First, I would like to say thank you so much for having so many thoughtful threads / posts. I have been reading + learning a lot here.
Especially, this thread which I have read religiously on my Ipad. I hope i can be a millionaire some days. lol.. with hot babes... and nice cars.. non of the cheerleaders want to be my girlfriend for some odds reasons. but again non of them know i have lots of $ lol...
I am close to 17 years old. 16 now, but my bday is coming up soon... I am fortunate to start a website and sold it for $8k. Rather than using this $ to buy a car, I am thinking of using it to make more money by trading on the Forex market. My total capital is $10k including my saving accounts.
I have been reading books on forex, browsing at babypips, forex4noobs, so forth since summer of last year.. at first i did nothing but screening the candlestick chart. i think i have a good understanding of the patterns.
then someone introduced me to the Ichimoku Kinko Hyo system. I have bought many books on Amazon about the ichimoku kinko hyo system. Ie, trading with ichimoku clouds by manesh patel and cloud charts by david linton.
i only focus my trade follwoing the ichimoku system with my own twists. i only trade EUR/USD / 1 hr period. I do not plan on spending all my $10k on trading forex. i have bought 500 shares of ZNGA stocks so i only have $5k left to spend on forex.
i have since developed my own custom trading system and coded an EA tool on Metatrader 5. I have backtested/ forward tested my strategies and concepts over and over again using data from 2001 to 2011 for about a month now. the results from my back test have been very promising . for example, for the month of january 2011, my system take in net profit of $46k from a deposit of $5k. there are months where i lose money, but my net high justified my lost.
I am thinking of opening an account with OANDA - Forex Trading and Exchange Rates Services ( using my brother as the scapegoat but with my own money because he is over 18 year olds. I will start at $100 to test the water, and if everything goes well i will increase my account to $1k then $5k. part of my strategy is I have an account limit of $5k a month. for example, if i make $20k this month, i will withdraw $15k leaving $5k to trade next month. if l lose $4k this month, next month i have to refill my account of $4k to have $5k. this way.. i would feel like i have full control of my money to avoid losing it all.
i have two desktops.. i will be using one desktop as a metatrader server to run my expert advisor, but i will be monitoring the entire entering / exiting trades closely.
The thing is i'm so afraid that I will lose all my money... not many high school kids my age i have $5k to play with. i am limited to only one chance.
do you think i'm ready for the real trading world? have i completed enough testing?
PS, i have attached my backtests so you know i am not lieing.