October 28 Forecast Comments

You have probably noticed that I have started to post my preferred picks every night. After looking at the accounts that I use to demonstrate trading the Forecasts I felt that perhaps you, the subscriber could benefit from getting inside my head.

I took a $10,000 account in September to $13,000, and a $10,000 in October (with a few days left) to over $15,000.

Click here to see my accounts:

October Results:

September Results:

Here is my dilemma with making recommendations:

1) I feel a huge responsibility in steering you the right way and this adds a huge amount of pressure to my trading.

2) Everyone has a different level of risk tolerance, and I fear you might take my advice without doing your homework. (Checking out the Forecasts and your Daily Chart set-up I provided.)

3) I have set up the Forecasts and blog to be a quasi mentoring system to allow you to develop a winning strategy and fear my influence might prevent this growth.

So this is what I would suggest. Use a separate account to track my picks, while developing your own strategies and not allow my picks to influence those strategies.

Some are fortunate to have confidence in their system. I work 7 days a week to ensure that my system works for me. And I think if you could look over my shoulder every night you can really benefit.

I am a real believer in setting monthly trading goals. I used to have a monthly plan that I called "$15k in 30 days". It was based on a $10,000 trading account and making $500 a day for 30 days. That would require making at least 50 pips say per day on a gbp/usd trade for instance. (100,000 lots pays $10 pip). And it worked for me. But, I was on the screen around the clock and it was killing me and making me take stupid risks.

But what if I said, you could catch 900 pips next month? Got your attention? Well, if you followed the picks I have been posting, I am going for trades every night with a pip profit of 30. The last I looked, 30 x 30 was 900. A few nights I am going for a couple of trades. I am also trying to drive deeper into profit and prepared to hold on to a trade if it has not hit my mental stop. Of course I have losses, but with proper money management you will always be able to stay in the game. Coupled with the Forecasts, we limit our losses and bail from dead trades.

So feel free to go along with my monthly plan of trying to make 900 pips in 30 days. If you look at my October results all I did was chip away everyday, took my 30 when I could and bailed when I had to, and dove deeper into profit when I could. But I insist that you develop your own goals and strategies. Decide what you want every month and break it down to manageable daily bites that you track religiously.

 

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Comments

  • 10/29/2007 4:58 AM Darren wrote:
    Cracking post Mark. I for one have been waiting for this information.

    To have an insight into your picks and more importantly - why is absolutely invaluable information to us. (well at least it is to me ).

    I have a spreadsheet which monitors your trades. From 24-26 5 trades for plus at least 112 pips assuming an entry point at 0:00 GMT.

    Top class Mark - please keep up the good work and please keep advising the picks. I for one, truly appreciate them.
    Reply to this
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