- Dabbled in Forex for a few years, but was never serious about it.
- Didn't have patience, kept jumping from one method to another.
- Went around in circles, kept losing or just below breakeven.
- A few times, I was profitable for a few months, but the market phase changed and I started losing again.
- I used to trade like this
- 50% technical indicators
- 30% price action
- 20% money management
- 0% fundamentals
- After avoiding fundamentals for so long, I decided to give it a go.
- Suddenly realized that fundamentals were a big part of trading, and everything started to click for me.
- Price charts started to make sense.
- Now, I trade like this
- 20% technical indicators
- 10% price action
- 30% money management
- 40% fundamentals
- I started this thread to keep myself publicly accountable for keeping trade records.
I will either make it in Forex, or die trying.
I live and die by the pips I capture and keep.
I do not take the market head on. That is suicide.
There is no honor and glory in what I do.
The market will show neither mercy nor sentiment.
Survival is key.
Preparation is everything.
4 hour bar chart
Simple moving average period 30
Simple moving average period 60
Average True Range period 21
Currencies traded: usd, eur, gbp, aud, cad, jpy, chf
BATTLEFIELD STUDIES (Fundamentals)
Track economic indicators and news sentiment.
MISSION START CRITERIA (Trade Entry)
Must be in direction of fundamental sentiment
30SMA leading 60SMA
RSI not at overbought/oversold areas
Entry will be made at 30SMA
MISSION FAIL CRITERIA (Stop Loss)
6 x ATR behind Entry
MISSION OBJECTIVE (Target Profit)
Primary Objective: 6 x ATR ahead of Entry
Secondary Objective: 2 x ATR ahead of Entry
REINFORCEMENTS (Scaling in)
Maximum of 2 additional entries, 2 x ATR behind each previous Entry
AMMUNITION MANAGEMENT (Money Management)
Questions and opinions are welcome.