Once again, I got greedy and blew my last performance account (PA). I took a few days off and decided to try again since APEX was still offering one day eval passes. Also, it would be a shame to have paid my dues to this point and then just quit just as I’m at the cusp of success.
I am five days in and have a balance of approximately $3700. My plan is to withdraw up to $1000 but leave at minimum balance of $3000 at the ten-day mark – May 16. Then use that money to purchase two additional evaluations.
The significance difference this time is I have decided to trade only one lot at a time – vs. the two I have been trading. This makes it much easier to accept and print a loss. It is surprising the number of trades I have accepted at a loss and, since my winning percentage is good, how easy it is to recover!
Now that I am at the point where I can withdraw at least $500 I will trade very cautiously on this account. Even a mere $100 per day will yield $2000 per month withdrawable balance. Although, my goal would be to leave in 50% of earnings and grow the account to a minimum of $5000 so as to protect it from being blown. Still, $1000 per month is relatively easy money.
The next step is to start building accounts. Because I will have established monthly revenue, I can build subsequent account slowly rather than trading aggressively in order to get the accounts to a withdrawable state.
For example, If my target for new accounts is $100 per day, I will need 30 days of trading to get them to that point. That’s one and a half months. I plan on purchasing one account for each $500 I withdraw. It looks as though I will be withdrawing $1000 on May 17, so I will purchase two accounts. These accounts will not be mature until early July. But that means, I’ll be withdrawing $1500 on July 1st. $500 for the first account and $500 each for these two accounts.
It doesn’t sound like much, but that also means I’ll have several more account in the building status and the July 15th withdrawal will probably be in the $2500 range. And the August 1st withdrawal will be in the $4000 range.
From here, it’ll be simply rake in the money at an easy $100 per day per account. I’ll see if I can show the details in a spreadsheet in another post.