Hi All,
This journal is just a place for me to document my trades, thoughts and feelings as I embark upon my trading journey.
I am going to be using is Divergence's Flag Trading method found here - http://www.forexfactory.com/showthread.php?t=280673
It is the first thread I have come across on day trading that really makes sense to me. It is based mainly on price action but uses some indicators to help confirm an entry or get you out in some cases.
I have back tested it on data from the start of the year and have the following results with the EU.
78 trades
68 wins
10 loss
1 trade a day average
22 trades a month average
87 strike rate
So as you can see it has promise. Now the key is for me to trade it live and see if I can get similar results.
A few things to note, the results above are based on trading Asia and New York as defined by the system creator but these are not necessarily going to be my ultimate session choices. I am based in Europe so will look to test this on the London Sessions as well as testing other currency pairs (GU and EJ).
Regarding the title the reason I have put 10% per month is that is my target initially, if I can do that consistently whilst not risking to much I will up my risk percentage. Also 10% per month is what I have calculated as being a necessary return to allow me give up my day job completely and trade full time based on the starting bank I am willing to risk once I find consistency.
OK so if all the house keeping is over with I will end this first post by saying I welcome comments and contribution, although if you want system specifics I will declare now that I am not the expert and you should consult Divergence and some of the other senior members on the above mentioned thread.
Thanks for reading and happy trading.
PipRiderFX
This journal is just a place for me to document my trades, thoughts and feelings as I embark upon my trading journey.
I am going to be using is Divergence's Flag Trading method found here - http://www.forexfactory.com/showthread.php?t=280673
It is the first thread I have come across on day trading that really makes sense to me. It is based mainly on price action but uses some indicators to help confirm an entry or get you out in some cases.
I have back tested it on data from the start of the year and have the following results with the EU.
78 trades
68 wins
10 loss
1 trade a day average
22 trades a month average
87 strike rate
So as you can see it has promise. Now the key is for me to trade it live and see if I can get similar results.
A few things to note, the results above are based on trading Asia and New York as defined by the system creator but these are not necessarily going to be my ultimate session choices. I am based in Europe so will look to test this on the London Sessions as well as testing other currency pairs (GU and EJ).
Regarding the title the reason I have put 10% per month is that is my target initially, if I can do that consistently whilst not risking to much I will up my risk percentage. Also 10% per month is what I have calculated as being a necessary return to allow me give up my day job completely and trade full time based on the starting bank I am willing to risk once I find consistency.
OK so if all the house keeping is over with I will end this first post by saying I welcome comments and contribution, although if you want system specifics I will declare now that I am not the expert and you should consult Divergence and some of the other senior members on the above mentioned thread.
Thanks for reading and happy trading.
PipRiderFX