Well, it has been almost 3 years I have been trading Forex. My account has seen its fair share of swings from not knowing how to use leverage properly.
As such I sought out and found a mentor to help keep me in line and my emotions in check. Also, to review my trades and see what could have been done better.
So I thought I'd put down some ideas.
1. Don't risk any more than 3-5% on any trade. That means every trade carries a stop loss equivalent to the 3-5%. Under no circumstances is it to be more than 5%....I will adjust my lot size as needed.
2. Have two profit targets. An initial target that puts me in the money and then set stoploss to break even. 2nd target will allow me to run the trade for more pips should the trend continue. My goal is to bank money each time.
3. I will be trading off 30 minute chartes with outlook and guidance from 1h 4h and daily.
4. I will conduct analysis using waves, trendline, fibos, to get a firm grasp on the market.
5. I will post my trades here AFTER they close out. I am not interested in running a signal service.
6. I will only post total pips gained as a function of pips to TP1 and pips to TP2 = total pips. Since I close half my position at TP1 - if you want to average feel free. I am keeping the pip totals.
Well thats it for now.....lets see how things go.
I may post my monthly account statement - haven't decided.
Thanks
As such I sought out and found a mentor to help keep me in line and my emotions in check. Also, to review my trades and see what could have been done better.
So I thought I'd put down some ideas.
1. Don't risk any more than 3-5% on any trade. That means every trade carries a stop loss equivalent to the 3-5%. Under no circumstances is it to be more than 5%....I will adjust my lot size as needed.
2. Have two profit targets. An initial target that puts me in the money and then set stoploss to break even. 2nd target will allow me to run the trade for more pips should the trend continue. My goal is to bank money each time.
3. I will be trading off 30 minute chartes with outlook and guidance from 1h 4h and daily.
4. I will conduct analysis using waves, trendline, fibos, to get a firm grasp on the market.
5. I will post my trades here AFTER they close out. I am not interested in running a signal service.
6. I will only post total pips gained as a function of pips to TP1 and pips to TP2 = total pips. Since I close half my position at TP1 - if you want to average feel free. I am keeping the pip totals.
Well thats it for now.....lets see how things go.
I may post my monthly account statement - haven't decided.
Thanks
