I am a regular trader with starting balance of around $500 with a mini account at IBFX.
I followed, incorporated and abandoned several methods and several indicators which I came across.
But till now I am far away from the traders dream of trading for a living.
I had my own share of winnings and losses.
With the recent downfall of GBP/USD. I had my major share of loss. Of course I was far away from margin call and quite safe in that matter due to my money management.
This week end I closed all the charts and closed all my orders with negative and positive balances and decided
to do something which might convince myself.
Ultimately I came up with the following strategy:
Chart time frame : Daily
Indicators: No indicators, only daily candles.
Time zone: I trade with IBFX but follow the Oanda time for the daily candle. I trade from India. The Oanda daily candle starts at 9.30 am Indian Standard time. So it is convenient for me. The IBFX follows GMT So their daily candle starts at 4.30 or 5.30 am IST. Not so convenient for me.
Method: Enter in the direction and at the price level of previous daily candles close.If the previous daily candle is long then enter long. If it is short then enter short.If you make a profit then close trade before you open another trade.If you make a loss, then open the next trade with slightly more pip value. Depending upon the equity one may go for a martingale system.
This my new rule: The difference between two successive trades should be at least 90-100 pips. This may prevent order logging during ranging market (added on 08/21/2008)
Personally I start with 10 cents a pip. If I make a loss then my next trade(next day) will be 11 cents a pip.
I am not closing the trade with loss.It might get hedged after some days or may be will turn back to profit when the price reverses.
I intend to close all the leftover trades when the sum of all profit/losses in positive. Then start afresh again.
I will post my daily trades and the result, until and unless i find that the system does not work.
Whether this will work or not, time will tell.
I am not sure whether this method has been tried or posted previously or not.If it was posted, then I request my valuable readers to direct me to the thread.
Wishing every body happy trading (including myself)
I followed, incorporated and abandoned several methods and several indicators which I came across.
But till now I am far away from the traders dream of trading for a living.
I had my own share of winnings and losses.
With the recent downfall of GBP/USD. I had my major share of loss. Of course I was far away from margin call and quite safe in that matter due to my money management.
This week end I closed all the charts and closed all my orders with negative and positive balances and decided
to do something which might convince myself.
Ultimately I came up with the following strategy:
Chart time frame : Daily
Indicators: No indicators, only daily candles.
Time zone: I trade with IBFX but follow the Oanda time for the daily candle. I trade from India. The Oanda daily candle starts at 9.30 am Indian Standard time. So it is convenient for me. The IBFX follows GMT So their daily candle starts at 4.30 or 5.30 am IST. Not so convenient for me.
Method: Enter in the direction and at the price level of previous daily candles close.If the previous daily candle is long then enter long. If it is short then enter short.If you make a profit then close trade before you open another trade.If you make a loss, then open the next trade with slightly more pip value. Depending upon the equity one may go for a martingale system.
This my new rule: The difference between two successive trades should be at least 90-100 pips. This may prevent order logging during ranging market (added on 08/21/2008)
Personally I start with 10 cents a pip. If I make a loss then my next trade(next day) will be 11 cents a pip.
I am not closing the trade with loss.It might get hedged after some days or may be will turn back to profit when the price reverses.
I intend to close all the leftover trades when the sum of all profit/losses in positive. Then start afresh again.
I will post my daily trades and the result, until and unless i find that the system does not work.
Whether this will work or not, time will tell.
I am not sure whether this method has been tried or posted previously or not.If it was posted, then I request my valuable readers to direct me to the thread.
Wishing every body happy trading (including myself)