Dear all
I am NOVICE and I have no doubt on this. Therefore all the comments from experienced traders are most welcome here. I am here to learn and make some good habits and test/break some bad habits of trading.
This is my first ever post on FF after few months of reading and demo. I am starting this Journal to keep myself as much as possible updated with my trades. I am using Demo account for now at least 3 months and will continue to use demo until I am profitable for at least 6 months. During this time I will be working primarily on MM and AO in conjunction with the regular but important SR and Trend lines. Till now I have blown almost 10 DEMO accounts (mostly 2000 - 5000 USD) and have learned a lot from FF as well as from my own mistakes. I strongly consider myself on a learning curve with the end point being "nowhere" for learning but end point for going live being profitable for at least 6 months.
Well much said till now. I will start with the following rules:
1. DEMO account: 3000
2. Leverage: 1:200 (I know it is high, but it is intentional to sharpen my MM skills)
3. Result orientation: primary on money and secondary on PIPS (I will not think twice on taking profit if the system tell me to do that) no matter how less the PIPS are. I might at times take higher risk if I see that things are according to my system.
4. I will not go less than H1 and not beyond Daily. Decision based on combined time frames.
5. Very few indicators: only AO, SMA (3/5/13) and BB. But primary is AO and SMA (3/5)
6. I will NOT keep on trading like crazy but will wait for signal and trade with patience. My daily target is between 150-300 dollars (this may be 7-30 PIPS depending on LOT size)
7. I will NOT be solely technical and will see the basic fundamentals
8. I will NOT trade news
9. I will TRADE ONLY GBP/USD; GBP/JPY; EUR/JPY; and USD/CHF
10. I will NOT trade on Sunday open and Friday after NY open
Okay now: Lets start!! and HOPE that this will not end soon. I will be Honest on my trades and my rules. Lets see if I make into the legue of 5%s
I am NOVICE and I have no doubt on this. Therefore all the comments from experienced traders are most welcome here. I am here to learn and make some good habits and test/break some bad habits of trading.
This is my first ever post on FF after few months of reading and demo. I am starting this Journal to keep myself as much as possible updated with my trades. I am using Demo account for now at least 3 months and will continue to use demo until I am profitable for at least 6 months. During this time I will be working primarily on MM and AO in conjunction with the regular but important SR and Trend lines. Till now I have blown almost 10 DEMO accounts (mostly 2000 - 5000 USD) and have learned a lot from FF as well as from my own mistakes. I strongly consider myself on a learning curve with the end point being "nowhere" for learning but end point for going live being profitable for at least 6 months.
Well much said till now. I will start with the following rules:
1. DEMO account: 3000
2. Leverage: 1:200 (I know it is high, but it is intentional to sharpen my MM skills)
3. Result orientation: primary on money and secondary on PIPS (I will not think twice on taking profit if the system tell me to do that) no matter how less the PIPS are. I might at times take higher risk if I see that things are according to my system.
4. I will not go less than H1 and not beyond Daily. Decision based on combined time frames.
5. Very few indicators: only AO, SMA (3/5/13) and BB. But primary is AO and SMA (3/5)
6. I will NOT keep on trading like crazy but will wait for signal and trade with patience. My daily target is between 150-300 dollars (this may be 7-30 PIPS depending on LOT size)
7. I will NOT be solely technical and will see the basic fundamentals
8. I will NOT trade news
9. I will TRADE ONLY GBP/USD; GBP/JPY; EUR/JPY; and USD/CHF
10. I will NOT trade on Sunday open and Friday after NY open
Okay now: Lets start!! and HOPE that this will not end soon. I will be Honest on my trades and my rules. Lets see if I make into the legue of 5%s
