psaucedo's Trading Plan
Roughly how much time do you dedicate to developing your trading skills per week?
I can dedicate approximately 2-4 hours per day 4-5 days per week between the hours of 5AM - 9AM pst, typically Monday through Friday. I can also spend 1-2 hours on the weekend preparing for the week or updating the previous weeks results.
What kind of currency pairs do you trade?
I will trade the GBP/USD exclusively.
What motivates you to be a trader?
I want to be able to replace/add to my income so my family and I will always be comfortable and secure. This will also add the 3rd leg of my income stool which includes trading, business brokerage and real estate. My trading will allow me to focus more of my time on building our brokerage wich currently includes real estate, mortgage, business, property management and perhaps, in the future, trading advisory services. It will also allow me to search for, acquire and manage additional quality real estate properties and to ultimately build my own properties utilizing my general contractors license. I will also continue to build upon my web based sales initiatives. Most importantly, the above will allow me to provide myself and my family with the lifestyle I've always dreamed about giving them to include: fantastic education, beautiful vacations and sailing trips in exotic locales, the best of eastern and western healthcare, the healthiest and freshest foods, the best supplements, clean air and water, time to pursue athletics, excercise, meditation, art, music, language and culture and give us the time and resources to do it together as a family.
Using a percentage based on the value of your account, how much do you expect to make per month?
I expect to earn 3-5% per month on 80-200 pips per month depending on my account balance. I will go after my goals on a weekly basis and quit trading for the week as soon as I reach my weekly goal. If I'm unable to reach my goals in one week, I WILL NOT try to make up for it in the following week. Each week will stand on its own.
Which timeframe do you use most often?
I intend to trade the 15 minute time frame to eliminate noise and look for trend confirmation on the 30 minute and 1 hour bars.
What trading-related goals do you have?
I want to earn at least $100,000 per year trading 4 hours per day (5am-9am pst) earning at least 5% per month. To do this I need a trading account of approximately $160,000 in order to earn $8,000/month at 5% monthly rate of return. I would need to trade $40/pip and make 50 pips to earn $2,000/week. I will leave anything above my $8,000/month in my account to grow. Eventually I would like to have a trading account of $240,000 so I can take $8,000/month and leave $4,000 to grow the account. To begin, I will use the same targets as above but with $2500. Each month I hit my goals, I will add another $2500 to my trading account until I've built my account up to the desired $160,000 through a combination of trading and funding. I will begin in June 2010 and it should take approximately 4 years from this date to build my account to the desired level through a combination of trading profits and account funding. I will achieve the above with the following:- Having the discipline to follow my plan- Playing above the line (taking responsibility for everything that happens to me)- Maintaining a positive attitude- Excercising honesty and being 100% committed to my trading success- Not using trading as a "get-rich-quick" scheme.
Leave A Comment
Please sign in to comment.