This is for personal use only.
Intro
Q: Why are you trading?
A: I have always loved trading. When I was 12 I would trade world of warcraft accounts on markeedragon.com for money and better accounts. I couldn't get enough of it. Then when I was 13 I went to a week long stock trading camp on the basics and had been in love sense. The reason I am trading forex is because I like to be able to focus on only 4 pairs instead of 1000's of companies if I was trading the stock market. I also like that it trades 24/5 instead of 8-3 with big gaps every day.
Q: How has this changed over time?
A: As I became unprofitable I noticed that it no longer seemed as if I was trading because of the love of the game so to say. I started to feel like all I wanted in trading was to have huge profits on each trade and to be trading with massive volume(ex: I wanted to be a big player/I began to over reach). I need to get back to how I was before. Trading just for the love of the game. Not because I want to be able to say I trade with huge volume, or I made so and so money. I want to trade because of my love for trading.
Q: What are your expectations?
A: I am expecting to consistently grow my net worth for the rest of my life. Trading forex is my retirement plan. I am just beginning it while I'm young. My overall goal is to gain 10,000%(no deadline). Ideally I would like to see returns of about 20% each month. That being said I will not worry about goals or dead lines and I am just going to take it trade by trade.d
Q: When do you realize you are wrong?
A: Once roughly 2.5%-5% of account has been losses on the position or once my stop loss is hit. If neither of these have occurred but a buy or sell signal in the opposite direction of the trade has occurred, I will exit the position.
Mental Plan: I am going to practice discipline, humility and patience in every day aspects of my life. I am going to focus on living more of an optimistic life. Two of my favorite quotes that go well with my mental plan are:
"I am an optimist. It does not seem too much use being anything else." Winston Churchill
"Be at War with Your Vices, at Peace with Your Neighbors, and Let Every New Year Find You a Better Man" Benjamin Franklin
The 4 P's To Profitability
1. Preparation - Make sure your charts and indicators are prepared every day(S/R Levels Drawn, EMAs, etc).
2. Patience - "A man who is a master of patience is a master of everything else." George Savile
3. Price Action - Respect and recognize the price action. Only trade with the trend.
4. Pull The Trigger - Never be scared to take a profit and remember if you can't take a small loss your only going to take a bigger one.
Focus Pairs(Currently 8, Subject To Change)
EURUSD
GBPUSD
AUDUSD
NZDUSD
USDCHF
EURAUD
USDJPY
GBPCHF
Position Size
$1,000.00 - .10 Lots Per Position
$2,000.00 - .20 Lots Per Position
$3,000.00 - .30 Lots Per Position
$4,000.00 - .40 Lots Per Position
$5,000.00 - .50 Lots Per Position
etc
Long Entry Rules
TDI Must Have Cross Upwards
HA Must be Blue
You may not enter the trade if more than 2-3 Blue HA candles have already formed.
Short Entry Rules
TDI Must Have Cross Downwards
HA Must Be Red
You may not enter trade if more than 2-3 Red HA candles have already formed.
Entry Examples(Taken from the Trading Made Simple Thread)
Intro
Q: Why are you trading?
A: I have always loved trading. When I was 12 I would trade world of warcraft accounts on markeedragon.com for money and better accounts. I couldn't get enough of it. Then when I was 13 I went to a week long stock trading camp on the basics and had been in love sense. The reason I am trading forex is because I like to be able to focus on only 4 pairs instead of 1000's of companies if I was trading the stock market. I also like that it trades 24/5 instead of 8-3 with big gaps every day.
Q: How has this changed over time?
A: As I became unprofitable I noticed that it no longer seemed as if I was trading because of the love of the game so to say. I started to feel like all I wanted in trading was to have huge profits on each trade and to be trading with massive volume(ex: I wanted to be a big player/I began to over reach). I need to get back to how I was before. Trading just for the love of the game. Not because I want to be able to say I trade with huge volume, or I made so and so money. I want to trade because of my love for trading.
Q: What are your expectations?
A: I am expecting to consistently grow my net worth for the rest of my life. Trading forex is my retirement plan. I am just beginning it while I'm young. My overall goal is to gain 10,000%(no deadline). Ideally I would like to see returns of about 20% each month. That being said I will not worry about goals or dead lines and I am just going to take it trade by trade.d
Q: When do you realize you are wrong?
A: Once roughly 2.5%-5% of account has been losses on the position or once my stop loss is hit. If neither of these have occurred but a buy or sell signal in the opposite direction of the trade has occurred, I will exit the position.
Mental Plan: I am going to practice discipline, humility and patience in every day aspects of my life. I am going to focus on living more of an optimistic life. Two of my favorite quotes that go well with my mental plan are:
"I am an optimist. It does not seem too much use being anything else." Winston Churchill
"Be at War with Your Vices, at Peace with Your Neighbors, and Let Every New Year Find You a Better Man" Benjamin Franklin
The 4 P's To Profitability
1. Preparation - Make sure your charts and indicators are prepared every day(S/R Levels Drawn, EMAs, etc).
2. Patience - "A man who is a master of patience is a master of everything else." George Savile
3. Price Action - Respect and recognize the price action. Only trade with the trend.
4. Pull The Trigger - Never be scared to take a profit and remember if you can't take a small loss your only going to take a bigger one.
Focus Pairs(Currently 8, Subject To Change)
EURUSD
GBPUSD
AUDUSD
NZDUSD
USDCHF
EURAUD
USDJPY
GBPCHF
Position Size
$1,000.00 - .10 Lots Per Position
$2,000.00 - .20 Lots Per Position
$3,000.00 - .30 Lots Per Position
$4,000.00 - .40 Lots Per Position
$5,000.00 - .50 Lots Per Position
etc
Long Entry Rules
TDI Must Have Cross Upwards
HA Must be Blue
You may not enter the trade if more than 2-3 Blue HA candles have already formed.
Short Entry Rules
TDI Must Have Cross Downwards
HA Must Be Red
You may not enter trade if more than 2-3 Red HA candles have already formed.
Entry Examples(Taken from the Trading Made Simple Thread)
He who knows when he can fight and when he cannot, will be victorious.