From Concept To Profitable TradingTraders,
I am starting this thread to document the complete process of “From Concept To Profitable Trading”. This is a multi-year commitment where I am going to make the process of starting from scratch with a concept and building into a profitable trading system.
My goal is to become a professional trader earning income through trading and to say goodbye to my day job in the near future. Trading has always been a passion of mine and I have traded stocks and forex over the years as a hobby since 2001. Over the last year, I have been trading the futures market and looking to apply similar concepts to a Forex battle plan.
I have had a successful business career (still in progress), just entered my 50’s, and my kids are now older about ready to leave the nest. Those of you with a young family knows the challenge of providing for them and attempting to make a change from stable employment to trading. With those responsibilities winding down, I am now in a position to chase my passion.
I would imagine most people on Forex Factory are in a similar position. You love trading and you are trying to figure out how to make it your day job. I hope this journey will help some of you in some form or fashion.
Much of the information about completing this process is detailed. Instead of writing a novel here, I will share as much information via short videos (approximately 20 mins) of the information I am processing. Instead of reading pages and pages of information, short videos may be easier for people to follow. In addition, I will create a YouTube channel called “From Concept To Profitable Trading” which will store videos generated.
As you can see from my philosophy, I treat this very seriously. Trading is a business and money is involved, so it should be serious. If you decide to participate in this thread (and you are welcome) - be respectful, stay on point and have transparency. People who work together learn from each other for continuous improvement. As I will explain in some of the concepts, we will fail, make mistakes and lose trades – that is part of the process and the business. If you are participating in Forex Factory for social media enjoyment and to create drama, please go to another thread where that is the intent of the owner.
Finally, I believe in keeping it simple. No indicators will be used, simply price action, structure and a few drawing tools.
To systematically create a profitable trading plan AND execute it consistently to achieve 20 pips per day
Develop a profitable trading account with minimal financial investment and risk
Document this process to share for the benefit of others
Review Market & Institutional Trading Model Concept - Post #8
Trading Idea To Match Market Movement - Post #12
- Probabilities, Risk:Reward, Stop Loss
Money Management Plan - Post #14
Draft Trade Plan
- Overview - Post #18
- Pre-Trading Analysis - Post #19
- ABCD Pattern Criteria - Post #28
- Trade Entries - Post #29
- Trade Management / Money Management - Post #30
Discipline and Emotional Control
Open $1,000 Demo Trading Account With Public Results Viewing For Transparency - Complete and attached to the thread
Adjust Trade Plan Until Positive Expectancy and Profitability Is Achieved
Open $1,000 Live Trading Account With Public Results Viewing For Transparency
Once $2,000 Has Been Achieved, Remove $1,000 Investment
Continue To Grow Live Trading Account By Following The Trade Plan