesson of life, a very inspirational, practical and real life story of my own.
"The 40 days of Forex Trading" or you might want to call that the "Ups & Downs of Life"
I started my FX account with just $100 on 21st December and made 50% in just 6days... impressed with my style I added more funds and made the account size to $1000... increased my margin and everything was going fine... great I made 2100 within 24 days and this was the first time I was trading FX... I left my position opened for weekend. yes without SL, blind faith in my system... very poor money management... no money management indeed.
Next monday morning realized a counter wave killed my profit and account left with 1000 (50% margin call).. still at break even and made some more mistakes and 2 more margin calls.... fine... I am down to $248 from 2100 in a matter of 3 days.
I could go and stop trading FX, blame others for my mistakes, add more funds and repeat the mistakes and keep doing so. Or take a break of 1 day and come back with a fresh attitude to start the account with a fresh capital of $248... Like I lost nothing... I chosen the last one.
Today just after 17-18 days... I not only recovered my loss but withdrawn $2037 out of my account and still left with $400 in my account.
Here is My FX Journal for those who think earning money is easy and also for those who think once fallen you cannot stand.
http://spreadsheets.google.com/ccc?key=0AsC1qV6Wtd1xdFo1MUQwTVlDc2VzMTIyYnZDbi1jTFE&hl=en
Today I decided to challenge myself and repeat what I did with $248... and try to make $2000 every month and make a fresh start every month with $500 every month.
Here are some details
Initial Capital every month: Not more than $500
Monthly Target: To close in Green... yes that will be my target but I want to exceed my targets.. sky is the limit.
Some Important Rules
I will prefer only the FX Majors but will not limit myself only to major but any tradable opportunity, still I will avoid anything other than Major & Minors due high spreads. I will try to post the details of trades at the end of day or a consolidated list at the end of week.
Here is the snap shot of my trade sheet as of today
Let the journey begin... may god bless me throughout the journey.
"The 40 days of Forex Trading" or you might want to call that the "Ups & Downs of Life"
I started my FX account with just $100 on 21st December and made 50% in just 6days... impressed with my style I added more funds and made the account size to $1000... increased my margin and everything was going fine... great I made 2100 within 24 days and this was the first time I was trading FX... I left my position opened for weekend. yes without SL, blind faith in my system... very poor money management... no money management indeed.
Next monday morning realized a counter wave killed my profit and account left with 1000 (50% margin call).. still at break even and made some more mistakes and 2 more margin calls.... fine... I am down to $248 from 2100 in a matter of 3 days.
I could go and stop trading FX, blame others for my mistakes, add more funds and repeat the mistakes and keep doing so. Or take a break of 1 day and come back with a fresh attitude to start the account with a fresh capital of $248... Like I lost nothing... I chosen the last one.
Today just after 17-18 days... I not only recovered my loss but withdrawn $2037 out of my account and still left with $400 in my account.
Here is My FX Journal for those who think earning money is easy and also for those who think once fallen you cannot stand.
http://spreadsheets.google.com/ccc?key=0AsC1qV6Wtd1xdFo1MUQwTVlDc2VzMTIyYnZDbi1jTFE&hl=en
Today I decided to challenge myself and repeat what I did with $248... and try to make $2000 every month and make a fresh start every month with $500 every month.
Here are some details
Initial Capital every month: Not more than $500
Monthly Target: To close in Green... yes that will be my target but I want to exceed my targets.. sky is the limit.
Some Important Rules
- Trade only when there is opportunity to trade.
- Trade only when you have 100% confidence in the trade.
- Trade only in London Hours, when market is highly liquid.
- No carry trades for weekend or next day.
- Trade max 1HR Chart, min 5min
- No more than 5 trades in a day
- Max Risk should not exceed 5% of the total account size on any trade
- Try to NOT have more than 2 losers in a row
I will prefer only the FX Majors but will not limit myself only to major but any tradable opportunity, still I will avoid anything other than Major & Minors due high spreads. I will try to post the details of trades at the end of day or a consolidated list at the end of week.
Here is the snap shot of my trade sheet as of today
Let the journey begin... may god bless me throughout the journey.
Last edited:
