This has been a secret kept by many successful traders all over the world. It is a trading plan that runs through 50 weeks of a year. I wont like to bother you with questions like what is forex? Why trading forex? And all sorts of irrelevant. I believe am talking to no newbies. For you to achieve this ($1M) in a year, you have to be a retail or professional trader. You don’t need any sophisticated software or forex robot. All you need is a good indicator set-up on your platform. A good indicators like, ATR, DAILY PIVOT RANGE, FIBONNACCI RETRACEMENT LINES AND BOLLINGER BAND. These can be set up on any currency pairs of your choice. Am not here to teach you how to set up a platform or how those indicators work but how to achieve success in forex trading and make $1M in a year.
Am in the kitchen right now, sipping yellow label tea with
honey. What about you? What are you drinking? Have you set-up your platform?
After setting up your platform with the combinations of those above mentioned
indicators, am very sure that you will know the trend and direction of the markets
either on a long term or short term basis but not volatility. That is why I
said is not for dummies or newbies!
You can use those indicators to trade any currency, all what
you need is to know the daily direction and trend of the market. I called it
riding with the elephant. You need to know your bus-stop before ride reach its
destination! After knowing the trends of the market, I advise you trade a
volatile currency pairs like EUR/AUD and GBP/JPY. Please don’t trade news
(fundamental analysis). Avoid trading during any news release, so, often check
economy calendar for the day before you started trading. When you might have
known the direction of the market, then apply your risk management skills.
Determine your lots, set your take profit and stop loss according to your
portfolio.
All you need is 20pips profit per day and don’t go more than
that. I know any serious trader will not have problem getting that daily. You
will have to change the lots using weekly but the number of pips (20pips)
remains the same throughout the 50 weeks. Don’t be greedy about it. Less I
forget, when you want to choose the lots to be traded always consider your
balance and make sure that you use lots that if market move against you in
300pips range, you are still in control. Just trying to play safe! Before I
conclude let me back it up with a realistic example to simplify and justify all
above explanations.
Let say, you deposit $200 with your broker, the lots to use
should be 0.5lots, and your take profits target should be 20pips, while stop
loss target should be 60pips depends on your trading skills. From these
parameters, you can tabulate your trading plan for the year or 50weeks.
Remember, after every week always divides your balance by 4 to choose the lots
to use for the week. Example if at the end of the week your balance is $1,000,
then choose 2.5lots for the week provided that you opened a standard account
with your broker.
This is a long-term plan of hard work that really worth it, if
you are patience and want to become a millionaire. Do I hear you saying
withdraw? It’s an accumulation method of trading, so choose a trusted broker
that has a large portfolio, reliable, being in business for a long time,
licenced and seriously regulated. If there is anything that I can help you for
or further clarification, don’t hesitate to contact me by leaving a comment below for other people's benefit.