This is my first post, but I have enjoyed this forum for almost 2 years-- it is the best of its kind on the net!!!
I have been trading a simple Eur/USD system for almost 10 months (180 trading days) on my mini account. It has been profitable, my average is just over 9 pips per day. I am considering using it in my regular account, but I thought you guys might have a look and give your opinion. I am a little embaressed at how simple it is, but it has been producing consistent profits. I have tried things a lot more sophisticated, but they have lost me a lot of money!
Geico Trading--
1. Start with the price at the 6am est candle close
2. Straddle that price with entry 20 pips above and sell 20 pips below. If no
entries hit by 10:30 am est, I am out-- no trades for the day.
3. No limits set, stops are 40 pips away from entry
4. Once a trade is in the money by 10 pips I engage a 10 pip trailing stop--
let it run until stopped out.
5. If trade is still open at 12pm est, I close it at market.
6. I match my pip size so that a 40 pip loss will cost me 3% of my account.
I know that this is ridiculosly simple----have I just been lucky? Will this eventually cost me another 30K (the size of my regular account?) I would appreciate any comments you have--- there is a lot of talented people that post on this forum
I have been trading a simple Eur/USD system for almost 10 months (180 trading days) on my mini account. It has been profitable, my average is just over 9 pips per day. I am considering using it in my regular account, but I thought you guys might have a look and give your opinion. I am a little embaressed at how simple it is, but it has been producing consistent profits. I have tried things a lot more sophisticated, but they have lost me a lot of money!
Geico Trading--
1. Start with the price at the 6am est candle close
2. Straddle that price with entry 20 pips above and sell 20 pips below. If no
entries hit by 10:30 am est, I am out-- no trades for the day.
3. No limits set, stops are 40 pips away from entry
4. Once a trade is in the money by 10 pips I engage a 10 pip trailing stop--
let it run until stopped out.
5. If trade is still open at 12pm est, I close it at market.
6. I match my pip size so that a 40 pip loss will cost me 3% of my account.
I know that this is ridiculosly simple----have I just been lucky? Will this eventually cost me another 30K (the size of my regular account?) I would appreciate any comments you have--- there is a lot of talented people that post on this forum