I have an idea. I am pretty much getting bored of trading <-> blogging routine, though I really love these two activities. So, I decide to start a trading challenge , for myself. Basically, I am pulling in a small A$15,000 (around US$13,777, well who loves USD nowadays? :p ) and start managing it. The money will be used in trading Forex, Australian stocks and indices(until my futures account get set up, I will use CFD for the time being). By the way, I am talking about real money, live account.
The target is to achieve a couple of milestones. First milestone is to double the account , monetary target is A$30,000. Second milestone is to achieve A$60,000, and the third one is A$100,000. I think this is enough at the moment. It is pointless to set a 1 million dollar target before I can even achieve $100 k milestone. 🙂 . No fixed time line, no adding pressure. Just to measure my own performance at end of each month with a defined goal to work on.
So, maximum risk amount is hard cold 2% per trade, with weekly stop point is 10% loss. More details of how I am going to utilize this fund is coming later.
This is not to create another hoo-ha in the blogsphere. I am not showing you ‘how-to’ make million in trading. Instead, just to test my own skills in trading and fund management.
Fund allocation and my portfolio will be updated at Track Records page. Let’s get the game started.
Update: Oops, It seems like Timothy Sykes is doing something bigger. He is going to show people how to turn $12,415 to $1.65 million. uhm… interesting.. I am the copy cat here 😆