First Week Forex Report: Fail

I prepared a 100-day (trading days) goal last week and here’s the brief report.

I started a new trading account with Instaforex and deposited $10 into it. I only have time to trade during night time, after I finish my work, which is fine.

The first 2 days went smoothly and I managed to achieve the daily 20-pips target that I’ve set. The problem start to occur when my greedy mind starts to takeover and I decided to open new position with bigger entry lot even when the market haven’t show any sign of reversal. That causes me to lose half of my equity.

On Thursday, the market direction moves in my favor but I didn’t respond quick enough to take the profit, hoping that it will continue to go up, only to see it dive and hit my Stop Loss (SL). Sucks!

I’m going to deposit another $10 tomorrow and stick strictly to the 20 pips per day goal. For those of you who want to join me or learn how to trade forex, I would suggest you to use InstaForex.

You don’t have to pay anything to use their demo account.

 

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100 Day Mission

I decided to post my own trading plan after seeing a lot of fellow forex traders posted their daily target and ultimate goal in a certain timeframe.

I am still a newbie when it comes to forex trading and I still have a hard time to control myself from opening a position whenever I have the chance to do so. So I guess my new job is  a blessing because it allow me to stay away from the chart during working hours.

100 trading day = approx 20 weeks

My strategy is to enter during US session during working days and target only 20 pips per trading day. I’ll set my SL 50 pips which is equal to

I will update this post and update my progress from time to time.

I’ve also prepared the excel file if you want to customize your trading plan and target profit. Here’s the link to download it.

If you are clueless on which forex broker to use, I suggest you sign up for an account with Instaforex, you can use my referral link to open an account with them – http://instaforex.com/?x=cheekui (affiliate id: cheekui). If you’re a total beginner, then I would suggest you to just play around with their demo account first, it’s free.

Please post here if you have any questions, I’ll try to help if I can 🙂