Hello.
I would like to introduce strategy that suit most of newbee.
As a newbee we need strategy that dos not involve any indi, that is very important by my opinion. This strategy dos not have any. That is big plus.
Another important thing is lesser screen time, because generaly newbee full time working or student person and has only in the evening some chance to check what is going on with trades. This strategy need to be check only once a day any preferable for You time (I do in the evening).
Now about the rules:
1.In the evening 22:00 british time I close all opened day before orders and open new limit orders. As I said You can choise any time depends on what time zone You live. But please do it approximately the same time every day, day of trade (consistency is the power).
2.We gonna use sell limit orders above price and buy limit orders below.
What is mean: if price gose down we are buying and vice versa.
3.Between limit orders will be 20 pip distance (example 1.3600, 1.3620, 1.3640...).
4.Please do not trade on live account, please dont risk Your real money before You will be confident.
5.We dont have stop loss (SL). That is big risk. That is why do not trade live.
6.Take profit (TP) we have. And that is hardest part to explain. I have oanda account. That is mean one opened buy order will be closed with opposit limit sell order the same unit size. That is our TP.
Example on picture: order 1 (1.39) will be closed by symmetrical opposite order 2 (1.388) and gives us 20 pip profit.
Order 4 (1.386) collapsed by 3 (1.392) with profit 60 pip.
And so on profit 100, 140, 200 ...pip
7.Order sizes the same for all limit orders.
8.This strategy gives You best profit when no big news release.
About back test done:
from february 2011 till now
minus 21970 pip - huge, be ready for big drawdown, play small lot
plus 23800 pip
diff 1910 pip
I test every day. But we gona be smart and dont trade days big news release. So we dont trade every day.
Exapmle: I trade 2 days before today day and done whoping 820 pip.
Today were pleanty news and I refrain traid. Save some pips, smar.
Every one welcome to improve startegy.
Thanks.
I would like to introduce strategy that suit most of newbee.
As a newbee we need strategy that dos not involve any indi, that is very important by my opinion. This strategy dos not have any. That is big plus.
Another important thing is lesser screen time, because generaly newbee full time working or student person and has only in the evening some chance to check what is going on with trades. This strategy need to be check only once a day any preferable for You time (I do in the evening).
Now about the rules:
1.In the evening 22:00 british time I close all opened day before orders and open new limit orders. As I said You can choise any time depends on what time zone You live. But please do it approximately the same time every day, day of trade (consistency is the power).
2.We gonna use sell limit orders above price and buy limit orders below.
What is mean: if price gose down we are buying and vice versa.
3.Between limit orders will be 20 pip distance (example 1.3600, 1.3620, 1.3640...).
4.Please do not trade on live account, please dont risk Your real money before You will be confident.
5.We dont have stop loss (SL). That is big risk. That is why do not trade live.
6.Take profit (TP) we have. And that is hardest part to explain. I have oanda account. That is mean one opened buy order will be closed with opposit limit sell order the same unit size. That is our TP.
Example on picture: order 1 (1.39) will be closed by symmetrical opposite order 2 (1.388) and gives us 20 pip profit.
Order 4 (1.386) collapsed by 3 (1.392) with profit 60 pip.
And so on profit 100, 140, 200 ...pip
7.Order sizes the same for all limit orders.
8.This strategy gives You best profit when no big news release.
About back test done:
from february 2011 till now
minus 21970 pip - huge, be ready for big drawdown, play small lot
plus 23800 pip
diff 1910 pip
I test every day. But we gona be smart and dont trade days big news release. So we dont trade every day.
Exapmle: I trade 2 days before today day and done whoping 820 pip.
Today were pleanty news and I refrain traid. Save some pips, smar.
Every one welcome to improve startegy.
Thanks.