Serious Trading Journal

Welcome to the "Serious Trading Journal", in this journal we are going to trade an account (live) following a set of rules and principles, and a defined trading plan.


First thing, Risk Management:
We are going to use a controversial Risk Management method, that is, the Stoploss for each trade (that can be splitted in multiple entries) is at a distance from entry, of 5-6% of the current instrument.
This mean, on average 450-750 pips.
A big Stoploss for sure!
% of account risked with such Stoploss: 100%
This basically mean, the stoplosses are in place for a non practical function, ideally it should never be reached (trades are closed manually, both in profit and in loss, if needed).

Profit Expectation:
This really depend on the market, on a bit of "luck", and many other factors.
However, we would ideally go for a 2-5% daily profit target (that is around 10-30 pips daily), and we may aim for higher profits, or lower, depending on market conditions and opportunities.
Thanks to the compounding, a 2-5% daily profit would mean 152 - 279% monthly profit.
Or, 7-867 millions % profit, in a year.

Using a 15x leverage, we would need to catch 12-30pips everyday to make 2-5% profit everyday. Not easy, but possible!

On a more conservative note, we would aim to make minimum 50% profit per month.

Money Management, Leverage, Lotsize:
The lotsize/leverage is decided as per plan, and it is of around 14-15x leverage used, depending on the volatility of the instrument traded.
Occasionally, two trades in two different instruments can be opened at the same time, but avoiding same currencies to be bought or sold two times (if for example the first trade is on eurusd, the second one will not be in any "eur" or "usd" pairs, thus avoiding over exposure in any currency at any time).

Trading System used:
Discretionary manual trading, using waves theory and momentum.

I will share various trades from time to time, explaining the reason, the expectations, the target, etc.
However it really depend if i have time to do it, and if i want.


Ok, i can't wait to begin!!

Seems like we have goals aligned. I myself am targeting 3.5% return a day, hence my nick. Hope hear ideas from you. Cheers.

It is very interesting, thanks to the power of compounding, 3.5% return a day means 206% return a month (21 trading days).

That is more than, 672 million % profit in a year (12 months).
This mean a 1k$ account would become a 672$ millions account, in one year.

Nice numbers indeed!

In theory, yes. However, I doubt it can be achievable.

Reasons:
1. My broker imposes higher margins when trading very big lot sizes. As such, to achieve the same 3.5%, we cannot increase lot size by 3.5% infinitely.
2. Psychological reasons. Sure, see a trade goes south 10 pips sounds the same, but when that 10 pips in on 1 lot against 100 lots, I am sure the feeling is very different.
3. Risk management. I really am hoping I can reach my 100 days goal. Once I do, I probably keep only the starting capital and a few grand in the account. The rest would be stashed in the bank.

I would be setting up my journal and getting started soon. A little busy with some administrative stuff, so my real trading may not start just yet.

Since our goals are aligned, it would be great if we could communicate and share views.

Where are you from and what hours do you trade?

Sure, just food for thought, clearly when you have 10millions in the account, the broker isn't going to offer you a 100x leverage, if you are lucky you would get 10x leverage at most.

But, as you said, this is not about going on indefinitely, 5-6 months would be enough, once a million is reached, we may as well retire and keep only a small account to trade for small profits. At least, that's my plan.

Also, even if making 20 pips everyday seems like possible, making them every single them is very improbable.
This is why, in my trading, if the trade setup offer me 50pips, i go to catch all of them.
Knowing that maybe another day it will be not possible to make even a single pip.

So let's forget about the various profit targets, best thing is to focus on trading what is there to trade.

I'm from Italy, although i tend to be more active in NY session.
Let me know when you open your journal, so i can subscribe to it.

Also, if you have skype PM me your username and i will add you, so we can exchange trade ideas if we want.

I've sent you a PM with my skype ID, not sure if you saw it. The screen was kinda weird.

For me, I will set a review at the end of 100 days. Unless somehow I reach the 100 days projection before 100 days. That would be awesome.