Here is a little background, I am currently a student aiming to become a professional fashion photographer. Photography is where I express my creativity and I do want to do it as a career, one day being published in high fashion magazine such as Vogue and Harper, and working with major fashion brand advertising campaign. However I only want it to be my career because it is what my right brain love, but I don't want to rely on it as sole income.
I am actually more of a logical type person, I love solving problems and am very technical. In order to satisfy my left brain I have fallen in love with forex and it continues to fascinate me. I hunger for information and I have spent 8+ hours for the last 4 weeks reading, researching, and discovering forex. I went through a phase of trying out every system, indicator, script that I could get my hands on. However, I noticed that it was all clouding up my brain and made it very difficult to filter out the bad information.
When I stumble upon B.S. Trading with Kenneth Lee and after reading the whole thread I realise for the first time I actually understand how the market works, why price goes up and down, it all seems so simple but it never "clicked" because I was too busy understanding what to do when this ma touch that or when this turns green and that turns red. I decided that since Supply and Demand completely explains to me the movement of PA, it will be a pretty good starting point to make sense of the chaos, and allow me to see the order within it. For now it will be my only way of trading until there is a reason to adjust in the future.
I am starting this thread in order to increase accountability, which will help myself sticking to the rules and hopefully improve my trading skill. The following is my trading plan that I must follow, and as seen in the rules section, if ANY rules are broken I will skip the next trading day as punishment.
I appreciate everyone's time if you choose to read this thread, and I will update it every day with screenshot and details of every trade of the previous session.
Here is my trading plan:
Goal:
Become consistently profitable in forex.
Method:
Using only supply and demand and only trading AA+ set up
Risk management:
1% Max per trade
2% Max Lose per day
3% Max win per day
Entry:
Strength of move: Strong (2)
Profit margin: 3:1(2) 2:1(1)
Bigger Picture (Daily trend): With trend & level far (2), with trend & level close (1), else (0)
Retracement: Fresh level only (2)
Time: Few candles (1)
Strength of return: Strong (1)
Total of 10
If score = 9-10, pending order worthy
If score 8, confirmation entry
If score < 7, no trade
Exit:
Stick to planned take profit.
Move SL to BE+1 when 1/3 of the way to TP.
Can’t go broke taking profit.
Rules:
1)Only trade from London open to NY open +2
2)Only trade AA+ Set up, score 8 or more
3)Stick to risk management
4)Only adjust plan during weekend
5)Do not change SL or TP unless TP1 is reached or price stalls obviously
6)Plan trade before entry and stick to it
7)Exit when “hoping” for result
8)Accept risk before entry
9)When in doubt don’t trade
10)Don’t study forex during trading hours
11)Stick to supply and demand until proven unsuccessful
12)Keep journal and write down all reasoning in a trade (why entry, why change SL, why close)
13)Revisit trading plan before trading for the day
14)Don’t trade out of boredom
15)Don’t force a trade
16)No more than 3 pairs
17)Only 1 open trade during any moment (Pick the best one)
18)Wait for best set up, if none rather no trade than risking on subpar setup
19)Tell others when you break your rules, be accountable for your mistake
20)If rules were followed and lesson learnt, even a losing trade is a good trade
21)Revise each trade of the day after trading hour, look for flaw and if it was justified
22)Will not adjust risk management until 4 winning week in a row
23)Anything could happen
24)Trade with probability
25)Don’t predict the market
26)No expectation
27)Trade to learn, not to earn
28)If a rule is broken skip next trading day
-SnailRoll
I am actually more of a logical type person, I love solving problems and am very technical. In order to satisfy my left brain I have fallen in love with forex and it continues to fascinate me. I hunger for information and I have spent 8+ hours for the last 4 weeks reading, researching, and discovering forex. I went through a phase of trying out every system, indicator, script that I could get my hands on. However, I noticed that it was all clouding up my brain and made it very difficult to filter out the bad information.
When I stumble upon B.S. Trading with Kenneth Lee and after reading the whole thread I realise for the first time I actually understand how the market works, why price goes up and down, it all seems so simple but it never "clicked" because I was too busy understanding what to do when this ma touch that or when this turns green and that turns red. I decided that since Supply and Demand completely explains to me the movement of PA, it will be a pretty good starting point to make sense of the chaos, and allow me to see the order within it. For now it will be my only way of trading until there is a reason to adjust in the future.
I am starting this thread in order to increase accountability, which will help myself sticking to the rules and hopefully improve my trading skill. The following is my trading plan that I must follow, and as seen in the rules section, if ANY rules are broken I will skip the next trading day as punishment.
I appreciate everyone's time if you choose to read this thread, and I will update it every day with screenshot and details of every trade of the previous session.
Here is my trading plan:
Goal:
Become consistently profitable in forex.
Method:
Using only supply and demand and only trading AA+ set up
Risk management:
1% Max per trade
2% Max Lose per day
3% Max win per day
Entry:
Strength of move: Strong (2)
Profit margin: 3:1(2) 2:1(1)
Bigger Picture (Daily trend): With trend & level far (2), with trend & level close (1), else (0)
Retracement: Fresh level only (2)
Time: Few candles (1)
Strength of return: Strong (1)
Total of 10
If score = 9-10, pending order worthy
If score 8, confirmation entry
If score < 7, no trade
Exit:
Stick to planned take profit.
Move SL to BE+1 when 1/3 of the way to TP.
Can’t go broke taking profit.
Rules:
1)Only trade from London open to NY open +2
2)Only trade AA+ Set up, score 8 or more
3)Stick to risk management
4)Only adjust plan during weekend
5)Do not change SL or TP unless TP1 is reached or price stalls obviously
6)Plan trade before entry and stick to it
7)Exit when “hoping” for result
8)Accept risk before entry
9)When in doubt don’t trade
10)Don’t study forex during trading hours
11)Stick to supply and demand until proven unsuccessful
12)Keep journal and write down all reasoning in a trade (why entry, why change SL, why close)
13)Revisit trading plan before trading for the day
14)Don’t trade out of boredom
15)Don’t force a trade
16)No more than 3 pairs
17)Only 1 open trade during any moment (Pick the best one)
18)Wait for best set up, if none rather no trade than risking on subpar setup
19)Tell others when you break your rules, be accountable for your mistake
20)If rules were followed and lesson learnt, even a losing trade is a good trade
21)Revise each trade of the day after trading hour, look for flaw and if it was justified
22)Will not adjust risk management until 4 winning week in a row
23)Anything could happen
24)Trade with probability
25)Don’t predict the market
26)No expectation
27)Trade to learn, not to earn
28)If a rule is broken skip next trading day
-SnailRoll
