laksh wrote:Greetings All.
Thought I would post my progress with my trading project to keep me disciplined with the plan.
I am using MightOne's money/risk management concepts.
Ultimate goal is to reach 1M from 5K (£3.2K).
1 Year targets: 16 way points (Bronze Medal); Adding two zeros (Silver Medal); Reaching 1M (Gold Medal).
L
There are a lot of people who would love to tell you what is and is not possible, don't listen to them.
A few things that will increase your speed:
1) iDouble: Always attempt to double your size shortly after a $min entry (a stop loss that is higher than the
extreme helps with this).
2) Orphaned Trades: If your stop is at the monthly+ extreme or breakout then revert to $minimum size instead of liquidating
your position. If the monthly candle happens to go 576.4 pips then you will move forward one waypoint.
Do not do this if you have failed to double your size or if this is one of your actively traded pairs.
3) Multiple Targets: If price blows through +72 P$PS then lock in the waypoint & see if you
can get to 113.6 or 159.3 P$PS (switch colors or reach the next waypoint).
4) Whatever you were planning on doing get it done today; lean heavily towards shorter term trades.
(continue to use the same size/space after the next day opens).
This is not what I have done in the past but then again I am no longer targeting 58.49% waypoints.
Every little thing that you do to potentially increase your speed will help you get those extra waypoints that you are targeting.