The Monthly Trade

Hello fellow traders ... This thread will be divided into many parts so you can skip to the point you wanna read

Thanks, My Conclusion, The Plan, I love my Profession, You're Welcome to Join The Journey, The Obligatory Visit, Your opinion Matters , Ending


Thanks

During the month I've been here in this lovely forum I've always found help, met great people who I'm looking forward to meet in person, Guys were very patient with my naive questions. For that I say THANK YOU VERY MUCH, it's appreciated.

My Conclusion
From what I saw on the charts, threads, people journeys to millions or dimes and What not, I can tell that it's possible to make money in this market if you can handle your greed and taking your game up by time instead of aiming for the impossible. which leads us to the 3rd part ---> The Plan

The Plan
I plan to continue studying Price Action and Divergence for an extra couple of months ( till January actually, Because I'll finish medicine school final exam during January ) and during that time I'll have demo accounts dedicated for practice.

Right after that I'll use my savings which is not much ( a sum of 20,000$ ) on a live account trading Only One single Trade Every Month ( studied carefully for the first week of every month ) Aiming for a 8.3% Growth because My plan is to head for a 100% growth per year.

1st Year: 20,000$
2nd year: 40,000$
3rd year: 80,000$
4th year: 160,000$
5th year: 320,000$
6th year: 640,000$
7th year: 1,280,000$

Which I think is very possible.

- In case of a trade has stopped loss then for the next month I will raise the pip worth and aim for covering the 2 months profit e.g. in this case 8.3*2= 16.6%

- The monthly target of 8.3% for every month is calculated based on the starting balance of the year.

- I won't withdraw a penny of my accounts during those 7 years. My profession pays well anyway so I don't need the extra income for living.

- I'll discuss this monthly trade setup here in this thread, listen to the people voices, and at the end of the day of course I'll make the decision out of what I gathered of the info.

I love my Profession

this is the main reason Why I'll take only one trade every month. I love medicine, just like that. And I wanna grow in it, taking specialty, know more, practice a lot. Just like anyone of you who loves what he/she does.

You're Welcome to Join The Journey

For any of you Ladies and Gens who liked the project and wanna join you're more than welcome to the team. Grab a shirt and start warming up.

The Obligatory Visit

it has always been a dream to visit the people I know worldwide ( were neighbors when we were living abroad years ago in UK, SA, Emirates , Met on Social networks, You guys ) So the likes who come on my top list in here of Jen, Lizard and some other guys should be prepared for that visit. Hopefully I'll do all that after the 7 years plan.

Your Opinion Matters

I wanna hear from the guys with a good exp. in this market whether if the Plan above is realistic or not ? ... do you have any suggestion ?

Ending

Thanks for taking time to read my lines.

Wish you guys all the best , Dr. M. Ezz

you are on right side of trading, because you chose big time frame, and I think your plan shud work.

good luck with your exams, and keep visiting FF

I wish you all the best.

I hope it works , I need that luck for the exams, thx ... I'll be always watching FF from my cell phone. Just not looking at the charts

Thx dude

IMO monthly timeframe is just too much you have to wait months for setup instead you should be using daily , its large enough to eat volatility and show you clean charts in case you don't like volatility .However good luck.

I didn't mention anything about looking at the monthly TF buddy ... If I wanna a trade for a month then more likely I'll be analyzing the weekly or less likely the Daily. Thx for stepping by

Ya thats fine , thread title was monthly trade so assumption was that of trading monthly charts.

No worries man

I think that you're very well prepared to take profit from forex market. You have a plan, a proper attitude and you want to learn - it's all that matters. I'm only concerned about your time, I think that you can't trade only in the first weeks of the month, because trends like to change and you would have to adjust your trades accordingly. I would rather spend an hour a day, to analyze the charts you wish to trade on, and that should give you the edge, but that's only my personal opinion - you know the best.

Happy pipping Muhammad.

Hi Muhammad,

Good luck into your journey, I will follow you as I'm here for the long run also.

Your plan seems nice, there is just one thing that I would change in it. It's the doubling of the pip target because this causes 2 major problems.

1) So, after a loss you double the distance => it will be more difficult to reach that new target.
2) If you have 2 losses in a row or more you are in a big trouble.

Instead of doubling the pip distance after a loss, think maybe to choose a better Risk/Reward ratio of maybe 3, meaning that a winner will cover 3 in a row losses.

Muhammad, if you're going to trade monthly I have something to talk about.

Look at the situation of Yen on weekly chart. What do you see? I have placed additional indicator, CCI, on my chart to see some divergence you're willing to trade and it gives me no clues how the price could breakout from price range 94-104, but I'm using volume spread analysis instead and from what I have learned it tells me that it's possible that the Yen will breakout in upward direction. What do you think? Fellow traders please join our discussion so we could figure out something.



Also, I have committed a short blog post yesterday about smaller reversal on Yen, talking about possibility of the bigger move. There are two resistance lines possibly slowing and stopping this breakout, first at 101.5 and second at 104.
http://wayofwinning.blogspot.com/201...ars-trend.html

Hi
1) It won't be like heading for more pips. it'll be like more of the side of money management. I'll just increase the pip worth.

2) If I faced 2 losses in a row that would be a loss of around 5-6% of the capital because buddy we're on the same page with the R:R thing. I have choosed big time frames also to find at least 1:3 R:R Ratio .

And welcome to the journey man

I'm online from my cell phone, So, I'll come back later after the training shift to take a good look at that chart

Let's take that on all time frames that could help:

On the 4 h chart it's stepping now outside that bearish channel came right after a bullish trend and it looks like a trading range now so in trading ranges case the breakouts are important which is happening now but be careful, I think it's better to wait for a follow bull bar to confirm the bullish direction.

and on the Daily we can find a Bullish Engulfing candle pattern which back the bullish theory

And on the monthly there was a broken down trend and retested then flow up for a consecutive 8 bull bars which have short tails and big bodies so it's a strong move suggesting more to come.

Now let's look at the areas I could wait for to enter and exit if was into this.

sorry that all areas in blue but everytime I wanna change the color it selects the horizontal lines instead of the area :/

Anyway, I'd love to buy or sell in the middle area depending on where the size compared to it ( lower or higher )
and in buying I'd head to the upper region and in selling case which is unlikely to happen anytime soon I'd head to the lower area.

I choosed those area because if you go back in the chart history you'll find that those regions has been proven over and over again to be remarkably strong areas.

So all in all I think it's bullish.

If you're not buying when you think it's bullish, then what you want to trade? Or you just want to sit back and chill until the opportunities arise? I'm curious how your first steps will look like.