As of next monday I'll commence my live trades so I thought I'd go through few things and look back on "expectations"
Am I ready to go live ?
Although my results have recently found some form of consistency I am ready to go live, I do have confidence in myself and my method that I will not blow up my account and will continue to make consistent gains daily/weekly/monthly.
As for expectations I think it is part of the success formula to set a realistic goal and not simply pull up a number out of thin air which I used to indulge in pretty often up until very recently. Setting realistic expectations do help from keeping yourself in the lane towards the bigger goal and refrain from overtrading/revenge trading. So how will I set the expectation ? this will depend mostly on your trading style/method but I have came to conclude that I'll settle with 25pips per day backed up from past data and my method, I previously aimed at 30pips but if you look at my TE out of the last 6,7 trades the best I've done was 25pips, now this doesn't mean that I can't earn 30pips , 30pips is very doable but for now to be realistic I do think its better to pick 25pips per day than 30pips just because I haven't been able to hit that thus far but I'll try harder but let's not put too much pressure 25pips at 1lot is still 1.5% per day, it's a lot so I really shouldn't be greedy.
Average trade duration is 25min, so I'll have to work 1h per day, I start my day at Frankfurt a little more than 1h and I will try to hit it every single trading day, may sound impossible but nothing is impossible if you can imagine it and I only will be trading and mastering a single slot *I've found my niche* so this shouldn't be too hard to achieve. Single entry per day.
Happy weekends.
Am I ready to go live ?
Although my results have recently found some form of consistency I am ready to go live, I do have confidence in myself and my method that I will not blow up my account and will continue to make consistent gains daily/weekly/monthly.
As for expectations I think it is part of the success formula to set a realistic goal and not simply pull up a number out of thin air which I used to indulge in pretty often up until very recently. Setting realistic expectations do help from keeping yourself in the lane towards the bigger goal and refrain from overtrading/revenge trading. So how will I set the expectation ? this will depend mostly on your trading style/method but I have came to conclude that I'll settle with 25pips per day backed up from past data and my method, I previously aimed at 30pips but if you look at my TE out of the last 6,7 trades the best I've done was 25pips, now this doesn't mean that I can't earn 30pips , 30pips is very doable but for now to be realistic I do think its better to pick 25pips per day than 30pips just because I haven't been able to hit that thus far but I'll try harder but let's not put too much pressure 25pips at 1lot is still 1.5% per day, it's a lot so I really shouldn't be greedy.
Average trade duration is 25min, so I'll have to work 1h per day, I start my day at Frankfurt a little more than 1h and I will try to hit it every single trading day, may sound impossible but nothing is impossible if you can imagine it and I only will be trading and mastering a single slot *I've found my niche* so this shouldn't be too hard to achieve. Single entry per day.
Happy weekends.
Tape reading is an ART