So yesterday I decided to make a video about making your first $100 in Forex with no risk to your capital. This started out alright and I was in a great mood to do it. I even added a video to the post from Rocky V where Rocky is training for a big event.
Little did I know how the day was going to end.
The start of the project:
Preparation: I actually probably spend at least 10 hours searching for a Forex company that would allow someone to sign up, get a no deposit bonus, make $100 and be able to withdraw the money.
Essentially my goal is to be able to show people how to make $100 in one day on Forex.
This challenge might have been too big (at least for me right now) because I went up $65 very quickly as you can see here:
That was great, I was well on my way to making the first $100 USD from a welcome bonus. But then because I was doing well I decided to start updating my blog, making videos, watching more forex training videos and making trades on another account as well.
Without realizing it at the time, I started to do to many different things and I am pretty sure this got my mind processing 4 things at once....
And I got into the next trade...
I didn't follow the Pro Strategy exactly, the pattern was close to what it needed to be. Primarily the thing I took the chance on was trading on an exhaustion candle that was around 50% tail at a pivot point where the strategy calls for at least 60%.
I figured it was taking a chance, but would probably work out. So I made the trade, set the stop loss at the next higher pivot point and let the trade run. If the trade completed in my favour then I would have hit the $100 profit target and voila...challenge completed in a few hours.
After a while this hapenned:
I got stopped out....then later the trade went my way. But the result was a loss.
As far as the emotions of trading go, I went from feeling like a champ to kicking myself for taking a trade that I knew I shouldn't have...it was too risky.
So I took a step back for a few hours because I was frustrated and didn't want to make any more trades in that state of mind.
So after some reflection I understand why I did the trade at a 50% tail instead of at least 60% and have learned not to do it again.
So now the welcome bonus is down to $48.30 and I am about to start Day 2 of this challenge. And I have come to realize that learning the lessons is the important thing. And I might have to set off on a second make your first $100 in Forex in one day challenge for myself. This will be an option in the future.
To look at it on the bright side, only by setting out to do the challenge did I learn a lesson. I am glad I didn't do this challenge as a live event, and I am glad I didn't do something like this with a larger amount of money.
So I will deduce from the experience:
- Always follow the strategy
- Be careful when succeeding not to get too confident
- When trading, focus only on trading in one account, one trade at a time.
So today is day 2 of this challenge, my goal is to turn the remaining $48.30 into $200 by 5 AM (its 7AM now in my time zone, so 8 hours.
I will update when the day is complete to keep my focus on trading.