[Cory2679]

Based on some advice from Dinerotrader, in jonbig04 fashion, I've decided to start my own log thread!

If anyone is curious about what type of approach I'm trading, just check out my history of posts over at the Reading Charts in Real Time thread.

I'll begin with my post from the Trader P/L 2010 thread that lead to me starting this log...

Originally Posted by Cory2679 »

Well, I'm back from my little hiatus from this thread.

Since I began trading live the beginning of this year, I've done well week to week. However, my results have been scattered...I'll trade with small leverage, then huge leverage, then medium leverage, then demo, then stop for a while, then live again, etc.

Because of this, I feel like I've basically been just spinning my tires and getting nowhere. Therefore, I figured I needed to come up with a game-plan and stick to it!

So, here it is:

I'm beginning this Monday with a $5,000 FXCM Micro UK demo account that I just opened ($5,000 is the default and I can't change it...I asked). I'll be risking 5% of my account on the initial risk of each trade. I'll calculate the dollar amount for the risk based on the beginning balance of the account each week.

I know 5% is relatively high position sizing, but the way I'm looking at it is that if I'm having large enough drawdowns to where risking 5% per trade becomes an issue, I'm not trading well enough and need to work on that.

My plan is to trade this account until I have three weeks in a row net profitable. After that, I'll move back to my FXCM Micro UK live account, with $500 (the "recommended" minimum account size). I'll trade that account until I have three weeks in a row net profitable (ideally the first three weeks, of course!). Then finally, after that, I'll make a deposit to my live account to bring it to $5,000 (the maximum account size...it won't allow you to deposit funds past this point), and go from there!

I plan to post my weekly results on this thread each Friday.

I hope to be able to average 25% per week with the size I'm trading. I'm more conservatively hoping to average at least 12.5% per week. I won't even count the week as "profitable" if I have not made at least 6.25%.

Also, I'm going to try my best to post all of my trades on the real-time charts thread, as close to real-time as possible/reasonable/convenient. I figure it's a good way to keep track of my trades, get feedback on my trading, and to help anyone who could benefit from my posts.

Have a good weekend!!

[Cory2679]

I plan to use this thread to post all of my trades from each day, after the day is over, and also my weekly P/L.

The log is also open to anything else I feel like sharing...I'll basically use it as a journal.

I will continue to post real-time charts over at the Reading Charts in Real Time thread, but only when it's convenient and doesn't hinder my trading in any way. I will also continue to post my weekly P/L over at the Trader P/L 2010 thread.

[brownsfan019]

Good luck Cory and keep it going!

[daedalus]

Can't wait to see this develop!

[Cory2679]

I should probably mention...I'm primarily trading off of 15 minute charts on the EUR/JPY, EUR/USD, GBP/USD, & USD/JPY.

I will, however, use other timeframes to view the market from different perspectives and degrees of swing, to see major support/resistance, etc.

[MidKnight]

GL on the journey Cory. You mentioned this was going to be posting a game plan, but it looks more like a goal. Is this log intended strictly as your personal pnl thread in striving for the goal listed or is this more like a journal with details about trades, what one did right, what one did wrong, how can they do better etc....

With kind regards,
MK

[Cory2679]

Originally Posted by MidKnight »

GL on the journey Cory. You mentioned this was going to be posting a game plan, but it looks more like a goal. Is this log intended strictly as your personal pnl thread in striving for the goal listed or is this more like a journal with details about trades, what one did right, what one did wrong, how can they do better etc....

With kind regards,
MK

Thanks, MK. Yeah, when I said game plan, it's more to do with goals/milestones/consistent position sizing/etc...not so much to do with my way of trading...I'll just be doing the same old things I've been doing.

It will probably be more like a journal...definitely not strictly pnl.

[thalestrader]

Have you considered that with a 5K balance, you could halve your risk, and still reach your goal. A 2.5% risk (still heavy, but still .5% below cowboy levels) with a 10R weekly target is 25%. Now there are many who would balk at the "audacity" of a 10R/week goal. But it is achievable. Also, be sure that should you suffer a string of losses, you reduce you size as your balance decreases. Your risk needs to be based on x% of closed equity, not x% of starting equity.

I wish you my best,

Thales