Dear all
I am NOVICE and I have no doubt on this. Therefore all the comments from experienced traders are welcome here. I am here to understand and make some good habits and test/break some bad habits of trading.
This is my first ever post onforexforum.co.zafollowing couple of months of reading and demo. I am beginning this Journal to keep myself as far as possible updated with my trades. I am using Demo account for now at least 3 months and will continue to utilize demo until I am profitable for at least 6 months. During this period I'll be working mostly on MM and AO in conjunction with the routine but important SR and Trend lines. Till now I have blown almost 10 DEMO accounts (mostly 2000 - 5000 USD) and have heard a lot fromforexforum.co.zain addition to in my mistakes. I strongly believe myself to a learning curve at the end point being for learning but finish point for moving live being profitable for at least 6 months.
Properly much said until now. I will start with the following rules:
1. DEMO account: 3000
2. Leverage: 1:200 (I know it's high, but it's deliberate to sharpen my MM abilities )
3. Impact orientation: primary on money and secondary on PIPS (I will not think twice on accepting profit if the system tell me to do that) regardless of the size of the PIPS are. I might occasionally take higher risk if I see that things are according to my system.
4. I will not go less than H1 rather than outside Daily. Decision based on joint time frames.
5. Very few indiors: just AO, SMA (3/5/13) and BB. But main is AO and SMA (3/5)
6. I will NOT keep on trading like mad but will wait for signal and exchange with patience. My daily goal is between 150-300 dollars (this may be 7-30 PIPS depending on LOT size)
7. I am not going to be completely technical and will observe the basic fundamentals
8. I will NOT exchange news
9. I'll TRADE ONLY GBP/USD; GBP/JPY; EUR/JPY; and USD/CHF
10. I will NOT commerce on Sunday open and Friday following NY open
Okay now: Lets begin!! And HOPE that this will not end soon. I'll be Honest on my trades and my rules. Lets see if I make into the legue of 5%s