My Goals and Objectives

My overall goal with this discretionary method is for 5 pips per day.  Eventually, I'd like to get 10+ pips per day.  Of course, I have no illusions that I'll get that 5 pip average right off the bat.

To get this, I am willing to risk 50% of my initial capital.

With the position sizing I intend to use, where the percent risked will vary from 1 to 3 percent per trade (details to follow soon), this will provide a nice income stream.


As stated earlier, though, to get there I want to first have a profitable week span on the simulator.

Week 1 was terrible.

Week 2 was much better, very close to breakeven, but still negative.  The last 3 days were the best, after I incorporated a new entry technique.

So, if the first 3 days of next week plus the last 3 days of this week are positive, I will start live trading on November 1, 2012.


Next post:  How I will track my progress in this blog.  (Spoiler: I'll be tracking avg pips per day, percent risked and error rate).