# 1 is planned by my attempt on a Trading.
1. What type (e.g., scalping, day trading, and standing ) and type (e.g., short or long ) of
trading egies will you be using? PA and SR on H4/D1
2. What securities and tools (e.g., stocks, futures, options) will you trade? Live Forex, Spot Metal, US Stocks, and Asian Indices
3. In what markets (e.g., NASDAQ, NYSE, and FOREX) will you trade?
4. Which are the main”most favorably traded” tools (e.g., e-mini(s)) which are traded
by professionals in these markets? EURUSD I guess... and Spot Metal, and the Nikkei
5. Are there some reasons to be concerned about exactly what markets and tools you're likely
to trade (e.g., merchandise expiry, new competing goods, etc.)? Metal seems to lack assurance, asian indices, just hang seng futures has monthly expiry.
6. Will your egies become automated or will they require you to execute them manually? Discretionary
Mission Statement:
I will be a disciplined trader in following my rules of discretion, choosing the best trades just, and risking a predetermined amount always, that is why I'll take the best trades just.
Goal and Objectives:
Goal: To be a consistently profitable trader on a monthly/quarterly basis
Objectives: total money management which involves 1 percent risk or fixed percentage risk on every trade, making compounding more evident
Taking the best trades just
End my month with profits
1. What's required as a trader to trade at a manner?
Comfortable Risk and Method
2. What's important to you in trading?
Consistency
3. Are there some tenets you will follow through your development?
Accept the risk and proceed, the trend is your friend.
4. Describe your trading style and the way that it is consistent with your personal demeanor.
Discretionary, Creative, flat, easy, I am a non statistician individual and I believe in learning by doing.
5. How will you position yourself to become poised to take advantage of the trading opportunities
related to your trading style?
Sit on my hands when in doubt
6. Describe your most important trading strengths and core competencies.
Letting trades run
7. What factors will force you to succeed in trading? What do you think your major
competitive strengths will be? In what areas do you have insufficiencies?
My major competitive strength is that my love of finding a way to trade consistently profitable, and allowing trades move, trading with assurance and comfy risks, I have insufficiencies in constant position sizing.
8. What background experience, skills, and strengths do you personally bring to your
trading enterprise? None.
9. Are you going to be developing a trading company thing? No .
If so, which legal form of ownership:
Sole proprietor
Partnership
Corporation or
Limited liability Corporation (LLC)
10. Why have you chosen this form?
I have identified myself as a swing trader, optional, and a novice trader
My stops are placed behind the strongest PPZs that if broken would be a sign that my commerce is no longer valid, or so the chances are no longer in my favor, stops are strong broker ceases, and percentage based.
Share size lots, or standing size is relative to the %R Risk management system.
Maximum loss policy: Monthly Loss: maximum 4 percent in 4 trades.
If lost more than 4 percent in 4 trades, stop trading this month and proceed download new data and practice every pair in forextester and examine J16 videos and re-read novels, and re-evaluate the loss trades.
I use trailing stops for my trades, and I exit when facing a case of particular very powerful resistance plus PA to another hand
Break stops are utilized immediately when trading counter tendency.
Produce an Exits article on your journal also, setup type, charts, plogical state.
I swing commerce with 4H and Daily PA setups, I really don't like weekly, I'd try monthly bars with position sizing.
Trade:
Bullish market conditions will be defined by the following:
The last 2-3 years proceed is bullish, or so the tendency is up
Draw weekly trendlines up to the last 3-4 years period.
Bearish market conditions will be defined by the following:
Last 2-3 years proceed is bearish, or so the tendency is down.
Draw weekly trendlines from the lows of past 3-4 years.
I really don't define impartial market conditions.
Strategy:
Condition 1: Price is on weekly PPZ
Condition 2: There's PA revealing rejection on the 4H/Daily
Condition 3: PA is using the weekly trend
Condition 4: There's SPACE to the abandoned
If condition 1,2,3 and 4 are met, then enter having a stop order on the other side of this PA and put the stop on the other side of the PA if the PA is on the highest/lowest peak of this play, else put stop behind weekly PPZ.
Ranking size are taken from the account size, risking 1% on every trade.
If commerce is the last bar on Friday evening, stand on the sidelines.
Trade Management:
Stops will be transferred behind the small PPZ on the timeframe the trades are accepted, 4H or D1, all trades will be given leeway to some maximum loss of 1 percent equity.
Cash and Risk Management:
Constantly use 1 percent on every trade, with%R, calculate the pip size in line with the stop levels.
Taking Profits:
Take profits when trades hit on the weekly S/R lines.
Trading Expenses:
Currently all my charts, data feeds, and platforms are all free.
Later I might buy stock data feed, also buy Martin Pring's Novel on Price Patterns.
Later I might need to rely on Interactive Brokers' charges
Internet Connections are currently cheap 64kbps cellular online
Later I could buy 2Mbps ADSL line when I eventually got the money to lease a home.
Telephone calls to brokerage needs to be dully noted also.
Electricity for future multiple screens... lol.
Later I will need to take taxes in acccount when my trading size got bigger
To Do:
Loe an online free equity curve generator or reside trading log
New type of trades will always be taken with a minimal size position possible, on a separate account following the trade type is verified to become profitable on backtesting with forextester
Produce a trading performance review every month.
Try to compose a Trading Lesson Learned on every exit article.
Here is how this thread started on 2008.
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Hey. I'm very new on this forum, just started seeing it a year ago and just have started posting this month.
I reside in Indonesia where living is cheap and easy and there's everything there is for a man to live with. But there's a major flaw in that installation: the inflation is bigger than what you get from a increase in a year, sure u can live for just $500 a month, but due to the yearly inflation of 10%, u're like 10% poorer annually.
I've worked on a stock futures trading company for a year or so, traded my life's cash of 25K USD, dropped all of them on asian stock index futures , go figure, I dropped 25K USD gradually but certain in 3 months, why did I get to this small business? The typical slick mouth marketing got me, gotta confess I'm a true fool at the times, not certain if I'm not a fool at this time, telling all to you here, anyways, this is my trade journal, and I've just been trading forex for 3 months, making me a complete newbie, although the abundant of folks here have adventures like 2 years on forex and equities trading, mine is similar to nil.
To cope with this, I have a trapped life with a trapped family, I got no home, got no girlfriend, and just around 2K USD to last for a few months, but that is a different story, this is a trading journal, not a diary to share sorrow bedtime-soap-opera-stories
I certainly hope to get better support from this forum, as I've seen lots of rise from rags to riches in years.
My dream, more like my only route, is to become a professional forex trader. And I can't stop studying, not ever.
But while words may be sweet, reality is not so, everything starts with a bang, and gradually gathered pieces by bits. I can't use a broom, I must select everything by hand and begin from scratch.