This journal is inspired by member neke's great ET Journals. The Gameplan ========== The plan is to day trade the FX Majors and also the main US/European Stock Indexes. Im aiming to take an average of about 10 trades a week (between 0 and 5 trades per day). ie Looking to take the best setups only. Initally i will risk a large percentage of the account on each trade, but reduce the risk percentage as equity grows. My risk of ruin will be extremely high in the early stages but will reduce as times goes by. I dont mind blowing up in the first 10 weeks, but after 3+ months of hard work i want to reduce the likelihood of this happening. If the account drops to below 300GBP, it will be topped back up to 500GBP and the clock reset. Hopefully this will not be required. Code: Starting account balance: 500 Week Target ==== ===== 1 800 2 1300 3 2050 4 3200 5 4500 6 6000 7 8000 8 10500 9 13500 10 17000 11 20500 12 24000 13 27500 14 31000 15 34500 16 38000 17 42000 18 46000 19 51500 20 57000 21 63000 22 70000 23 77000 24 84000 25 92000 26 100000
Code: Week #1 ======= P/L: +311.8 Closing balance: 811.8 Target closing balance: 800.0 Status: Ahead of target Number of Trades: 8 Number of Profitable Trades: 5 Just 2 days of trading this week as my first day of trading was Thursday. I closed out my final trade today when my account went over the 800 target. Which is why the closing account figure is so close to what i was aiming for. Its good to end the first week ahead of target. Lets see how things go next week... Code: Date Market Open Size Close P/L 19/06/2009 Wall Street Daily Future (Sep) 8505 -11 8492 143 19/06/2009 Wall Street Daily Cash 8512 11 8542 330 19/06/2009 Spot FX GBP/USD 16489.9 5 16500.7 54 19/06/2009 Wall Street Daily Future (Sep) 8488 5 8438 -250 19/06/2009 Wall Street Daily Future (Sep) 8542 -5 8492 250 18/06/2009 Wall Street Daily Cash 8561 8 8555.6 -43.2 18/06/2009 Wall Street Daily Future (Sep) 8513 -5 8503 50 18/06/2009 Spot FX GBP/USD 16337.1 -5.55 16377.1 -222 18/06/2009 Card payment ********* - - 0 500
Good luck with it. Taking great setups only (some flat weeks), and you should do great, just don't get married to 26 wks.
Thanks for the support, I can definitely do it if i remain patient, but i have a nasty habit of getting compulsive. I can read the markets well, should be able to maintain a 70% win rate if i am patient. But if not my win rate drops to just 50%. The DOW was farely easy to read today and i pressed my size because i was feeling more confident.
LOL, i dont need the money. Even the 100K wont really give me any more buying power over what i can afford or need now. Im more interested in the challenge which on the one hand should be possible if i can remain patient and disciplined, but on the other looks like an almost impossible feat for anyone to pull off.
it is defintely achievable. winners bigger than losers. that's it. obviously you need to have a system. systems are fine, it's the human mind that lacks. we spend all our time trying to tweak the system here and there. It's all about confidence.