A Journal about life, price-action forex, and whatever I feel like talking about...
Wednesday, September 14, 2011
Starting my live account
Starting my first live account in a about a week! Pretty excited that I can finally call myself a real trader. Will also be starting the CNBC Million Dollar Portfolio contest, so I hope that these two projects benefit each other rather than being too much to focus on at once. Lets hope that through risk management, and wise decision-making I can be a success...even if it takes a while to get there. I will keep this demo account open to use for experimental trades, and things like that, but I will no longer post about the balance of it and such as I don't want to be confusing. I will only post about my "live" account or my CNBC account results and will be clear as to which one I am posting about. As for my live forex account: I will be more specific with entry reasons, price, stoploss and take profit levels. My method will be price action, primarily looking for pinbars, hikkake patterns (Inside Bar breakouts), hikkake/pinbars (Inside Bar / fakey breakouts), support and resistance levels, confluence of pairs, gartley patterns (wave harmonics) <--- CONFLUENCE OF ALL THESE THINGS MAKES A GREAT TRADE. Only trade off of daily and H4 charts. Always trade with the trend whenever possible. Must be trading on what I believe is a retracement move. Avoid big news events. I am looking for a minimum of 2X reward on my risk per trade. I have decided that I will risk no more than 3% of my account at any one time. This can be 3% on one trade, or 1% on three trades...as I see fit. This is a medium (aggressive) approach. Many people suggest risking only 1% maximum, but as I am starting with a smallish account ($2000) I want to build it up reasonable quickly. This also applies to the CNBC account, because the point is to make the most gains and winner takes all in the contest. I will make the same trades on both accounts, so any "homework" I do will apply to both accounts. Also, I have faith in my methods as they have proven to be accurate about 75% of the time, if I STICK TO MY OWN RULES. This blog is a form of journaling and analyzing every trade, the good and the bad, and I must be honest and thorough if I am to learn from it. So, I will try to meet that goal which is no easy thing...
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