I decided to start a public journal as I feel that I have found my sweet spot in the way I approach forex trading, and having people watch over my trading will hopefully keep me disciplined.
This is an adapted version of Udine's outstandingly simple method: http://www.forexfactory.com/showthread.php?t=487923.
General Rules
1) Operational Goals:
To thread readers: You are welcome to bring value to the thread and to the approach I will be using, as long as it lays foundation on simplicity (i.e. no indicators, no economic mumbo-jumbo, etc etc). Whiners, complainers, deceivers, little kids and trolls will instantly be blocked. You won't find a place for online chicken & egg discussion here, look elsewhere for that. What you will find is a real attempt at demonstrating how patience and discipline, coupled with a consistent repetition of your trading edge, day in and day out, will grow your account to levels that you couldn't imagine when you first started the journey.
This is mostly for myself and for those who have a healthy, positive and open minded approach to all things in life.
Thanks for stopping by.
This is an adapted version of Udine's outstandingly simple method: http://www.forexfactory.com/showthread.php?t=487923.
General Rules
1) Operational Goals:
- 10 pips profit / per day (with a 75% achievement rate)
- No mistakes, day after day, i.e. follow the rules with hard cold discipline
2) Market / Session:
- EURUSD only
- Max 1.0 spread on any trade
- 5 days a week - monday to friday
- Regular trading session: From Frankfurt Open to 3h+ into London session
- Extended trading session: One recovery trade allowed at NY open but only if the regular session ends @ -10p
- Timeframe: H1
3) Stop Trading (as soon as any of these occurs):
- Goal is reached (+10p)
- 2 losses in a row (-20p)
- Regular session ended at break-even (BE) (~0p)
4) Entry Conditions:
- Daily open (DO) at 00 GMT determines the trend: bullish if price is above DO, bearish if price is below DO
- Entry at nearest 00 level in the direction of the trend
- Only Stop orders
- SL and TP are mandatory
- No red news for EUR or USD expected in the next hour
- No red news for EUR or USD released in the previous hour
- Only one trade per hour
- 000 levels are invalid (no entry there)
- No new position if one is already running
- All valid levels are treated equal
- All valid levels can be traded multiple time
5) Entry execution:
- Wait for price to pullback to or beyond the expected SL level
- Place PO as price starts moving back in the direction of the trade
6) Exit Conditions:
- Position is closed by the market, either at TP or SL, no manual close
7) Stop Loss / Take Profit:
- Fixed 10 pips (1R Risk/Reward)
8) Management:
- Position automatically moved to BE upon reaching 3.5 pips
- A BE trade is neutral i.e. trading can resume at the start of the next hour (as long as conditions in 3) are respected)
9) Account:
- LIVE
- Risk %: personal taste, it doesn't matter to public so not disclosed
- Starting capital: not that much, but it doesn't matter to public so not disclosed
10) Sample Chart:
To thread readers: You are welcome to bring value to the thread and to the approach I will be using, as long as it lays foundation on simplicity (i.e. no indicators, no economic mumbo-jumbo, etc etc). Whiners, complainers, deceivers, little kids and trolls will instantly be blocked. You won't find a place for online chicken & egg discussion here, look elsewhere for that. What you will find is a real attempt at demonstrating how patience and discipline, coupled with a consistent repetition of your trading edge, day in and day out, will grow your account to levels that you couldn't imagine when you first started the journey.
This is mostly for myself and for those who have a healthy, positive and open minded approach to all things in life.
Thanks for stopping by.