₦airaland Forum

mycoolchoice:
A new sell trade is added as seen in the screenshot. This makes it a total of 2 cents per pip value. Also if you check well you will see that the account has gained $1 currently and that is 5% gain on the $20 opening balance.

However, to maintain and sustain the trading plan then when $2 is gained then I will withdraw and save to encourage myself.

You can use this approach on any account balance either small or big size. One of the reasons most traders fail is that they don't have a trading plan before trading or going against their trading plan because of greed.

mycoolchoice:
I welcome everyone and I hope you're all doing great. I want to introduce my simple ways to escape forex trading traps and ability to scale out of the rat race in this current hard time faced by Nigerians as we all know how risky this trading business could turn out to be without a solid plan.

WARNING!

1. No perfect forex trading strategy anywhere; if you think so then you would waste more of your time doing so, IT'S YOUR CHOICE!

However, you could say if Mr. A can do it then Mr. B can do better, there is no argument to that but in forex trading Mr. A could be hiding something that Mr. B is not seeing or getting; so focus on yourself to discover yourself as you only can define your joy.

2. Psychology is the best approach then followed by money/risk management plan and lastly trading strategy ( which is mostly sort after as number one by forex traders in the cycle of 95% losers ).

PSYCHOLOGY is your willpower to ensure true trading success...

MONEY/RISK MANAGEMENT is a reminder to value and protect what you have before thinking of what to gain; so a strong key to stay in your plan...

STRATEGY is only a key to enter a house built by Psychology and Money/Risk management...

I have studied forex for over 10 years and this is what I've discovered for a true trading success below ~ discipline! disCIPLINE!! DISCIPLINE!!!

PLAN A

1. Getting a broker that can appreciate your 1 cent gain; remembering that on average ;

1 cent = #7.

$1 = 100 cents = #700.

2. Going by a plan to sell a dollar ($1) profit from a ten dollar ($10) account balance which is 10 percent (10%) gain target.

3. On every $10 account balance you should never use more than 1 cent per pip lot size value in a single trade. This RATIO is the main point expected to be applied on any desire trading strategy or setup by you. However, you could open a new additional trade(s) with same lot size to previous trade but not more than necessary.

4. No matter what happens accept your loss using stop loss always.

5. No rule for profit target gain which could be short or long term as long as you obey the rule 3.

6. Always increase trading account balance with extra funding to scale up account balance for better profit gain.

7. Enjoy your profit gained regularly by selling it on P2P platform as $1 is sellable always.

8. Ensure you increase the account balance at your pace and convenience to meet plan B requirement.

9. Once account balance size has grown to $100 then repeat the same logic to make the $10 target gain as done in previous balances.

10. Withdraw and save the $10 profit gained up to 5 times to net total of $50. Hence, at this stage move to plan B.

PLAN B

1. Buy Prop Firm Funding Account of $50 from myfundedfx (no time limit for the 2 steps option).

2. Trade the evaluation and verification steps using the same logic above in Plan A.

3. Once plan B is successful and profits are made then buy more prop firm trading accounts and also invest more in your own plan A account.

I will be exploring this plan this week with a double start up capital of $20 to boost the pace. I will be dropping my trading signals here.

What is your take? Please add your views.

Thanks.

Telegram: Mycoolchoice