Consistency and Psychology is the key!
One thing on my mind has been the consistency in my trading. This is an area that I can improve on without changing my trading style or method. Let me explain. Up to now I have been re-investing my profits and my balance has been growing. As my target per month has been 10%, each month I need to gain slightly more dollars and trade slightly higher lot sizes. As a result my drawdown has also increased but only in terms of dollars (Not percentage).
Psychology wise this has been difficult to adjust on a monthly basis due to the increased dollar drawdown. But this I can actually fix very easy. What I will be doing from now on is keeping a steady balance at the start of each month by withdrawing my profit after each month. (Side note: On a separate account I will become a subscriber to my own signal where I can copy at a higher lot size and grow my balance without adjusting the psychology of my main account).
Looking at my statistics, My best month was when I had around $1200 in the account so this will be the figure that I will start each month at. This will allow me to trade mainly 0.01 lots and some selected 0.02 lots to make up the 10% each month.
Also, something that I will adjust is the max drawdown (Emergency stop) allowed on the account which I will be reducing from current 30% to 20%.
Starting this Monday 19/11/2018, I will have reduced my balance to $1200. I will not revenge trade by trying to make 10% this month. I will stay consistent and as we are in the middle of the month, my aim will be 5% for November.
Please make sure to adjust your Percentage Ratio each month which is calculated by MetaTrader in the journal tab of the Terminal. I recommend a copy percentage of either 100%, 200%, 300%, etc…
Any questions, feel free to send me a message.