Good day everyone. My name is Matt. I want to introduce you to my journey to becoming a better trader.
This journal is actually the continuation of another journal from a paid site that I started back in September. I decided to move my journal here in the hope to get feed backs from some of you guys.
First, I need to explain my strategy in order to understand where I come from with this. It is based on price manipulation. Basically, support and resistance is the key. I will talk about S&R as levels. The levels are set hours ahead even days ahead. When the price reaches a certain level, a predetermined candle pattern has to form in order to place an order. Now, for the ease of trading, I had an EA built to achieve the trading. For me trading with an EA means less time in front of the screen and it takes the emotions out of the equation. On top of that, money management is built in and facilitate the lot sizing and so on.
Anyway, I am not going to give you a course on my strategy, simply to let you know how I trade. I use horizontal lines to define the levels. I will attach pictures of my trades and hopefully you will like what you see.
So here is my trading plan:
- 3:1 R/R
- 15 pips S/L
- Trading only the 5 following: EU,GU,AU,UC,UJ (although I am going to discard USDCAD for non performance)
- I trade UJ and AU from 21h00 EST to noon the following day (from Oz open to London close)
- I trade EU,GU and UC from 02h00 EST to noon. (from Frankfurt open to London close)
- I will let the positions fullfill without closing early. No exceptions. (although I move my stop to break even after 1R and/or 2R depending on conditions: news coming up etc))
My win% right now is just under 30. By getting rid of UC, I should bring this above 30 in a week or two. 30 is the very least of my goal. I am sitting at 60% win ratio on GBPUSD at the moment combined with a R/R of 3:1, you can do the math and you will see the $$$ signs everywhere!
Anyway, hope you like my journey and feel free to leave comments.
Like any other posts in here, please be nice, no insults since it will not help anybody. Constructive criticism is always welcome.
Matt
This journal is actually the continuation of another journal from a paid site that I started back in September. I decided to move my journal here in the hope to get feed backs from some of you guys.
First, I need to explain my strategy in order to understand where I come from with this. It is based on price manipulation. Basically, support and resistance is the key. I will talk about S&R as levels. The levels are set hours ahead even days ahead. When the price reaches a certain level, a predetermined candle pattern has to form in order to place an order. Now, for the ease of trading, I had an EA built to achieve the trading. For me trading with an EA means less time in front of the screen and it takes the emotions out of the equation. On top of that, money management is built in and facilitate the lot sizing and so on.
Anyway, I am not going to give you a course on my strategy, simply to let you know how I trade. I use horizontal lines to define the levels. I will attach pictures of my trades and hopefully you will like what you see.
So here is my trading plan:
- 3:1 R/R
- 15 pips S/L
- Trading only the 5 following: EU,GU,AU,UC,UJ (although I am going to discard USDCAD for non performance)
- I trade UJ and AU from 21h00 EST to noon the following day (from Oz open to London close)
- I trade EU,GU and UC from 02h00 EST to noon. (from Frankfurt open to London close)
- I will let the positions fullfill without closing early. No exceptions. (although I move my stop to break even after 1R and/or 2R depending on conditions: news coming up etc))
My win% right now is just under 30. By getting rid of UC, I should bring this above 30 in a week or two. 30 is the very least of my goal. I am sitting at 60% win ratio on GBPUSD at the moment combined with a R/R of 3:1, you can do the math and you will see the $$$ signs everywhere!
Anyway, hope you like my journey and feel free to leave comments.
Like any other posts in here, please be nice, no insults since it will not help anybody. Constructive criticism is always welcome.
Matt