Zen Trading - $30 to $50,000 by 1 August 2010
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Thread: Zen Trading - $30 to $50,000 by 1 August 2010

  1. #1

    Zen Trading - $30 to $50,000 by 1 August 2010

    Hey guys,

    Have been around reading the forums for quite some time. I've really learnt much from cliqforex (possibly too much), and now I think I have to try my best to give back to the community.

    I'm not saying that by following my trades now, you will have the ability to generate income. I'm still not a profitable trader, and maybe that is why I'm starting a journal . From what I have read all these while, one of the main reasons for traders to achieve success is that they keep a detailed trading log. This is what I want to attain here - posting each and every transaction, be it within or against my system, winning or losing. In this way, I will have the ability to restrain myself from moving trigger-happy understanding that I have the community (and myself) into account to. I have to admit that I'm a scalper and that I have a tendency to enter trades based on every single little resistance/support I see. I know that it isn't healthy at all, and it may be the primary reason why I'm not making money yet.

    I hope that this diary will probably be an inspiration for many; considering someone who starts with a mere $30 on FXCM micro, and growing his account for $50,000. I am not claiming that I will not be making any residue. In fact, if I'm doing well and have extra money, I will always be depositing more funds to cultivate my account. Is this achievable? I don't know as of now, but it doesn't hurt trying, does it?

    Another reason to Begin this diary is I Was inspired by Napoleon Hill's Think and Grow Rich. For some of you who may not be familiar with his work, this is the exact portion of the book that inspired me to begin this diary. It's none other than the 6 definite, practical steps for wealth and success.

    First. Fix in your mind the precise amount of money that you
    desire. It's not sufficient only to say”I want plenty of money.”
    Be definite as to the amount. (there's a plogical reason behind
    definiteness which will be described in a subsequent chapter).

    Second. Determine exactly what you plan to give in
    yield for the price that you desire. (There is no such reality as
    ”something for nothing.)

    Third. Establish a definite date when you would like to possess
    the money that you desire.

    Fourth. Create a definite plan for carrying out your desire,
    and begin at once, whether you are prepared or not, to put this egy
    into action.

    Fifth. Write out a clear, concise statement of the amount of
    money you intend to acquire, name the time limit for its
    acquisition, state what you intend to give in return for the
    money, and describe clearly the egy through which you intend
    to collect it.

    Sixth. Read your written statement aloud, twice daily, once
    before retiring at night, and once after arising at the
    morning. AS YOU READ--SEE AND FEEL AND BELIEVE
    YOURSELF ALREADY IN POSSESSION OF THE MONEY.

    I'm a huge fan of Napoleon Hill and self-improvement. Therefore, if I'm unable to contribute concerning trading for now, I will be posting snippets of quotes or passages that I find useful in my trading to share with the community.

  2. #2
    Well, I must admit that my trading plan might still be subjected to changes, but while the topic represents, Zen Trading means I will keep the plan as simple as possible.

    Currency: EurJpy. Just one pair.

    Charts

    I will be viewing the 1 hour, 15mins, 5mins and a tick chart. The greater time frame charts will be candlesticks, whereas the tick chart is going to be a line chart.
    Pivot lines will also be included as part of my trading egy.

    Well, I believe that my main focus will be on candlestick signals, chart patterns, trendlines, support/resistances etc.. Possible places I might delve into includes Fibonacci and MACD. I will certainly read up more on other price action patterns like those of Tom Demark and Joe Ross however I am a little reluctant to mess my charts with lines.

    Money management
    As of today, for every $20 I will be trading $0.10/pip. This will carry on until I see a need to alter the lot size.
    Consequently, the initial step today will be to trade $0.10/pip until I hit $40 equilibrium.

  3. #3
    I have to admit that I'm still at a learning stage of Currency Market trading. Therefore, for all those people out that who are more experienced, please don't hesitate to point out my mistakes. I feel that that is the simplest way for you to assist me.

    At precisely the same time, straightforward words of encouragement will surely be appreciated. I suppose trading is rather a lonely job and interacting with you guys on the forum will surely be sometime I look forward to in my journey.

    Another goal of mine will be to get to the 10v standing. I feel that it is a status that shows that my trades are assisting the future newbies, I am making a donation to the community. This may not be something which I may reach in the future. I will not use only this as an indior of my participation, but I think that it is a good gauge, nonetheless.

  4. #4

  5. #5
    Coming Monday I will start posting my trades!

    One thing I've read somewhere and something I definitely agree with is that trading isn't all about the money. Even though it's absolutely a terrific source of motivation, I feel it's the passion and interest in wanting to know how the market moves which makes this so interesting. I've friends who looks at my charts and wonder what is so interesting about them. At precisely the same time, I've got friends who insist that trading = gambling and that it is impossible to generate a decent and consistent income from it. I guess I don't have anything to prove, but I feel that being a fantastic trading will help me build discipline to be a better person in life too. No purpose gaining the entire world and losing your soul!

  6. #6
    Fantastic luck on your trip.... I will drop by from time to time to see how you're doing

  7. #7
    Very good luck on this esoteric journey!

    I hope u do not have a nervous breakdown prior to reaching your goal...

  8. #8
    So you want 1666% yield on your investment in less than a year? Thats what some of the best funds in the world-history did in a decade .

    I'm a big fan of N. Hill myself, but you need to find some realistic objectives.

  9. #9
    Quote Originally Posted by ;
    Good luck on your trip.... I will drop by from time to time to realize how you're performing
    Thank you! Really enjoy it!

  10. #10
    Quote Originally Posted by ;
    So you need 1666% return on your investment in less than a year? .

    I am a big fan of N. Hill myself, but you need to get some realistic objectives.
    Hey,

    I did mention that I'm depositing more money once I see good results. I have buddies with big money that are seeking people to trade for them. When I do well, I will be incorporating the profits out of my own trading into my fund. It is still too early to tell though! However, I believe that it is possible! Thank you for your feedback!

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