This is just my personal journal for tracking my progress. I started trading FX about 2 months ago and I'm just reaching the point where I have a solid system and I'm making consistent profits. This is a micro account and I'm using it as a learning tool before moving up to a mini or standard.
my goal is 10-15% gains per week while compounding my gains and maintaining a 2-3% risk based on my total account equity. I may add funds as I go along and I'll note when I do add them.
The Plan:
Micro Account Starting Balance $150
Risk/Reward; 1:1, max risk 2% of account balance per trade
I will be aiming for at least a 2% gain per day and have a spreadsheet to guide me in my daily targets
Compounding :
each week i will increase my risk in relation to my account balance in order to maintain a 2% risk up to a point where I can increase risk to 3%.
once I reach $1000 I'll increase risk to 3%.
When I reach over $2000 account balance I will withdraw 10% as a way of paying myself for my hard work.
The Trades:
I will only be trading the trend pullbacks on the 5 min chart on various pairs provided the spread is under 3.0
profit target is 10-20 pips per trade
Discipline - this is the most difficult part for me.
Trade with the trend !!
Follow Trade Rules to the letter, no grey areas. if it isnt there, don't try and force it, no setup, no entry...no exceptions!
Capital Preservation , cut losses as soon as they develop, dont let it run in hopes of a turnaround.
Always know where Support and resistance levels are before committing to the trade.
Never buy just under resistance or sell just over support.
my goal is 10-15% gains per week while compounding my gains and maintaining a 2-3% risk based on my total account equity. I may add funds as I go along and I'll note when I do add them.
The Plan:
Micro Account Starting Balance $150
Risk/Reward; 1:1, max risk 2% of account balance per trade
I will be aiming for at least a 2% gain per day and have a spreadsheet to guide me in my daily targets
Compounding :
each week i will increase my risk in relation to my account balance in order to maintain a 2% risk up to a point where I can increase risk to 3%.
once I reach $1000 I'll increase risk to 3%.
When I reach over $2000 account balance I will withdraw 10% as a way of paying myself for my hard work.
The Trades:
I will only be trading the trend pullbacks on the 5 min chart on various pairs provided the spread is under 3.0
profit target is 10-20 pips per trade
Discipline - this is the most difficult part for me.
Trade with the trend !!
Follow Trade Rules to the letter, no grey areas. if it isnt there, don't try and force it, no setup, no entry...no exceptions!
Capital Preservation , cut losses as soon as they develop, dont let it run in hopes of a turnaround.
Always know where Support and resistance levels are before committing to the trade.
Never buy just under resistance or sell just over support.
