Welcome to the "Serious Trading Journal", in this journal we are going to trade an account (live) following a set of rules and principles, and a defined trading plan.
First thing, Risk Management:
We are going to use a controversial Risk Management method, that is, the Stoploss for each trade (that can be splitted in multiple entries) is at a distance from entry, of 5-6% of the current instrument.
This mean, on average 450-750 pips.
A big Stoploss for sure!
% of account risked with such Stoploss: 100%
This basically mean, the stoplosses are in place for a non practical function, ideally it should never be reached (trades are closed manually, both in profit and in loss, if needed).
Profit Expectation:
This really depend on the market, on a bit of "luck", and many other factors.
However, we would ideally go for a 2-5% daily profit target (that is around 10-30 pips daily), and we may aim for higher profits, or lower, depending on market conditions and opportunities.
Thanks to the compounding, a 2-5% daily profit would mean 152 - 279% monthly profit.
Or, 7-867 millions % profit, in a year.
Using a 15x leverage, we would need to catch 12-30pips everyday to make 2-5% profit everyday. Not easy, but possible!
On a more conservative note, we would aim to make minimum 50% profit per month.
Money Management, Leverage, Lotsize:
The lotsize/leverage is decided as per plan, and it is of around 14-15x leverage used, depending on the volatility of the instrument traded.
Occasionally, two trades in two different instruments can be opened at the same time, but avoiding same currencies to be bought or sold two times (if for example the first trade is on eurusd, the second one will not be in any "eur" or "usd" pairs, thus avoiding over exposure in any currency at any time).
Trading System used:
Discretionary manual trading, using waves theory and momentum.
I will share various trades from time to time, explaining the reason, the expectations, the target, etc.
However it really depend if i have time to do it, and if i want.
Ok, i can't wait to begin!!
First thing, Risk Management:
We are going to use a controversial Risk Management method, that is, the Stoploss for each trade (that can be splitted in multiple entries) is at a distance from entry, of 5-6% of the current instrument.
This mean, on average 450-750 pips.
A big Stoploss for sure!
% of account risked with such Stoploss: 100%
This basically mean, the stoplosses are in place for a non practical function, ideally it should never be reached (trades are closed manually, both in profit and in loss, if needed).
Profit Expectation:
This really depend on the market, on a bit of "luck", and many other factors.
However, we would ideally go for a 2-5% daily profit target (that is around 10-30 pips daily), and we may aim for higher profits, or lower, depending on market conditions and opportunities.
Thanks to the compounding, a 2-5% daily profit would mean 152 - 279% monthly profit.
Or, 7-867 millions % profit, in a year.
Using a 15x leverage, we would need to catch 12-30pips everyday to make 2-5% profit everyday. Not easy, but possible!
On a more conservative note, we would aim to make minimum 50% profit per month.
Money Management, Leverage, Lotsize:
The lotsize/leverage is decided as per plan, and it is of around 14-15x leverage used, depending on the volatility of the instrument traded.
Occasionally, two trades in two different instruments can be opened at the same time, but avoiding same currencies to be bought or sold two times (if for example the first trade is on eurusd, the second one will not be in any "eur" or "usd" pairs, thus avoiding over exposure in any currency at any time).
Trading System used:
Discretionary manual trading, using waves theory and momentum.
I will share various trades from time to time, explaining the reason, the expectations, the target, etc.
However it really depend if i have time to do it, and if i want.
Ok, i can't wait to begin!!