Currency Trading Goals
By year’s end:
$ To be making enough money that I feel comfortable taking a monthly withdrawal of 40-50% of my gains.
$ To be fully licensed as an Introducing Broker for a minimum of two brokers whom I trust.
$ To have written the most basic elements of (or better, most of) my book.
$ To have more and/or bigger winners than losers.
$ To have a minimum of 20hrs Backtesting under my belt
$ To have stayed accountable to, and honest with, my trading partners.
$ To understand what drives my decisions before, during and after my trades.
o To take the time to review my trades and trading decisions at the end of each week.
$ To see that I’ve been patient and taken only the trades that fit my system.
$ To know that I stayed consistent and open minded in my backtesting.
$ Rise early enough to meditate and connect, to review my trading plan and charts and to get my head on straight and see what is setting up before my team meeting.
$ Chart school (s)
o Take notes and compare to my plan
$ Backtest, backtest, backtest
o Make clear notes and observations in my ‘guidelines’ for each pair.
o Understand that testing is a process that requires flexibility and ingenuity.
o Make sure I have fully tested and taken notes on each new tool or timeframe I’m testing.
$ If there is a trade setup my goal is to follow these guidelines:
Does it follow my ‘rules’?
Where is my stop?
Can I afford the stop (no more than 1% of my total account)?
Where is my limit?
Is it reasonable for the pair?
Is it reasonable for my trading style?
Are there any news reports that might interfere with my trade?
If this is a longer term trade, am I willing to trade any differently to either avoid or accommodate future news?