After much trial and error, putting in all that I had learnt, I slowly developed my trade plan and make slight adjustment as I go along.
To me, a daily profit of 5-10 pips is very much doable and I built my plan based on that. A daily profit of 5 pips nett on brokerage fee would mean having a 100 pips nett profit in a month. Depending on the size of the trade, and that would determine the amount you earn per month. My objective was to be able to trade a size of 10 lots (1 million) every trade and that would mean $100 per pip, $500 a day and $10,000 a month!
To be able to trade the size of 10 lots using leverage of not more than 1:30, I would need to have a trading capital of at least $33,000, which is something I do not have at the moment and would have to build up slowly. I started off trading with varying size everyday as my capital grow, using a leverage of 1:30, one trade at a time.
Deposited $2,000 into my trading account in late August 2017 and started trading at 50,000 per trade, and on the first trading day I was lucky to have a runner and make quite a number of pips (~40 pips).
On the following day, again I got a runner and made quite a bit of profit as well (~40 pips) only to lose some back on the third day but I decided to make a withdrawal of $200 at the end of the month. Last day of the month, I did manage to make some profit too!
I was quite excited with the result and make a mental note to myself that I will have to continue to maintain my sanity and continue with my result, building the consistency that is very much required to survive.
Nevertheless, Hell came in September, making some but losing mostly throughout the month, netting a lost of $1,700+ 😓😓😓 It was also around this time, late in September 2017 that I came across this post in forex factory forum talking about a simple scalping strategy which I setup on my trading chart and started exploring and using it as my trade opportunity signal.
I also had this excel spreadsheet to help me calculate the size of trade at the start of each day and the targeted daily profit. Having lost $1,700+ the previous month, my trading size drop to 15,000 but I made a decision to continued trading on 50,000, that was a huge risk I am taking. Refining my mental model, I just waited for the signal to show up, take the trade and secure my profit (adjusting my stop loss) when I can, thereafter, see if it can run further and continue to adjust my stop loss. If it doesn't and even if I am below my daily profit target I stopped, taking only 1 trade a day. I was well rewards with a perfect month netting a total profit of $1,500+ for the month.
Readers, you should by now realised that in trading, no matter how much perfection you have in your trading skills, you will still eventually lose money if you do not have a strong and correct mindset. Set your objective and break it into smaller and more deliverable daily/weekly target then you will not feel stressed to be aggressive when you shouldn't be, at least this work for me to control my mind.
To me, a daily profit of 5-10 pips is very much doable and I built my plan based on that. A daily profit of 5 pips nett on brokerage fee would mean having a 100 pips nett profit in a month. Depending on the size of the trade, and that would determine the amount you earn per month. My objective was to be able to trade a size of 10 lots (1 million) every trade and that would mean $100 per pip, $500 a day and $10,000 a month!
To be able to trade the size of 10 lots using leverage of not more than 1:30, I would need to have a trading capital of at least $33,000, which is something I do not have at the moment and would have to build up slowly. I started off trading with varying size everyday as my capital grow, using a leverage of 1:30, one trade at a time.
Deposited $2,000 into my trading account in late August 2017 and started trading at 50,000 per trade, and on the first trading day I was lucky to have a runner and make quite a number of pips (~40 pips).
On the following day, again I got a runner and made quite a bit of profit as well (~40 pips) only to lose some back on the third day but I decided to make a withdrawal of $200 at the end of the month. Last day of the month, I did manage to make some profit too!
I was quite excited with the result and make a mental note to myself that I will have to continue to maintain my sanity and continue with my result, building the consistency that is very much required to survive.
Nevertheless, Hell came in September, making some but losing mostly throughout the month, netting a lost of $1,700+ 😓😓😓 It was also around this time, late in September 2017 that I came across this post in forex factory forum talking about a simple scalping strategy which I setup on my trading chart and started exploring and using it as my trade opportunity signal.
I also had this excel spreadsheet to help me calculate the size of trade at the start of each day and the targeted daily profit. Having lost $1,700+ the previous month, my trading size drop to 15,000 but I made a decision to continued trading on 50,000, that was a huge risk I am taking. Refining my mental model, I just waited for the signal to show up, take the trade and secure my profit (adjusting my stop loss) when I can, thereafter, see if it can run further and continue to adjust my stop loss. If it doesn't and even if I am below my daily profit target I stopped, taking only 1 trade a day. I was well rewards with a perfect month netting a total profit of $1,500+ for the month.
Readers, you should by now realised that in trading, no matter how much perfection you have in your trading skills, you will still eventually lose money if you do not have a strong and correct mindset. Set your objective and break it into smaller and more deliverable daily/weekly target then you will not feel stressed to be aggressive when you shouldn't be, at least this work for me to control my mind.
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