If you could double your account every month - page 2
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jutus" do not fear failure, if I fail - then I'd be proud that I tried"Thats great but no self-help motivational mantra will make it come true. The system has to be profitable, the number back it up and trying to double your account every month is dream that will take your focus away from devising a solid trading career which you can rely on for years to come.
Oh c'mon Hooya - being negative never got anyone anywhere, do I sound stupid? of course the odds are against the possibility!....Have you ever heard of multiple forex accounts? Regardless of my status on this forum, I am not that new kid on the block with dreams running wild - its a concise experiment, wait and see what I got up my sleeve - some support would be better u know, who knows two's better than one aye...
"its a concise experiment"
do explain further.
Oh I just mean things like; lots size, take-profit, stop-loss, news, timeframes, broker, currency pairs, money management e.t.c have been taken into account, so its not like this is some wild goose chase... I hope to begin as soon as possible, frankly I can't wait to stick my neck out for some bashing on this forum...hehehe
we often want a perfect trading system .. especially easy. I observed that many successful traders despite only using a simple system.
I think more important to prepare winner mentally as a man behind gun...
"its not like this is some wild goose chase"
if you are going to try and create a system that returnx "x" per month then I think it could be a wild goose chase. Imo one needs to develop a system first and then see what the return is. Forcing a profit to meet a target doesn't work. 1000s have tried and failed.
Imo one needs to develop a system first and then see what the return is. Forcing a profit to meet a target doesn't work. 1000s have tried and failed.
As usual - looking for a hole in an idea, any forex trader out there with experience knows you cannot get ''x'' pips per day and the likes, yet you find a trading system always has defined 'targets' for reasons such as avoiding emotional issues regarding trading and also as a way of instilling discipline. I know what the return of the system is, and I know there are going to be times when the target is not met....I am not forcing anything, and I wonder why I have to explain all this to one who is not a newbie.
I´m desining a strategy to double accouts every month but so far it looks like it has triplicate the account
if the statement is real, then way to go man.
if the statement is real, then way to go man.
So far it is my firs month with this strategy. And i have this results because i put the strategy underpressure to see how it goes. I what to see if it can blow my account risking about 10% on every trade. I intent to go live after three succesfull months. And when i go Live i will reduce my risk to about 3%
So here I've finally completed the money management part of the strategy...
- Monthly pip Target; 400
- Pip value (my version of lot size); Equity/400
- Minor Take Profit target; 200 pips
- Major Take Profit target; 400 pips
- Maximum consecutive loss trades/Month; 3
- Currency pairs; GBP/JPY , GBP/CHF... and maybe USD/CHF
- Stop loss; 75 pips + spread
- After each loss pip value is scaled down by 40%
This gives a monthly maximum drawdown of about 38%(yeah I know y'all don't approve),so the account has a life span of about two months or 8 consecutive losses before it blows up... I can work with that.
By the way, I'm a 4HR swing trader.