Thank dianajs for the welcome, I am relatively new to trading and Forex both with now about a year fo sim account trading experience. I have about 7,000 trades under my belt to date. I have one account that get is graded daily for my progress and a few sandbox accounts I play in. I trade with a fund that after completion of their program will fund my account with real money. I can not say enough ABSOLUTELY great things about this program and the funds founders. And no you can not invest in the fund or get a brokerage account as it is not a brokerage house.
I am an avid indicator tester and strategy tester. Mostly now discovering that it’s not the indicator or strategy but the trader and there mental state when trading to be successful.
My short term goal (maybe toe more weeks) when funded is to take my monthly earnings to fund my account at Oanda and watch the miracle of compound interest work at a 50:1 leverage. I use 100:1 now so there will be some adjustment involved. One of my biggest tools is money management something we call the Benjamin Formula which takes 90% of the gambling out of any trading.
I am considered to be an aggressive-analytical trader and that is quite accurate. So my aggressive nature and pathe thru my course has been hampered a bit do to pride of not cutting my losers and moving my stop loss both very bad things for traders to practice. I don’t trade a naked chart but almost by only using pivots and A CCI with ±100 and ±200 lines off higher time frame charts deping on the market sentiment and overall session volume.
I my goal is to earn from .5% to 1% of my account daily. Since I started when I found it extremely difficult to earn 3 pips per trade I now have no problem meeting my daily account goal and normally go way beyond the my daily target to 5% to 10% attained. Back when I was scalping I would earn much more than that but I didn’t like the risk so I stopped scalping. Currently I just do day trading, swing trading and long term trades as the market allows. No more scalping unless I need to dig out of a self made hole… LOL
So wrapping this up I’m in the final stage of what is called the prefund level and should e funded in about 2 more weeks. My current stats are a win-loss ratio of 77% but unfortunately some of my aggressive trading ignoring my rules and the Benjamin Forumular my expectancy is negative 10 cents which with about 200 trades in this account for every positive 100 pips day it will only move the expectant not more than 2 cents. So as this prefund levels moto is “steady as she goes” that what I’ll be doing.
Some of the seniors here think that trading a sim account is not trading at all and to some extent that is true. However when you are tracked daily to get funded, it is as close to real money as you can possible get because only you are responsible for earning the pot of gold at the end of the rainbow, which id a real payday!!! to be a funded trader and money manager… for me.
I have been a member of BP since I discovered Forex and have completed most of there courses. It is a good basic education but for me I needed more so I going the best program in the word bar none. This fund has changed my life, renewed my faith in our system and put me on a path to a better way of life.
Well that’s my story and I’m sticking to it.
The following is the trading plan I wrote about a year ago, no it’s not a strategy as that is quite different. It has changed only slightly in that I no longer trade they Sydney, seldom Asia sessions Euro open and in the early am about 4 CST then I close out before the NYO when I see the market wobbling for the am reversal but I’ll get back in the NY after about 8am my time until around 10am my time when I see the volume peter out. I was blessed that it was selected to be on our home page.
Trading plan: short version to earning income. Methodology shall conform to Ben Franklin compound interest principle. The goal is to add 1/2% of the account amount for every day that is traded. To be increased to 1% when warrants. Money management according to solid Forex rules of not risking more than 2% on any particular trade and not more than 5% of the account on any group of trades. A trader shall open two USA sectioned accounts one for buy’s and one for sell’s to accommodate trade management with both at 50:1 leverage. Trading hours shall be at peak trading times. If particular exchange is slow in volume then hours will be shortened. Sydney-Tokyo not longer than the two hours from Tokyo open. Euro-London not more than two hours from London open. NY not more than four hours from NY open. End game is to leave a trading legacy for my family and hopefully teach them how to trade.