Hello everyone,
If you browse the newbie forum you will remember me as one of the many that lost his account on account of the previous mistakes a lot of us do when coming to exchange FX (along with other markets where your broker gives you access to large leverage). I spent some months in reclusion, thinking of what to do next and testing system following system (being disapointed by nearly all of these ) and trading to a demo account waiting for the time when I would feel confident enough to return with real cash.
This time seems to have returned a few weeks back. I began trading again with real cash and trying to apply some principles as to prevent astrophe from ocurring again (well, at least the exact same astrophe, if it strikes it will be a new sort of tragedy from where I will find new things I hope). So now I'm taking smaller places risking between 3-5percent per trade and I also trade less frequently and more relaxed than before... trying to not squeeze the trigger on anything that moves.
On paper trading and backtesting I usually attempted USD/JPY first so I became friends with this pair. For this reason nearly all of my transactions will be with this pair (also for cash management principles, 5 minilots in USD costs me less than the very same lots in EUR that is my very own currency) although I might go ocassionaly to EUR/USD if I see a excellent pattern that I believe increases the odds in my favour.
In keeping this diary I am hoping that the pressure of placing my transactions live online for everyone to see will make me embarrassed if I ever put the trigger too early thus preventing me from doing dumb things. If anyone has pleasure or learns something out of this, it is going to be even more positive
My aim is very positive I think, but I feel that if I have to aim, then I might as well aim for the stars. I would like to exchange for a living (quiting my real job) in the next 15 to 20 years. To be able to achieve this I left some math and realized this implies that in this time I have to collect around 250K EUR (get out of debt and have sufficient funds to go trough bad months).
This translates to an yearly return rate between 17% and 25 percent with additional funding of 1k EUR annually - keep in mind I'm very badly funded in the present time so it's going to be very debilitating but hopefully it will work out.