Hello Forex Nation!!
Here is a simple tip. Trade in at least 2 forex accounts. I have a compounding account where I have a dialy pip goal of only 15. I also have what I call my true currency trading account. Here are the differences.
Compounding Account
15 pip daily goal
Intraday trading only
5% maximum risk
When daily pip goal is reached I close all trades and trade station
I rarely withdraw from this account and only for investments into other wealth buidling vehicles (eg real estate)
Trading Account
PIP goals established by reward -risk ratio (minimum 2:1)
Focus on swing and position trades
2% - 5% maximum risk
Use exit strategies predifined in my trading plan
Withdrawals allowed (I use this as an incentive)
My true joy is the compounding account. For those of you who want to witness the true power of trading forex then this is what a compounding account can do for you!!
January 1st - Open a Super-Mini Account with $300.00. Average 15 pip daily goal throughout the year (5% risk). December 31- Account balance ~ $168,000.00
This same scenario with a Mini Account with a starting balance of $3,000.00 would yield a year end balance of ~ $1,680,000.00!! Lots of zeros people! Just want to save for retirement? Average 15 pips PER WEEK and you will have the same amount in 5 years.
How's your 401(k) looking now!
Happy Trading!!
Vistit me at my Forex Lens to jump start your forex education and training!!
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