At this rate, I might finish my first phrase FMTO challenge in two years

Be patient, my friend

Poe said:
Be patient, my friend

I saw an increase or decrease of 50 dollars, and it made me anxious, showing me I’m not ready for bigger trades

Remington said:

Poe said:
Be patient, my friend

I saw an increase or decrease of 50 dollars, and it made me anxious, showing me I’m not ready for bigger trades

Have you looked into risk management?

@Poe
Yes, I tried to focus on percentages. I intended to risk 0.1% per trade, which would mean 1% on my live account.

I can manage that on a small account, but seeing bigger dollar amounts makes it hard for me to think clearly. So, I ended up doing only 0.01%

Remington said:

Poe said:
Be patient, my friend

I saw an increase or decrease of 50 dollars, and it made me anxious, showing me I’m not ready for bigger trades

That’s why you shouldn’t check the chart after placing a trade. Just let it run and do something else.

@Zen
Yeah, I’m trying. It’s tougher than I expected to stop thinking about money.

I mostly don’t look at it since I work full time on a small business. I study charts in the morning, trade, or set alerts and then go to work. Sometimes I check if my alerts trigger.

The issue is when my stop loss and take profit fall into an amount I think is significant. It distracts me, so I’m keeping my trades small for now.

How much are you risking for each trade? Are you swing trading? It shouldn’t take this long.

Dell said:
How much are you risking for each trade? Are you swing trading? It shouldn’t take this long.

I originally aimed for a risk of 0.1% per trade, allowing me to lose 10% of my total money.

However, 0.1% of 200k is still 200 dollars, which feels like a lot to me. I got thrown off by seeing those numbers. Now, I’m trying out 0.01% instead.

If I get used to these amounts, I might increase my trades later.

By the way, I also have a live account of 400 dollars. I trade mainly 0.01 lots on EURUSD and XAUUSD there. I’ve grown that account from 350 to 450 dollars in the last four months.

@Remington
Growing from 350 to 450 is pretty good, especially with fixed lot sizes. I’d suggest sticking to risking 0.1% per trade. Try not to focus on the potential 200 dollar loss; instead, think about the overall picture. It’s just 200 out of 200,000. In that context, it’s really not a lot.

You have a 200k account, not a 20k account. You should increase your lot sizes.

Murphy said:
You have a 200k account, not a 20k account. You should increase your lot sizes.

I’m trying to keep my focus on percentages, but seeing those big dollar amounts makes my brain short-circuit.

Brooks said:
Good job.

Thanks, I’m doing my best ^/\^