28 Levels to 10k...

OK I'm going to step in and defend Sister here. RvrsTrader, back off. If you don't like the plan or think it's a waste of time, then why are you wasting your time reading about it?!? The goal of the plan is to develop one's trading skills until one is proficient enough to begin a full-time trading career. And believe me, if you make it through these levels, you should seriously consider going full-time. So the main objective of this plan is to learn to make pips, not necessarily money. I read one trader say on here the other day, "I make pips. The money just follows."

Sister, I wish you success.

Thanks,
andersenws

LEVEL UP!!!

28 Levels to 10k
Day 27

Currently long 2 lots @ 1.8758
Equity: $100.41
Current level: 9, trading 3 lots @ .10/pip.
Pips to next level: 25

Thanks for the defense Andersenws, but I'll let my results speak for themselves. Of course, right now these are paper profits, and we all know price will probably retrace a bit. Anyway, we got the dovish Fed I was hoping for, so the rally is on we'll see how far it goes.

Next up:
Level 10
Equity needed $107.80, trading 3 lots @ .10/pip. Need 72 pips to reach level 10.

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LEVEL UP!!!

28 Levels to 10k
Day 28

Currently holding no positions.
Equity: $115.29
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 47

It feels good to be back above the century mark again. Today's GDP announcement delivered the knockout blow to the dollar. It still seems as though cable is topping out. I wonder if we'll see 1.9050 today. All in all, it was a good week.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

28 Levels to 10k
Day 30

Currently holding no positions.
Equity: $115.29
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 47

Nothing much to share, the last two days have not yielded a single signal. I am pleased with the fact that I have successfully resisted the urge to take a position, either long or short. Perhaps cable is topping out now, all we need is a catalyst to precipitate a move down.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

Very well Suster for not entering if there is not a signal.
Last week I lost big and took a big retrace on my account.
I guess I will have to work again to come to previous levels as you just did.

I wish I could have stayed out last week because I didn't had any signal either.

Good luck

28 Levels to 10k
Day 31

Currently long @ 1.8995
Equity: $128.49
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 3

Got whipsawed a bit earlier this morning, and this recent cable rally looks pretty suspicious. I'm pretty close to level 11, but the amount reflects my equity right now, which to me is only a paper profit until you close the position. I expect a retrace to come along and take a decent sized chunk out of my equity, hopefully I can hold on to at least half my paper profits. Oh well, on to tomorrow.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

LEVEL UP!!!

28 Levels to 10k
Day 32

Currently no open positions.
Equity: $152.79
Current level: 11, trading 4 lots @ .10/pip.
Pips to next level: 22

The position was accidentally closed early because I wasn't paying attention when I set the target. It may be for the best as this rally is starting to look a little ragged. Who knows, it may go on for another 200 pips, in which case I missed out, but at least I got something out of it.

Next up:
Level 12
Equity needed $161.70, trading 4 lots @ .10/pip. Need 101 pips to reach level 13.

Congrats Sister, keep it up!

andersenws

LEVEL DOWN!!!
28 Levels to 10k
Day 33

Currently long @ 1.9094.
Equity: $128.79
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 2

I decided to go ahead and post now, as I don't think much will happen until tomorrow's NFP. I got whipsawed a bit and lost some equity, but I expect to recover it as soon as the market chooses a direction.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

Spent the last two hours reading all this (Im a slow reader ) and have to agree With the Sister. The plan is a challenge to make onself trade better and measure their progress. I wish you well with it.

I agree with this 1000%.

The plan makes sense and is a great way to learn patience, tolerance, and restraint while you build towards a balance that is more productive.

Dang...they should make all new traders do this.

I agree. However, one thing that is definitely lacking is money management. I guess that comes later. Just don't forget it's there.

28 Levels to 10k
Day 34

Currently short @ 1.9040.
Equity: $118.97
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 52

Okay, so here's the damage, I got caught on the wrong side of NFP, but before it was released I tightened my stop, so the damage wouldn't be too bad, but I still got slipped a bit. Prior to that I got a few false signals and got whipsawed. I didn't think the NFP numbers were all that impressive, but I also think cable was extremely oversold and needed to fall a bit. So, we'll see how long this most recent burst of dollar strength will last.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

28 Levels to 10k
Day 38

Currently no open postions.
Equity: $128.53
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 3

Level 11 is back within reach. After a couple days in which price hasn't really done much, maybe we'll see some definite direction in cable.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

28 Levels to 10k
Day 39

Currently short 2 lots @ 1.9026
Equity: $126.33
Current level: 10, trading 3 lots @ .10/pip.
Pips to next level: 10

Thought I had a breakout, but the dollar rally stalled just short of 1.9000. Since I'm short the pair I hope the momentum will again favor dollar bulls.

Next up:
Level 11
Equity needed $129.36, trading 4 lots @ .10/pip. Need 81 pips to reach level 12.

LEVEL UP!!!
28 Levels to 10k
Day 41

Currently short 4 lots @ 1.9124
Equity: $147.72
Current level: 11, trading 4 lots @ .10/pip.
Pips to next level: 35

All this chop is making mince meat out my trading strategy. To be quite honest, the only way I was able to make any profit was to close my positions well short of my targets. I honestly didn't expect to see 1.9150, and now we may see 1.9200, which would suck since I'm currently short.

Next up:
Level 12
Equity needed $161.70, trading 4 lots @ .10/pip. Need 101 pips to reach level 13.

Congrats Sister, and I think you'll be fine with the short. It looks like we may have a pin bar on the Sterling daily, although it's not perfect. I'd say you're in pretty good shape.

Keep it up,
andersenws

LEVEL UP!!!
28 Levels to 10k
Day 44

Currently short 4 lots @ 1.9089
Equity: $167.23
Current level: 12, trading 4 lots @ .10/pip.
Pips to next level: 35

Honestly, I can't believe I'm still doing this. But as long as I can take two steps forward and one step back, I might actually reach the goal of 10k. I wonder if this pair has finally topped out?

Next up:
Level 13
Equity needed $202.13, trading 5 lots @ .10/pip. Need 101 pips to reach level 14.

Again, Congrats Sister. You're doing awesome! I look forward to seeing that
LEVEL UP!!!
everytime I get on FF.

Keep it up,
andersenws

28 Levels to 10k
Day 45

Currently short 4 lots @ 1.9089
Equity: $181.85
Current level: 12, trading 4 lots @ .10/pip.
Pips till next level: 52

I entered the wrong amount of pips till next level in the last post. But the 52 pips in this post is the correct amount. Alright, now then, on to business. I'm at level 12, within striking distance of level 13, I've been here before and we all know what happened then. Everything just fell apart. I hit a nasty drawdown period and I made things worse by making extra trades. I watched my equity fall from about $190 to about $60 in a few days. That definitely will not happen again. I expect to hit eventually hit level 14, which is the halfway point, and I may consider adding a small amount of money to the account.

Next up:
Level 13
Equity needed $202.13, trading 5 lots @ .10/pip. Need 101 pips to reach level 14.