Hi everyone.
I have 4 very simple trading methods that I apply to: Trending markets, Ranging markets, Inside a Ranging Market and No Trade markets. I didnt invented any of them, the posts in this thread is just how I trade them. I will post my daily trade, the trade rules and any other information that is relevant to this thread. I hope you find it as helpful and I do.
But first, a little about me and why Im starting my thread. Im 64 years old and have been in my own business for over 40 years in a wide spectrum of businesses, mostly financial services. In addition I have played bricks and mortar poker for almost 50 years ; online for just over 6. Poker and the Forex have a lot in common. To be successful, you have to think long term and be disciplined and consistent
Like most people when I came to the Forex I spent a ton of time learning indicators, strategies, watching you tube and webinars. Tech analysis, fundamental analysis, volume spread analysis, scalping, day, swing and position trading. Three years later Ive come up with a trading plan that is comprised of: 4 trading methods, 1 money management strategy and application of the first two with patience and discipline.
My Method, Money management and Mindset are based on these principles. 1. Your trading career does not depend on: One trade, One session or One mistake. Decisions need to be based on the Long Term. 2 Nobody ever went broke closing a trade in profit. Don't try to pick tops and bottoms, pick profit. 3. People are allowed to have their own opinion, but not their own facts. Learn the difference. 4. All decisions need to be based on F.O.E. Relevant Facts, Relevant Options and then Picking the least of the Evils.
On to why this thread? Simple. In my opinion one of the most important things you can do is to be consistent and always try to learn something new. Being active in my own thread helps me to do that. Any how I hope you like the thread.
Fibonacci Rules
1. Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming. Wait until all major announcements are posted for the current 24 hours for the time frame you’re trading.
2. Identify the trend, up or down.
3. Apply the fib retrace tool to either previous days high low if you're trading after NY daily close or if you trading before the current day NY close then use current days high low. if market is up drag the fib tool from swing low to a swing high or if market is down from swing high to swing low
4. Place a pending order between the 50 and 61.8% levels with a stop loss at the 75% retrace level.
5. At the 38.2% Level change fixed stop to a trailing stop for half the pips from your entry to the 38.2% level.
6. At the 23.6% retrace change trailing stop for half pips from the 38.2% to the 23.6% levels.
7. At the 0% retrace change trailing stop for half the pips from the O% retrace level to from 23.6% level.
8. From the 0% Level on, adjust trailing stop to 30% of total pip gain.
I have 4 very simple trading methods that I apply to: Trending markets, Ranging markets, Inside a Ranging Market and No Trade markets. I didnt invented any of them, the posts in this thread is just how I trade them. I will post my daily trade, the trade rules and any other information that is relevant to this thread. I hope you find it as helpful and I do.
But first, a little about me and why Im starting my thread. Im 64 years old and have been in my own business for over 40 years in a wide spectrum of businesses, mostly financial services. In addition I have played bricks and mortar poker for almost 50 years ; online for just over 6. Poker and the Forex have a lot in common. To be successful, you have to think long term and be disciplined and consistent
Like most people when I came to the Forex I spent a ton of time learning indicators, strategies, watching you tube and webinars. Tech analysis, fundamental analysis, volume spread analysis, scalping, day, swing and position trading. Three years later Ive come up with a trading plan that is comprised of: 4 trading methods, 1 money management strategy and application of the first two with patience and discipline.
My Method, Money management and Mindset are based on these principles. 1. Your trading career does not depend on: One trade, One session or One mistake. Decisions need to be based on the Long Term. 2 Nobody ever went broke closing a trade in profit. Don't try to pick tops and bottoms, pick profit. 3. People are allowed to have their own opinion, but not their own facts. Learn the difference. 4. All decisions need to be based on F.O.E. Relevant Facts, Relevant Options and then Picking the least of the Evils.
On to why this thread? Simple. In my opinion one of the most important things you can do is to be consistent and always try to learn something new. Being active in my own thread helps me to do that. Any how I hope you like the thread.
Fibonacci Rules
1. Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming. Wait until all major announcements are posted for the current 24 hours for the time frame you’re trading.
2. Identify the trend, up or down.
3. Apply the fib retrace tool to either previous days high low if you're trading after NY daily close or if you trading before the current day NY close then use current days high low. if market is up drag the fib tool from swing low to a swing high or if market is down from swing high to swing low
4. Place a pending order between the 50 and 61.8% levels with a stop loss at the 75% retrace level.
5. At the 38.2% Level change fixed stop to a trailing stop for half the pips from your entry to the 38.2% level.
6. At the 23.6% retrace change trailing stop for half pips from the 38.2% to the 23.6% levels.
7. At the 0% retrace change trailing stop for half the pips from the O% retrace level to from 23.6% level.
8. From the 0% Level on, adjust trailing stop to 30% of total pip gain.
Nobody ever went broke closing a trade in profit
But if you practice the patience and discipline, in the long run, based on the balance of probabilities it works more time than it doesn't.
