My Live Forex Journal 12 Nov 2008

Live trade journal
-Trading account : Micro account ( 1 pip = 0.10 cents)
-Initial deposit: USD 100 (12 Nov 2008)
-Trading system : Price action and moving average
-Trading currency : USDJYP and EURJYP
-Trading time : 0500 - 23:59 ( GMT +8 )
-Trading TF: 1 and 5 minutes

Short term target: -USD 3k by end of 2008.
-Trading method: Scalping… 1 pip and above,

Long term target : -USD 1 million in 3 years

Good luck! But if you are looking for a 2900% gain in two months, it sounds like you are probably risking far more than the recommended 1-2% per trade…

Well he has 32 trading days to accomplish his goal, he’s looking at a 11.2% profit per day, which I think is ambitious, but managable if he knows what he’s doing. (But also if he knows what he’s doing then he shouldn’t be using 100 USD to open an account haha)

I have never believed in the 1-2% of your account practice. Maybe with much larger accounts, in the order of 6 digits I will use that, but as of now, I open 1 standard lot per 5000EUR and I seem to be managing fine. But it may well be because I trade on the 1H and ride trends, so I’m not as susceptible to margin calls as others.

1-2% is the only way to go but most
people do not have the patience to do
so. And most are too greedy as well.
As long as this trader reduces the
risk as the balances grow, he will
be fine. If he increases risk as
his balance grows, then he is
asking for failure, fast and quick.
Failure comes always fast and
quick before you know what hit you.
So accepting 1-2% rule from the get
go is the ideal way to go. And
most people are just looking at $
figure only. Remember to look at
percentages and PIPs, not $ amounts.
You can more than double or triple your
account balance doing 1% risk per trade
and 3 total trades concurrently. No
matter what your balance is. But
it is not exciting to double your $100
balance to $200 is it if you look at the
$ amount but if you look at the percentages,
you just doubled your account balance.
This is how you need to trade by looking
at the percentage of your growth. Because
that winning percentage applied over time
which will compound your growing account
balance, will lead to substantial balance
in less than 6 months. But it takes
patience and discipline and not counting
your $$$ on every trade even before you
conclude the trade. But this is how most
traders trade. $$$$$$$ only on their minds.
Accomplishing 100% per month is a great
doable thing. Try doubling $100 every month
and see at what point you will have a decent
balance. Even accomplishing 50% is great.
Even 10% per month compounded is very
decent. So do not discount 1% risk per
trade rule. It works great but it takes
absolute discipline and patience and
utter confidence in your trading strategies.

Actually I believe that you should risk less as you go along. With smaller capital I believe it is alright to risk up to 20%. Of course this is dependent on personality and i believe that I can take the risk/reward ratio of 20% so :slight_smile:

:)So far I am doing okay.

Update 24/11

Date Target Actual
12-Nov $100.00
13-Nov $112.00 $117.70
14-Nov No trade
17-Nov $125.44 $126.66
18-Nov $140.49 $132.95
19-Nov No trade
20-Nov $157.35 $122.45
21-Nov $176.23 $117.66
24-Nov $197.38

I was busy for last few days and did not really concentrate on trading, make quiet a lost , hope this week will be better.:rolleyes::rolleyes:

base on your target
u are looking at 150 pips per day, u are using 1 and 5 minus TF, also minus pread, kool, big ambitious

have u think about, how much stress can u handle ? this will nock u out the market b/c u cant concentrate. it did happen to me.

im still on demo account now. my last account, i made 5k into 54,000 dollar
but still fail

another account 5k into 100,000 soon then i start a real account

i suggess u trade demo 1st, dont waste money. as myself i waste my 3 yrs income into STOCK, FOREX, now i only able to open an account with 500 $, no capital left at all

Update 1st Dec 2008
Date Target Actual
25-Nov $221.07 $330.76
26-Nov $247.60 $560.34
27-Nov $277.31 $603.05
28-Nov $310.58 $789.95

Start from this weeks I will be quite busy with my work, and will not be able to trade. Most likely I will miss my USD3000 target by end of this year.:frowning:

Thanks ‘havenoidea’ for your advice. Sorry to hear that you losing quite a lot of your saving…
I did start a demo trade about a year ago…when you trade demo, you will not feel a fear and greed factor, and I guess that is why after demo lot of people losing money with real account…including my self…I already lost USD400 dolar which I can afford to… ( already recovered back with plus++;) )…
My advice start with money that you can afford to loose, even as small as USD100.
Some people might say it crazy…but a as long you know what are you doing, don’t bother…

I am only concentrate on USDJYP and EURJYP and currently most of the time only on USDJYP. Current sideway market, with my trading style can get me 150 pips with less than 4 to 5 hours, but the bad side is I have to do quite a lot of trade to get that amount of pips,so the risk is bigger with more trade.

My starting amount is USD100 :wink: only trade micro account, I only looking for 1 pip minimun…but most of the time it will generate 5 to 20 pips.

be careful… I scalp as well and I only look for 10 pips a day and I get my 10% on my account, though I do have days that are less… (we all have to cut out losses and get away from the screen)

At last someone that might help me here, sorry if I interrupt any conversation you guys had, but as soon as I saw your post I just decided to ask you something. You see I’m working as a scalper right now and I was wondering is aiming for 50 pips daily is a good aim, I’m quite a beginner here, in terms of scalping. Thanks in advance.

i think it is possible, but it requires a great deal of flexibility, and obviously, you cant do this every day. i have had times where i can gain a hundred pips in a 4 hour zone, but these are rare and have to ‘perfectly fit’ my trading style.

Interesting. I have read many accounts of people sayiing “you shouldn’t go on forex with a less than XXXXX account”. But quite frankly, when I’ll go live, I’ll do what you do first, use micro account with minimum money and only when I’ll earn a few pennies will I put more money into my account.