1 - Never trade with money you cannot lose.
2 - Always stick to your plan.
3 - The 1% rule is 1% of your total funds / 4 = how much you should risk per trade. For example: if you have 20000$, 1% = 200/4 =50$ risk
4 - There are around 20 trading days in a month since trading is closed on weekends. You want to enjoy freedom.
5 - After you reach your monthly or daily goal, stop.
6 - During the first year you increase your equity; during the second year you will earn profit and increase your equity.
7 - Have patience; making money consistently takes time and research.
8 - Never ever lose a trade that is in the green. When trades go sideways, take your profit.
9 - Keep practicing to keep your winrate above 30%, fail to do so and you will lose money!!
10-Get the right tools for your job. If you have to spend 40$ or 100$ to get your winrate to 60%, it's worth it.
Winrate/Profit with R/R 2.5
10 trades 100$ loss 250$ win
20% good 80% wrong (2*250)-(8*100) = -300
30% 70% = (3*250)-(7*100) = 50$ profit
40% 60% = 4*250 - 6*100 = 400 profit
50 50 = 5*250 - 5*100 = 750 profit
60 40 = 6*250 - 4*100 = 1100 profit
70 30 = 1750 - 300 = 1450
80 20 = 2000 - 200 = 1800
90 10 = 2250 - 100 = 2150
100 winrate = 2500 profits.
If you like this plan then thank you hope it will help u understand abit about the risk and goals u need to set to take this sage.
I means if u do so according to this plan u can make 2k profits before TAX in the bank the 2nd year u start with 20k giving u a nice 1500 buck profit a month (depending where u live) working from ur home.
You can start @15k , i suggest 20k , if u have spare money u can do 50k and start earning 2k in de bank in year 1.
It`s possible tostart with 10k and 1k but that will means that ur will decrease compared to the tabel.
I made this plan for 20k and 50k and is doing what its supposed to do , making money and Equity wil grow.
1st year Equity growth.
2nd year start earning 2k amonth before tax.
3rd 4k bfore tax a month
4th 8k a month
5th 10k a month
6th 10k a month
7th 10k a month
8th 10k a month
9th 10k a month
10th year Equity @ 300 mil
One of my btc trades hit 200% gain. after that im quiting forex for 4 months atleast . thats the plan i setup. my months goal is reached by 10 fold and iam just gonna watch and enjoy the show now.