Welcome back to the part 2 of this article before I explain the standard account let me quickly say this.
I used to quickly write in a note book how many pips or dollar I wished to make daily and quickly go on to trade, and discovered I was always missing it all. Instead of making the 50 pips I was always going for per trade and wondering what was wrong with me each time I recorded a loss of over 50 to 300 pips in one day all because I never understood what it meant to have a decent trading plan.
Before you ever drop a dime to trade, please consider answering the following questions: what kind of trader achieves profitability consistently? What skills are required to consistently make say 200 pips monthly? What do I want to achieve in the long run as a trader? What are my current skills level and what new skills level do I hope to attain? How disciplined am I in following whatever plans I develop?. Now let start from where I stop in part 1, I hope you still have part 1 with you.
Trade a standard account now with the same result I gave in part 1, in the 5th month and guess what you would have; 350 by $10 = $3500 + $3785 totaling $7285. in the 6th month, if all things are equal, the same trading with the same lot size will add another $3500 to your account bringing it to a total of $10785.
Discipline yourself enough to stick to this plan in terms of the goals component of your trading plan no matter what happens. Just know when to stop to take a break if the losing streak continues and you cannot help it. Another thing is that you should not let your account continue growing without withdrawing the money. Do not tempt your broker! Always have a plan to maintain a certain amount in your account. Stick to this site and get the best of forex tips.
No comments:
Post a Comment