Hello everyone,
If you read the newbie forum you may remember me as one of the many that lost his account due to the old mistakes many of us do when coming to trade on FX (and other markets where your broker gives you access to high leverage). I spent some weeks in reclusion, thinking of what to do next and testing system after system (being disapointed by most of them) and trading on a demo account waiting for the time when I would feel confident enough to return with real money.
That time seems to have returned a few weeks back. I started trading again with real money and trying to apply some rules as to prevent disaster from ocurring again (well, at least the same disaster, if it strikes it will be a new kind of disaster from where I'll learn new things I hope). So now I'm taking smaller positions risking between 3-5% per trade and I also trade less often and more relaxed than before... trying not to squeeze the trigger on anything that moves.
On paper trading and backtesting I usually tried USD/JPY first so I became "friends" with this pair. For this reason most of my trades will be with this pair (also for money management rules, 5 minilots in USD costs me less than the same lots in EUR which is my own currency) although I may go ocassionaly to EUR/USD if I see a really good pattern that I believe will turn the odds in my favour.
In keeping this journal I am hoping that the pressure of putting my trades live on the internet for anyone to see will make me ashamed if I ever put the trigger too early thus preventing me from doing stupid things. In case anyone has fun or learns something from this, it will be even more positive
My goal is very optimistic I think, but I feel that if I have to aim, then I might as well aim for the stars. I want to trade for a living (quiting my "real job") in the next 15 to 20 years. To be able to do this I made some math and realized this means that in this time I must gather around 250K EUR (get out of debt and have sufficient capital to go trough bad months).
This all translates to an annual return rate between 17% and 25% with additional funding of 1k EUR per year - keep in mind I'm very badly funded at the moment so it will be very painful but hopefully it will all work out.
If you read the newbie forum you may remember me as one of the many that lost his account due to the old mistakes many of us do when coming to trade on FX (and other markets where your broker gives you access to high leverage). I spent some weeks in reclusion, thinking of what to do next and testing system after system (being disapointed by most of them) and trading on a demo account waiting for the time when I would feel confident enough to return with real money.
That time seems to have returned a few weeks back. I started trading again with real money and trying to apply some rules as to prevent disaster from ocurring again (well, at least the same disaster, if it strikes it will be a new kind of disaster from where I'll learn new things I hope). So now I'm taking smaller positions risking between 3-5% per trade and I also trade less often and more relaxed than before... trying not to squeeze the trigger on anything that moves.
On paper trading and backtesting I usually tried USD/JPY first so I became "friends" with this pair. For this reason most of my trades will be with this pair (also for money management rules, 5 minilots in USD costs me less than the same lots in EUR which is my own currency) although I may go ocassionaly to EUR/USD if I see a really good pattern that I believe will turn the odds in my favour.
In keeping this journal I am hoping that the pressure of putting my trades live on the internet for anyone to see will make me ashamed if I ever put the trigger too early thus preventing me from doing stupid things. In case anyone has fun or learns something from this, it will be even more positive
My goal is very optimistic I think, but I feel that if I have to aim, then I might as well aim for the stars. I want to trade for a living (quiting my "real job") in the next 15 to 20 years. To be able to do this I made some math and realized this means that in this time I must gather around 250K EUR (get out of debt and have sufficient capital to go trough bad months).
This all translates to an annual return rate between 17% and 25% with additional funding of 1k EUR per year - keep in mind I'm very badly funded at the moment so it will be very painful but hopefully it will all work out.
