I've been posting a few trades in a thread I started over in "Systems" but it really doesn't seem to lend itself to my various approaches. I believe a journal will suite me well and allow me to be a bit more free in what I share.
To start off I would like to begin tracking yet another system I have been working on and trading for the last few months. It's a bit unconventional as it does not incorporate fixed stops and it does currently allow for discretion. Being that there is no SL, there is a higher level of risk in involved, which I am willing to take, I am not willing to risk money I cannot lose. I would also like to note that although there is not an SL in place, there is a clear point in time where I certainly will close out the position(s).
Account size for me needs to be small for now (about $5,000), given the initial risk involved. But to curb this risk, lot size is also small, 1,000k (.10 per pip) to 2,000k per entry. Sometimes higher, depending on the weekly setup. These lot sizes will likely never change, even when account is added to and has grown. I believe it would be best to continue to add more entries across more pairs than increase lot size.
I will start building a list of parameters and guidelines, as most of it lives on a notepad and in my head, but for now here is a scenario I put together for a friend recently to try and convey the best picture I could to represent guiding factors for my entries and exits. Keep in mind this is just a guide and likely has some discrepancies, as I put it together rather quickly, I will update and improve this over time. It is a rough scenario at best.
This is not 100% mechanical, but it is slowly becoming more and more so. The next chart I will be posting is a weekly chart. The weekly is very important in deciding where to start off on any given pair and really is to assist me in where to and where not to place trades.
I currently have a handful of positions open. Starting off I will be averaging 2-4 entries per week, building to higher frequency over time across more pairs. The key will be not to rush in the initial stages. This is multi-faceted and involves hedging once a certain level is reached.
To start off I would like to begin tracking yet another system I have been working on and trading for the last few months. It's a bit unconventional as it does not incorporate fixed stops and it does currently allow for discretion. Being that there is no SL, there is a higher level of risk in involved, which I am willing to take, I am not willing to risk money I cannot lose. I would also like to note that although there is not an SL in place, there is a clear point in time where I certainly will close out the position(s).
Account size for me needs to be small for now (about $5,000), given the initial risk involved. But to curb this risk, lot size is also small, 1,000k (.10 per pip) to 2,000k per entry. Sometimes higher, depending on the weekly setup. These lot sizes will likely never change, even when account is added to and has grown. I believe it would be best to continue to add more entries across more pairs than increase lot size.
I will start building a list of parameters and guidelines, as most of it lives on a notepad and in my head, but for now here is a scenario I put together for a friend recently to try and convey the best picture I could to represent guiding factors for my entries and exits. Keep in mind this is just a guide and likely has some discrepancies, as I put it together rather quickly, I will update and improve this over time. It is a rough scenario at best.
This is not 100% mechanical, but it is slowly becoming more and more so. The next chart I will be posting is a weekly chart. The weekly is very important in deciding where to start off on any given pair and really is to assist me in where to and where not to place trades.
I currently have a handful of positions open. Starting off I will be averaging 2-4 entries per week, building to higher frequency over time across more pairs. The key will be not to rush in the initial stages. This is multi-faceted and involves hedging once a certain level is reached.
Attached Image (click to enlarge)
