This is just my private journal for monitoring my progress. I started trading FX about two months ago and I am only reaching the point where I have a solid system and I am making consistent profits. That can be a micro account and I am using it as a learning tool prior to moving up to a mini or standard.
My aim is 10-15% profits a week whilst compounding my profits and keeping up a 2-3% risk based on my total account equity. I may add funds as I go along and I'll notice when I do add them.
The Plan:
Micro Account Starting Balance $150
Risk/Reward; 1:1, max risk 2% of account balance per trade
I'll be aiming for at least a 2% profit every day and also have a spreadsheet to direct me in my daily targets
Compounding:
per week I will increase my risk in regard to my account balance in order to maintain a 2 percent risk up to a point where I could increase risk to 3%.
After I reach $1000 I'll boost risk to 3%.
When I reach over $2000 account balance I will withdraw 10 percent for a way of paying myself for my hard work.
The Trades:
I will only be trading the fad pullbacks about the 5 min chart on several different pairs provided the spread is under 3.0
profit goal is 10-20 pips per trade
Discipline - that is definitely the most difficult part for me personally.
Trade with the tendency!!
Follow Trade Rules to the correspondence, no gray areas. If it isnt there, then don't attempt to force it, no setup, no entrance. . .no exceptions!
Capital Preservation, cut losses as soon as they grow, dont let it run in hopes of a turnaround.
Always know where Service and resistance levels are before committing into the trade.
Never buy only under resistance or sell only over service.
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