Author Topic: $10 account  (Read 1166 times)

PipMeHappy

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Re: $10 account
« Reply #75 on: September 11, 2020, 05:23:16 PM »
@Magyar

No problem, just wondered.

You are finding your feet, once you capture some good trends/moves you will hopefully skew the trend toward
the consistently positive and move up out of the +$2/-$2 P/L range.

Good luck, we have all been there.

PipMe

Magyar

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Re: $10 account
« Reply #76 on: September 13, 2020, 09:44:18 AM »
The small size account does have problems. Even with very small trade I  cannot always put stop as far away as I want and have lost a few times for this. When I happier that system works and I can control bad habits then I open larger account perhaps $100

Magyar

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Re: $10 account
« Reply #77 on: September 21, 2020, 03:27:24 PM »
I am still not getting consistent like I was on demo. Change to real money has made a difference even with tiny account.
I had poor week last week and now behind again on $9.76.
Happier that I am shutting trade before loss gets too big so am getting some discipline. I want to get this account into steady profit even if only small every day before i think of adding to account so i can increase stop loss distance

PipMeHappy

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Re: $10 account
« Reply #78 on: September 21, 2020, 10:24:27 PM »
Hello @Magyar  it looks like you have very tight margins for error, perhaps too tight.

Have you thought about going for $100 now? What leverage are you using at the moment?

If you had a 10:1 leverage on a $100 account you would be able to open, say, a $1000 position
which would buy you a $0.08-per-pip value on a EUR/USD position, so that if you made, say, a 50-pip gain
you could gain $4... Four good trades of this kind, just four, would get your account up by $16, which
would be a 16% gain, not bad...

You could even push it on a high-probability trade and go for 20:1 leverage, so each pip would get you $0.16...
With your good risk management you would probably be able to limit your losses...

The other side is, as you say, that even with smaller positions on a larger accounts you would have the ability
to give stops more room to breathe...

It really seems like it is not the switch from paper to live trading that is harming your profits but the SIZE of the live account:
there are limits to the proportionality of a system, i.e. if you scale it down so much you may think that 'starting small and
scaling it up later' may be the way to go, but perhaps there is a relative size to this beyond which it becomes worthless
also considering how little it earns you.

Another thing would be to backtest... I am just getting into that now through Optuma, a charting software for which I have a free
four-month trial as a CMT exam candidate... it does backtesting and signal testing for a variety of strategies but you can also design your own, and if you are into coding you can code your own and script it within the charting software.

I know how slow it is to live/forward test only, because I have done it too with my Seven Majors and Forex Four systems that I designed but the amount of daily work and writing everything down was so slow, adding to which there was the constant mixed results that, week after week, made the whole thing really hard to fathom: was it completely useless? Who knows... I sure would have found out much more quickly with a backtest, or rather with several versions of a backtest, but even a week working on that would have given me more answers going forward than the little progress that I was making live. When you feel that you are making one step forward and two steps back every other day, it is hard to feel motivated continuing.

I hope this sounds like an encouragement... I really want you to do well.

Take care
Stay safe
PipMeHappy

Kim

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Re: $10 account
« Reply #79 on: September 22, 2020, 08:14:13 AM »
I want to get this account into steady profit even if only small every day before i think of adding to account so i can increase stop loss distance
I think that is very sensible. Get into good habits.
Have you compared the size of your wins v your losses? In theory they should be similar sizes but thats not always the case

Magyar

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Re: $10 account
« Reply #80 on: October 05, 2020, 08:00:32 PM »
Hi everyone.
I've just watched one of @thescruff video about small account and he say discipline is a key. Of course I know this before but seeing someone else especially an expert say this has hit me hard. I must admit discipline is big trading problem for me and I cannot seem to cure it. So it looks like I will give up as I  cannot change who I am so may be trading is not for me.
Thanks you all for your help and supportive words.
Magyar

PipMeHappy

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Re: $10 account
« Reply #81 on: October 05, 2020, 10:23:50 PM »
Hi everyone.
I've just watched one of @thescruff video about small account and he say discipline is a key. Of course I know this before but seeing someone else especially an expert say this has hit me hard. I must admit discipline is big trading problem for me and I cannot seem to cure it. So it looks like I will give up as I  cannot change who I am so may be trading is not for me.
Thanks you all for your help and supportive words.
Magyar

Dear Magyar,

there are many, many ways to be a disciplined trader.

The important thing is that you identify what it is that you do well, and why it works so that you can continue doing that rather than the stuff that loses you money.

I am about to do all that with my demo account, because although I got 300% profits in fifteen straight months, it is only half the picture: I need to see how I can dig under that figure and work on percentage of winning trades, how much I made and lost each day or an average, then overlay that with a chart of EUR/USD for the same period and see how I did when it was flat vs. when it had momentum.

The only way to really KNOW if you can have confidence in the kind of trading you do (or want to do) is to put data behind it, and see if probabilities of doing things right more than wrong add up...

Do not give up, invest in yourself if this is really what you want to do.

Keep the faith
Get trained
PipMeHappy

Kim

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Re: $10 account
« Reply #82 on: October 06, 2020, 08:45:33 AM »
may be trading is not for me
I think most of us have felt like this Magyar. You say you lack discipline but from what you say on this thread I would disagree. I think you've shown a lot of discipline. Sure, afew times you have slipped into "bad habits" but you're only human, give yourself a break and also some credit for the positive steps you've taken.
Maybe take a short break from trading and recharge your batteries and come back with a clean slate?
I for one hope to hear from you again, take care 🙂

eddieb

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Re: $10 account
« Reply #83 on: October 07, 2020, 08:52:39 AM »
Hi everyone.
I've just watched one of @thescruff video about small account and he say discipline is a key. Of course I know this before but seeing someone else especially an expert say this has hit me hard. I must admit discipline is big trading problem for me and I cannot seem to cure it. So it looks like I will give up as I  cannot change who I am so may be trading is not for me.
Thanks you all for your help and supportive words.
Magyar

Sorry to hear that Magyar. I hope you can return after a rest, invigorated and raring to go.

Best wishes
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

Sharkie

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Re: $10 account
« Reply #84 on: October 07, 2020, 06:50:08 PM »
may be trading is not for me
I think most of us have felt like this Magyar. You say you lack discipline but from what you say on this thread I would disagree. I think you've shown a lot of discipline. Sure, afew times you have slipped into "bad habits" but you're only human, give yourself a break and also some credit for the positive steps you've taken.
Maybe take a short break from trading and recharge your batteries and come back with a clean slate?
I for one hope to hear from you again, take care 🙂

Hi Magyar.
Kims spot on, you've shown you have heaps of discipline and strength of character. Starting with just $10 might have made things harder, it needs a lot of patience to wait for that to grow into a bigger account simply as you can't afford big stops to protect your account so you must have been tempted to risk more than you would have wanted.
A short break is good idea, clear your head. Then try again with a bigger pot.
Interesting fact: Sharks only attack humans if they are wet

Kaitsu

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Re: $10 account
« Reply #85 on: October 08, 2020, 02:07:41 PM »
I must admit discipline is big trading problem for me and I cannot seem to cure it. So it looks like I will give up as I  cannot change who I am so may be trading is not for me
Discipline is, as you obviously know, a very important part of trading. But it is not the only, or maybe even the most, important component of achieving consistency.
We all also know that most traders, about 70+%, lose money. We know this because the EU regulated brokers have to tell us the figure.

But these 70+% of traders are not all losing simply because they are undisciplined. There are many reasons for it.

Before you write yourself off as a trader, try to analyse what exactly is/are the underlying problems here. For example, are you always facing the wrong way with your entries? Do you fail to hit your targets? Are your stops hit even though your direction was (eventually) correct? Are you taking profits too early and running losses too long? Are you revenge trading?...and so the list goes on and on!

But if you read through this list then one has to agree that any one of these issues can be resolved - by anyone! Including you!

It may be as simple as adopting a different timeframe, or setting stops/targets on a different basis.

You should also remember that forex markets are maybe more erratic than normal during these times with Covid-related economic upheavals, US elections and EU/UK trade negotiations. We are all learning to deal with these! :)

If you feel that your equity size is restricting your flexibility to experiment with other approaches then use a demo account alongside this live account and see how your performance compares.

Just some thoughts.....
Ships are safe in harbour - but that is not what ships are for......

Magyar

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Re: $10 account
« Reply #86 on: October 16, 2020, 04:15:58 PM »
Hello everyone I hope you are all well and trading happy.
I have not traded for a while now as I need to sort out my problems all which are my fault, not broker or strategy or any body else. I think if I tell you here what I do wrong then I cannot hide from it, it is here in black and white. Here goes.

When i trade on pc I trade proper. I do some research before I trade, check news events are not coming. I place trade acording to my plan.
But, if I look on my tablet or mobile phone at charts I sometimes see a pair is moving and jump on it so I dont miss my chance. Sometimes this wins but sometimes it loses. But win or lose it is wrong thing to do and very annoying but I cant help myself.
So, I am deleting trade apps from tablet and mobile to help break this bad habits.

I am not increasing account until I am happy bad habit is gone or I will just burn more money. If I am happy later I might increase it but for now I need to prove to myself I can stop these stupid trades.

PipMeHappy

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Re: $10 account
« Reply #87 on: October 16, 2020, 04:40:33 PM »
Hello everyone I hope you are all well and trading happy.
I have not traded for a while now as I need to sort out my problems all which are my fault, not broker or strategy or any body else. I think if I tell you here what I do wrong then I cannot hide from it, it is here in black and white. Here goes.

When i trade on pc I trade proper. I do some research before I trade, check news events are not coming. I place trade acording to my plan.
But, if I look on my tablet or mobile phone at charts I sometimes see a pair is moving and jump on it so I dont miss my chance. Sometimes this wins but sometimes it loses. But win or lose it is wrong thing to do and very annoying but I cant help myself.
So, I am deleting trade apps from tablet and mobile to help break this bad habits.

I am not increasing account until I am happy bad habit is gone or I will just burn more money. If I am happy later I might increase it but for now I need to prove to myself I can stop these stupid trades.

Very good idea. Trading from a small screen is tricky and it gets difficult... I have done plenty of small trades like that and I cannot say (without a lot of work) whether they were better or worse quality trades than those done from a larger screen... However, you could certainly trade from a PC and then use your tablet/'phone to keep an eye on your trade, especially if you think you need to.

Personally I think some automation can help, e.g. you set out levels with stops and profit levels; e.g. if EUR/USD were at 1.1750 you could put in a Buy order at 1.1765 and a Sell order at 1.1735, thus giving yourself a 30-pip space where nothing gets triggered (in case of noise)... You could then look at the end of the day to see if anything got triggered or not, and if a profit or loss was made.

 

Magyar

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Re: $10 account
« Reply #88 on: October 16, 2020, 07:15:49 PM »
So unless your apps are a necessary part of your trading equipment it would indeed be better to remove them for now.

Maybe you could set a time of one month during which you only trade your strategy and see how your results change. If they are significantly improved then you will find it hard to go back to taking those spontaneous equity-killer trades (and i think you will find that your trading has also become considerably more enjoyable!) :)

Take pride in becoming a strategic analytical trader that earns a consistent income!

By the way, how many trades do you usually take per day/week/month?
Hello and thank you.
I have deleted the apps. I was only going to use them to quickly check how trade going, but one thing led to another...

I only supposed to trade my strategy and I am still confident it is a solid plan.

I do 2, most 3, trades a day. Never more than 1 trade at a time

Wish you a very nice weekend
Magyar


Kaitsu

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Re: $10 account
« Reply #89 on: October 16, 2020, 07:44:31 PM »
Hello and thank you.
I have deleted the apps. I was only going to use them to quickly check how trade going, but one thing led to another...

I only supposed to trade my strategy and I am still confident it is a solid plan.

I do 2, most 3, trades a day. Never more than 1 trade at a time

Wish you a very nice weekend
Magyar
Hi @Magyar,
Yes, I remember you have a sound strategy based on very logical criteria.

You have the willpower and the drive and the tenacity as well as the dream. You can and will succeed if you achieve this discipline. A journal will also assist with this if you stick to it. In fact you could even make this thread your journal - that would help prevent you taking illicit trades!!! :)

A great weekend to you, too! :)
Ships are safe in harbour - but that is not what ships are for......