Hello,
Just want to get some thoughts on this and some improvements.
Ok to tell you the truth, I have been doing well with a system that has made a losing account into a winning account and without a single loss 'overall'.
I look to add positions to my trades - it is not a grid system where every X pips I will add a position, when I feel it is going a direction I will add in that direction. I will trade one currency, lowest spread, so E/U.
These are the rules:
1. TP will always be 10 pips per day and see you later I am done for the day.
2. First trade will be 1 Lot (in this case)
3. Thereafter, 2 lots every position I am, be it buy or sell.
4. No SL (yes it sounds mad... but hey it works for me)
This is how it works:
1. BUY 1 lot
2. If the above buy seems to be turning into a sell, I will SELL 2 lots
3. If the above SELL turns into a BUY I will 2 lots
4. etc... until I hit Total profit 7 pips, close call trades.
This is working for me and I have not had a single loss until I tried G/Y and then bang - one I did not stick to my rules and two the spread involved was killing my account - as I am looking to scalp 10 pips.
I am not looking to enter the market at ther bottom or top and not looking to keep tight stops and keep getting hit on these stops, I am looking to take 7 pips with position averaging - so far it is working for me... sorry I very busy - I don't have time to post charts (I work) but can post comments when I get a chance.
I am looking for good direction entries so I am riding the waves with the big boys and picking up scraps on the way.
I don't think trading is too hard when you think about it... we are too busy trying to find tops and bottoms and having tight SL and we need to think outside of the box and forget these cross over and RSI above 50, etc, etc.
I am looking forward to some good input from some good traders.
Regards,
Vip
Just want to get some thoughts on this and some improvements.
Ok to tell you the truth, I have been doing well with a system that has made a losing account into a winning account and without a single loss 'overall'.
I look to add positions to my trades - it is not a grid system where every X pips I will add a position, when I feel it is going a direction I will add in that direction. I will trade one currency, lowest spread, so E/U.
These are the rules:
1. TP will always be 10 pips per day and see you later I am done for the day.
2. First trade will be 1 Lot (in this case)
3. Thereafter, 2 lots every position I am, be it buy or sell.
4. No SL (yes it sounds mad... but hey it works for me)
This is how it works:
1. BUY 1 lot
2. If the above buy seems to be turning into a sell, I will SELL 2 lots
3. If the above SELL turns into a BUY I will 2 lots
4. etc... until I hit Total profit 7 pips, close call trades.
This is working for me and I have not had a single loss until I tried G/Y and then bang - one I did not stick to my rules and two the spread involved was killing my account - as I am looking to scalp 10 pips.
I am not looking to enter the market at ther bottom or top and not looking to keep tight stops and keep getting hit on these stops, I am looking to take 7 pips with position averaging - so far it is working for me... sorry I very busy - I don't have time to post charts (I work) but can post comments when I get a chance.
I am looking for good direction entries so I am riding the waves with the big boys and picking up scraps on the way.
I don't think trading is too hard when you think about it... we are too busy trying to find tops and bottoms and having tight SL and we need to think outside of the box and forget these cross over and RSI above 50, etc, etc.
I am looking forward to some good input from some good traders.
Regards,
Vip