virgiliolayug's Trading Plan
Roughly how much time do you dedicate to developing your trading skills per week?
20 Hours/Week
I give at least a few hours each morning to complete my daily routine. The rest of the day, I read up on economics, psychology or look at charts for potential trade setups.
I need to spend more time looking at charts and reading up. Time to rediscover the passion I had a year ago.
What kind of currency pairs do you trade?
Majors Euro Crosses Yen Crosses
I've been trading for awhile and I have realized that I am most successful with AUDUSD, EURJPY and USDCAD. I like these pairs because I can trade one during each of the trading sessions, which provides for many trading opportunities.
What motivates you to be a trader?
I think for awhile I lost the passion to trade. I wasn't sure what I wanted to do with my life. But I know that I do want to make money and that for me is the motivating factor to be a trader.
Using a percentage based on the value of your account, how much do you expect to make per month?
%
4
My goal by the end of this year is to have my live account up more than 25%. It's currently just up around 6%, after I hit a high at around 11%. I know this is doable as long as I keep my risk in check and keep practicing.
Which timeframe do you use most often?
1Hour Charts
I am a day trader. I dont like scalping too much.I've learned to be more patient over time, and normally run my trades a few hours to a couple of days. I normally close my trades before going to sleep to book profits. I think being a day trader helps me understand that once I close a trade, it is time to move on and look for a new opportunity.
What trading-related goals do you have?
My goal is to make a profit of 25% on my live account by the end of the year. That means at 6% (beginning of May 2012), I would need to get 19% over the next 7 months. Thats about 2.7% per month for the next 7 months.
As for being both psychologically and physically prepared, it is my goal to ensure that I am "fit" for trading. I will spend at least 30 minutes looking at charts and reading up for fundamental analysis before jumping into any trade. I need to make sure that I know what's out there and be prepared before entering the markets. If there is anything that I learned in 2009, it is that there will always be many trading opportunities!
Also, I want to make sure that both my life and trading life compliment each other. More specifically, I am talking about the physical aspect of my life. I have found that I trade much better when I am "healthy" and have enough sleep. So to help compliment my trading, I'm going to start working out, playing more sports, and fixing my sleeping habits.
On Tuesday November 17th, 2009 at 11:50PM by ronacoba - Like - 0 People
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