I start this thread with the intention to share my 15-years trading experience. Actually I already did this but my books are in Bulgarian and this could be a little hurdle to most of the FF readers. Let me explain the logic behind my trading style. After all these years trading forex and futures I understand one thing - if you want to make profits just follow the big money. That is what the trading is all about. The point is that the big guys never tell you in advance what they intend to do and you have to learn to think they way they think. The good thing is that all the majors players in the FX market are managed by people like us and we successfully can try to find out how they trade.
I can't tell you exact rules of my system because it is based on my 12-years experience and I have realized the only constant characteristic of the market is that it is changing all the time. Of course I don't open my positions in the middle of nowhere and my basic rules are:
1. Positions are opened only near strong support or resistance (MA, swing hi/lo, pivots, trend lines, etc.)
2. Entries are identified at 1 minute charts and the quotes are used as a filter.
3. Correlations are a good confirmation of the market direction.
4. Almost all of the positions are in the direction of the prevailing trend.
5. I'm looking for entries prior or just after a major market center open.
6. The initial stop of the position is 5-6 pips in most cases, while the first target is 20 pips. The stop is moved to BE after 5-6 pips profit.
For the actual entries I used a technique that a friend of mine named STE (Svetlin's Trick Entry). This is similar to the Joe Ross' TTE (Traders Trick Entry), but I'm trying to open the position earlier. With a few real examples I'll try to make my point clearer.
I can't tell you exact rules of my system because it is based on my 12-years experience and I have realized the only constant characteristic of the market is that it is changing all the time. Of course I don't open my positions in the middle of nowhere and my basic rules are:
1. Positions are opened only near strong support or resistance (MA, swing hi/lo, pivots, trend lines, etc.)
2. Entries are identified at 1 minute charts and the quotes are used as a filter.
3. Correlations are a good confirmation of the market direction.
4. Almost all of the positions are in the direction of the prevailing trend.
5. I'm looking for entries prior or just after a major market center open.
6. The initial stop of the position is 5-6 pips in most cases, while the first target is 20 pips. The stop is moved to BE after 5-6 pips profit.
For the actual entries I used a technique that a friend of mine named STE (Svetlin's Trick Entry). This is similar to the Joe Ross' TTE (Traders Trick Entry), but I'm trying to open the position earlier. With a few real examples I'll try to make my point clearer.