I am a Forex beginner. By that I mean, that I have no set mind about the right way to do forex. I played with indicators for several months and I found them unfit for my evolving trading style -Do I have any?
Lately I joined the fti's thread and it seems that his methods work for me. I was coming to the realization that indicators were deficients. He showed me that indeed I did not need them. Thanks fti.
To avoid posting my trades in his thread, I will post my daily trades in this journal. Maybe somebody could help me when I am lost or call me crazy when they see that I am really insane. Maybe other beginners will learn one or two things...Oh well...We need to help each others against the CB.
My approach:
1) Define main trend with the 15M by its relationship to SMA(48)
2) Enter as per main trend. If in doubt, stay out
3) Observed 5M and 1M. Trade the 5M. Time mostly with 1M.
4) Adjust profit target as per the trend risk.
General
1) No stop losses nor indicators
2) Attack sequence: 1-2-3
3) Rescue sequence: 3-9
3a) Trade timing: 5M and 1M
5) Total troops: 32 -equivalent to 25 % of equity.
6) Profit trade target: maybe 15 pips
6a) Profit daily target: 50 pips/session or 0.50+ % ROE
7) Real money.
8) 7 to noon trading. Never trading during the news
9) End war with +50 pips/session
10) Never away from the computer while trading.
11) Trade for the book not for individual trades.
Bank:
1) Scout: 2 % of leveraged account - use for overnight small single trade
2) Max unit/troops= None...3 waves attack with 1:2:3 ratio for the wave attack
If you understand all this great. If do not, go to fti's thread and learn about his methods. I found them very good for me but you have to decide on your own...You could ask question here too.
Wish me luck.
WARNING: (1) This strategy is very dangerous and you could be burned. If you like it, do not use money that you not readily dispose. (2) I keep changing and fine tunning my strategy, so the lastest posts are a better reflection of my current actions.
Important: My methods are still evolving as I learn. To preserve the historical integrity of this journal , I will not make changes to this post again but I will add below the post numbers for the the updated stragegy.
Current strategy:
Post # 230
Post # 251
Post # 256
Post # 294
Post # 321
Lately I joined the fti's thread and it seems that his methods work for me. I was coming to the realization that indicators were deficients. He showed me that indeed I did not need them. Thanks fti.
To avoid posting my trades in his thread, I will post my daily trades in this journal. Maybe somebody could help me when I am lost or call me crazy when they see that I am really insane. Maybe other beginners will learn one or two things...Oh well...We need to help each others against the CB.
My approach:
1) Define main trend with the 15M by its relationship to SMA(48)
2) Enter as per main trend. If in doubt, stay out
3) Observed 5M and 1M. Trade the 5M. Time mostly with 1M.
4) Adjust profit target as per the trend risk.
General
1) No stop losses nor indicators
2) Attack sequence: 1-2-3
3) Rescue sequence: 3-9
3a) Trade timing: 5M and 1M
5) Total troops: 32 -equivalent to 25 % of equity.
6) Profit trade target: maybe 15 pips
6a) Profit daily target: 50 pips/session or 0.50+ % ROE
7) Real money.
8) 7 to noon trading. Never trading during the news
9) End war with +50 pips/session
10) Never away from the computer while trading.
11) Trade for the book not for individual trades.
Bank:
1) Scout: 2 % of leveraged account - use for overnight small single trade
2) Max unit/troops= None...3 waves attack with 1:2:3 ratio for the wave attack
If you understand all this great. If do not, go to fti's thread and learn about his methods. I found them very good for me but you have to decide on your own...You could ask question here too.
Wish me luck.
WARNING: (1) This strategy is very dangerous and you could be burned. If you like it, do not use money that you not readily dispose. (2) I keep changing and fine tunning my strategy, so the lastest posts are a better reflection of my current actions.
Important: My methods are still evolving as I learn. To preserve the historical integrity of this journal , I will not make changes to this post again but I will add below the post numbers for the the updated stragegy.
Current strategy:
Post # 230
Post # 251
Post # 256
Post # 294
Post # 321
Empty as water and soft as a facing wind mountain