Hi. I have started this thread to mainly keep me and my trading honest I hope. I am just starting to demo trade again after blowing up an account of several thousand dollars through my own stupidity.
MY PLAN:
MY PLAN:
- Trade only of the EURUSD, GBPUSD, AUDUSD, UADCAD,EURJPY, GBPJPY, AUDJPY, USDJPY charts.
- The only inductors I will use will be RSI 7 period, Stochastic setting 5,3,3 and I will use Support/ Resistance areas and candle sticks to help in making my trading decisions.
- I will be looking for opportunities on the daily ,4 hour and 1 hour charts only.
- Once a trading opportunity is found I will be looking for a profit target 3 times my stop loss.This is to help with my money management as I will remove 80% of my lot size at this profit target which will give me a real return of 2.4 to 1. The remaining 20% of the position will be left to run with a trailing stop.
- My Stop loss will be moved to BE only after price has moved to a RR of 1:1. The stop will not be moved after that until either the first profit level has been reached or price retraces and stops me out.
- their will be no more than 1% of risk per trade and a maximum of 3% of account risked at any one time. I will aim for an increase of 3% per day in this account once I have reached this amount I will stop trading for the day. If I lose 2% of account balance in a day I will stop trading.
In the interests of transparency I have linked my Trade Explorer to this thread and have it set so that anyone can see exactly my trades stops and take profit levels. What I'm hoping is that those of you who are experienced and knowledgeable will be willing to offer assistance and help with things that you think my improve my trading but I do not want to see people abusing one another or bitching about other people.
I will attempet to post charts of all my trades showing my entrys stops and profit levels and giving my thoughts as to why I think these trades are worth takeing.
It would be nice to be able to get some feedback on these. Thank you.
Mr pips your coming with me