mwingo1135's Trading Plan
Roughly how much time do you dedicate to developing your trading skills per week?
I monitor the market 16 hours a day.
So....
Daily = 16 hours
Weekly = 80 Hours
Monthly = 320 hours
But I am not glued in front of the computer for 16 hours.
I can trade from my multiscreen dual quad core computer, my multiscreen 17 inch laptop, my mobile phone with windows 6.1 operating system on it, and/or any place I can find a computer with an internet connection worldwide.
This allows me to be flexible in my trading, I have been watching a movie and put on a trade. I have been sleeping and woke up for my mega 10% trade.
I have even been out jogging and put on a trade while I was running.
What kind of currency pairs do you trade?
I monitor 15 currency pairs and I have my eye on a few currencies that I am looking forward to adding to my pairs in the future (Brazil's, China's, and Russia's currency)
Aud/Jpy
Eur/Jpy
Gbp/Jpy
Cad/Jpy
Usd/Jpy
Nzd/Jpy
Usd/Cad
Gbp/Usd
Usd/Chf
Eur/Usd
Nzd/Usd
Aud/Usd
Gbp/Cad
Gbp/Aud
Eur/Aud
What motivates you to be a trader?
I have long term plans to become a Doctor of Education in Health and Wellness and to get my MBA in Global Banking and Finance.
My motivation of trading is to continue to increase my quality of life. My philosophy is the quality of your health and the quality of your wealth determines the quality of your life.
Trading to me is a skill that I have become an expert in and my trading style is similar to my personality.
I am a Runner. Both a sprinter and a distance runner.
You may catch me running the 400 meters in sub 46 secs or running a 2 mile in sub 12:00 mins holding anywhere from a 5:30 to 6:00 min mile pace. (have not gotten to the mini marathon yet but I am working on it :)
As this relates to trading I am both an intraday momentum trader (Sprinter) and a multi day position holding swing trader (Long Distance Runner)
So trading is enjoyable for me. It makes me feel just like I do when I am about to go running and when I finish running.
Using a percentage based on the value of your account, how much do you expect to make per month?
My target is about 10% a month which I would be happy with anything above that is extra.
I could always over leverage my account and pull in 1000% in one month but that would be suicidally risky (which is sad since a lot of trades do this and most get wiped out before the month is out)
Although the market is moving in a way where 100-200% is very possible while still keeping risk low
I focus on making better trades and the returns will come
Which timeframe do you use most often?
Overtime I have got quite fond of the
1 HR, 4 Hr, Daily Charts
Using these time frames have reduced my risk and increased my winning ratio.
What trading-related goals do you have?
I remember I created this exponential growth formula where I wanted to take a less risky approach to forex trading and gain about 5-10% a month.
Then after going through the learning curve I started to see 30%-200%+ a month growth potential. This is the power of the liquidity and leverage given in the forex market.
I still only take low risk high probability trades (creating strategies that bring about the lowest risk I can possible have and the growth potential is still there.
On Saturday April 21st, 2012 at 03:28AM by goloka - Like - 0 People
Hello!
Just want to ask what trading platform and fx broker are you currently using and would you recommend? Thanks!!!
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