In this video, I’m going to be updating you on our 1k to $1 million Forex trading challenge. I’m going to be showing you where I am and that I hope you will share yours in the comment below let us know where you are, how far have you gone. It doesn’t matter whether you are using live account. or you’re using demo account. Share in the comment below how far you are going. How is it working for you. Where did you start, where are you, you can post your link, your tracking link and we will all review it. Just like taking you as accountability partner and you taking me as your accountability partner.
So this is my tracking link. As you can see, we, if you miss the video where we introduced the challenge, okay, we are starting with $1,000 and of course the plan is to grow this to a million dollars. I know it sounds crazy to a lot of people and some people will call this what the eck. Well, we said ok we can shoot for, we shoot for the moon. Okay. and if we don’t get the moon, we will still land in the star. And of course that will still make us a stardom. So that’s exactly what we are trying to do. If we, if I, start account with $1,000 and am able to grow these accounts for $2,000.
Okay. to $2,000 within the year, these would be 100% return on my money. Okay. If you gather 100 traders, either stock trader, forex trader, even warren buffet said and I quote him “He doesn’t target more than 20% return in a year. Over 90% of forex trader lose money. Okay. When you look at them within 3 months. So if you start an account with $1,000 and you are able to grow it to even $1,200 within a year. Okay. That is, 20% return on your investment. Most banks will give you 1 to 2%. Okay I mean we’ve talk about this. If you miss the video, there’s going to be a link where we discussed this extensively I will suggest that you watch that. And I also show you showed the template. I’m going to be using the journey is to start with a thousand dollars. As I’ve said and Once we start with a thousand, the plan is to have at 300 profit within our first month.
If I’m risking 2.5 of my account, and I have 30 trades within the month my success 525, my failure 225. This will take me to 300. And I said my plan is to reinvest 500 from my account. So by the end of this month, I should be having at least 1800 in my account. So next month I was thought with this. So of course that’s a good doing good. It’s on the link. So make sure that you viewed that if you have not. So now let’s come back to where we have. So right now we started, as you can see, this is a live account. A lot of people are doing some contest, you know they use their demo account. This is just to let you know this is a real account that we’re using for this challenge right now, the balance is this. We are all having floating of 170 actually is ’em let me check.
Okay. So we are having the floating , as you can see, right now with my, with my strategy that I’m trading I have over 70%. Our target is even 70. So we are 77.8 right now we are still indirectly in negative . But if I close my trade right now, yes, I reduce my 1k to 900. If I look at my balance curve, as you can see, this is where we are. So haven said that, I just want to talk to you for a second. You see many people don’t have this mentality to, carry negative balance . You see in trading their is not like nothing like straight line, as I’ve said that over and over. And that is nothing like having positive month all the time.
So if you listen to analysis, cnbc, will visit, you watch your monthly chart. You will see what that means. Even in stock market, there are some months that you will be negative. There are some weeks that you will be negative. There are some days you will be negative. So it’s ok to have draw down in your account but you don’t want your draw down to be too much. Now I’ve also talked about your risk and money management. make sure that you don’t risk more than 2 to 3% of your account on every single trade if possible. If you have $1,000, and you are risking 2%. That is risky, $20. So even if you lose five trade consecutively for, you just lost this one hundred dollar. Boy. If you are now risking about 40% of your account, all you need to burn out this account is to lose just 3 trades.
So don’t be in an hurry, you know why most people lose money in forex is because they start on account with $1,000 and they want to be making like, let’s say $100, every day with this account. We just want to try to do it indirectly is you are trying to make 10% everyday. It is possible, don’t get me wrong. But the day you are going to lose this money also that is when you are going to feel bad.
Okay. Then feedback also from some of my students, when they stick with the 2 to 3% risk management and when you win the first trade, you win the second trade, then you decide to forget about the risk management. And the next time, if you win, let’s say $20, $40. The time you do not use your money and risk management rightly, you could lose everything you’ve gained. However, what am just trying to pass across is when you are talking about trading you need to understand that losing is part of life.
But make sure that your call this is what you want to have as you go along. Yeah, sometimes also you can start, we can start at the curve like this because you are trying to get yourself together at that particular time, stuff like this. Okay. But you can bounce back, you can bounce back, bounce back, and keep going. That is what we want to see. So I hope you’ve gotten some nuggets from this video. Once again, if you have not subscribed, go ahead and subscribe to this channel. And if you have any questions, you are welcome ask you question bellow. Or post your own tracking link. I promise you I’m going to review all of them and get back to you.