December was another Great Month.
The $50 account has hit a major milestone, equity passed $500 and the first deposit bonus of $50 was released. This is a pretty major step in the right direction, to make the target of $50,000 we need to multiply the equity by 10, three times and we have just completed the first time. That means we are one third of the way there and it only took 4 months, I think that is great.
It is now time for stage 2 of the project, I have withdrawn the money from HotForex (that went really well, less than 24 hours to my account, they seem like a good broker) and I have deposited it with XM using there 50% deposit bonus. We know have equity of $750 and I will be trading with XM for the next few months as I try to clear the new bonus. (one small point I withdrew $513 from Hotforex which landed as £355 in my account so I had to add £2 to make it back up to $500 when depositing with XM, Charges and $-£-$ conversion. I will have to be more careful next time.
December was a pretty good month, we started with $184 and finished with $513 which represents a significant growth. The big winning trades Oil, AUDJPY and Litecoin are shown below they are all great examples of my trading system
The Forex Plan for January
I have added a few extra assets, namely soft commodities and some stocks and opened the MT5 account with XM giving me acces to stocks and Crypto. I will be trading with each stop loss set to 20% of my account and with a risk/reward ratio of 3:1 minimum, after that it will be the usual plan of buying pullbacks against the trend. Each day I complete a journal of trades I am considering taking with entry points and stop loss values, I will continue to take those Journal trades but in most cases will look to enter manually for a better price to help the R:R if I can. December was a great month for the journal trades (that is how I trade my main account) I posted nearly 9 hundred pips on 6 closed trades. The hit rate was 75% and 2 trades remain open (oil,AUDJPY) showing more than 400 pips between them.
Want to Join In?
When I started the $50 project in September 8 other traders decided to follow along, a few of them have made it to the $500 stage but most have not. Those that fail do so for one of two reasons 1. Over trading, they just take loads of extra trades 2. They cut the winning trades too early. It is a learning process so hopefully they are on track now.
If you do want to join in I offer my trade journal, and email each time I trade the $50 account. There are quite a few extras like videos explaining the system and charts showing the pattern I am trading it is free to anyone who signs up to XM and deposits through my affiliate link or you can join through the signal service. Check out the signal service page for a full rundown of what i do.
RetiredearlyFX is a trading name of the investment company Bagehotsway.
We are not a regulated company but we only sell regulated products.
We are not authorised to give investment advice.
We believe all figures quoted to be accurate but past performance in no way guarantees future performance
Trading FX is high risk and not suitable for everyone.