Chapter 9 – Money Management

Here are my basic trading plan guideline:

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$25,000

|

20%


Initial Deposit

 
Monthly Return
  1. Trade up to 2 standard lots at a time.
  2. Trade only 1 standard lot per currency pair.
  3. Move stop/loss to break even once you are up 15 pips of profit.
  4. Take profit at 20 pips with 0.5 lot and let the other 0.5 lot run.
  5. Do not take any more trades once you lose $500 per day.
  6. Do not trade more than 2 currency pairs at a time.
  7. Once you reach $250 of profit daily, stop taking on new trades.

 


$50,000

|

20%


Initial Deposit

 
Monthly Return
  1. Trade up to 4 standard lots at a time.
  2. Trade only 2 standard lots per currency pair.
  3. Move stop/loss to break even once you are up 15 pips of profit.
  4. Take profit at 20 pips with 1 lot and let the other 1 lot run.
  5. Do not take any more trades once you lose $1000 per day.
  6. Do not trade more than 2 currency pairs at a time.
  7. Once you reach $500 of profit daily, stop taking on new trades.

 

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$100,000

|

20%


Initial Deposit

 
Monthly Return
  1. Trade up to 8 standard lots at a time.
  2. Trade only 4 standard lots per currency pair.
  3. Move stop/loss to break even once you are up 15 pips of profit.
  4. Take profit at 20 pips with 2 lots and let the other 2 lots run.
  5. Do not take any more trades once you lose $2000 per day.
  6. Do not trade more than 2 currency pairs at a time.
  7. Once you reach $1000 of profit daily, stop taking on new trades.

 

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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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