New year resolutions.

[yasirdxb]

well guys,2005 is here.
tell us about your new year resolutions
here is mine
i should be able to make an average 500 pips/month consistently by the end of 2005.
too lil isnt it

[elmagd2000]

I don't know exactly your experience level in trading and forex market particulaly but, If you are a newbie and look for 500 pip monthly, your account will be ending up wiped out..!

My 2cents advice is to start with simple achievable traget say 20-50 pip per week/lot (80 - 200 pip per month/lot ). By the way, this is may be not achievable for many people.
Afterwards, you can step to higher tragets.

Example of a trading plan:

Assuming you have 10k, use 10-20% of equity to trade and put a simple target to double usable equity. Meaning, target 100-200 pip to add $1000 - $2000 to equity at first month.

Simple calculations:

- 10k adding 10% monthly ends to $31,400 in 12 months (314%)
- 10k adding 20% monthly ends to $89,000 in 12 months (890%)

Hoping to be of use.
Hani

[yasirdxb]

hii hani,
your calculations seems fantastic.
my current rules goes like this
no more than 10% equity in one trade.
no more than 20% equity in risk at any given time.
what do you think abt this set up. i think i have to learn a lot abt money management.
regards
yasir

[jtb790]

Win more. Lose less.

[elmagd2000]

Originally posted by yasirdxb
hii hani,
your calculations seems fantastic.
my current rules goes like this
no more than 10% equity in one trade.
no more than 20% equity in risk at any given time.
what do you think abt this set up. i think i have to learn a lot abt money management.
regards
yasir

The concept of money management is not to wave your account in a month or two meaning, not to put all eggs in one basket plus get the most out of market using your funds.
Based on that 2-4% of equity in one trade would be reasonable as most expert traders do.
System analysis like win/loss ratio, win probability and max drawdown ....etc. would bring more insight into Money Management plans
Good luck Yasser,
Hani

[MasterE]

My target for the new year is 50 pips a day.
Achievable? Yes. Likely? No.
but the higher u aim, the closer u'll get to it hehehe
ok scrap the 50 then. 100 pips a day target
maybe then i'll get 50.

(pls don't take this post too seriously)

[elmagd2000]

Good luck !!

[eternalfuture]

Simply to learn more about the market, from chart point of view and from economic analysis perspective.

Also, to be more objective and reasonable, optimistic yet realistic. Not stubbornly defending silly ideas. Be a realist, not dreamer.

Cheers!