[B]This will be my journal for my first live account:[/B]
[B]Trading TF:- [/B]
TF #1: Daily
TF #2: H4
TF #3: H1
[B]Trading Pairs:- [/B]
Pair #1: EUR\USD
Pair #2: GBP\USD
Pair #3: AUD\USD
Pair #4: USD\JPY
[B]Trading Tools:- [/B]
Tool #1: Position Size Calculator
Tool #2: Pip Value Calculator
Tool #3: Swap Rate Calculator
[B]Trading Strategies:- [/B]
Strategy #1: Snakes (Based on technical indicators)
Strategy #2: Thor (Based on price action)
[B]Trading Rules:-[/B]
Rule #1: Risk\Trade: 2% of account balance
Rule #2: One open position at a time
Rule #3: Expected Profits should be greater than Expected Losses (Reward\Risk > 1)
Rule #4: Position size is adjusted according to stop loss (see rule #1)
Rule #5: Trade with the prevailing trend in the higher time frame
Rule #6: One losing trade per day
Rule #7: Pair Strong Currency with Weak Currency based on the Currency Index
Rule #8: Let profits run by using trailing stops
[B]Trading Steps:-[/B]
Step #1: Set S\R zones in W1, D1, H4 Charts
Step #2: Identify trend direction in W1, D1, H4 Charts
Step #3: Identify Entry and Stop Loss (Stop Loss is Based on ATR(13) and S\R levels)
Step #4: Calculate position size from stop loss
Step #5: Stop Loss=2% of balance, Take Profit=4% of balance, Trail Stop to Break Even, then to 2% of balance
Step #6: If Exit was at initial Stop Loss, Stop trading
Step #7: If Exit was at Take Profit, Repeat from Step #3
Wish me luck!