Hello all, welcome to my humble journal. This thread is for me to make posts only. The other thread I will turn into an open discussion thread where when I so choose, I will answer a handful of questions (hopefully all of them) at the same time. The format of this thread will be charts only, no mindless banter or commentary on my part. All of that will take place in the other thread (if at all).
http://www.forexfactory.com/showthread.php?t=497195
With summer ending it will be time to get back into 70 hour trading weeks. (7hr on Sunday and 14hr Mon/Thu and 7h Friday)
I will be active in the market on the 15m charts once again. To say I'm excited is an understatement.
These markets are feeling very similar to last August. My biggest trade then was building into AUDJPY longs.
My biggest trades for this September are EURGBP long and EURAUD long.
The goal is 30 million by age 30. I am currently 23.5 years of age and have been trading Forex for 34 months.
Sometimes, I forget how difficult it used to be. Don't get me wrong, it still is VERY difficult.
But thinking back to nearly 3 years ago now, I really did have no clue, just like you (if you are new to this business).
And it is a business, a big money industry, the biggest of all. I don't know if this is true, but I heard of the $5 trillion in daily turnover in the Forex market, greater than 2% is profit/loss (P/L), or $100 billion! You think the casinos clean up? Chump change compared to the profitable FX traders!
But believe me, this isn't easy. Maybe it is, maybe we make it too difficult, and really its simple. However, if it were simple, more traders would be winners. The fact of the matter is, most of the market is big money fighting it out for a few pips.
- My goal over the next 66 months is to make USD ~30 million trading currencies.
- Starting deposit of USD 5,000 in three separate accounts with goal of USD 10 million for each.
- Dollar cost average on daily/weekly swings (DCA DWS), dollar cost average on 15m/1h (DCA DT), and tight stops daily/weekly swings (TS DWS)
- This can be achieved with 300% per annum (compounded)
- My current net worth is USD ~117,000
- If I reach 10% of my goal, I will share my indicator settings (and chart template)
Example calculations (too lazy to scale for new tax brackets)
- +300% per annum
- 20% tax rate (will do one for 30 and 40)
deposit = 5,000
year 1 end = 20,000 - (20,000 - 5,000) = 15,000 * 0.2) = 17,000 = year 2 starting balance
year 2 end = 68,000 - (68,000 - 17,000) = 51,000 * 0.2) = 40,800 + 17,000 = 57,800 = year 3 starting balance
year 3 end = 228,000 - (228,000 - 57,800) = 150,200 * 0.2) = 120,160 + 57,800 = 177,960 = year 4 starting balance
year 4 end = 711,840 - (711,840 - 177,960) = 533,880 * 0.2) = 427,104 + 177,960 = 605,064 = year 5 starting balance
year 5 end = 2,420,256 - (2,420,256 - 605,064) = 1,815,192 * 0.2) = 1,452,153 + 605,064 = 2,050,217 = year 6 starting balance
year 6 end = 8,228,870 - (8,228,870 - 2,050,217) = 6,178,653 * 0.2) = 4,942,922 + 2,050,217 = 6,993,139 = year 7 start balance
Zzzz. Will finish in the morning. I need a prayer on my underwater EURAUD longs.
I know it will rally 500+ pips, but it could see near 1.40 first.
My stop is under 1.40 and the total risk on the trade is just over $10,000.
So I would definitely love to NOT see these lower levels (4122, 4049).
Daily and Monthly Charts (EURUSD, EURAUD, AUDUSD)