This is my trading journal. I am just starting trading.
Here's what I'd like to do:
I would like to scalp in m1. I am a freelance translator and I work from home, so I can use sound alerts to track the changes - I will not continuously look at the charts, but will check what's going on every 8-10 pips after the alert has been triggered.
Pairs: only EURUSD
Entry: for sell order -- the price should reject from ma100 and should go a couple of candles, the entry candle should be below ma20.
Exit: I will have 3 positions; tp for trade 1 = sl; tp for trade 2 = sl * 2; tp for 3 = trailing stop (I cannot decide on the size of the trailer); trailer should be launched after tp for position 2; position 3 should be switched to BE at some point
MM: 1% of the depo account for all three positions (i.e. 0.3% for each of the positions); I have the account of 10,000. I will always keep 20% of the account amount in the forex account and I can do something with the 80% (for instance, I can place it as a deposit with a bank, but I should be able to immediately add any portion of it to the forex account).
Testing and Go Live:
1) I will back test the method on history in Forex Tester 2 (3-5 deals per day) from April 1 till September 1 2015 (we had a range during that time; it's important, because I would just trade long-term if the pair were trending) (20 days x 3 deals x 5 months = about 300 deals). If I have good results, I would do 2). Otherwise, I would look for a different system.
2) I will test the method on 100USD cent account for 1 month from September 1 till October 1 2015. If I have good results, I will start trading 1,000USD account, if I am successful I would switch to 2,000USD account. If I am consistently successful I would switch to 10,000USD account eventually after about 12 months.
I don't want to overthink forex, I just want to scalp m1. If I get on a long trend, then I would try and let the third position grow for the medium term or even the long-term.
I can simultaneously trade short, medium and long term.
Interesting things for noobs:
1) boxes -- see the video on how I use boxes to calculate tps
2) "virtual account" - when you have 80% of the account in the bank deposit.
Here's what I'd like to do:
I would like to scalp in m1. I am a freelance translator and I work from home, so I can use sound alerts to track the changes - I will not continuously look at the charts, but will check what's going on every 8-10 pips after the alert has been triggered.
Pairs: only EURUSD
Entry: for sell order -- the price should reject from ma100 and should go a couple of candles, the entry candle should be below ma20.
Exit: I will have 3 positions; tp for trade 1 = sl; tp for trade 2 = sl * 2; tp for 3 = trailing stop (I cannot decide on the size of the trailer); trailer should be launched after tp for position 2; position 3 should be switched to BE at some point
MM: 1% of the depo account for all three positions (i.e. 0.3% for each of the positions); I have the account of 10,000. I will always keep 20% of the account amount in the forex account and I can do something with the 80% (for instance, I can place it as a deposit with a bank, but I should be able to immediately add any portion of it to the forex account).
Testing and Go Live:
1) I will back test the method on history in Forex Tester 2 (3-5 deals per day) from April 1 till September 1 2015 (we had a range during that time; it's important, because I would just trade long-term if the pair were trending) (20 days x 3 deals x 5 months = about 300 deals). If I have good results, I would do 2). Otherwise, I would look for a different system.
2) I will test the method on 100USD cent account for 1 month from September 1 till October 1 2015. If I have good results, I will start trading 1,000USD account, if I am successful I would switch to 2,000USD account. If I am consistently successful I would switch to 10,000USD account eventually after about 12 months.
I don't want to overthink forex, I just want to scalp m1. If I get on a long trend, then I would try and let the third position grow for the medium term or even the long-term.
I can simultaneously trade short, medium and long term.
Interesting things for noobs:
1) boxes -- see the video on how I use boxes to calculate tps
2) "virtual account" - when you have 80% of the account in the bank deposit.