Hey guys, please excuse any spelling errors as I'm doing this from my iPad. First off I'd like to say all criticism welcome, though I'd really prefer to hear from people that do this successfully and not other noobs with opinions such as myself.
I have been reading and practicing with forex for the last 18 months and have been spending at least 10-15 hours a week reading trading fake money ect. I have blown out many accounts trying to prefect my own stratergy. In the last week and a half I have had my best run. I am posting here to find out if it's been luck or my stratergy is working.
This time I started a 10k account and thought to myself pretend it's real! Minimize risk and cut losses fast, so far going well.
In the following stratergy both uptrend and down trend apply though I will use down as a example
I use 1m 5m 15m 30m chart to find a down trend well away of any long term resistance or support lines.. I then use 1 hr and 4 hr to confirm long term down trend. I am using alligator and momentum indicators with candlesticks. Once I find a trade I will enter with my .5 lot at 50:1 using a 10k account. I set my S/L at a fairly high limit as a precaution but usually manually pull out of any bad trades that aren't going my way. My biggest loss is around $150.00. I don't set a TP as I usually watch trades and pull when I am happy (usually around 100-$200 up and within 4 hours) the longest I have sat in a trade was 6 hours. I usually enter a few trades a night.
I have so far in the last 10 days turned my 10k account into 14k. I have the money to start playing for real but wanted some second opinions first.
Have no mercy and please don't hold back n any crisisim as in the long run it will help me!
Thanks
I have been reading and practicing with forex for the last 18 months and have been spending at least 10-15 hours a week reading trading fake money ect. I have blown out many accounts trying to prefect my own stratergy. In the last week and a half I have had my best run. I am posting here to find out if it's been luck or my stratergy is working.
This time I started a 10k account and thought to myself pretend it's real! Minimize risk and cut losses fast, so far going well.
In the following stratergy both uptrend and down trend apply though I will use down as a example
I use 1m 5m 15m 30m chart to find a down trend well away of any long term resistance or support lines.. I then use 1 hr and 4 hr to confirm long term down trend. I am using alligator and momentum indicators with candlesticks. Once I find a trade I will enter with my .5 lot at 50:1 using a 10k account. I set my S/L at a fairly high limit as a precaution but usually manually pull out of any bad trades that aren't going my way. My biggest loss is around $150.00. I don't set a TP as I usually watch trades and pull when I am happy (usually around 100-$200 up and within 4 hours) the longest I have sat in a trade was 6 hours. I usually enter a few trades a night.
I have so far in the last 10 days turned my 10k account into 14k. I have the money to start playing for real but wanted some second opinions first.
Have no mercy and please don't hold back n any crisisim as in the long run it will help me!
Thanks