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18th February 2009
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Hi, went away for a rest so didn’t have the time or inclination to update the blog – especially as I wasn’t trading.
Today I decided to work a bit harder and did a total of 7 trades for a total of $360 or 7.2% of a $5,000 deposit.
Whilst I was away enjoying myself you still can’t help yourself think about trading forex when it’s in your blood and I did a couple of simple sums one day.. I thought “5% per day would be a very reasonable target to shoot for – that would be easy to achieve on the Forex Market”
It was then I broke out the calculator and realised if you did that for 14 days or so you would double your money!! “JEEZ” I thought, This is where most people are going wrong! They have a good day and carry on trading until most times they lose most of what they already won. Why not shoot for the 5% then turn the bloody thing off and do the same tomorrow?
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Let’s say you were more conservative about it.. Instead of doubling every 14 days say you only managed it every month! That would be the equivalent of 2½% per day.. Easily done.. 1st month = $5,000. 2nd month = $10,000. 3rd month = $20,000. 4th month = $40,000.. The beautiful thing about it is you don’t have to do more trading to achieve the same percentage of the bigger figure. Just up your Lots per trade! If you look at the statement (link below) then you can see I only did little trades – 4,5,6,7 pips at a time.. We can all find those surely. |
Could it be the secret to all of this is not in how to trade but more simply “How to manage your Money?” This makes you think!
Here’s the link to my statement covering trades on this account up to now..
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