RazorX's Trading Plan
Roughly how much time do you dedicate to developing your trading skills per week?
<5 Hours/Week
I check the charts 6 to 7 times per day dependingon what is going on and how fast I think the markets are moving. These are basically the early morning 8 am check which is 2 hours before the NY close, the 10 NY close check, the 1pm Asian open and daily close check, 3pm mid afternoon check, sometimes 4:30 - 5pm check, sometimes 8:30-9pm pre London open check, and 10-11 pm bedtime check after the London open has settled down. I have no strategy as yet for the London open so I try not to enter trades at anytime from 8 to 10 pm.
What kind of currency pairs do you trade?
Majors Euro Crosses
I will trade the NZDUSD as it is my home currency and I am fairly knowledgeable of it's moves. I have aslo found that I do well with AUDUSD and AUDJPY pairs. I will be looking for a GBP pair that may work with a system to give my over all trading toolbox another tool.
What motivates you to be a trader?
The battle, the planning, the buzz of a win, the discipline it teaches me. Forex trading provides me with the opportunity to gain wealth and fund activities that would otherwise be impossible or at least very hard to do on my wage. These include buying a house, saving a substantial sum for retirement, and providing capital to purchase other investments.
Using a percentage based on the value of your account, how much do you expect to make per month?
At the moment I have only the expectation to break even and make then make a little bit of profit. Longer term I would like to see more than 10% per year as anything under this is a waste of time as I can get bond and interest rates at aroun 7.5% for no work what so ever.
As part of my expectations I remember that goals must be SMART: Specific, Measurable, Achievable, Realistic, and Timebound.
With this in mind my long term inital goalper month will be 5%. Once I am at that level I believe that further increases in profitability will happen naturally.
Which timeframe do you use most often?
1Hour Charts
I use all timeframes - the larger ones for direction, major S & R levels etc, and the smaller ones for entry, or if I spot a good short term trade.
What trading-related goals do you have?
My overall goal is to have a trading system/method that is easy to use and reliable. I also want to enjoy trading and not have it become a burden or hassel because if this happens my account balance and wellbeing will suffer. In monetary/pip terms my initial goal is to be able to gain 5% of my account per month - this means making 500 pips net per month. The ultimate goal is to be able to earn enough to stop my day job and trade full time. It's a lofty and far-off goal but I am prepared to put the time in and get better slowly, but surely. I would only quit my day job if I could prove to myself that I could make more money by doing forex alone, as opposed to the combined income. It is my view however that realistically that it is best to have a solid job to live off, and earn significatiant 'passive' income from forex. This is possible if the right method/system is found and utilised, and my trading is effcient.
On Monday August 23rd, 2010 at 03:33AM by buruguduy - Like - 1 Person
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