The purpose of creating this website is not only to track my trading record and engage with other JPY traders, but is mainly for me to have a written structure to follow. In my struggle to learn forex I have wiped out a couple of accounts so far with a few forex brokers, and have finally decided that ‘enough is enough’. I must become a successful (i.e. consistently profitable) currency trader by quitting a few bad habits associated with my temperament.
I will be (mostly) swing trading the Yen crosses – EUR/JPY, NZD/JPY, CAD/JPY, etc. Originally, I set out to trade in the yen crosses. However, with time and changes in market dynamics I grew fond of the idea of trading whichever currency pair I see some potential in. Each new trade I place will be posted as an entry on the home page of this forex blog.
Goal:
To make (and keep!) a minimum of 2,400 pips in 1 year (i.e. a minimum of 200 pips per month). The size of my account is not a factor in how motivated and disciplined I am. My view of trading is summarized in 2 words: making pips. The by-product of making pips is cash, but while I am trading I am not thinking about cash. I am not trading for money or thrill.
Behavioral rules:
(1) If I have no sensible trading ideas, I am not going to get into a trade. As simple as that. Overtrading is not my thing.
(2) If I happen to lose 3 consecutive trades, I will not place another trade on the same day.
(3) Adding to open positions is allowed only on the condition that the risk of the trade is kept the same, e.g. by moving the stop loss point to break-even or profit levels.
(4) Changing the stop level further away from the entry point for a particular trade is allowed only if the stop is up to 206 pips away, and if this doesn’t increase the risk beyond the one stipulated below.
Risk management rules:
(1) The stops for my positions are up to 206 pips away from the entry point.
(2) I will start with risking approx. 15% of my total account balance on a trade, and will gradually reduce this to 4%.
