PipTiamat's Trading Plan
Roughly how much time do you dedicate to developing your trading skills per week?
the last few months I have been trading 8-10 hours every night (London session) but currently it hasn't been as fruitful for laybor to reward as my previous strategy. thus I will be focusing on my previous strategy and maximizing its potential.
I also dedicate at least 50-60 hours a week in trading. I want to make this my livlihood and thus need the screentime to get things working properly.
Thank god for understanding wives and children =)
What kind of currency pairs do you trade?
All pairs exept NU, GJ, and UJ.
NU = low volume so little reward
GJ = high volatility and a generally violent pair, winning trades can become losers on "correct" predictions because of its high 40-50 pip pulls
UJ = generally this pair does not follow the same rules as the others so I cannot use my rule based system on a pair that does not follow those rules.
------------------------------------------------------------------------------------
Currently the pairs that I seem to be most accurate with are GU and EJ so I will focus more on grabbing trends from these pairs. (they like me I guess)
What motivates you to be a trader?
Trading is bringing me closer to my retirement goal. retirement being able to live off of what i make in FOREX. I will also buy a rental property that FOREX is able to finance. I am unable to finance either retirement or buying a house working at my current employer.
Using a percentage based on the value of your account, how much do you expect to make per month?
Inital goal is about 100 pips a week.
Also I am aiming to grab about 5-10% per week. (more than the 100 pips)
later on I will attempt to increase my returns.
Which timeframe do you use most often?
1hr = trend direction
5 min = execution
What trading-related goals do you have?
My timline goal is as such:
Build account to $10,000 by June of 2010
Build account to $20,000 by January of 2011.
basically increase my account by $10,000 every 6 months.
My other goal is to reduce the amount of time demanded of me for FOREX. I have a family and would like to spend time with them. I currently trade between 6-10 hours a night 6 nights a week. So as you can see even as I reach my financial goals it isn't allowing me to live my dream of spending time with my family.
I want more freedom, as I grow as a trader I want to be able to identify my setups within 30 minutes and stop watching the charts at least after 2 hours at my PC. Once I can consistently profit and identify my entries, This will be my ultimate FOREX goal.
On Thursday November 19th, 2009 at 11:43PM by ronacoba - Like - 0 People
Leave A Comment
Please sign in to comment.