First off this is a journal not an entry in the "Trading Systems" thread. I am a moody old fart and trying to explain what I am doing may or may not be something I will attempt. I will post here when I want and let the trade explorer do most of the talking.
The reason: Consistency development. I think where most people including myself mess up is in starting too large thinking that will lead to larger returns. We all know how that can and usually does turn out.
The method: Start with just $25 and add $5 for each trading day. Trade as much as I can each and every day. I will only add additional funds if for some reason the account drops below the amount needed to open 1 micro lot. Early on, the trading will ONLY be EURUSD. ANY GREEN DAY is a GOOD Day even if it is only 0.1 pips. The initial deposit is made and I will add $5 beginning the second day of trading.
Length of Time: At least 1 year. Beginning Monday May 20th 2019 and continuing for 1 year.
I am sort of using an EA for this. It's a really simple one that allows me to put a green and red line on the screen and it will open trades based on those lines. It doesn't do anything else. The green line is the entry and the red line is the stop. This keeps both hidden until used. THEREFORE, the stop you will see in the TE is NOT the real stop. That is just an emergency (i.e. lost connection) type of stop. For all of the math whizzes out there don't use the stop indicated in the TE to calculate my risk. If you do, you will be laughed at in a public forum.
It's 5 bucks a day so my attitude towards this account is so what I usually waste far more than that on an average day anyway. This will allow me to focus on the trade and not the money. Focusing on the money ALWAYS leads to disaster.
So, hang on, here we go again.
The reason: Consistency development. I think where most people including myself mess up is in starting too large thinking that will lead to larger returns. We all know how that can and usually does turn out.
The method: Start with just $25 and add $5 for each trading day. Trade as much as I can each and every day. I will only add additional funds if for some reason the account drops below the amount needed to open 1 micro lot. Early on, the trading will ONLY be EURUSD. ANY GREEN DAY is a GOOD Day even if it is only 0.1 pips. The initial deposit is made and I will add $5 beginning the second day of trading.
Length of Time: At least 1 year. Beginning Monday May 20th 2019 and continuing for 1 year.
I am sort of using an EA for this. It's a really simple one that allows me to put a green and red line on the screen and it will open trades based on those lines. It doesn't do anything else. The green line is the entry and the red line is the stop. This keeps both hidden until used. THEREFORE, the stop you will see in the TE is NOT the real stop. That is just an emergency (i.e. lost connection) type of stop. For all of the math whizzes out there don't use the stop indicated in the TE to calculate my risk. If you do, you will be laughed at in a public forum.
It's 5 bucks a day so my attitude towards this account is so what I usually waste far more than that on an average day anyway. This will allow me to focus on the trade and not the money. Focusing on the money ALWAYS leads to disaster.
So, hang on, here we go again.
oing same ting over expecting different results..Einstein