£80

[£80]

Day 6

I placed an order at 06:00UK this morning and I was filled but 97.43 I did not copy the screen at point of entry because I was away from my pc but you will see my entry was like all my other trades just without the pin bar appearing during "traffic".

As price moved up S/R lines I moved my stops appropriately (represented by the white arrows).

My entry at point 2, my stop at point 1 and my target is the zone of point 3

 

[£80]

filled pic

This is just to show that I got in 97.43 because I usually show the chart before it develops into profit or loss and this time I didn't.

 

[£80]

Day 6 exit

I got out at 98.12 because I think it might turn here and I reached my target.

So the lesson I learned is trade pin bars at valid S/R lines only if it is not involved in any "traffic". So this is how I will pin bars from now on. I read that Trader_dante also trades inside bars, I hope it the same way.

 

[trader_dante]

I got out at 98.12 because I think it might turn here and I reached my target.

So the lesson I learned is trade pin bars at valid S/R lines only if it is not involved in any "traffic". So this is how I will pin bars from now on. I read that Trader_dante also trades inside bars, I hope it the same way.

Good trade. I took the same one.

 

[mitch101]

Could someone kindly provide a link to trader_dante's "making money trading" thread as I have searched and can't find it. Thanks

 

[trader_dante]

Dude, make sure you update us with the results of your trades in terms of P&L and the account balance (if you are comfortable doing so) so one can see the efficacy of the strategy

 

[montmorencyt2w]

TD's Making Money Trading thread

Could someone kindly provide a link to trader_dante's "making money trading" thread as I have searched and can't find it. Thanks

Here you go:

http://www.trade2win.com/boards/first-steps/26947-making-money-trading.html#post365767


(The way to find it is to go to advanced search, type in that name in quotes, and search by title)

 

[£80]

Good Idea

Dude, make sure you update us with the results of your trades in terms of P&L and the account balance (if you are comfortable doing so) so one can see the efficacy of the strategy

That is a good idea, I think by doing so I can motivate other new traders to start with something small just to get them in the game. Maybe once people see the money being made from such a small amount it will change their opinion about trading with a lot of money.

 

[£80]

I have changed my goals

I am not new to the markets as I said previously but I am new to trading successfully and I have never kept a journal before, this could have been my problem initially.

I want people to see where I have failed so that they don't make the same mistakes. People say that mistakes is part of learning so why not learn from my mistakes, it will be a whole lot easier I think.

I have changed my goals instead of trading for 50 days only, I am going to attempt to turn my £80 into >£20 000 by the end of this year and every trade will be documented as usual, continuing with the count of days that I trade. I do know that this is very possible for a pro trader with many years of experience. Now I do not have this "many years of experience" but I am driven to do this.

 

[£80]

Account Summary

I tried to get my account statements to put on this thread but it is to confusing for my simple mind so what I did instead is put a screen shot of my account summary at its current state and I will try to put a screen shot on here after each trade.

I hope this works if not let me know what else I should do.

(oh and this account also accumulates interest)

 

[Splitlink]

I am not new to the markets as I said previously but I am new to trading successfully and I have never kept a journal before, this could have been my problem initially.

I want people to see where I have failed so that they don't make the same mistakes. People say that mistakes is part of learning so why not learn from my mistakes, it will be a whole lot easier I think.

I have changed my goals instead of trading for 50 days only, I am going to attempt to turn my £80 into >£20 000 by the end of this year and every trade will be documented as usual, continuing with the count of days that I trade. I do know that this is very possible for a pro trader with many years of experience. Now I do not have this "many years of experience" but I am driven to do this.

That is an interesting target from modest beginnings, I must say.

I wish you well and shall be watching your thread.

Split

 

[top trader]

if i were you i would start with a target of 1% per day.
on a trading pot of £1000, 1% per day for next 250 trading days (1 year including holidays), you would end up with a trading pot of £12,000 at the end of your first trading year.
eventually and hopefully after next few years your pot will grow to £144000, £1.73 millions and so on (all calculations are approx. and imaginary)

if you make more than 1% a day, keep it for rainy day.

good luck

 

[top trader]

if i were you i would start with a target of 1% per day.
on a trading pot of £1000, 1% per day for next 250 trading days (1 year including holidays), you would end up with a trading pot of £12,000 at the end of your first trading year.
eventually and hopefully after next few years your pot will grow to £144000, £1.73 millions and so on (all calculations are approx. and imaginary)

if you make more than 1% a day, keep it for rainy day.

good luck

edit- even on starting pot of £80 you will reach at over 10k before your second trading year. (approx. 12 times a year, still a BIG target but smaller than yours)

 

[£80]

if i were you i would start with a target of 1% per day.
on a trading pot of £1000, 1% per day for next 250 trading days (1 year including holidays), you would end up with a trading pot of £12,000 at the end of your first trading year.
eventually and hopefully after next few years your pot will grow to £144000, £1.73 millions and so on (all calculations are approx. and imaginary)

if you make more than 1% a day, keep it for rainy day.

good luck

Thank you for your wise and very true words the reason I set myself such a ridiculous target with only £80 is because I know there is a chance I might not reach it but what I am sure of is that I will definitely make more than £5000 by the end of this year.

I have never made consistent profits in the past three years and this will prove to myself that I can. So if I don't reach my £20000 target will I be failing?

 

[omni]

Thank you for your wise and very true words the reason I set myself such a ridiculous target with only £80 is because I know there is a chance I might not reach it but what I am sure of is that I will definitely make more than £5000 by the end of this year.

I have never made consistent profits in the past three years and this will prove to myself that I can. So if I don't reach my £20000 target will I be failing?

"I will definitely make more than £5000 by the end of this year."

From 80 quid.... ??
You will be doing better than 99.9% if you still have an account come June 1st.
No offence intended whatsoever but you have got to be more realistic. You are trading 80quid [highly leveraged] (as i am assuming your trades arent risking 1-2% of 80 quid).... so to not have a drawdown and wipe you out.... the odds are stacked hugely against you. Sorry Mr £80.

I think a far more realistic goal and remotely acheivable would be to try to gain some experience of the trading style you are trialing while blowing your 80 quid. Then once you have been thru your 80 quid come back with an account that gives you a shot.

Trader_Dante might take 40 quid and make it into 1,500 over a few trades, but he is exceptional and shouldnt give others false hope.

I hope you prove me wrong. Best of luck.

 

[Splitlink]

Thank you for your wise and very true words the reason I set myself such a ridiculous target with only £80 is because I know there is a chance I might not reach it but what I am sure of is that I will definitely make more than £5000 by the end of this year.

I have never made consistent profits in the past three years and this will prove to myself that I can. So if I don't reach my £20000 target will I be failing?

Such a let down!

Still, I'll let you off as long as you do it.

 

[elitejets]

Maybe once people see the money being made from such a small amount it will change their opinion about trading with a lot of money.

I hate to disagree with you because I would really like to see you make it and I do wish you good luck.
But I agree with Omni, I would not want to see you give false hope to people. Traders who can turn 80 quid into something are quite exceptional.

 

[montmorencyt2w]

I don't want to give you false hope either, but I salute your openness and optimism.

If you are really limited to a starting capital of £80, then you have to face the possibility of wipeout sooner or later.

You probably know this already but you really have to concentrate on the high-probability setups. No gambling.


On the screen-shot question, you seem to be doing ok, but for what it's worth, I can recommend the genuinely freeware photo program "irfanview" for capuring images and resizing etc. It can do a lot more in a photographic scenario, but for your purposes here you only need a fraction of its power, but still, it's a bit neater than "Paint" or whatever.

 

[£80]

Day 7

My trade today is based on the two pin bars that formed, I missed the first pin so I couldn't miss the second but after entry I realized that I might have made a foolish decision because of s/r that I overlooked.

Entry at point 2, stop at point 1, target zone of point 3

I might get out sooner than my target, depends on what the market does.

so let see what happens

 

[£80]

Day 7 exit

So my trade ended being what I hoped so, on to the next trade