Trading plan
Me and my goals
Why do I want to be a trader?
I love the Intelligence challenge and I want to see if I can handle it. As a student I don’t have nothing to lose and I have the possibility to devote every hour of every day to forex, the whole summer, and I believe that it the perfect time to try to become a trader. Risk is low and the reward is unlimited, a perfect “trade” =D. By studying to best and learn to think like them I have confidence in that I will become like them.
Trading style
I love speed and I have whole day every day to trade so I will choose scalping. It something magical about listen to Mozart and watching the chart, tick, tick. (try it =D)
My goal
To take every opportunity the market gives me and to do it emotion free. I will not have any other goals.
What I BELIEVE about the market:
Anything can happen in any given moment in the market and every moment in the market is unique. Trading is a numbers game and concepts like right and wrong or win and lose have no significance. You have to have an edge and an edge is nothing more than an indication of a higher probability of one thing happening over another and you only need to know that you have an edge and with sufficient sample size, you will win the game.
Money management
This part is the most important part and it the foundation to become a constant trader. I believe that forex is a probability game and I only need to have an edge to reach my goal. But I also need to make sure that I am protected against 20 to 30 long lose streaks and that I compound my wins and losses in the correct way.
The system is very easy but I think very smart. The MM system is divided in different classes. Every class have specific rules to protect me against “me” =P. Every time the balance make a now high, the classes will start from the new point (look pics)
All classes have the same basic rules:
•Leverage: 50:1
•Full marginal use
•Approximate 2-4 pips stop lose
• R/R more than or 2:1
•Take profit: base on candlestick signal and S/R, when approach an important level I will take 50% of the trade.
Class 100-90%, rules:
•Maximum risk per trade: 0.5%
•21 loses in a row
Class 90-80%, rules:
•Maximum risk per trade: 0.25%
•47 loses in a row
Class 80-70%, rules:
•Maximum risk per trade: 0.125%
•107 loses in a row
Etc…
I will not have a daily goal of ex % per day. It’s depending on how many opportunities the market gives me every day. But I will compound every trade to take the biggest advantage of the compounding effect.
Let get into my trading system….
PS:I trade with Oanda so I don't use lots instead I use units so I can compund every trade.
Me and my goals
Why do I want to be a trader?
I love the Intelligence challenge and I want to see if I can handle it. As a student I don’t have nothing to lose and I have the possibility to devote every hour of every day to forex, the whole summer, and I believe that it the perfect time to try to become a trader. Risk is low and the reward is unlimited, a perfect “trade” =D. By studying to best and learn to think like them I have confidence in that I will become like them.
Trading style
I love speed and I have whole day every day to trade so I will choose scalping. It something magical about listen to Mozart and watching the chart, tick, tick. (try it =D)
My goal
To take every opportunity the market gives me and to do it emotion free. I will not have any other goals.
What I BELIEVE about the market:
Anything can happen in any given moment in the market and every moment in the market is unique. Trading is a numbers game and concepts like right and wrong or win and lose have no significance. You have to have an edge and an edge is nothing more than an indication of a higher probability of one thing happening over another and you only need to know that you have an edge and with sufficient sample size, you will win the game.
Money management
This part is the most important part and it the foundation to become a constant trader. I believe that forex is a probability game and I only need to have an edge to reach my goal. But I also need to make sure that I am protected against 20 to 30 long lose streaks and that I compound my wins and losses in the correct way.
The system is very easy but I think very smart. The MM system is divided in different classes. Every class have specific rules to protect me against “me” =P. Every time the balance make a now high, the classes will start from the new point (look pics)
All classes have the same basic rules:
•Leverage: 50:1
•Full marginal use
•Approximate 2-4 pips stop lose
• R/R more than or 2:1
•Take profit: base on candlestick signal and S/R, when approach an important level I will take 50% of the trade.
Class 100-90%, rules:
•Maximum risk per trade: 0.5%
•21 loses in a row
Class 90-80%, rules:
•Maximum risk per trade: 0.25%
•47 loses in a row
Class 80-70%, rules:
•Maximum risk per trade: 0.125%
•107 loses in a row
Etc…
I will not have a daily goal of ex % per day. It’s depending on how many opportunities the market gives me every day. But I will compound every trade to take the biggest advantage of the compounding effect.
Let get into my trading system….
PS:I trade with Oanda so I don't use lots instead I use units so I can compund every trade.