With my trip to Miami in a few days, I'm done trading for this month and will stay out of the market for the week. ... Not that I'm necessarily trading with a $5k account but the percentage return that represents turning the account into 1 million in 12 months is what I'm after.
It's a lofty goal but one I believe is possible to get that percentage return in 12 months. I find the best way to approach it is one month at a time, one trade at a time. I've hit the percentage gain on the account target for the first month thus I'm done for the month. I believe that is the approach I need to take, once I hit the percentage increase in account balance target for the month that represents the annual return, I will stop trading for the month. And repeat every month.
Annually, we're talking about a 22,000% + increase in your account balance, yeah, I know it sounds like a pipe dream but I gotta believe it can be done with the right level of patience and discipline. Month one has been successful. When you break it down further by month, we're talking about increasing your account by about 55 to 60% so now when you look at it that way, it looks more doable. Do remember I am being more aggressive than most using 25% of the account so when you break it down further by trade and aim for between 50 to 100 pips you realize, ok, getting that type of pip return per trade is possible and if you're able to average that range per trade, you're talking no more than 2 to 4 trades in a month and there are about 20 trading days in a month so finding just a bare handful of good trades with 20 days available I think is very possible. Now of course you will have those days where trades won't give you much or a slight loss so you might have to trade 6 to 8 trades maybe in a month but then you might have those amazing days where you easily land over a 100 pip profit per lot and all you'll need for the month to hit your target is 2 trades in that particular month.
So this is my approach. Wish me luck and good fortune.
It's a lofty goal but one I believe is possible to get that percentage return in 12 months. I find the best way to approach it is one month at a time, one trade at a time. I've hit the percentage gain on the account target for the first month thus I'm done for the month. I believe that is the approach I need to take, once I hit the percentage increase in account balance target for the month that represents the annual return, I will stop trading for the month. And repeat every month.
Annually, we're talking about a 22,000% + increase in your account balance, yeah, I know it sounds like a pipe dream but I gotta believe it can be done with the right level of patience and discipline. Month one has been successful. When you break it down further by month, we're talking about increasing your account by about 55 to 60% so now when you look at it that way, it looks more doable. Do remember I am being more aggressive than most using 25% of the account so when you break it down further by trade and aim for between 50 to 100 pips you realize, ok, getting that type of pip return per trade is possible and if you're able to average that range per trade, you're talking no more than 2 to 4 trades in a month and there are about 20 trading days in a month so finding just a bare handful of good trades with 20 days available I think is very possible. Now of course you will have those days where trades won't give you much or a slight loss so you might have to trade 6 to 8 trades maybe in a month but then you might have those amazing days where you easily land over a 100 pip profit per lot and all you'll need for the month to hit your target is 2 trades in that particular month.
So this is my approach. Wish me luck and good fortune.