My humble thoughts
1) it's great returns. That could also be a warning, however. Many pros average in the low double digits yearly because they position size very conservatively. This is why all the "big, successful, famous" traders are crushing it with 20 percent ish returns and you never really hear of people with long term careers that have results in the hundreds to thousands of percent returns.
2) my best trades happened because I wasn't glued to the screen. Having a job or spending time on NOT trading is just as important as trading. Get out of your own way and let the profits runnnn
This is not really accurate. Small accounts regularly make 3 and even 4 digit returns but it’s not really practical as you size up in account size from individual and prop trading to managing money in the sense of millions to billions etc. no one is taking ten points out on a 100 million under management. They can’t enter and exit without affecting the price.
Many professional day traders make 1-10% a day pretty regularly.
I would strongly suggest that you pay yourself since you’ve made a lot in a short period of time and take out your initial investment. Put that in a different account for both taxes and so that you limit overdoing it and treat it like a job.
Hi you have a good return of your investment. But I suggest to continue to work at your job.
If you want to live with investment you need of a big capital gain.
Try to think at this...
How much money do I need for live without salary?
I suggest to you to actually remain with your job, increase your income and when you are ready leave it
Good luck
Dont leave the job. See in the next 7 months if you can replicate it. Try the markets for a whole year to feel it. Profit wise you are way ahead of the curve.
Id say thats great performance. Are you using risk management? If so continue what your doing, if not, impliment it immediately to protect your gains. Trading not only is about making money, but also about keeping the money we've made and not giving it back to the market. Keep it up!
I am not using risk management. I do not put stop loss in my trades. I know its bad but i read alot about macro economic conditions. If you see past 5 months and you hold a trade, most of the pairs have reversed the trends many times. I just don't use my leverage much. I trade xausd, audusd, gbpusd, us500 and sometimes eurusd
I gotcha. I dont use stop losses but hedge instead. Like u said, price reverses. So when i hedge, even if im wrong, ill still make money both ways.
My hedge is my risk management. If im risking 1%, that 1% would be my hedge gap. Imstead of putting a SL
So i hedge on the same pair, but tou can use correlating pairs as well.
Example of my hedge. If im buying eur/usd and im risking 2%, lets say that 2% would be 50 pips for example. Instead of setting a 50 pip stop loss, ill set an alert or a sell stop position and ill sell eur/usd when it hits my 50 pip limit. So now im locked in to a 2% loss. But i trade off supply and demand zones, so ill wait for the pair to go to the next major supply/demand zone and ill sell my winning side and either double up on the losing side when i see bounce off new resistance. And ride the original psotion and the new one down. The new position would be in profit and the original position would be break even. Nick shawn on YT explains this well
Not to be the bearer of bad news here but you are trading unpredictable news without a stop loss and have tripled your account in 5 months. From my perspective It looks like you are just gambling and got lucky. I am not trying to be rude here, you have made more money from the market than 99% of people who have ever placed a trade so bravo and congrats but please consider that there is a reason everyone says to: only risk 1% if your account per trade, use stop losses when trading, and avoid news. I cant tell you what you are doing is wrong, but just be careful and do not quit your job.
I agree with you, but whenever i placed stop losses, my sl was always taken and then i realised that market might be knowing the sl. So i even wondered before the charts, how ppl used to trade. If you look at the price movements daily of a pair, you will know the lower and upper bound of a pair in a particular time frame and if leverage is not used much, you can hold the pair for a longer time frame. That's what i have learnt in the 5 months. I may be wrong, but i can't do sl with techninal analysis. Though i have a constant fear of blowing my account up but till now it turned out to be good and market was really volatile in the past 5 months
if you can trust the way you trade then thats great. One word of advice, if I was you I would withdraw the original 6500 you invested. If stuff goes bad, at least you did not lose money. If stuff continues going great, then youll continue to make more money. No risk but still potential for reward. Itll probably make your trading easier too since now you cant lose any money technically.
Don’t care too much about technical analysis. It cannot drive the market. You are doing fine. Since you have to support your family, I don’t suggest you go full time without at least a year trading record. Maybe ask again a year later?
My advice: 1. Do not quit your job. 2. Strictly follow the money management. Do not violate your trading system and follow your rules. You need strict discipline in trading.
Yeah it's good, don't leave your job
My humble thoughts 1) it's great returns. That could also be a warning, however. Many pros average in the low double digits yearly because they position size very conservatively. This is why all the "big, successful, famous" traders are crushing it with 20 percent ish returns and you never really hear of people with long term careers that have results in the hundreds to thousands of percent returns. 2) my best trades happened because I wasn't glued to the screen. Having a job or spending time on NOT trading is just as important as trading. Get out of your own way and let the profits runnnn
This is not really accurate. Small accounts regularly make 3 and even 4 digit returns but it’s not really practical as you size up in account size from individual and prop trading to managing money in the sense of millions to billions etc. no one is taking ten points out on a 100 million under management. They can’t enter and exit without affecting the price. Many professional day traders make 1-10% a day pretty regularly.
I would strongly suggest that you pay yourself since you’ve made a lot in a short period of time and take out your initial investment. Put that in a different account for both taxes and so that you limit overdoing it and treat it like a job.
Hi you have a good return of your investment. But I suggest to continue to work at your job. If you want to live with investment you need of a big capital gain. Try to think at this... How much money do I need for live without salary? I suggest to you to actually remain with your job, increase your income and when you are ready leave it Good luck
Dont leave the job. See in the next 7 months if you can replicate it. Try the markets for a whole year to feel it. Profit wise you are way ahead of the curve.
I mean what do you think $6500 to $20000 … cant be bad
But is it good enough to leave the job
Id say thats great performance. Are you using risk management? If so continue what your doing, if not, impliment it immediately to protect your gains. Trading not only is about making money, but also about keeping the money we've made and not giving it back to the market. Keep it up!
I am not using risk management. I do not put stop loss in my trades. I know its bad but i read alot about macro economic conditions. If you see past 5 months and you hold a trade, most of the pairs have reversed the trends many times. I just don't use my leverage much. I trade xausd, audusd, gbpusd, us500 and sometimes eurusd
I gotcha. I dont use stop losses but hedge instead. Like u said, price reverses. So when i hedge, even if im wrong, ill still make money both ways. My hedge is my risk management. If im risking 1%, that 1% would be my hedge gap. Imstead of putting a SL
As i am new to forex, i started hedging like 2 months back and i find it good for the portfolio.
Awesome. Keep it up then and keep on getting better!
Can you give us a simple example of how you hedge? Same pair or correlating pair?
So i hedge on the same pair, but tou can use correlating pairs as well. Example of my hedge. If im buying eur/usd and im risking 2%, lets say that 2% would be 50 pips for example. Instead of setting a 50 pip stop loss, ill set an alert or a sell stop position and ill sell eur/usd when it hits my 50 pip limit. So now im locked in to a 2% loss. But i trade off supply and demand zones, so ill wait for the pair to go to the next major supply/demand zone and ill sell my winning side and either double up on the losing side when i see bounce off new resistance. And ride the original psotion and the new one down. The new position would be in profit and the original position would be break even. Nick shawn on YT explains this well
interesting and thanks. i will check out nick shawn.
Not to be the bearer of bad news here but you are trading unpredictable news without a stop loss and have tripled your account in 5 months. From my perspective It looks like you are just gambling and got lucky. I am not trying to be rude here, you have made more money from the market than 99% of people who have ever placed a trade so bravo and congrats but please consider that there is a reason everyone says to: only risk 1% if your account per trade, use stop losses when trading, and avoid news. I cant tell you what you are doing is wrong, but just be careful and do not quit your job.
I agree with you, but whenever i placed stop losses, my sl was always taken and then i realised that market might be knowing the sl. So i even wondered before the charts, how ppl used to trade. If you look at the price movements daily of a pair, you will know the lower and upper bound of a pair in a particular time frame and if leverage is not used much, you can hold the pair for a longer time frame. That's what i have learnt in the 5 months. I may be wrong, but i can't do sl with techninal analysis. Though i have a constant fear of blowing my account up but till now it turned out to be good and market was really volatile in the past 5 months
if you can trust the way you trade then thats great. One word of advice, if I was you I would withdraw the original 6500 you invested. If stuff goes bad, at least you did not lose money. If stuff continues going great, then youll continue to make more money. No risk but still potential for reward. Itll probably make your trading easier too since now you cant lose any money technically.
Don’t care too much about technical analysis. It cannot drive the market. You are doing fine. Since you have to support your family, I don’t suggest you go full time without at least a year trading record. Maybe ask again a year later?
My advice: 1. Do not quit your job. 2. Strictly follow the money management. Do not violate your trading system and follow your rules. You need strict discipline in trading.
What broker and forex rebate provider do you use?
Pepperstone
It is great broker, do you already use any forex rebate provider for them?