I was motivated to join Forex after discovering that I could make more profits in less time and with less money than trading on the stock market. I remember the first time I traded on demo I made $5,000 in about 10 minutes. 'Wow this is easy!' I thought. lol
But then I began trading live-- I did have a system to follow but my emotions crept in all the time, and I didn't really have a money management strategy. I would constantly trade at maximum leverage, making great profits but worse losses. I would then have to resort to trading Oanda's 'price box options' (essentially a gamble) to recoup my losses. After about 3 months my account was totally wiped out, I was frustrated, and aside from having a large loss to add to the tax return, my life was miserable.
I stopped trading for several months, and in the meantime I basically eat lived and breath Forex EDUCATION. I spent more than 12 hours per day watching tutorials and videos and reading other materials. I slowly got into trading demo again, and used a much smaller account. Now I am back to trading live and though I am currently down 8%, as I pointed out in another thread I recouped losses of 25% (which occurred by a poor position sizing and SL mistake). This week I did better than I have ever done before, I finally 'get it' and realize that the key to success is mechanical trading and conservative money management strategy.
I love trading also and especially love weeks when I have more winners than losers (like this week). The satisfaction of knowing you're doing something 'right' instills confidence to keep going. I think that as long as I can keep out as many emotions as possible (well that and not sleep during the big moves! lol) then I can succeed.
It is now my goal to double my account every month-- tough yes, but not impossible with a set weekly goal. I'm starting out with $1500 so in order to double that in a months time I need to profit $300-$400 per week, roughly $75 per day. In reality, had I not been sleeping during this huge recent EUR/USD drop in the last 2 days I would've met my goal already. But steady wins the race!
My hat is off to you for maintaining a scalping system. I've tried it but for me it is simply too stressful and less predictable than longer frame systems. In fact, I did some scalping this morning on EUR/USD and instead of stopping while I was ahead, I ended up losing about 2/3 of my profits for the day. lol
P.S. I have a risk calculator and trade log Excel sheet to share if anyone is interested. Basically you put in your account balance, desired risk %, stop loss in pips, and choose the currency-- voilà, it tells you the position size to use. And the trade log is great for keeping track of all the trades (profits, losses, true leverage, etc) outside of your trading session.