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My journey to make $1000 through daytrading (forex, stocks and commodities)

Discussion in 'My Journey Discussions' started by mjmj41, Feb 14, 2016.

  1. mjmj41

    mjmj41 Newbie

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    Hi!

    First of all I would like to know if there is an interest for this journey. I haven't seen anything like this and I thought it would be fun to share a journey like this with you.
    However, before I get into details about this, I kindly ask you to tell me if you are interested in this. If that is the case I will add more detailed information here.

    EDIT: seems like there is plenty of people interested in this and I will therefore continue to bring updates and add more information later today.

    Alright, lets dive right into it.

    First I am going to give you a little background information about myself, as I think this will help you enjoy the thread even more.
    My name is Mathias and I come from Denmark. I just turned 18 about 1 month ago, and decided to open my own trading account. I have been trading for the last 4 years with a special accept from my parrents that allowed me to trade on my own (yes, this is possible in Denmark and probably also other countries.) By managing my own account myself, I have obatained great experience in the stockmarket already, however, I only made a few decisions and then just watched my account daily. The money I started out depositing was earned through my earlier works with PPD and CPA, which make it possible for me to have some money to "play" with. My initial deposit was around $1000, if I recall correctly.

    That should be enough background information. Lets dive into what I am going to do with this thread and in present time.

    As explained I did basic stocktrading when I was younger. It was pretty interesing, but not that much of a thrill. Therefore, I have decided to look in to the 'daytrading' market, where you will have to act quick and the possibilites for earning a lot are higher (there is also a higher risk involved, I know that). This way of trading suits my personality way better (high risk, high reward).

    A few weeks ago I signed up for a broker called ETXCapital (I am in no way affiliated with this company, but I recieved messages about which sites I use and therefore I decided to include it here).
    This broker suites my needs perfectly and I enjoy working with them. I haven't really looked in to other sites, but I am sure that there are plenty of other reliable sites that you could sign up for.

    My initial deposit to this site is $100 and the goal is to make it into $1100. This is a tough task, I know that.

    Initial deposit: $100

    Current balance: $138,5

    You might be asking yourself: what is he going to do?

    This is a hard question that takes effort to understand, so I will not go into detailed information about this. You can read a lot of good articles about this just by googling (forex trading, daytrading etc.)

    It is basicly about taking a guess whether the prices are going up or down. It is fairly simple, but very hard. I will mainly focus on the different kinds of currency and find profitable trades (this is called forex trading).

    I am going to be updating this thread all weekdays and post all of my trades and update the total balance.

    If I happen to have let crucial information out that you would like to know more about, please post a reply to this thread and I will do my best to answer.
     
    Last edited: Feb 15, 2016
  2. salaheddine

    salaheddine Newbie

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    I'm interested OP, good luck and don't give up
     
  3. HawkPrecision

    HawkPrecision Newbie

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    good luck keep update
     
  4. ceniicr7

    ceniicr7 Junior Member

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    i searched about this and finally someone started it im interested about this i know one guy that earn so much GPB/USD, EUR/USD , from where do you get analysis ? p.s good luck
     
  5. mjmj41

    mjmj41 Newbie

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    Thank you! I will do my best. :)

    Will make sure to update everyday and for as long as possible.

    I have neither found any threads like this and that's why I chose to make one.
    I am going to do the analysis my self. I will look at the daily graphs and pick profitable spots to jump in and out of the market, meaning I am not following anyone, but doing all the research myself.
     
    • Thanks Thanks x 1
    Last edited: Feb 14, 2016
  6. AdamsSixEcho

    AdamsSixEcho Registered Member

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    I'm interested! Please keep us updated and Good Luck!:cool:
     
  7. BlackVL

    BlackVL Regular Member

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    Good job on starting OP!

    Have you already set up a strategy to achieve this goal?
    What indicators are you going to use for your technical analysis?

    Looking forward to your first purchase.
     
  8. mjmj41

    mjmj41 Newbie

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    Thank you!

    As explained in my first post I am fairly new to this and I have a limited amount of technical knowledge, however, I think that I am capable enough to make profit.

    I didn't set a specific strategy to achieve this goal, as I'd like to see how it goes by making impulsive (but rational) decisions.

    Regarding the technical analysis I will be using fibonacci levels (61,8% and 78,6%), Harmonic levels and standard patterns. The most important rule I am following is "fading the short trend in direction of the long trend" meaning I will look at chart with different length of the candlesticks and determine if the market is down trending or up trending and make a decision afterwards.
     
  9. IMpossible

    IMpossible Supreme Member

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    Daytrading = Gambling.

    Beware of it guys!
     
  10. Jaytizel

    Jaytizel Regular Member

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    good luck man, u can do it..
     
  11. mjmj41

    mjmj41 Newbie

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    Yes, you are absolutely right. It is gambling. But luckily there are possibilities to make decisions which have a greater chance of turning profit, meaning if you are good enough you will turn profit 70% of your trades.
     
  12. VinceC

    VinceC Elite Member

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    use that 100 to find a hooker will be a better choice
     
  13. alias2002

    alias2002 Regular Member

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    Go ahead with deep passion and goal for success. All the best!
     
  14. allison22

    allison22 Junior Member

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    A lot of people hate on stock/forex trading, but if you know how to analyze charts and take some time researching, you can make good money. Personally, I don't daytrade, and have no experience with forex. I analyze penny stocks, and have made some great money. $500 investment, now worth $4500. Don't give up :)
     
  15. mjmj41

    mjmj41 Newbie

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    Quick morning update.

    Alright, so the markets are looking good this morning and I really like it.
    I took a day off from school, as I am feeling a bit sick and realized today was a good day to try and turn profit.

    So I decided to trade mostly the german market DAX, as I found good value and volatility in this one.

    marked decision Ă…ben Luk Result Result earning F/T
    Germany 30 Buy 0.50 ######## ######## 17.50 17.50
    Germany 30 Buy 0.50 ######## ######## 7.15 7.15
    Germany 30 Buy 0.50 ######## ######## 2.40 2.40
    Germany 30 Buy 1.00 ######## ######## -6.50 -6.50
    Germany 30 Buy 1.00 ######## ######## -0.80 -0.80
    Germany 30 Buy 1.00 ######## ######## 7.70 7.70
    Germany 30 Buy 0.50 ######## ######## -3.25 -3.25
    Germany 30 Buy 0.50 ######## ######## -3.60 -3.60
    Germany 30 Buy 0.50 ######## ######## 0.00 0.00
    Germany 30 Sell 0.50 ######## ######## -3.25 -3.25
    Germany 30 Buy 0.50 ######## ######## 4.65 4.65
    Germany 30 Buy 0.50 ######## ######## 20.65 20.65
    Germany 30 Buy 0.50 ######## ######## -4.15 -4.15
    *I am not allowed to post images... therefore it has to be like this until I am able to...*

    As you can see I had some great winners with hig profit, but also many losers.

    Result so far (not final for today): $38,5
    Total balance: $138,5

    I am not going to explain my thought process as of now, because I am super busy finding good spots ^^
     
  16. SimonRohde

    SimonRohde Regular Member

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    Nice to see a fellow dane here!

    But for better results, i'll recommend you to start out with more than $100! The trading fees is gonna eat that shit up, depending on what you're paying.

    I'm paying around 4,25 usd for each trade i make in fees!
     
  17. mjmj41

    mjmj41 Newbie

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    Hej!

    Yes, I am aware that my starting capital is really low.. But this journey has to be considered more like a challenge, therefore the chances of me busting out are really high.

    Regarding the fee, I am not paying anything as long as I am doing intraday trading (selling the positions before market close). As described earlier in the thread I am using ETXCapital.

    I can tell you more about this if you want, just shoot me a PM. :)

    EDIT: I asume you are using Nordnet, which I am also using. :)
     
    Last edited: Feb 15, 2016
  18. towelfox

    towelfox Junior Member

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    I'm watching this. I played with it a little bit a few years ago but got a bit 'over excited' so knocked it on the head but if you've got strategy, patience and self restraint you might do alright
     
  19. Alex456

    Alex456 Jr. VIP Jr. VIP

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    Good luck whit your "play", i want to start a similar play but i am a bit afraid :(, maby reading you story will help me in the future to make some money :)
     
  20. mjmj41

    mjmj41 Newbie

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    Yes, this requires a lot.. And that's why I am testing if I am able to control it.

    Thank you! I really hope to inspire some people to try it out themselves, although there is a big risk involved.