Forexmospherian
Legendary member
- Messages
- 39,928
- Likes
- 3,306
As many of you know I am a full time FX Intraday trader -8 years now full time and a previous 6 years on a part basis.
Its now been over two years since I joined T2W and during this next two years I plan to go back into semi retirement and drop from 18 -20 trading days a month to maybe just 6 to 10 days. I am in my 60's and had initially looked at retiring in my early 50's - after selling some businesses - but just did not have enough in the pension pot and suffered in 2008/9 from a couple of bad business investments along with having two kids in private school and expensive holiday tastes etc etc. I needed to carry on earning and thankfully I found a great way of doing it.
After 25+ years in the business world I have been used to hard work - the 50 -70 hr working weeks as well as travelling and working some weekends.This last 8 years in comparison as been really a piece of cake - ie only working 25 to 40 hrs a week - and the stress is nothing really compared to owning your own businesses and being responsible to pay your employees salaries every month - whilst worrying about 80 -100k VAT bills and the bank seeing you are only 88% of your project sales budget etc etc.
I am going to update and share my own latest trading "blueprint" -I have mentioned it on various occasions in my journal - but maybe not as in as much detail as I am going to now.
This works for me and gives me regular consistent income - I am not saying it will do the same for you - it won't unless you have at least 3+ years of FX experience behind you - but at least you can see the amount of detail I go into in terms of planning and time & efficiency management
OK - lets start
1. My FX Pairs - Eur-Aud / Eur-Usd / Gbp-Usd / Eur-Jpy / Usd-Cad / Gbp-Aud / Gbp-Jpy. I also watch the Uchf / UJ but only for correlation purposes. I don't trade other instruments - I focus on 6 to 8 pairs and plan to trade only 2 to 4 pairs a day - all depending on the day in question - ie news releases - etc etc.
2. My Method - Intraday and very complex based on a 1 min Linear Regression Chart and using time windows and other trading "edges" not main stream.
3. My daily target - 50 pips initially based on a average 3 lots per pip. I don't stop at 50 pips - but because I scalp and also leave part stakes on - I might end up with 170 pips in a day - but still not earned my daily money target. My daily target is split into 3 part sessions - yes that detailed - some days It's easy and its achieved in under 90 mins - other days I can be trading 4 hrs and still not made 50 pips net.
4. Working Hours - From 6 00 am to normally 5 00 pm - but split into 3 main sessions of less than 2 hrs - all depending on movements and trading volumes. Actual time spent trading is normally under 3 to 4 hrs a day - even though I might be covering a 10 -12 hr window. I am my own boss - and so can be totally flexible in my trading window - and so can stop completely after 2 hrs - if I want to
5. Number of trades - Between 10 and 20 trades a day - split over 2 to 4 pairs normally. Trades can last from 2 mins to 2+ weeks and from a minimum 3 pips to 300+ pips. All entries have soft stops of between 3 and 7 pips - 5 pips average.
6. Win ratios - Based on lots of 100 intraday trades - from a low 62% to a high 87% - with a mean norm around 70 -72% - ie every 100 trades - I expect anything from 13 to 38 losses on every 100 trades - and most importantly am aware - I can have 7 bad consecutive losses in a row ( very rare ). I am also aware I do have runs of 20 to 30 consecutive winning trades every now and again. After 3 losses in a row - i stop for 30 -60 mins and the start again.
7. Trading Opportunities - I can have up to 6 trades per hr per pair - but normally only take 1 to 3 trades per hr per pair - based on key times and 2 time windows. I would be overtrading if I take over 50 intraday trades a day. Under 10 is normally not enough - over 25 means I am on a great run - or a really bad run and not made my daily target.
8 Risk to Reward ratio. Anything from 1 to 1 min to many making over 6 and even some days a 50 pip scalp on the EA or GA can be a RR of 9+.
9. Stake size - from 0.2 to 0 5% of capital based on 5/7 pip stop size. Maximum stakes nowadays - 8 lots - minimum 1 lot per pip of part stakes.
10.Fluidity and flexibility is key along with focus and concentration on entries. Nothing is 100% certain - but its all down to probabilities and you as a trader knowing your own strengths and weaknesses.
I am no gambler - I got the economics degree and trained as an accountant over 35 yrs ago- but it was my business experience that has helped them most.
Don't trust the Financial Industry - really don't trust anyone - except yourself and if you have not got the confidence in yourself to make it - stop now .
Hope that may help some FX traders on their journey
Good Trading
F
Its now been over two years since I joined T2W and during this next two years I plan to go back into semi retirement and drop from 18 -20 trading days a month to maybe just 6 to 10 days. I am in my 60's and had initially looked at retiring in my early 50's - after selling some businesses - but just did not have enough in the pension pot and suffered in 2008/9 from a couple of bad business investments along with having two kids in private school and expensive holiday tastes etc etc. I needed to carry on earning and thankfully I found a great way of doing it.
After 25+ years in the business world I have been used to hard work - the 50 -70 hr working weeks as well as travelling and working some weekends.This last 8 years in comparison as been really a piece of cake - ie only working 25 to 40 hrs a week - and the stress is nothing really compared to owning your own businesses and being responsible to pay your employees salaries every month - whilst worrying about 80 -100k VAT bills and the bank seeing you are only 88% of your project sales budget etc etc.
I am going to update and share my own latest trading "blueprint" -I have mentioned it on various occasions in my journal - but maybe not as in as much detail as I am going to now.
This works for me and gives me regular consistent income - I am not saying it will do the same for you - it won't unless you have at least 3+ years of FX experience behind you - but at least you can see the amount of detail I go into in terms of planning and time & efficiency management
OK - lets start
1. My FX Pairs - Eur-Aud / Eur-Usd / Gbp-Usd / Eur-Jpy / Usd-Cad / Gbp-Aud / Gbp-Jpy. I also watch the Uchf / UJ but only for correlation purposes. I don't trade other instruments - I focus on 6 to 8 pairs and plan to trade only 2 to 4 pairs a day - all depending on the day in question - ie news releases - etc etc.
2. My Method - Intraday and very complex based on a 1 min Linear Regression Chart and using time windows and other trading "edges" not main stream.
3. My daily target - 50 pips initially based on a average 3 lots per pip. I don't stop at 50 pips - but because I scalp and also leave part stakes on - I might end up with 170 pips in a day - but still not earned my daily money target. My daily target is split into 3 part sessions - yes that detailed - some days It's easy and its achieved in under 90 mins - other days I can be trading 4 hrs and still not made 50 pips net.
4. Working Hours - From 6 00 am to normally 5 00 pm - but split into 3 main sessions of less than 2 hrs - all depending on movements and trading volumes. Actual time spent trading is normally under 3 to 4 hrs a day - even though I might be covering a 10 -12 hr window. I am my own boss - and so can be totally flexible in my trading window - and so can stop completely after 2 hrs - if I want to
5. Number of trades - Between 10 and 20 trades a day - split over 2 to 4 pairs normally. Trades can last from 2 mins to 2+ weeks and from a minimum 3 pips to 300+ pips. All entries have soft stops of between 3 and 7 pips - 5 pips average.
6. Win ratios - Based on lots of 100 intraday trades - from a low 62% to a high 87% - with a mean norm around 70 -72% - ie every 100 trades - I expect anything from 13 to 38 losses on every 100 trades - and most importantly am aware - I can have 7 bad consecutive losses in a row ( very rare ). I am also aware I do have runs of 20 to 30 consecutive winning trades every now and again. After 3 losses in a row - i stop for 30 -60 mins and the start again.
7. Trading Opportunities - I can have up to 6 trades per hr per pair - but normally only take 1 to 3 trades per hr per pair - based on key times and 2 time windows. I would be overtrading if I take over 50 intraday trades a day. Under 10 is normally not enough - over 25 means I am on a great run - or a really bad run and not made my daily target.
8 Risk to Reward ratio. Anything from 1 to 1 min to many making over 6 and even some days a 50 pip scalp on the EA or GA can be a RR of 9+.
9. Stake size - from 0.2 to 0 5% of capital based on 5/7 pip stop size. Maximum stakes nowadays - 8 lots - minimum 1 lot per pip of part stakes.
10.Fluidity and flexibility is key along with focus and concentration on entries. Nothing is 100% certain - but its all down to probabilities and you as a trader knowing your own strengths and weaknesses.
I am no gambler - I got the economics degree and trained as an accountant over 35 yrs ago- but it was my business experience that has helped them most.
Don't trust the Financial Industry - really don't trust anyone - except yourself and if you have not got the confidence in yourself to make it - stop now .
Hope that may help some FX traders on their journey
Good Trading
F