Since we have entered in a new Contest Month I've decided to set new goals for the current month as last time I've managed to destroy my account from the first day. I found out that when I'm trading with the demo account I tend to take unnecessary risk and I enter some trades that I should have never look at them. From now on I want to exercise strong discipline and only take strong setups with a risk to reward ratio at least 1:2. I'm sure that I can find at least 10 trading opportunities for the current month.
I'll be looking for setups that can give me at least 100 pips/ position. If I'll manage to achieve my goals by the end of the month I should have a net profit of 1000 pips,and if we take in consideration that I'll be trading full size position ($5Mill/position) this should translate into $500k profits and my equity balance should be $600k. This is just a rigid example as I know that your pip value will be different than $500/pip movement on non USD pairs.
Bear in mind that my management risk strategy is very aggressively and can lead to higher drawdown but if I manage to time the market "to the pip" any huge DD can be eliminated. This is just a demo competition so in order to win a prize, most often you should play it differently than you real money account. I really enjoy all the excitment from the competition and the fun.
Wish everyone good luck!
Best Regards,
Daytrader21.
I'll be looking for setups that can give me at least 100 pips/ position. If I'll manage to achieve my goals by the end of the month I should have a net profit of 1000 pips,and if we take in consideration that I'll be trading full size position ($5Mill/position) this should translate into $500k profits and my equity balance should be $600k. This is just a rigid example as I know that your pip value will be different than $500/pip movement on non USD pairs.
Bear in mind that my management risk strategy is very aggressively and can lead to higher drawdown but if I manage to time the market "to the pip" any huge DD can be eliminated. This is just a demo competition so in order to win a prize, most often you should play it differently than you real money account. I really enjoy all the excitment from the competition and the fun.
Wish everyone good luck!
Best Regards,
Daytrader21.