Joel,
Here is my current game plan.
I am basing my current strategy on The Rule of 72. This rule states that if you divide an interest rate into the number 72 the result is how many time periods it will take to double your money. For example if you were making 6% interest per year your money would double every 12 years.
My plan is that if I can achieve 24% interest per month than my money will double every 3 months. So my goal is 24% per month. To break it down a little further....I need to only capture 5% profit 5 times during the month to hit my 24% target. So my profit target to trigger closing my positions, capturing my profit and then reallocating is 5%.
Last night at 8:00pm I opened a EUR/USD and USD/CHF trade in a demo account with $20K. I set the new Interbank FX EA for a trail target of $1000 and a trailing stop of $200. (So if my total profit hit or exceeded $1000 all my positions would automatically be closed when it dropped back $200 from the highest point)
In this case sometime prior to 6:11am this morning (2-14-07) my total profit hit $1434.06 and then dropped back $200 and the EA automatically closed all my positions at 6:11am with a profit of $1234.06 or 6.17%. When I went to bed last night my profit was -$435. This is very cool and I only need to do it 4 more times in the next 4 weeks to beat my goal of 24%.
The thing that had killed me in the past was greed and too much thinking. Now I have a definite game plan with a clear objective in mind for every trade. With the Interbank FX EA it does not matter if I am awake, asleep or in some other state of oblivion....my Forex trading is on autopilot and I sure sleep good at night!
Paul