l i t t l e d e v i l's $50 to $13,000 Forex Challenge

[godliness]

This is mostly a thread for me to chronicle this challenge, feel free to ask a question or contribute in constructive ways. I might break down my trades in detail or just post a screen shot. Maybe I'll go deep in to mind-state and attitude, idk yet. Just no forex scams questions please... There are many forex "gurus" who are frauds but the forex market is very much real.

Week 1 Set-up happen last week: started at $50 end the week at $163.

Was holding this since yesterday. got in at the PFM and added a second position this morning

Spoiler: The Setup

tripled my $50 account with one setup. I'm going compound this account until its 5 figures only taking 1-2 trades per week.

Spoiler: the results

 

[godliness]

This week setup

Hopped in GU for a buy at the low the day (Monday) during NY.

Spoiler

I knew the plan was to hold it for a while, the market seem to be moving quite fast this week.
near the end of the day the market offered me a another buy position, so I got in again. It was right
before Asian session but I knew what I was look for.

Spoiler

I exited both trades at 4 something this morning. I was way too tired to think straight. plus I was satisfied with being over 100+ pips in profit.

Spoiler

This brought my account to $426. but like I said I was tired af this morning and fukked up. I ended up giving some money back to the market.

Spoiler

^^^ the sad part about this is I wasn't wrong. I just was unable to mentally maintain the trade. If I was more mentally clear and patient I would have made more money.
but it's whatever that's price of doing business. So now my new balance is $363 which isn't bad for 4 days.

 

[ill]

Subs

 

[Macallik86]

Are you trading the same $$$ for every trade?

 

[godliness]

Are you trading the same $$$ for every trade?

yes and for transparency.

Spoiler

Edit if you're referring to lot size. no I have a trading plan that allows me to increase my lot size according to the size of my account. This challenge is suppose to take me 25 trades but will take me far less because I am netting lots of pips instead of 25 which is the actual pip goal for all my trades.

 

[mannyrs13]

OP either lost all his money and was too embarrassed to return, or became rich and forgot about us.

 

[jilla82]

ive always wanted to look into this...but the time required to get really good at trading is real...
...I just dont have it.

 

[godliness]

Sorry for the long absence guys. I'm going to keep it a buck with all of you. (because that's the point of this project and this thread.) After my initial loss,
I preceded to lose another 3 more times. Not all like me but still not any thing to worry about. I honestly didn't even care, My money management is solid
I didn't even come close to bricking my account. However trading is 90% mental and the thing I was worried about most was about my losses becoming a cycle. I needed to
refresh my brain. So I fell back for a few days. and I'm glad I did. I analysed all my losses and they were all simple mistakes. Today was my first day back.

don't worry about the balance for now. I'm going to recoup my losses and begin updating it again. For now tho, enjoy today's trade!!

Spoiler: Todays Trade

Spoiler: $$$

++67 Pips Let's get it.

 

[mannyrs13]

Thread motivated me to throw a $100 in there. Have a short on nzdusd that hasn't panned out lately. Looks good on long term charts but guess I gotta be patient. Set a decent enough SL to not exit too soon. Had a long on eurusd that was decent the past two days and kept raising my sl as I increase profit. Finally went back down to it and now I have a short on it. Not any profit now but I think it has potential to drop to 1.09. My audusd long has been good so far but it's barely evening me out for the other two trades. Been down overall from previous times but I think my issue is patience and exiting too early on trades. Gonna stick now mainly to USD exchanges, like the big 4. Aud, nzd, eur, and gbp.

 

[GarryWithTwoRs]

I'm trynna learn forex is the babypips.com school a good place to start?

 

[godliness]

Thread motivated me to throw a $100 in there. Have a short on nzdusd that hasn't panned out lately. Looks good on long term charts but guess I gotta be patient. Set a decent enough SL to not exit too soon. Had a long on eurusd that was decent the past two days and kept raising my sl as I increase profit. Finally went back down to it and now I have a short on it. Not any profit now but I think it has potential to drop to 1.09. My audusd long has been good so far but it's barely evening me out for the other two trades. Been down overall from previous times but I think my issue is patience and exiting too early on trades. Gonna stick now mainly to USD exchanges, like the big 4. Aud, nzd, eur, and gbp.

Human error is the Market Makers best friend in this game. They have so many ways to induce fear and panic/ impatience in the mind of a retail trader. And once they do boom they take your money. I try to simplify my process as much as possible by trading only the London and New York sessions and only trading G pairs. Literally all my setups look the same. The thing that is a battle is maintaining my money management and my mind state, but once mastered you are literally printing money. Swear to god bro forex when done right is such a blessing.

 

[godliness]

I'm trynna learn forex is the babypips.com school a good place to start?

Yes start with the basic first. They find a method or strategy that works best for you and master it.

 

[Sane]

I'm trynna learn forex is the babypips.com school a good place to start?

Might have to jump on this as well. Been hearing a lot about forex

 

[godliness]

any one looking to get a idea of how I trade here is a cool little playlist.
Fx Mindshift - YouTube

 

[GarryWithTwoRs]

any one looking to get a idea of how I trade here is a cool little playlist.
Fx Mindshift - YouTube

So I'm about 1/4 of the way through the babypips course, literally just finished 4th grade. This is somethin I'm actually interested in as I'm good with math/numbers and patterns. Never thought I'd say this BUT as much as I love babypips they're lacking on the "homework" side. What are some ways I can practice the shyt I'm learning. Any recommendation for reputable brokers that offer good demo accounts?