On December the 27th I moved the $500 dollars from Hotforex and deposited with XM to take advantage of their 50% deposit bonus. The whole purpose of this experiment is to trade $50 into $50,000 using deposit bonuses and high leverage, I will take advantage of any other free money that comes along.
The Equity has finished January at more than $1,500 as you can see from the image, I still have 3 open trades that will carry over into February but this is all about building equity and making the most of it.
Top trades this month have pretty much all been selling the dollar, I am very keen to be on the right side of the trend as the strategy is a swing trading one, the only way to make the kind of gains we need is these medium term swing trades. I always ensure that risk reward is greater than 2:1 and I try to cut the losing trades early and let the winners run to target.
Using MyFXBook I can check some key metrics to make sure I am actually trading the way I intend to.
Average win = 238 pips ($113)
Average Loss = 47 pips ($22)
I am really pleased with that wins are much bigger than losses, average trade time is greater than 2 days with average loss being less than 1 day and average win greater than 4. Risk of Ruin is also pretty good, remember this is a pretty high risk high leverage operation but the risk of loosing 40% or more of the account is less than 0.5% which is really great.
Every trade I take risks around 10% of the equity, that is a bit less than I was running at before January but I seem to have had more trades open at the same time so I had to moderate a little, especially when trades are correlated
Stage 2 Continues
Stage 2 of the plan will continue next month, stage 2 is trading $500 into $5,000. I split the target into 3 stages each one requiring me to multiply the equity by 10. I would really like to finish stage 2 in the next 3 months which would put me on target to finish the entire project by October 2018. The 2018 deadline is less important than completing the plan but it would be cool to finish in 1 year. How many other ways can you turn $50 into $50,000 in 1 year?
Want to Join in?
All the trades I take are from my signal service, I don't take any other trades and people subscribing to the service know every trade I am taking, the service only costs £50 a month so all followers made a significant profit this month even if they are only trading a $500 dollar account like this one. If followers closed all trade now they would have made a profit of $770 for an investment of $500 a pretty good return for 1 month.. If you are interested check out the signals page or send me a message.
RetiredearlyFX is a trading name of the investment company Bagehotsway.
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We believe all figures quoted to be accurate but past performance in no way guarantees future performance
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