Welcome to my little experiment: $10 to $10,000 based on a Financial Plan! 
First of all, I am not selling anything and won't do it.
I am not starting this journal because I want to sell a signal service or info, or anything like that.
This is just going to be my journal pure and simple, where I will post my trades based on a plan I am going to implement on Forex, to improve my trading, to test the plan, and to discipline myself.
I won't post any trade in advance, I will just post the trades I made at the end of the day, showing my Profit or Loss and the state of the plan.
Maybe, I will add some comments about my thoughts of a particular trade or about my emotions for the day in general.
Later on, I will talk about the things and indicators I use to do my trading but I am not going to talk about any method or the way I use those indicators. I think I have found my way of trading and that there is no holy grail or infalible method to trade. That is up to each person and depends on a lot of factors, not only on a bunch of indicators.
I want to do this to motivate myself and any other person interested, and to experiment if, with real objectives and discipline it is possible to make money on the Forex and accomplish the experiment.
Well, this said, let me explain a little bit about the plan.
It is a combination of the original plan based on the accomplishment of 28 stages and the forex world.
Originally, the plan was made to start on $1,000 and finish with $1,000,000 applied to any investment or business gaining a determined percentage on each level. So, with the efectiveness of the compund interest and the development of the plan, you end with one million dollar after the 28 steps.
In this case, I have modificated and adapted the plan so I can go thru the different levels just by trading the Forex. So, I put on the plan additional variables like, lots, value of pips, number of pips, pips per day, etc. And also, I will start on $10, so I have nothing to lose.
So, it will be a combination of discipline, money management, target based on pips per day, pips per level and percentage gain on my equity. Oh I forgot, also about good trades!
The financial plan 'per se' is not going to make money. It can be a very good plan but it is needed to be a good forex trader to accomplish every level.
The final purpose of the plan is to go thru a path of learning the forex and become more and more profitable and better trader with the advance of the levels.
To better understand what I am talking about, here is an example of the first two levels and what is needed:
(LEVEL) (EQUITY) (TARGET) (PROFIT) (TOTAL) (LOTS) (VALUE P/P) (NEEDED PIPS) (TIME)
1 $10.00 50% $5.00 $15.00 1 0.1 50 3
2 $15.00 40% $6.00 $21.00 1 0.1 60 4
Let me explain.
In level 1 you start with $10 equity and to pass to level 2 you need to get a 50% profit of $5 to a total of $15. So, if I start trading 1 lot with a value per pip of $0.1 (that is 1 lot=1,000 currency), I need 50 pips to get to the other level. The time is on days and is calculated based on a target of 15 pips per day.
In level 2 I need to make a 40% gain to complete it, and that will require 60 pips (4 days)
The next leves the plan modifies the TARGET (%) to lower gains because in reality it is easy to gain more % with low sums, but when you have more money it is more difficult to have a 50% gain. So, the %'s are adjusted, they are not fixed and neither are the number of lots I will use, and also the value per pip will change, because on a given level I will change my lot size, according to my level of equity.
I hope all this is clear and understandable, so if anybody read this thread will understand what I'm talking about. Anyways, if somebody read this and is further interested, I can explain with more details any doubt.
Right now I am on level 4 but on the next post I will start with my trades of the first 3 leves just for the records.
PS: I have seen that FCX has a "similar" thread based on 255 steps but I think we have different approachs and our plan is very different also. So, I am not copying and it will be more interesting and challenging for me to compare with that plan.
First of all, I am not selling anything and won't do it.
I am not starting this journal because I want to sell a signal service or info, or anything like that.
This is just going to be my journal pure and simple, where I will post my trades based on a plan I am going to implement on Forex, to improve my trading, to test the plan, and to discipline myself.
I won't post any trade in advance, I will just post the trades I made at the end of the day, showing my Profit or Loss and the state of the plan.
Maybe, I will add some comments about my thoughts of a particular trade or about my emotions for the day in general.
Later on, I will talk about the things and indicators I use to do my trading but I am not going to talk about any method or the way I use those indicators. I think I have found my way of trading and that there is no holy grail or infalible method to trade. That is up to each person and depends on a lot of factors, not only on a bunch of indicators.
I want to do this to motivate myself and any other person interested, and to experiment if, with real objectives and discipline it is possible to make money on the Forex and accomplish the experiment.
Well, this said, let me explain a little bit about the plan.
It is a combination of the original plan based on the accomplishment of 28 stages and the forex world.
Originally, the plan was made to start on $1,000 and finish with $1,000,000 applied to any investment or business gaining a determined percentage on each level. So, with the efectiveness of the compund interest and the development of the plan, you end with one million dollar after the 28 steps.
In this case, I have modificated and adapted the plan so I can go thru the different levels just by trading the Forex. So, I put on the plan additional variables like, lots, value of pips, number of pips, pips per day, etc. And also, I will start on $10, so I have nothing to lose.
So, it will be a combination of discipline, money management, target based on pips per day, pips per level and percentage gain on my equity. Oh I forgot, also about good trades!
The financial plan 'per se' is not going to make money. It can be a very good plan but it is needed to be a good forex trader to accomplish every level.
The final purpose of the plan is to go thru a path of learning the forex and become more and more profitable and better trader with the advance of the levels.
To better understand what I am talking about, here is an example of the first two levels and what is needed:
(LEVEL) (EQUITY) (TARGET) (PROFIT) (TOTAL) (LOTS) (VALUE P/P) (NEEDED PIPS) (TIME)
1 $10.00 50% $5.00 $15.00 1 0.1 50 3
2 $15.00 40% $6.00 $21.00 1 0.1 60 4
Let me explain.
In level 1 you start with $10 equity and to pass to level 2 you need to get a 50% profit of $5 to a total of $15. So, if I start trading 1 lot with a value per pip of $0.1 (that is 1 lot=1,000 currency), I need 50 pips to get to the other level. The time is on days and is calculated based on a target of 15 pips per day.
In level 2 I need to make a 40% gain to complete it, and that will require 60 pips (4 days)
The next leves the plan modifies the TARGET (%) to lower gains because in reality it is easy to gain more % with low sums, but when you have more money it is more difficult to have a 50% gain. So, the %'s are adjusted, they are not fixed and neither are the number of lots I will use, and also the value per pip will change, because on a given level I will change my lot size, according to my level of equity.
I hope all this is clear and understandable, so if anybody read this thread will understand what I'm talking about. Anyways, if somebody read this and is further interested, I can explain with more details any doubt.
Right now I am on level 4 but on the next post I will start with my trades of the first 3 leves just for the records.
PS: I have seen that FCX has a "similar" thread based on 255 steps but I think we have different approachs and our plan is very different also. So, I am not copying
and it will be more interesting and challenging for me to compare with that plan.
)
