Aims:
* Proven consistency over long period of time in all market conditions.
* Building trading capital with very small initial capital.
* Following trading strat and risk management.
* Improved efficiency by reducing time spent on charts and selective trading.
* Build up capital using managed leverage to then spread bet with.
* Build of confidence in my abilities and strategies to then trade my large main account.
* 50% hit rate with 2:1 RR, should prevent blowing the account.
* To see on average how much % I make a month, week and year.
* To see how long it takes me to turn this into 250000. Which would be doubling the account 9 times or 90% with the account doubled every 10%.
Rules:
1. Deposit £500 and $500 into brokerage accounts with high leverage. We are trading this initial capital as if it is £5000, instead of depositing £5000. (I use one broker for BTC and another for FX)
2. Risk up to 1% of capital per trade. Example 1% of 5000 = 50.
3. We will try to compound our risk and reward.
4. Max exposure / risk is 2% a week.
5. Aim to make 4% a month minimum.
6. When we look to make 10% and double. For example 10% of 5000 = 500. Once we hit 5500 we then trade the account like its 10000. In actual capital we will have 1000 and will be risking 100 a trade until we make 10%.
Dec 2021 - 0.771968% %
January 2022 +8.18348 %
Feb 2022 Present - 2.51525%
Week 3 Feb 14th - 21st - 1.5276%
Trades taken
1 winner manual exit BTCUSD
1 looser BTCUSD
6 would be loosers manual exits GJ GJ EU BTC BTC BTC
2 would be winners manual exits. XAU XAU
Overall
£ -80.74 / - 1.5276%
Really bad week I was in a bad head space and withdrawing from Nicotine. I seemed to be not following my strat and coming out of trades too early as well as not trusting the few good trades I took. For some reason I disregarded the D3 and W1 momentum and got lost in hopium rather than listening to the market, and as a result traded bitcoin very badly. Gold was traded very well but we came out of it for no reason which leads me to believe I was not in the right trading mentality for the week.
Lessons learnt: I must check my trading strat before each trade to build confidence in it and stick with it. If I follow my strat then its a good trade no matter the outcome. Always trade in line with the W1 D3 biases and do not get caught in the lower time frame bullshit. We need a clear max draw down parameter for our strat. We also need a set amount of trades to take a week to prevent us from over trading. Having targets for the month and week really mess with your head as your scared to put on risk if a good set up is there to preserve your targets and you over trade to try and make the targets. The only limits we need to have are for draw down. I think I am trading too many pairs, it makes sense to slim it down, if had focused on BTC and XAU there was 3 high quality set ups I could have taken and that would had been enough!
We will go over and refine and then trade at the end of the month, but I am grateful for the lessons learnt and tbh I will make this draw down back in one trade and have been managing my risk very well.
This challenge is more for me than anyone else but feel free to go on this journey with me. Please note, I started this in December and have been doing weekly reviews on my own prior to trading view, however this seems to be the best platform for my reviews and going forward, my first upload today will be Week 1 just to make things easier for me haha.
This is not finical advice and is an just for informational purposes.
* Proven consistency over long period of time in all market conditions.
* Building trading capital with very small initial capital.
* Following trading strat and risk management.
* Improved efficiency by reducing time spent on charts and selective trading.
* Build up capital using managed leverage to then spread bet with.
* Build of confidence in my abilities and strategies to then trade my large main account.
* 50% hit rate with 2:1 RR, should prevent blowing the account.
* To see on average how much % I make a month, week and year.
* To see how long it takes me to turn this into 250000. Which would be doubling the account 9 times or 90% with the account doubled every 10%.
Rules:
1. Deposit £500 and $500 into brokerage accounts with high leverage. We are trading this initial capital as if it is £5000, instead of depositing £5000. (I use one broker for BTC and another for FX)
2. Risk up to 1% of capital per trade. Example 1% of 5000 = 50.
3. We will try to compound our risk and reward.
4. Max exposure / risk is 2% a week.
5. Aim to make 4% a month minimum.
6. When we look to make 10% and double. For example 10% of 5000 = 500. Once we hit 5500 we then trade the account like its 10000. In actual capital we will have 1000 and will be risking 100 a trade until we make 10%.
Dec 2021 - 0.771968% %
January 2022 +8.18348 %
Feb 2022 Present - 2.51525%
Week 3 Feb 14th - 21st - 1.5276%
Trades taken
1 winner manual exit BTCUSD
1 looser BTCUSD
6 would be loosers manual exits GJ GJ EU BTC BTC BTC
2 would be winners manual exits. XAU XAU
Overall
£ -80.74 / - 1.5276%
Really bad week I was in a bad head space and withdrawing from Nicotine. I seemed to be not following my strat and coming out of trades too early as well as not trusting the few good trades I took. For some reason I disregarded the D3 and W1 momentum and got lost in hopium rather than listening to the market, and as a result traded bitcoin very badly. Gold was traded very well but we came out of it for no reason which leads me to believe I was not in the right trading mentality for the week.
Lessons learnt: I must check my trading strat before each trade to build confidence in it and stick with it. If I follow my strat then its a good trade no matter the outcome. Always trade in line with the W1 D3 biases and do not get caught in the lower time frame bullshit. We need a clear max draw down parameter for our strat. We also need a set amount of trades to take a week to prevent us from over trading. Having targets for the month and week really mess with your head as your scared to put on risk if a good set up is there to preserve your targets and you over trade to try and make the targets. The only limits we need to have are for draw down. I think I am trading too many pairs, it makes sense to slim it down, if had focused on BTC and XAU there was 3 high quality set ups I could have taken and that would had been enough!
We will go over and refine and then trade at the end of the month, but I am grateful for the lessons learnt and tbh I will make this draw down back in one trade and have been managing my risk very well.
This challenge is more for me than anyone else but feel free to go on this journey with me. Please note, I started this in December and have been doing weekly reviews on my own prior to trading view, however this seems to be the best platform for my reviews and going forward, my first upload today will be Week 1 just to make things easier for me haha.
This is not finical advice and is an just for informational purposes.