OK, so I've decided to post here a journal, trading a $1000 Binary Options Account with the goal of growing it to $10,000... this year.
GOALS; 10% growth Daily, Compounded.... Sounds reasonable, right? Actually Realized I'd meet my goal in about 5 weeks of trading 5 days a week. I've given myself 4 months... That's when I need my 10K Payday
RULES: Trade size (Risk) shall be 2.5% of the Current Balance with the possibility of a one time Martingale of 5%, or $25 and $50 on a $1000 account
Losses shall be limited to 20% in one day, after which trading stops for that day, and a 30% Loss for the week all trading would cease until the following week.
STRATEGY; Mostly Price Action around Support & Resistance levels, Bollinger Band standard, a couple Moving Averages, and RSI Divergence on a setting of 6. Mostly Reversal setups with some trend following, depending on hopefully identifying market conditions
TIME FRAMES; Mostly 15 Minute Expiries, which can be entered as late as 6 minutes before Expiration. Occasionally longer time frames and shorter.
EXPERIENCE; Ive got a lot of experience blowing accounts and losing money. I currently work a full time job and this is part of my Grand retirement plan. I've traded Forex off and on for 20 years.
ACCUMULATIVE GROWTH 150%;
OVERALL WIN RATE %; Not Very Good
GOALS; 10% growth Daily, Compounded.... Sounds reasonable, right? Actually Realized I'd meet my goal in about 5 weeks of trading 5 days a week. I've given myself 4 months... That's when I need my 10K Payday
RULES: Trade size (Risk) shall be 2.5% of the Current Balance with the possibility of a one time Martingale of 5%, or $25 and $50 on a $1000 account
Losses shall be limited to 20% in one day, after which trading stops for that day, and a 30% Loss for the week all trading would cease until the following week.
STRATEGY; Mostly Price Action around Support & Resistance levels, Bollinger Band standard, a couple Moving Averages, and RSI Divergence on a setting of 6. Mostly Reversal setups with some trend following, depending on hopefully identifying market conditions
TIME FRAMES; Mostly 15 Minute Expiries, which can be entered as late as 6 minutes before Expiration. Occasionally longer time frames and shorter.
EXPERIENCE; Ive got a lot of experience blowing accounts and losing money. I currently work a full time job and this is part of my Grand retirement plan. I've traded Forex off and on for 20 years.
ACCUMULATIVE GROWTH 150%;
OVERALL WIN RATE %; Not Very Good