Ok, so following on from my PABO strategy which was in demo- i know the system, how it works, how to enter, and the rules for my trade management and bank management.
I also am well aware of the R:R and the success factor that i am looking for with the trades.
Anyone worth their salt in the forex market, knows that Demo is easy. I am starting up a small Spread bet account (using MT4) and i am going to be trading the system live.
A system will only show the results of the system, and not the trader. I am deleting the demo PABO strategy and starting the live one as my only TE.
Expectations of the system/me:
I am looking for 4/10 trades to be correct - a 40% success factor, and i think i will be making about 5 trades a week. This should net weekly a 4% increase in my bank. That is in my mind a rather respectable return.
My point per trade will 2% of my bank set at the start of the week, so starting of with a risk of £5, looking to win £10, if i achieve 4% in the first week, week2 will be £ 5.4. Simple really... If i achieve more than that, then the bank will be set accordingly.
I am EXPECTING a 2% increase in bank per week though.
Entry is based on a super secret formula that i am not sharing - this is not my strategy to share. (and i am joking about the first part... the formula bit not the sharing bit...)
Exit is based on going to profit, going to Stop loss. At 50% in trade profit, i am setting sl to B/E for a risk free ride one way or the other.
That's it really... I will give updates at least weekly, or randomly within that...
I also am well aware of the R:R and the success factor that i am looking for with the trades.
Anyone worth their salt in the forex market, knows that Demo is easy. I am starting up a small Spread bet account (using MT4) and i am going to be trading the system live.
A system will only show the results of the system, and not the trader. I am deleting the demo PABO strategy and starting the live one as my only TE.
Expectations of the system/me:
I am looking for 4/10 trades to be correct - a 40% success factor, and i think i will be making about 5 trades a week. This should net weekly a 4% increase in my bank. That is in my mind a rather respectable return.
My point per trade will 2% of my bank set at the start of the week, so starting of with a risk of £5, looking to win £10, if i achieve 4% in the first week, week2 will be £ 5.4. Simple really... If i achieve more than that, then the bank will be set accordingly.
I am EXPECTING a 2% increase in bank per week though.
Entry is based on a super secret formula that i am not sharing - this is not my strategy to share. (and i am joking about the first part... the formula bit not the sharing bit...)
Exit is based on going to profit, going to Stop loss. At 50% in trade profit, i am setting sl to B/E for a risk free ride one way or the other.
That's it really... I will give updates at least weekly, or randomly within that...