I’m back again and starting a fresh journal, my old one seems a bit convoluted now. I cashed out my FX account a few months back after making a decent profit from the few months of trading earlier this year. Since then my focus has been on Stocks and Income Funds. I now see myself having the time to focus back on my FX accounts and will fund again at the beginning of the new year. Meanwhile I will layout my guidelines and strategy over the next week or so before I begin again.
Some notes to start, will flush this out over the next few days
Overall Approach:
Discretionary
Small lot sizes (10k), large quantity of trades (initially about 1-2 per day)
Try to build a few profitable positions to stay open indefinitely as insurance
Bury losses in monthly profits
Goals:
Monthly: To start goal is just to show a profit at the end of the month, say $200 for now
Yearly: To have built at least a few solid few position to remain as floating equity insurance
Trades (2 types):
Long term (Positive Floating Equity)
Short term (Income)
Entries:
With trend: Entries mainly at first pullbacks to 30/60 cross
Counter trend: Start by pulling way back to all time weekly chart looking for most over extended pairs to start entries. Key here is being careful not to stack too many positions too close to each other
Candle re-tracement: More discretional, but at somewhat extended areas, even on short TFs (4H) where candles are very like to be retraced
Never enter directional trade at extended levels, only counter
Some notes to start, will flush this out over the next few days
Overall Approach:
Discretionary
Small lot sizes (10k), large quantity of trades (initially about 1-2 per day)
Try to build a few profitable positions to stay open indefinitely as insurance
Bury losses in monthly profits
Goals:
Monthly: To start goal is just to show a profit at the end of the month, say $200 for now
Yearly: To have built at least a few solid few position to remain as floating equity insurance
Trades (2 types):
Long term (Positive Floating Equity)
Short term (Income)
Entries:
With trend: Entries mainly at first pullbacks to 30/60 cross
Counter trend: Start by pulling way back to all time weekly chart looking for most over extended pairs to start entries. Key here is being careful not to stack too many positions too close to each other
Candle re-tracement: More discretional, but at somewhat extended areas, even on short TFs (4H) where candles are very like to be retraced
Never enter directional trade at extended levels, only counter