Got a thread started as a NEWBIE about what I am attempting to do with my trading…but wanted to start a documentation process on how my journey is progressing.
This was my first full week on the ninja. Still watching videos.
Got my two systems set-up inside the platform and have tried out a few trades.
Learning to use the Economic Calendar and how the events move the market.
Fully understand the significance of Fundamental Data and really like reading and understanding it…but my trading style is short-term for now and I use technical analysis…I am just looking for the movement…volatility and liquidity in the pair.
Got a 5 minute system set-up with moving averages and bollinger bands…only used for ranging markets with volatility. Use Average True Range numbers to determine best pairs to watch. Clean set-ups and entry system with signal candle and set of profit taking rules and stop-loss rules.
Got a 15 minute system with 3 moving averages…constrainment system that I use for trending markets and news events…do not trade with news…give the market at least 30 minutes to calm and then look for entries. Signal candles…stop loss…and profit taking rules with mainly trailing stops.
Looking to add a longer term system as I progress with the first two systems and get some consistent results. Researching ProAct Traders at the moment.
Understand Position Sizing…learned from THARP and looking to only risk around 1 - 2% a trade and at any point if account goes down 20%…I stop trading and determine what I am doing wrong and until I figure that out I do not trade.
Working out daily routine now…plan to trade from 4am to 11am monday through Friday…and leave the rest of the day for studying…post trading work and pre-trading work…and business functions…as well as long term goals.
I have $15,000 in trading capital with another $20,000 coming in the next 6 months. Currently seeking additional funds and exploring options.
Looking to make 20% a month on capital…with ultimate goal 50% a month…I know this is high…but the guys who taught me the systems have been making these numbers for the past 6 years…so I am confident with experience and additional training I can do the same.
Additional training needed in using volume information in my currency trading…Level 2 quotes.
Plan to move to Puerto Rico by the end of next year to take advantage of the no tax on capital gains incentives offered for the next 22 years for new residents of the island.
Got a long way to go…but have the passion, focus, and working on the discipline to do this the right way.
Education is the KEY to all this…and the more you learn the more you realize there is so much more to learn.
THIS IS THE START OF ME RECORDING MY PROGRESS THROUGH THE NEXT YEAR OF SETTING UP MY TRADING BUSINESS AND TRULY BECOMING A PROFESSIONAL TRADER.
PLEASE FEEL FREE TO CONTRIBUTE OR ASK ANY QUESTIONS…I HAVE AN OPEN MIND WHEN IT COMES TO SUGGESTIONS AND ADVICE…AND WOULD LOVE ANY HELP I CAN RECIEVE ALONG THE WAY FROM INDIVIDUALS WHO HAVE BEEN WHERE I AM AT THIS MOMENT!!!
ONE FOOT IN FRONT OF THE OTHER…SIMPLE…CONSISTENT…DRIVEN