*It is not easy to double the account each month and each trader wants to get a percentage of profits each month that differ from one trader to another according to his strategy and his goal, but there is no doubt that many traders want to double their account each month or be near to this goal but they fail to do this due to many reasons.
Some traders think that if they increase the lot size then they can double their accounts each month but they are wrong because the main factor to keep making of money each month is to trade with risk and money management and trading with big lot will increase the risk and the decrease the life span of the trader in the market because he will lose his account quickly or gradually.
So i will explain the idea of my strategy and the points of the strategy can be applied to any strategy because it depends on discipline and risk management and so this will keep trading safe. my strategy depends on day trading to catch some pips and then leave the chart and close the computer to avoid greed or over trading.
The available days of trading each month mostly about 22 day and so to double the account we need to make each day about 5% of the account each day and this may not be easy to be achieved and so i will not depend on one trade to get this percentage but i will divide the percentage on 5 trades so i need to make 1% with each trade and so i will keep the trading safe and will not break the risk management rule.
i will open about 5 pairs and look to chart and try to find a good position that help me to get 10 pips and i choose this number of pips because it is not hard to be achieved and so this will increase the success rate.
So i will make 5 trades from the 5 pairs and the risk of each trade with be only 1% of the account and mostly we will get success in the trades, but actually we will not win all trades because many factors that differ from one trader to another.
So i expect that the trader will lose one trade each day from 5 trades and so he will lose about 20% of the profits expected to be achieved and in this case he will gain about 80% profits each month.
I calculate this percentage on 20 days only but we have another 2 days during the month and in these two days we can rise the percentage of winning and recover some of the lost trades.
But how to get success with the strategy because we depends mainly on getting of 10 pips in each trade and this requires a good scalping strategy that can help the trader to get this number of pips each trade. the entry points is very important and i suggest to determine the direction of the market on the H1 and 30min time frames and the direction should be the same on both of them then we follow them by trading of 5 min time frame when moves in the same direction, this will increase the success rate.
Some traders can make more pips in each trade so the number of trades will be decreased but the trader should always discipline with the percentage of profits gained each day.
Some traders may make an average of pips each week and can get the required number of pips weekly instead of getting it daily.
So i gave some points and each trader can trade with the way he like and he will get good profits each month.