Cable Update (GBPUSD)

, aha.....sarcastic, but to be honest, almost not possible (FOR ME) to be done....but we don't know the truth...

i want to share about trading plan, it is important for us to determine target about your mothly profit, some trader say 4%, 7% and also 10% or maybe more.
Let assume we have good MM and good consistancy in trading. If you able to maintain 10% Monthly profit. If you not withdraw it and accumulated for 4 years...If you investing $2000, after 4 year it will become $160.000.

10%/20 days = 0.5% growth daily......it seems logic...

So just manage your target, lot size, risk ....create your daily, weekly also monthly target....and evauate it periodically.....

if 10% is too much than you may define your comfort target based on your own edge....just calculate after several years..it will grow significantly...

10% per month is absolutely doable. This is one of my accounts. Just three days traded in March.

Joe

Nice Trade mate...the most important is growth ....how long your nice performance will be...??, you know your limit, .. good luck!!!

aha,it is easy to achieve 40% as well per month....even 80% but it depends on the size of the account

for example I posted a calculation of 1000 usd transformed in 56k in 11 months @ only 20 pips per day

trading 0.10 lots for each 1k in the account it is easy to have 40% per month....as 20 pips per day is nothing.

to be more conservative if you trade this way and to achieve the 10% per month you would only need 5 pips per day ...or to work only 1 day per week

the bad thing happens as size of account increases and the mental problem appears.

on a 100k account to get 10% per month would make more than 99% of the traders on this forum rich rich rich....that's 120k per year in profit of spending money.

let's face it,a banking trader's salary is 100k per year and you deduct taxes and you end up with 60-70k

so...10% out of a big account is impossible to achieve from the start.most traders normally aim for a higher profit when account is small as the risk in the money size seems acceptable to the brain.

the more money you have the higher the risk(as in money not percent)for the brain and there goes the account.

I've seen traders working on 200 usd account that tripled it then blew it

actually...there is only one trader I know that kept a balanced risk and grew the account....like constantly

human mind is the most dangerous shark on the market...it never lets you do your job.


I think the key to succed in this field is to work first for a bank or private fund first so you will take away the stress of high amounts of money and then to quit and start it on your own.....or you can start as little as you can(from my experience less than 200 usd is useless....life is too short to build up size this way)and be veeeeery patient and stick to a printed and glued to the screen strategy.

once you fail to follow your own reasons.....you're gone

I have had this performance, or better actually, for a few years.

I mainly do scalping with very small orders. But I place several of them.
This is mainly 0.5 lots each order on a 50k account.

Hi red, the way you explain is excellent... i like it....., i agree the bigger account we have, the smaller realistic growth rate will be...., OK.. you talk about a traders who blew it after tripple it, YES IT ME..!!!! ..you still remember it...., that's why i learn...and try to make trading plan in more realistic way.... i have 2 account and one of them planned to be operated according to my trading plan...with discipline and patient for long term goal, the other is "ordinary" way...

congratulations,......

The important thing in long-term success in forex trading is finding a trading method that is in harmony with yourself.

Another thing I done is spending time with a lot of mental de-programming material. You need to control your fear. Or even better - don't have any.

Joe

10 posts, what are you selling

Nothing, honestly.

You need to find what work for you...

Joe

PS. And one day it has to be 10 posts.

well,trading the other account the ordinary way is not helping you as you will fail to be disciplined on the other one....I guess.

lately I realised that if you are a good trader you are a lousy person in day to day life and you will only have friends that respect you but don't like you(they don't feel you close)

I mean the bigger the account and bigger the DD in money not in percentage,the more emotional brain cells you will fry(trust me on this one)

on a 1-10k account a DD of 20 pips or 100 pips is something from 100 usd to 1000 usd ....meaning 10%...unnaceptable on a big account but on a small one...hell yes it's fine.

let's say some people on this forum can live with a DD of even 1000 usd for a couple of days(the more days pass the bigger the mistake was made when entering the trade)as 1000k means some 50% of a monthly average salary and most of them alreay lost during their life bigger amounts on ciggarets or booze so the brain is still there.

on a 100k account a 10% DD is pretty big as in 10k so.....''das is not gut''

10k for a normal person on a single trade could induce a brain fry and hair loss as it means a biiig potential loss....even if your account is 1mil and the DD would be 1% ....

a simple trader is a simple trader.

Once you fry your brain it will be easier to focus on trading and not on money....but you will loose all that makes you human.

there will be no fear..of anything(you will be able to jump out of airplanes without blinking,rollercoasters or high speed driving)but you will loose as well the understanding of the problems of others(family,friends)...you will just won't get it anymore

if you ever felt the shivers down your spine when you saw or heard about the problems of your relatives or when you had the cold sweats and shaking hands...if you know what I mean


I think some connections are damaged when you trade big accounts.

that's why the best traders are soldiers...they are trained to do a job and normally they don't fail.

I wonder what would happen if you put an ex combat soldier to trade....he'll be rich in notime


p.s. no I was talking about a friend not you ) actually that friend blew every single account opened

in this tough business sometimes need fun
But what's UR prediction about trend Up or Down? and Why?

down to 1.5650-1.5600 maybe even 1.5570(as I Need to load long down there) and then going up to 1.5784 and 1.5906

but I can't call it a trend....when the market will move eventually it will explode one side or the other...belive me on this one.

which side? I'd like to think I am right on the down move first followed ny the up move but I might miss both trains anyway

not even small TFS chats show any sign of movement I am afraid.

I'm in long @ 1.5662 TP 1.6060 SL @ 1.5520
probably I'll bail out as I normally do after some 20-30 pips or just trail it

I'll add more longs all the way to 1.5570

1.5689 as top for now

''-For God's sake, Sheldon, do I have to hold up a sarcasm sign every time I open my mouth?
(intrigued): -You have a sarcasm sign?''

updated now 1.5691-94