GOALS GOAL - Forex journey, aiming to turn $1 into a million.

[Numndbl]

Alright, let me give you a quick backstory. I've been in the trading game for a bit over 10 years, and now I've decided to embark on a unique challenge—something nobody has attempted before. Just to be clear, I'll still be doing my regular trading with my usual accounts and clients; this is just a side project. The trades will be similar, but the risk is different. Currently, the account stands at $75.

Now, for those familiar with trading, you know that growing a $1 account is close to mission impossible. First off, you need a broker that allows leverage above 1:1000 because 0.01 lot is the minimum trading size. Then, a hefty dose of skill comes into play—thankfully, my experience has got that covered. Lastly, a bit of luck doesn't hurt. Starting with just $1 means I had a mere 6-pip range to work with, and anything over that would spell doom for the account. The first entry had to be 99% spot-on. It gets a bit easier as the account grows, but the initial steps are quite the tightrope walk.



Given the unpredictable nature of the trading world—brokers can go down, regulations may change—I've decided to break down this journey into 5 phases. First up, going from $1 to $100. After that, I'll open a new account, transfer the funds, and aim for the $100 to $1000 phase. The progression continues with $1k to $10k, then $10k to $100k, and finally, the stretch from $100k to a million, if it ever reaches that point. I might even explore different brokers for each phase; that's something I'll decide along the way.

Currently, I'm using myfxbook to track the status of my account.

 

[Lolano]

So, what's the real strategy, you know?

 

[Numndbl]

So, what's the real strategy, you know?

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

 

[Lolano]

In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

I completely agree with your perspective. Best of luck to you, and I'll be following along.

 

[Airship]

Your progress is impressive! Wishing you the best of luck. I've also been trading forex for a few months, but unfortunately, I've blown some accounts as well. Currently, I'm backtesting daily using only price action, and I plan to take on a similar challenge when the time is right.

 

[Fricarr]

Would you mind sharing which broker you use?

 

[Batersch]

That's impressive! Good luck to you. I've also been trading forex for a few months, but I've blown some accounts. I'm currently backtesting daily using only price action, with no indicators. Soon, I'll attempt the same challenge when I'm ready.

 

[Discoverol]

Would you mind sharing which broker you use?

 

[Gaucompa]

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

I’m glad to hear this! Have you studied any of ICT's materials?

 

[Sleekko]

Stay vigilant and utilize stop-loss (SL) orders judiciously. Avoid excessive greed.

The most promising pair for quick returns is XAU/USD, but thorough study is essential for success. Good luck!

 

[Piluen]

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

If it's not too much trouble, I'd appreciate learning about the factors you consider before entering a trade. Perhaps you could create a video or post about it here?