I'm starting this thread to record my journal in FX.
Objective:
To be earning sustainable to do FX full time for life. By leveraging on the 15 pairs to trade, I hope that my result one day would be able to provide my future clients better financial growth. At this moment in time, I'd be targeting at least 5% per month, with just 2% drawdown.
Beliefs:
After studying varieties of trade methodologies, I've concluded that a trend follower would be better than a reversal trader. This is through my experience and opinions.
Using PASR and TDI as trade confirmation, I'd be looking for trading opportunities that are trendy in nature rather than ranging.
My money management would be taking upon the multiple entries/multiple exits. This is because of the duration of my trading timeframes and holding range. I'll be trading mainly days and weekly charts, with entries from H4 down to M15.
Cut losses short and let profit runs.
Not to risk more than 1% per trade, and 3% on the same currency, 6% per week.
Its ok to have drawndowns, because it definitely will happen, and it will give more opportunities to get better pricing so be positive.
Education:
In order to improve, I'll be dedicating time into 3 sections:
i) Chart analysis/testings- Analyzing charts daily, and do some backtesting for verificaitons
ii) Books- forex related books, mainly for the aspect of trade psychology and Money Management
ii) Forums - for constant updates and to brush up on techniques
Journal use:
This journal will keep track of my progresses, the trades that I've taken and why I've taken them. It will be a learning process and reflect upon the past trades that I've traded.
Objective:
To be earning sustainable to do FX full time for life. By leveraging on the 15 pairs to trade, I hope that my result one day would be able to provide my future clients better financial growth. At this moment in time, I'd be targeting at least 5% per month, with just 2% drawdown.
Beliefs:
After studying varieties of trade methodologies, I've concluded that a trend follower would be better than a reversal trader. This is through my experience and opinions.
Using PASR and TDI as trade confirmation, I'd be looking for trading opportunities that are trendy in nature rather than ranging.
My money management would be taking upon the multiple entries/multiple exits. This is because of the duration of my trading timeframes and holding range. I'll be trading mainly days and weekly charts, with entries from H4 down to M15.
Cut losses short and let profit runs.
Not to risk more than 1% per trade, and 3% on the same currency, 6% per week.
Its ok to have drawndowns, because it definitely will happen, and it will give more opportunities to get better pricing so be positive.
Education:
In order to improve, I'll be dedicating time into 3 sections:
i) Chart analysis/testings- Analyzing charts daily, and do some backtesting for verificaitons
ii) Books- forex related books, mainly for the aspect of trade psychology and Money Management
ii) Forums - for constant updates and to brush up on techniques
Journal use:
This journal will keep track of my progresses, the trades that I've taken and why I've taken them. It will be a learning process and reflect upon the past trades that I've traded.
