This is my most favorite system.
No other system can beat simplicity and logic of this system. Any trader who could generate 6 winners out of every 10 trades or even 11 winners in every 20 trades can consistently profit from this system. Since I cannot produce 11 winners in a block of 20 trades, will try to produce 21 winners in 40 trades.
To keep myself focused on the basic logic of this system, have pre-defined my future trades. Will buy or sell as per the list below. Have even pre-defined my sl and tps for each of the next 40 trades. For example my trade #6 will be a short with a tp of 39 pips and my trade # 29 will also be a short for a profit target of 33 pips. If I generate 21 winning trades, will gain 2%.
My sl will be 2 pips less than the tp target (in Pips) mentioned in the list below. This is to make sl and tp equal in pips after adjusting the spread which is normally 1.2 pips.
I normally wait for a setup to develop and decide where should be the sl. After deciding sl price level, I calclulate how many units (or lots) to buy/sell so that if my sl gets hit I lose exactly 1% of my account. After this calculation, I buy/sell the caluculated lot size and set my sl. After that, I set a tp two pips more than my sl. For example if my sl is 87 pips, my tp will be 89 pips. Once I have entered the trade, will walk away from my platform.
After walking away from my platform, I either spend some quality time in Harem with any of my wives or go to EURUSD thread.
No other system can beat simplicity and logic of this system. Any trader who could generate 6 winners out of every 10 trades or even 11 winners in every 20 trades can consistently profit from this system. Since I cannot produce 11 winners in a block of 20 trades, will try to produce 21 winners in 40 trades.
To keep myself focused on the basic logic of this system, have pre-defined my future trades. Will buy or sell as per the list below. Have even pre-defined my sl and tps for each of the next 40 trades. For example my trade #6 will be a short with a tp of 39 pips and my trade # 29 will also be a short for a profit target of 33 pips. If I generate 21 winning trades, will gain 2%.
My sl will be 2 pips less than the tp target (in Pips) mentioned in the list below. This is to make sl and tp equal in pips after adjusting the spread which is normally 1.2 pips.
I normally wait for a setup to develop and decide where should be the sl. After deciding sl price level, I calclulate how many units (or lots) to buy/sell so that if my sl gets hit I lose exactly 1% of my account. After this calculation, I buy/sell the caluculated lot size and set my sl. After that, I set a tp two pips more than my sl. For example if my sl is 87 pips, my tp will be 89 pips. Once I have entered the trade, will walk away from my platform.
After walking away from my platform, I either spend some quality time in Harem with any of my wives or go to EURUSD thread.
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The Thief of Wall Street