I am risheel 20 year old and i have been trading forex since one year with a simple trading plan and making decent pips. Last week i have found a money managment and trading plan fom youtube video which is very simple but unbelievable which i had attached below.Daily target was around 30 pips and weekly 150 pips this might force us to take trades but our monthly goal is 600 pips which is not that difficult. It may take more than a month to make 600 pips so we start compounding once we reach the target.
My Question is
I am confused that is there anything hidden loophole that i was unable to find???
and one more thing the 20 pips stoploss is not for every setup so should adjust accordingly
other than this is there anything wrong with this plan???
Fine as far as it goes but not a plan for trading as such. A plan is a map, showing you how to get from where you are to where you want to be. This pic is just a graphic of where you want to be in December 2020. A fine ambition but its like a picture of a glorious mansion with a pool and a 3-car garage - looks nice, but where is it, which country is it in and how do you get together enough money to live there?
The excel sheet takes the reality out of the equation. It paints a perfect picture of growth with compounding. The excel sheet only show you one side of the story.
yes that’s true i need a good trading strategy. As of know i am using Jason sweezy’s 1 hr strategy and Genesis matrix trading from forex factory along with price action. They are very clear and have good winning percentage and these are enough to make 600 pips a month.
