Forex Trading Review
Today was a poor day I made two consecutive bad decision and in trading that hurts, successful trading means making good decisions and whenever I make a bad one I dwell on it, two bad ones can push me over the edge.
At times like these I stop trading and do a thorough review of where I am at, see how the trading is going and analyse the mistakes to try to make sure I don’t make them again.
It is exactly half way through February so a review now makes sense. If you don’t already use MYFXBook I strongly advise that you join, it is free and gives you all of the data you need to analyse how your trading is going.
To put this review into context the account I look at is one I use to show off my trading system, I set a target of trading $50 into $50,000 using my signals hoping to make some money and get a great advertising tool. The project is split into 3 stages: each stage requires me to multiply the account by 10. The first stage $50 into $500 completed in December 2017 and took 4 months. Stage 2: $500 into $5,000 started in January and is ongoing.
How is the Forex Profit Going?
Key Forex Metrics
Can we really make $50K this year?
To get to $50,000 this year we have got to make 41% per month, that would hit $50,000 in December, of course it is unrealistic to hit 41% every month but we are aiming for that as an average, some months will be far worse but we hope we will have a few really good months and to be honest if it takes 18 months rather than 12 it will still serve our purpose and the purpose is to show what a fantastic system we have designed unique to us using mathematics that nobody else has considered applying to Forex (I was a maths lecturer for 20+ years) and economics that the industry considers a bit beyond the realm (that’s the work of Tony Plummer).
A couple of errors today but good money management and trade selection means we are on target for the year and it was a case of lost opportunity rather than lost money. I have made a note that I will not repeat these errors, I am very good at that I learn quickly and never make the same mistake again.
The 30 traders who are following me on this journey will also have made very good money and should end up the year $50,000 better off than they started it. That will make it a great 2018 if you fancy joining them click the link to read about the signal service and take a free signal as a trial. The last free signal made more than 1,000 pips!
RetiredearlyFX is a trading name of the investment company Bagehotsway.
We are not a regulated company but we only sell regulated products.
We are not authorised to give investment advice.
We believe all figures quoted to be accurate but past performance in no way guarantees future performance
Trading FX is high risk and not suitable for everyone.