Analysing the week (+300% gain on my account)

This week I managed to triple my initial 100AUD account. I know it's really risky and no matter who a bit more experienced trader would say that this is insane to 3x the account. It involves a HUGE risk and you might do it once but the draw down in long term is obvious and it's just a matter of time when you will lose all the gains and burn your account.

I know all that and to be truthfully honest I am doing things exactly the opposite way here. That is my strategy. In order to get the account to 1 million by 1Q 2019 I need to risk hugely at first, until I reach 10k. This is my strategy — to go with tremendous risk at first because this is the only stage I can potentially take these huge risks. I have not much to lose.

Of course I know that I might lose it all the next week but I the only thing is that I need to move forward and start from scratch if done so. To be frank I don't mind losing 100AUD per week, this is exactly the amount of money that I am willing to lose in order to fulfill my dream and goal so no matter what I am willing to start over from next week if that is the case.

This week I mainly focused on 3 pairs — EURAUD, GBPCAD and NZDUSD. At the start of the week I tried to get into trend reversals on EURCAD & CADJPY but lost 10% of my account there and didn't want to jump into these again.

EURAUD was the main pair where I was waiting for breakout on Daily. It happened on Friday during 3th hour of EU Session when I was about to going sleep so I took the profits and missed about 20 pips of it.

Another one was GBPCAD where I expected a trend reversal and sold the pair. The first trade was successful as the pair went down but then I closed as I read from the information that buyers came in.

Here is how I know when the buyers are in the game. The shadows on 4H chart are telling me that the pair is about to rise. In fact it did. For 130 Pips which is H U G E.

Another pair that I bought was NZDUSD where I saw the pair touching the support zone. I bought the pair without having a confirmation and I was right. I got into the trade at the bottom and then it went 70 pips where I get out of the trade straight before freefall to 30% of the previous gain. A correction. Made a good trade as I left the trade at the top. This trade alone made 35% on my account and could've done even more if I'd stick with the initial lot size but I decided to close half lot as the risk was too big.

So this week I was concentrating on 3 pairs and I think there is no need to take more. 3 is enough.

Keys for trading: Focus on the good setups only, don't trade random pairs.