The Epic Journey - $2,500 to $1,000,000
I live in New York, USA.
That is my very first attempt at keeping an internet journal. I have been meaning to do so for a while, for any number of reasons. I feel that this will benefit me about these amounts:
1) First and foremost, this will definitely make me accountable for all trading choices which are made. This will induce me to be more disciplined and controlled.
2) It's very good way to keep an eye on my progress for a trader, and will hopefully allow me to identify the type of behavior and decisions which were the very profitable. When I inevitaby hit a tough streak I think that this will ground me and allow me to rethink my current decision making process - and return to what works.
3) It will giove me some thing to do when there arent any workable commerce setups - and hopefully minimise the temptation to overtrade.
I have been trading for a fair while, and happen to be in the financial markets as a player and as a professional for a few years now. Im young. I have been to hell and back together with my first trading endeavours in forex, and have learnt all of the big lessons the hard way. Hopefully this reporting medium will help stop me by repeating them.
That I have lately reimbursed my account - after establishing and blowing out the first one - and - aim to achieve consistent profitability this time around. I have been outside for about 3 months now, and have been working hard on creating a stone solid trading model where I could turn a consistent profit. This methodology will probably flow through the thread through different screenshots and commentaries I will be posting.
The most important trading errors that I have produced in the past - which we have all battled with in any point, are as follows:
- Trying to pick tops and bottoms (this typically occurred after taking a reduction )
- Overpostioning myself right from the start.
- Adding to losing positions, sometimes repeatedly untill it became ridiculous.
- Letting a winning commerce become a losing trade (by allowing greed and fear to creep into my plogy. This was frequently acknowledged, nevertheless I was too undisciplined to take action) This frequently led to the point above.
- Not keeping strong reports and exchange documentation.
In an effort to combat these frequent trading mistakes, these rules will be adhered . If I anybody finds I violate any, I expect to be ruthlessly berrated:
1) Risk 5% or less on all trading positions.
Two ) Never add to a losing position. This differs from climbing in.
Two ) Always take half off to reach a free trade as soon as 1:1 R/R achieved.
3) Allow all winning trades to run using my trailing stop method.
4) If I know depression or unhappiness whilst managing/looking for transactions, close rankings, close trading station, come back tomorrow.
Discipline is key for me. Once mastered, I will be prosperous.
Statements will be submitted monthly validating all transaction calls.
My starting balance is $2504.92 USD. Small, nevertheless 1 year of constant trading will look after that.
Cheers,
