I`ve messed up 2x this thread and wasted many time on failing systems, so this time i focus more on fundamentals and this thread will be dedicated to my personal trading journey as an aspiring professional trader, so we start again,but this time it will be different, here is the reason why.I modified the rules in case you read them before, these are only my Money Management rules, as my system is private.If you have any questions about my method or and other question, please ask.
The returns i`m looking for with this system are: +300% gain/month
DISCLAIMER: Everything in this thread posted by me are only my personal thoughts, and are not trading/investment advices.I am not responsible for the financial losses you get have by following/copying my trades,ideas, or using any other information available in this thread.
The model (revised 13/August/2014)
- If a pair has big swaps then try to not trade against the swap unless the trade has an unusually high probability
- Risk-Reward-Ratio should be positive Reward>Risk, if the price is far from a swing, then use pending orders
- Always use STOPLOSS (TAKEPROFIT is optional), which may be set to the nearest LOW/HIGH or the second nearest LOW/HIGH (if its not too far away) or 2x the ATR indicator
- Margin level must be always above 300% for whatever leverage you use, if not then consider closing some trades
- Total risk /individual trade must never ever exceed 8% of account balance
- Prioritize losing trades: if the SL didn't got hit on a losing trade but you know it will lose, close that instead of closing a winner which may still have potential in it
- Use scale out or trailstop tehniques: if we use a 2:1 RR or bigger, you can scale out a portion of lot size or trail the stop to the previous Risk unit, or if its 1:1 then move the SL to breakeven after it moved a little bit
Example: Imagine a 3:1 RR, the SL is 50 pips and the TP is 150, and the trade is at +50 pip in our favor, then its wise to trail the stop to breakeven, if it moves to +100 pip, then to 50 pip and so on... Or if the lot size is divisible by 3 then close 1/3 of the position at every checkpoint
The returns i`m looking for with this system are: +300% gain/month
Wish me good luck ...
DISCLAIMER: Everything in this thread posted by me are only my personal thoughts, and are not trading/investment advices.I am not responsible for the financial losses you get have by following/copying my trades,ideas, or using any other information available in this thread.
"There's a sucker born every minute" - P.T. Barnum