thanks paz, its insightful for you to outline what you normally do for record keeping, thanks for sharing and i will adopt a similar approach to yours and maybe start a blog which could provide the running commentary of my journey as well as help on feedback.
from the sounds of it, you seem very experienced already in trading the fx?
No, no forex, just index futures. It kind of goes back to what I've been banging on about really, that everything is very individual. I just find I can trade them better.
One thing I'd emphasise really strongly if you're going to trade your own account. If you're a broker, I'd imagine you'll see a lot of people over-trading and getting absolutely killed because of it. You've got some major disadvantages as a retail punter, but also one major advantage: you choose when you trade. I'm just saying this because it was my own experience, but a big break through for me was learning the patience to only trade when I thought the odds were heavily in my favour.
To illustrate what I mean, I day trade futures. 5 or 6 trades is a fairly busy week for me.
The thing is, if you can manage it, you can really reduce your variance, which I think is important to a lot of people. Would you rather have 100% per annum from slow, steady profits with little drawdown, or 150% with wild swings and 50% drawdown (obviously again it depends, if you live via your day job it's not as important).
Equally though, say you can net just 2R per week. Risking say 2% or 3% that's a hell of a return at the end of the year. And all you've got to do is find 2 or 3 good trades per week on average.
Just my 2p anyway. Good luck with everything, I hope it all goes well for you.
