Adding a zero to my account

[Dillinger]

I have messed around too long trading forex and have decided it is time
to get serious. I'm planning on taking a small account and adding a zero to
it in the next year using ideas that MO teaches.

Main idea being- Large account increases on low/no risk is how you get
the job done.


Most weeks I can make a few percent scalping if I am willing to sit long
hours at the screen but I don't enjoy doing this and eventually I get
bored/undisciplined and give it back. I will grind it out to get my hands on
house money and whatever I'm up at the end of the week I will begin
pushing with it the following week.


All profits from scalping will be put to work at a weekly or 3 day extreme and from there the only goal is to max out my lot size and try to catch 100-200 pips for a 30-50% account increase. If I lose my scalping profits I am fine with that because I shouldn't have to hit big too often to meet my goals.

As with most plans things change and I may end up doing things different then originally planned but I WILL make this happen and it should be a fun ride

Big thanks to MO for all his time, effort, and knowledge he has put forth here trying to help others succeed!

[pp2]

Nice one. I getting sick of scalping too, I don't have time for it and rather do something else with my time hence longer term charts. Good luck with your new plan!

[MightyOne]

Trading is simply buying & moving a stop (we say "position") on a large chart; if you can understand that then you are well on your way to getting the job done.

You should always know what your stop looks like on a chart of 56+ hours (1/3 of a week).

It is also a good idea to watch a 4 or 6 hour chart. Some people complain of conflicting signals but I tell you that there is only one chart and that is your largest chart.

Your priorities are something like this:
1) large chart extreme (to hold the extreme of a chart is to hold its potential)
2) small chart signal (timing isn't everything, but it is definitely something!)
3) large chart signal (a sign to hold your position)

You don't have to completely give up small trades with 10/15 pip stops, just keep their frequency to around 1 trade per period of your largest chart.

My smallest chart is 150 seconds but 2 minutes is also fine...
[s]it also doesn't hurt to glance at a 12 second chart before you place your trade.[/s]

[Dillinger]

well started this jig off with a real bang... managed to end up down 3%

scalping. Next week I'll allocate 2% of my weekly 5% risk to position

trading so I can get something going at least

[Dillinger]

starting this position with 165 pips of space and 2% risk. I don't use the fib

tool so I just calculate it by hand. I draw lines where I think price may

range then calculate how many lots I can afford at that level.

[Dillinger]

If it tanks tonight with the rate statement I wont accumulate between those lines.

Just hold on to it and move my position down. Try to catch a monthly range down adding all the way

[Dillinger]

Corn making a new 4 year low this morning. May have to try to build a low risk max leverage position. I don't know anything about corn but it would be pretty sweet to have a position from a four year extreme $$$