Hello everyone
After I posted here (post #6) I had some messages from people asking how I grew my account that fast, which strategy I use, etc.
Well, I want to share what I do now when I trade, and what I have stopped doing.
1) I usually trade one pair EURUSD; one standard lot 100k with a 30 pip S/L and 30-50 pip take profit.
2) One to Two trades per day.
3) Open trades one or two hours before London Trading session opens. Close my trades 3 to 4 hours before US trading session closes.
4) I use PRICE ACTION to find a good trade entry
5) The only two indicators on my charts are CCI and MACD to help me confirm my PRICE ACTION strategy.
6) Check economic calendar for High impact announcements and wait until the frenzy is over. If announcement is in line with trend, then I buy/sell.
7) I BUY/SELL on "end" retracement levels. I found this very good because in the past I would buy/sell at the high or low point and got stopped out many times on my 30 Pips S/L limit. When I enter at the end of the retracement and I'm correct on the trend, I stay in green numbers most of the trade which helps you stay relaxed and postive.
8) When my trade goes 20-30 pips in my favor, I move my S/L level to Break even. This helps me minimize my loses Even If it means a reversal happens soon after. No LOSS no WIN, I still have my capital and new opportunities will come.
9) if Im up 30 pips and market is moving strong on my trade trend direction I let my trade Open, move up my S/L to about 20 pips from my entry point. This ensures me I get at least 20 pips from my 30 pip target. On the other Hand I only risk 10 pips to gain 20 + pips. Its like a trade within a trade but with lower risk.
10) I know markets move anywhere between 40 to 120 pips on average, but If Im able to capture 30 pips or 50 pips on that move, I'm more than happy. I would love to take 200 or more pips on a trade, but i believe that will come down the road when my experience, confidence, discipline, emotions, etc become stronger.
WHAT I DONT DO ANYMORE!!!
1) Expect to get 60 pips every time
2) move my S/L point to hurt my equity
3) I had quit playing around with indicators once I found out PRice Action is more reliable, and more importantly, your discipline is what makes the money.
4) I'm happy taking $800 dollars in a week for now. For that reason my Excel Spreadsheet that shows 1 million in a year is on hold.
5) revenge trading. If I'm wrong on a trade, I take the loss, and wait for a new entry point hours or even a day after a bad trade.
6) If I'm not 100% confident with a trade, I make sure I'm 100% confident with my strategy and my emotions.
GOOD LUCK TO EVERYONE>>>>
Comments, critiques, Welcome.
Coatl
After I posted here (post #6) I had some messages from people asking how I grew my account that fast, which strategy I use, etc.
Well, I want to share what I do now when I trade, and what I have stopped doing.
1) I usually trade one pair EURUSD; one standard lot 100k with a 30 pip S/L and 30-50 pip take profit.
2) One to Two trades per day.
3) Open trades one or two hours before London Trading session opens. Close my trades 3 to 4 hours before US trading session closes.
4) I use PRICE ACTION to find a good trade entry
5) The only two indicators on my charts are CCI and MACD to help me confirm my PRICE ACTION strategy.
6) Check economic calendar for High impact announcements and wait until the frenzy is over. If announcement is in line with trend, then I buy/sell.
7) I BUY/SELL on "end" retracement levels. I found this very good because in the past I would buy/sell at the high or low point and got stopped out many times on my 30 Pips S/L limit. When I enter at the end of the retracement and I'm correct on the trend, I stay in green numbers most of the trade which helps you stay relaxed and postive.
8) When my trade goes 20-30 pips in my favor, I move my S/L level to Break even. This helps me minimize my loses Even If it means a reversal happens soon after. No LOSS no WIN, I still have my capital and new opportunities will come.
9) if Im up 30 pips and market is moving strong on my trade trend direction I let my trade Open, move up my S/L to about 20 pips from my entry point. This ensures me I get at least 20 pips from my 30 pip target. On the other Hand I only risk 10 pips to gain 20 + pips. Its like a trade within a trade but with lower risk.
10) I know markets move anywhere between 40 to 120 pips on average, but If Im able to capture 30 pips or 50 pips on that move, I'm more than happy. I would love to take 200 or more pips on a trade, but i believe that will come down the road when my experience, confidence, discipline, emotions, etc become stronger.
WHAT I DONT DO ANYMORE!!!
1) Expect to get 60 pips every time
2) move my S/L point to hurt my equity
3) I had quit playing around with indicators once I found out PRice Action is more reliable, and more importantly, your discipline is what makes the money.
4) I'm happy taking $800 dollars in a week for now. For that reason my Excel Spreadsheet that shows 1 million in a year is on hold.
5) revenge trading. If I'm wrong on a trade, I take the loss, and wait for a new entry point hours or even a day after a bad trade.
6) If I'm not 100% confident with a trade, I make sure I'm 100% confident with my strategy and my emotions.
GOOD LUCK TO EVERYONE>>>>
Comments, critiques, Welcome.
Coatl