I am starting this thread to see if I can grow a small account over time. Their are many who say that you must have a certain amount of money in order to survive these markets. I disagree with this and believe with proper risk and money management it can be done. I have opened an account at FXsol with $425.00 and will trade micro-lots.
I will do this with using no more than 3% of my margin at any given time, and no more than 1.5% on any given trade. I have set margin at 1:400.
I have set a delta of $100 which means that I will add 1 micro-lot for every $100 that I gain. If my account should fall back to the level that I added a micro-lot, I will go back to trading the original number of micro-lots.
My weekly goal will be 5%, at the time that I reach that goal, I shall not initiate any more trades for the week. If I lose 3 consecutive trades I shall quit trading for the week.
At the end of every month I will pay myself 10% of total profits earned for the month.
I will focus on trading support and resistance levels, patterns, and trend lines.
My goal on each trade is to have at the minimum, a 1:2 risk to reward ratio, although trading is subjective in nature, I believe this can be achieved more often than not.
By posting my trading results, this will hold me accountable for my actions. I am a very impulsive person by nature and have had the dubious luxury of learning the hard way what impulse trading can do to an account. I have been trading Forex for almost 2 1/2 years and have learned a lot not only about the markets, but what type of person that I am. I believe that the Holy Grail lies between our own two ears. I am not looking to get rich or to double my account overnight, what I am trying to do is to show that an account can be grown over time with proper management.
Please feel free to post any comments that you may have. Good trading.
Pippiper
If you always do what you've always done, you will always get what you've always gotten. If you want what you've never had, you have to do what you've never done.
I will do this with using no more than 3% of my margin at any given time, and no more than 1.5% on any given trade. I have set margin at 1:400.
I have set a delta of $100 which means that I will add 1 micro-lot for every $100 that I gain. If my account should fall back to the level that I added a micro-lot, I will go back to trading the original number of micro-lots.
My weekly goal will be 5%, at the time that I reach that goal, I shall not initiate any more trades for the week. If I lose 3 consecutive trades I shall quit trading for the week.
At the end of every month I will pay myself 10% of total profits earned for the month.
I will focus on trading support and resistance levels, patterns, and trend lines.
My goal on each trade is to have at the minimum, a 1:2 risk to reward ratio, although trading is subjective in nature, I believe this can be achieved more often than not.
By posting my trading results, this will hold me accountable for my actions. I am a very impulsive person by nature and have had the dubious luxury of learning the hard way what impulse trading can do to an account. I have been trading Forex for almost 2 1/2 years and have learned a lot not only about the markets, but what type of person that I am. I believe that the Holy Grail lies between our own two ears. I am not looking to get rich or to double my account overnight, what I am trying to do is to show that an account can be grown over time with proper management.
Please feel free to post any comments that you may have. Good trading.
Pippiper
If you always do what you've always done, you will always get what you've always gotten. If you want what you've never had, you have to do what you've never done.
Pippiper 
