I think that this is trading plan. Is it?

[Yarcofin]

It's a plan, that's for sure. Like others have said, you won't know if it's profitable until you try though. It looks like you have enough details for a fairly solid plan, it's basically just whether you have the discipline to stick with it.

[zoreli]

Thanks to all of you for help and advices. It's good to know that you are on the right track.

Yesterday, I didnt post whole plan, I ommit my trade rules, since I was not sure that I have a plan at all.


Here are my rules, which are part of the plan:

MAIN RULE:
READ THE RULES BEFORE TO ENTER ANY TRADE

1. Study the chart well BEFORE to enter the trade, not AFTER.
2. Don’t rush. It is not a race or contest who can place more trades. Paying spreads to the broker won’t make you rich, it will make THEM richer.
3. Ensure that strong trend already exists.
4. Join the trend. Don’t fight him.
5. Always put stop loss and limit command. Computer can crush or power may go out.
6. Don't even think to take the revenge from the market.
7. If you loose 4 trades in a row - quit trading for that day.
8. Check the price (spread) of the Currency Pair before to place the trade. Sometimes spread can cost 9-12 pips.

Any sugesstion & advices about my rules?



Regards, Zoreli

[akeakamai]

Originally Posted by abner

Its nice that you want to help and all, but with your trading record maybe you should just keep to yourself. you own advice doesn't see to be helping you.

"making money is easy, when you know what your doing, and have a good system, it took me 3 years and many losses, but now i do make good money in forex and i will be a millionaire in a few years, 10k to 1 mill in a year is a bit of a stretch, but 1000 to 1 mill in 4 years is not, not for me anyway, good luck to ya's all hope you find a system that works for you." -abner

My only regret is that I wasn't there to insult you when you were starting out. I'm happy with my progression and believe that I offer good advice to the new traders on this forum.

Keep in mind that I have only been trading 8 months, and I have included every single trade I have ever made in those results that you do not think highly of. I have been profitable the last 3 months of those 8, which means if I continue this trend, I'll have become profitable after 5 months, while you took a whole 3 years.

To Zoreli: you will need a lot more specific money management rules that dictate how much you are willing to lose on a trade and how much you are looking to gain.

[JonnyFX]

Honestly, it still baffles me with the things
you say. This is your up to date trading
record right?

No. of Trades: 181
Avg. Trades per Day: 1.06
Overall Net Pips: -720
Net % Gain: -27.42

As of: June 28, 2008

You have been profitable past 3 months?
And this means you'll be profitable after
5 months not 3 years like Abner? And
what is "profitable" in your view? Not
a negative balance?

I believe what Abner stated was that
he is now finally earning a decent
income after 3 years of effort... he
did not state that he finally became
profitable after 3 years.

[akeakamai]

JonnyFX: I understand it doesn't look good. I determine my profit % based on the close of my account balance at the previous month's end. So if my balance closed at $3000 in May, and my balance for the end of June is $3300, then my profit is 10%. I had large losses when I started because, like most new traders, I underestimated the emotional part of trading, and didn't have a very well planned money management strategy. Then after march, with a more professional grasp on the emotional part, and my improved money management strategy, I started to put a better cap on my losses and my monthly gains have been positive since. The average for April, May, June has been +15.4%, so I feel fully able to contend with abner, who so decided to single my trading record out (while simultaneously not offering any advice to the trader who actually started the thread) as a reason to ignore my advice, which I offered with good will on my own free time.

Originally Posted by abner

i make an average of 10% a month, but i have also been trading for 3 years and it took almost 18 months before i was making consistent profits.

I found that, so I take it back, it took him 18 months, not 3 years. By the way, 10% compounded every month is an annualized return of 313.8%. You know the secret behind this magic?

Originally Posted by abner

swing trading on a daily chart. PSAR, MACD, RSI and Bollingerbands.

works for me rather well

I'm so glad that the secret behind tripling my money every year is a combination of delayed indicators of price action. That's just what every new trader needs to hear

And even if abner is an amazing super trader, he is still very rude on this forum (look at his posts), so I'm not going to feel any guilt about singling him out when he's rude to the wrong guy.