£80

£

£80

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Why £80?

Well I was reading that a new traders should trade with money that they can afford to lose well this is all I can lose.

This is not the first time I attempt trading, I have been a student of the markets for 3 years now but wiped my account twice now

I have been following different threads trying to find what works and why I have done so poorly in doing so I came across a trader by the name of Trader_dante that has changed my view, I have read majority of his threads and the one that did it for me was when he started a trading journal with just £40 and turned it into £1,590 in 2 weeks for charity.

He has done this just by using price action which I think is amazing. So I thought I would follow his method for 50 days and see what happens to my account. I will post every trade in this thread for the next 50 days. I will not be able to trade everyday but the days I do trade will be numbered here.

I will be using Oanda because they allow me to trade small amounts.

I welcome all comments

£80
 
Last edited:
Ok, I'll be interested to see how you do. Can you elaborate on your intended method / system?
 
This is at least the 4th thread of this style in the last week, more previously. So far not one has delivered.

Good luck.
 
Day1

My method is trading off of support and resistance to support and resistance. So my first trade is on NZD/USD 1hr my entry at point A(0.8786) is because of support and the pin bar that formed, my stop at point B(0.5752), My first target is at C and second at D. lets see what happens.
 

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Day1

So I'm off to a bad start, the end result of the first trade is a loss. Unfortunately I got stopped out by 1pip at point marked 1.
 

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It can be done £80, for kicks I now and again stick in 100 / 200 into Cspreads and make a long term trade on whatever takes my fancy, pretty often I lose, as those sums don't buy much stopping distance, but catch enough long term trends to make it pay off.

If you're gonna parlay 80 quid into a 17 billion say, you don't want to be mincing around with super-micro trades. 80£ gets you two shots at say the FTSE with CS at a pound a point, or be a pig and shat it all one horse at 2£ a point .

Its good practice, teaches you why money management is goodie, and when you luck out, you can buy loads of old bollox you wouldn't dream of buying on a normal day.
 
MrMiyagi said:
It can be done £80, for kicks I now and again stick in 100 / 200 into Cspreads and make a long term trade on whatever takes my fancy, pretty often I lose, as those sums don't buy much stopping distance, but catch enough long term trends to make it pay off.

If you're gonna parlay 80 quid into a 17 billion say, you don't want to be mincing around with super-micro trades. 80£ gets you two shots at say the FTSE with CS at a pound a point, or be a pig and shat it all one horse at 2£ a point .

Its good practice, teaches you why money management is goodie, and when you luck out, you can buy loads of old bollox you wouldn't dream of buying on a normal day.
Click to expand...

Once I get my rhythm in the market I will up my stakes but for now I am trying to learn from my mistakes with the help of other people because at the moment I suck at trading but hopefully after 50 days I'll be trading £100 per point. :LOL:
 
Day 2

Unfortunately I did not have a real chance to trade until today. I took a trade on the USD/CAD hourly TF reason being a pin bar formed at resistance and a 50ema which I thought was strong. My entry is at (2) 1.2154 and my stop is at (1) 1.2188 and my target being the zone of (3).

So lets see what happens.
 

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I've tried tonnes of times with free bonus money of £75-£200 and failed every time. the stops are too large and you end up risking too much per trade....you need sufficient margin to recover from some losses!

try VDM who allow 25p per point on the FTSE and 10p per point on FX, this will keep you going for longer.
 
advfntrader said:
I've tried tonnes of times with free bonus money of £75-£200 and failed every time. the stops are too large and you end up risking too much per trade....you need sufficient margin to recover from some losses!

try VDM who allow 25p per point on the FTSE and 10p per point on FX, this will keep you going for longer.
Click to expand...

Thanx for the tip. I tried to google VDM but I cant find it can you give me the website or link please.

Thanx
 
Good luck with your experiment.

You might want to consider iii.com and finspreads, which allow you to sign up for a newbie account and trade at 10p a point for 8 weeks. Your £80 should last a little longer there.
 
the problem I find is that even with small stakes 10p per point and proper money management, in real terms the cash is small so you take bigger risks. winning £10 at 10p per point is 100 pips but seems like not enough !!
 
advfntrader said:
the problem I find is that even with small stakes 10p per point and proper money management, in real terms the cash is small so you take bigger risks. winning £10 at 10p per point is 100 pips but seems like not enough !!
Click to expand...

I agree but one of the reasons I'm trading with such a small amount is to get the feeling of trading with real money and to only take trades with high probability. My problem with a demo account is that there is no real emotion and discipline attached to my trading because I don't win nor lose. This to me I think is a big problem and I'm trying to solve it so far it's working.
 
Day 2 exit

My second day on the job and it was a success, I was stopped out at a 76 point profit. As the trade moved in to my target zone I moved my stop to protect my profit. I stepped out for a few hours and when I came back I was out.

Till the next episode
 

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I have been feeling a bit under weather the so I haven't even looked at a chart till today but I still did not place a trade.

Thanks to advfntrader for referring me to VDM Global and helping me get a £100 credit to my account. VDM recently contacted me saying they will match any deposit up £500 so I deposited £500 and now I am waiting for them to match it.

So hopefully my £80 journal will now be known as a £600 journal.

Thanks again advfntrader
 
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