Or is it like me, where I make $100 but end up losing $150?
If you always make 100 then lose 150, just stop trading after the first trade. You are probably being super careful on the first trade, then getting overconfident in the second trade. This is very common.
I’ve received about $40k in payouts from FTMO since April this year, so I’m doing well so far. I’ve failed 3 accounts, so my net profit is around $36k.
My suggestion is to swing trade just one pair and really master it. Personally, I’d go with EUR/USD. Whether you swing or scalp, just focus on one for now.
Average hold time per trade?
On average up to a week because swing trade. Some days though I can catch 50+ pips in a day from the daily chart and I’m done.
Do you have a specific entry time, like during high volume at market open, or do you just go for it when you see the signals you’re looking for?
I’m consistent but always looking to improve. My current target is £1,000 a day, and I’m halfway there. I studied for 5 years and focused on Elliott waves, but I found that to be a waste of time. Now, I trade hands-free using an automated system. I’m just fine-tuning my setup to reach my target.
Uh overall it was like that just different amounts but yeah make a 100 lose 150 but it’s been picking up as of late.
When I started, I wasn’t profitable and lost over $5,000 in a year.
I went back to demo trading to learn how the markets move and got more comfortable before depositing again.
I eventually deposited $100 and doubled it in two weeks with a 1:3 to 1:5 risk-to-reward ratio. After that, I withdrew my initial $100 deposit, so it became risk-free trading. I aimed to make my minimum 1:3 three times a day. Now, three years later, I’m withdrawing between $500 and $800 a week.
However, I don’t trade daily since I still have a 9-to-5 job. I mostly trade for some extra income.
I earn about as much as a substitute teacher doing this. Which is fine as I still have my day job. Obviously I have higher aspirations though and I’m always working on improving.
Anybody from the US has a tax statement from their broker?