Hello. I am Kashix from California, 24 years of age. I've done a half-assed job of studying forex for the last 6 months. I've been mentored by Eremarket, who was an amazing teacher. I've also been following ICT for some time now and finally finished watching all of his material. I find that staying up overnight is the hardest part about Forex. It's a huge change in lifestyle so the rewards better be worth it. I come from a poker and chess background so Forex should be right up my alley. I've made roughly 200k playing poker and I have some money saved up so I don't have to work. I will be tackling this full time until I'm successful. In this thread, I will log all my trades along with my analysis in hopes of helping me treat this more like a business. I'm going to use what I gathered from ICT's teachings plus various other resources and apply them to these pairs: GU, EU, GJ, EJ, GA, EA, AU, NU, XU. (picked due to high ADR)
I don't like to demo because it feels like a waste of time. I'd rather trade real money in smaller insignificant lots than demo. I'm sure there are opposing views to this, so let's just say that I rack discipline.
My goal is to become a millionaire as fast as possible with my starting capital of 46K and a risk of ruin of 0%. My estimate is 2 years if I can follow a consistent profitable system and treat it like a business day in and day out. I am a believer when those who have made it say that Forex becomes almost boringly easy when you know what you're looking looking for.
I will start out on demo period where I trade .10% over 30 pip SL, or $1.5/pip. If I'm successful over 1 months time, I will move my lots up to .5% over 30 pips. My goal is 30% a month using .5% trades, which equals 1,800 pips monthly, 450 pips weekly, and an average of 90 pips daily. I think over 9 pairs, I can squeeze out a couple good trades for 90 pips. And finally, if I really feel consistent about my trading, I'll be willing to up my risk to a maximum of 2% per trade. As projected from today, April 17th, 2012, with a months worth of small betting, I will have roughly 6 months to start my real trading session before the end of the year, and if all goes well, I will be up to 170K. Post taxes and in roughly 8-9 months I will have $1Million. However, I'm not expecting to get that good that quick so I'm giving it 24 months as opposed to 15. My life will be over as I know it but hopefully when I get good enough I can maybe find something to do during the nighttime, or move across the world where people are awake during my waking hours.