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Trading stories - my first 100K!

  • #1
  • First Post: Jan 21, 2019 5:40pm Jan 21, 2019 5:40pm
Last July after trading for about 3 years I ticked over 3500ish trades with profit trades at $100k, and losing trades at $98k lol. I thought I was the Queen, so much so I promptly celebrated by trading like a fool and lost $10k in one week. If I could go back and talk to my trading self at any time this would be the most important time to have a chat- about an awful lot, but about consistency, moderation and control as a priority.
I hit a slump for a few months but I feel better now, trading better and accepting that my best trading, and the trading that finally got me in the black, is simple scalping. I am no amazing analyst.

Anyway I'd love to hear some stories from traders who have an embarrassing or funny trading memory, or breakthrough, or went on holidays and came back to find the trade they'd left open somehow made a lot of money (this is a fantasy of mine).

Also, as I'm off work for a year trying to make a go of this full time, I wonder if traders have a daily/weekly/monthly/percentage/ pip profit target?

For me as I have income from my house as a rental I'm trying to make $1k/ week, preferably more than $200/day, but not pressuring myself. I have another 6months off work and I know pressure does not help my trading, so I'm moving forward being patient. The last 2 weeks I have made $500/ week which is not enough, but a work in progress coming out of a slump. NOV/DEC were cash neutral for me.

Please reply with respect, If you don't have anything considerate to say please don't say anything.
  • #2
  • Jan 21, 2019 5:46pm Jan 21, 2019 5:46pm
In late 2015 I predicted the EUR/USD jump (after ECB claimed it would limit QE). I was computer staring the whole day and prepared to be up all night. (In Perth WA at the time.) For some strange reason I agreed to go see a friends music performance that night...see where this is going?

I remember checking my phone as soon as I got home and saw the headline "EUR/USD surges forward after ECB announcement" In an almost state of shock I rushed to the office and discovered that price moved almost exactly as I anticipated. Why I chose to go out that night I'll never know, but the lesson was crystal clear and I'm glad it happened.

I almost fell into depression a few days after as I had prepared so long and was so confident. But I soon realised that important lessons are never cheap, spiritually and financially, and soon realised that 'hey, I can do this.' Thus my experience grew from there.

I have other similar stories yet that one always stayed with me.
Humans are naturally hardwired to avoid and detest uncertainty.
  • #3
  • Jan 21, 2019 5:57pm Jan 21, 2019 5:57pm
Quoting CannonScout
In late 2015 I predicted the EUR/USD jump (after ECB claimed it would limit QE). I was computer staring the whole day and prepared to be up all night. (In Perth WA at the time.) For some strange reason I agreed to go see a friends music performance that night...see where this is going? I remember checking my phone as soon as I got home and saw the headline "EUR/USD surges forward after ECB announcement" In an almost state of shock I rushed to the office and discovered that price moved almost exactly as I anticipated. Why I chose to go out that night...

Cheers for the tale. Murphys law. I hate it when I sit through the Asian session, then the start of London, then crawl to bed fatigued after a range bound day and at midnight local time (east coast Aus) New york gets the pair pumping and I wake to see it moved in the one direction for 6 hours. Horrid.
  • #4
  • Jan 21, 2019 6:00pm Jan 21, 2019 6:00pm
haha yeah that is torture. I worked for a Prop firm here and they started at 3Pm (GMT+8) You'll have to be a bit nocturnal down here to catch the good fish.
Humans are naturally hardwired to avoid and detest uncertainty.
  • #5
  • Jan 21, 2019 6:41pm Jan 21, 2019 6:41pm
I target 6% monthly to double account every year Not to much pressure I do not think especially if you are trading full time

I am not sure what your starting balance is to make 1K a week, but if you have 100K to play with, then 1K a week should be about the same target I would set for myself (about 1% a week)

Best of luck to you
  • #6
  • Jan 21, 2019 7:48pm Jan 21, 2019 7:48pm
Quoting hellsbells
Anyway I'd love to hear some stories from traders who have an embarrassing or funny trading memory, or breakthrough, or went on holidays and came back to find the trade they'd left open somehow made a lot of money (this is a fantasy of mine).
//------

posted this, january 14, 2015...... went to sleep..... just a few hours later the snb broke the peg...... woke up half asleep with my profit alerts going off......

by dumb luck, i was on the right side and made money ....... a lot of money...... then fxcm slapped that smile off my face when they locked our accounts.... i was able to quickly remove everything from etradefx.....

eventually they it got sorted out.... but it sure changed my view on risk......it's something i'll never forget....h
to trade and code, keep both simple... no call to impress....h
  • #7
  • Feb 21, 2019 9:55am Feb 21, 2019 9:55am
Quote
Last July after trading for about 3 years I ticked over 3500ish trades with profit trades at $100k, and losing trades at $98k lol.

By that many trades, you must be a day trader, what low time frame did you use?

and how did you end up wiping all of 98K?
  • #8
  • Feb 21, 2019 10:42am Feb 21, 2019 10:42am
Quoting hellsbells
Last July after trading for about 3 years I ticked over 3500ish trades with profit trades at $100k, and losing trades at $98k lol. I thought I was the Queen, so much so I promptly celebrated by trading like a fool and lost $10k in one week. If I could go back and talk to my trading self at any time this would be the most important time to have a chat- about an awful lot, but about consistency, moderation and control as a priority. I hit a slump for a few months but I feel better now, trading better and accepting that my best trading, and the trading...
oh so many stories...

i remember the election day trade. was buying eurusd like a badass. then eurusd started tanking. but i flipped the switch and made some money on the way down..in that one day, i saw people's yearly salary went in and out of my account in one night...trading requires that you detach yourself from money when you get to that high level..otherwise you'd stress out too much and not be able to act.

for some reason, my big losses seem to happen while i'm taking a nap
  • #9
  • Feb 21, 2019 2:10pm Feb 21, 2019 2:10pm
Quoting patterncode
{quote} By that many trades, you must be a day trader, what low time frame did you use? and how did you end up wiping all of 98K?
You misunderstood me. I had a net profit of $2k . After all my trades total, going up and down and up and down I'd made $100k and lost $98k. I don't think my equity got above $8k at any time til then. Scalping on 5 min chart up to 20 trades/day
  • #10
  • Feb 21, 2019 2:20pm Feb 21, 2019 2:20pm
I've been off work trading full time trying to make a go of it but I've found a combination of skill and psychology issues has sent me back into the red so I'm going back to work, and going back to mini pips until I get my mojo back. My winning trades are 52% (too low) and my average loss trade is higher than my average win trade, plus I havent managed to get a trade to stick for greater than 12hours for weeks, so I'm going back to my shift work and back to the drawing board for now. Like a lot of people I underestimated the psychological aspect of wanting to rely on forex for daily income, I'm not ready yet but I have learnt so much. I'll still be checking in on FF , and to all the positive contributors to FF thanks so much.
  • #11
  • Feb 22, 2019 11:09pm Feb 22, 2019 11:09pm
Cool story bro....and I really meant it, not in the meme sarcasm manner.

Thanks for sharing your story, always love a good read.
Christabelle means beautiful. I'm here to chit-chat and eat cotton candy.
  • #12
  • Feb 25, 2019 5:30am Feb 25, 2019 5:30am
Quoting hellsbells
Last July after trading for about 3 years I ticked over 3500ish trades with profit trades at $100k, and losing trades at $98k lol. I thought I was the Queen, so much so I promptly celebrated by trading like a fool and lost $10k in one week. If I could go back and talk to my trading self at any time this would be the most important time to have a chat- about an awful lot, but about consistency, moderation and control as a priority. I hit a slump for a few months but I feel better now, trading better and accepting that my best trading, and the trading...
I am curious to know your reparations before live trading; how many trades you opened in demo?
  • #13
  • Feb 26, 2019 4:20pm Feb 26, 2019 4:20pm
Quoting NeilWagner
{quote} I am curious to know your reparations before live trading; how many trades you opened in demo?
If i recall correctly I had demo accounts with pepperstone, and they expire after 1 month ? So I think I had 2 months on demo. I think I then opened a live account of $1k which quickly dwindled, and for 2 years I fed $200 in every few months. I certainly dont have the answers now though my ability to read PA has vastly improved with experience I find a fundamental problem with forex is that what can work one day wont necessarily work the next. For eg you could have a break down with medium sized full bear body that could indicate the start of a good downtrend one day, the next day it could instead be followed by bullish engulfing reversal. Ultimately it's up to a trader to a) not commit too much to ech trade b) take appropriate action if the PA doesnt proceed as expected c) pay oneself and try maximise profit whilst limiting exposure. It seems so simple ! I still find it challenging how a pair can charge solidly in 1 direction for 200pips but then the next hour have complete reversal! Understanding that PA can be so bipolar is a challenge.. forex is a challenge.
  • #14
  • Feb 27, 2019 2:41am Feb 27, 2019 2:41am
Quoting hellsbells
{quote} If i recall correctly I had demo accounts with pepperstone, and they expire after 1 month ? So I think I had 2 months on demo. I think I then opened a live account of $1k which quickly dwindled, and for 2 years I fed $200 in every few months. I certainly dont have the answers now though my ability to read PA has vastly improved with experience I find a fundamental problem with forex is that what can work one day wont necessarily work the next. For eg you could have a break down with medium sized full bear body that could indicate the start...
Mate; I don’t think only 2 months demo is enough; new traders should open minimum 500 trades in demo to judge their trading skill.
  • #15
  • Feb 27, 2019 11:28am Feb 27, 2019 11:28am
how many times is more appropriate for demo trading , its difficult to answer , we trade here with no emotions. i prefer 8-10 months for trading in demo.
  • #16
  • Feb 27, 2019 1:15pm Feb 27, 2019 1:15pm
Quoting hellsbells
Last July after trading for about 3 years I ticked over 3500ish trades with profit trades at $100k, and losing trades at $98k lol. I thought I was the Queen, so much so I promptly celebrated by trading like a fool and lost $10k in one week. If I could go back and talk to my trading self at any time this would be the most important time to have a chat- about an awful lot, but about consistency, moderation and control as a priority. I hit a slump for a few months but I feel better now, trading better and accepting that my best trading, and the trading...

2000/100 000 = 2% in three years, 0.6% in one year. Or what was your original deposit?

Imo Better to keep money in bank and earn risk free return. In developing economies bank return even in USD can be quite high.
  • #17
  • Edited Mar 22, 2019 10:29am Mar 21, 2019 7:49pm | Edited Mar 22, 2019 10:29am
Quoting hellsbells
{quote} You misunderstood me. I had a net profit of $2k . After all my trades total, going up and down and up and down I'd made $100k and lost $98k. I don't think my equity got above $8k at any time til then. Scalping on 5 min chart up to 20 trades/day
Thanks for answer. Yeah i get that you were you were left with 2k, its just that if you lose 98k of 100k, then that is almost as good as losing all of it. I'm glad you were left with something though, but if it were me, it wouldn't have consoled me. You seem to mention this loss casually but I would think its a big deal.

100k in profits is an incredible achievement, so to have 98k slip away when you had it, tell us how that felt?
How much did you start with?
How did it happen, one trade loss of multiple?
Why didn't you withdraw at least a quarter or half, when one make such big profits?


Of course only answer what you are comfortable sharing, thanks.
  • #18
  • Mar 22, 2019 1:48pm Mar 22, 2019 1:48pm
Quoting patterncode
{quote} Thanks for answer. Yeah i get that you were you were left with 2k, its just that if you lose 98k of 100k, then that is almost as good as losing all of it. I'm glad you were left with something though, but if it were me, it wouldn't have consoled me. You seem to mention this loss casually but I would think its a big deal. 100k in profits is an incredible achievement, so to have 98k slip away when you had it, tell us how that felt? How much did you start with? How did it happen, one trade loss of multiple? Why didn't you withdraw at least...
I started with $1k. I made $210 then lost $200, made $250 then lost $260... up and down up and down totals for both sides adding up so say after 1 week I'd made $1000 and also lost $1000, finally after 3 years my totals for each side were plus $100k, and minus $98k. There was no slipping away, it was a long hard grind my account at the end was $5k or $8k something like that. If you look at your totals for trading the turnover is interesting. I hope you understand. I did not have a $100k account that I blew. I have blown money, but not $100k
  • #19
  • Apr 3, 2019 12:03am Apr 3, 2019 12:03am
Quoting hellsbells
{quote} I started with $1k. I made $210 then lost $200, made $250 then lost $260... up and down up and down totals for both sides adding up so say after 1 week I'd made $1000 and also lost $1000, finally after 3 years my totals for each side were plus $100k, and minus $98k. There was no slipping away, it was a long hard grind my account at the end was $5k or $8k something like that. If you look at your totals for trading the turnover is interesting. I hope you understand. I did not have a $100k account that I blew. I have blown money, but not $100k...
Ok, so what you are saying you have been through the cycle of boom and bust? gaining and losing and cycle again. But overall you are in profit,in the green since you started with only 1k? Thats actually not bad at all then....
  • #20
  • Sep 26, 2019 11:32pm Sep 26, 2019 11:32pm
I think those results are pretty respectable. At the end of the day, if you made 3,500 trades and you’re ahead then you’re doing much better than most. 3 years is good too, it took me about 6 years to finally start making money.
Self-sufficiency is the greatest of all wealth. - Epicurus
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