After 10 weeks of active daily trading on my FOREX platform, I have made some substantial gains. Very close to a 33% account increase in fact.
But those first two weeks of november showed me some signs of danger. I have used too much of my capital at the same time and risked a lot. Something I haven't done in the previous 8 weeks. I even at one point lost ALL OF MY PROFITS in a single evening early during the month. But I managed to make all of it back in a short period of time. Again, it is clear that I managed to make it back using too much of my available capital. This was becoming very dangerous and I knew that very soon I would lose big time.
So after making back nearly all of what I had gained, I decided to withdraw more than half of my account. First, it will give me some money to spend on bills. (a good thing) Then it will really reduce my losses in case I decide to use too much capital again.
So for those 10 full weeks, here are my stats:
Profitable trade %: 83.67%
Profit/loss (10 weeks) : +32.78%
Profit/loss year 2007 (including 3 crashes) : +20.17%
I will now clean the stat sheet because my account has been modified in it's total balance. I am beginning a new phase that will last until December 31st. Let's call it a HOLIDAY PHASE. The holidays are just around the corner and I will probably only trade 3 or 4 days a week. Beginning this week, a brand new stat sheet for this holiday phase will be held to end 2007.
My account now contains only $150 USD. I have no open positions at this very moment and will keep track of every trade I make and publish my results either late fridays or during saturdays. This phase will last more or less 6 weeks and I really have no objectives in terms of what my account should contain on december 31st... In fact, any profit will do just fine. :)
I will keep track of my yearly profit/loss % until the end of this year then reset all of my stats, including the yearly stats to zero for the beginning of 2008.
P.S. Do not invest money you cannot afford to lose on the FOREX markets. Every position is potentially dangerous.
2 comments:
I want in on trading. I am a real estate agent that has started investing in real estate, but I really would like to be an active trader. These are some pretty good gains for the year. Congrats on making your money back, and the year that you have had thus far. Good luck the remainder.
Thanks for your comments. Yes, Forex trading is very rewarding and an exciting business but it is a very difficult one and a very risky one.
I suggest you do not invest a lot of money right away. Take your time to get to know this world before losing thousands of dollars right off the bat.
Take care.
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