This journal is for keeping screenshots of my trading ideas/plans and daily P/Ls.
Also for improving my system algos, as some long waited features and urgent updates/revisions are still on the to-do list.
Any comments are welcome.
System Profitability and leverage:
Avg. US$5,000/week, Max. leverage 2:1.
Risk Measure:
1) At least have a net profit on weekly basis;
2) NO two consecutive loss weeks;
3) Less than two out of ten weeks are in net loss;
If any of above 1), 2), 3) happened, the algos will be thoroughly reviewed and urgent updates/revision must be deployed to the aglos.
System infrastructure:
Before Entry:
Check Front Page of newspaper to have a good understanding of what is happening every day.
Make sure the news and market sentiment is favoring, or is at least neutral on target trading instrument.
Entry Rules:
1) Refresh ScoreBoard (range: -5 to +5), long if TotalScore is greater than 1, and short if TotalScore is lesser than -1.
Strictly follow the long/short indication suggested by ScoreBoard for standalone algos; for hedged algos combo, a flexible/changeable course is allowed.
2) Cross reference to ScoreChart, and the general FX_Score for FX instrument, using the price range which ScoreChart indicates and proceed ONLY if it has at least 72% probability of confidence coefficient for the last 100 trading days.
Then deploy algo accordingly using the following 3 scenarios (scenario strategies will be updated or rolled back from time to time to adapt the market).
Note: When deploying the Long and Short combo, make sure to place the main side (bias side) first with tight stop loss, then place the hedge side (counter trend side) and then set stop loss of main side back to normal.[Important!!!]
3) Adjust Algo parameters based on the SMA(20) SMA(50)indicator, and/or volume chart, and/or Fibonacci chart, and/or time&price symmetry (ab=cd) chart, and/or regression line with 0.5 deviation, and breaking news.
Note: SMA(20) and SMA(50) are always a good indicator for a ongoing trend in 5mins chart.
4) Make sure the ratchet is set functional. So Long/Short orders will not hit each other.
And make sure the entry and exit orders are placed timely.
Exit Rule:
1) First of first, stop loss automatically as of the pre trade risk measure. ALWAYS have a stop loss order.
2) Stop win automatically as of the pre trade risk measure, however, wining target can be modified accordingly to accommodate the market sentiment.
General Rules:
1) RULES are rules, always follow the rules!
2) Keep rules simple, keep everything simple and flexible in the scope of rules.
3) Divide each trading day into 5 sessions, trade at least one session per day.
4) DO not trade more than two instruments in a single trading day, if there is overnight position, no more than three instruments at the same time.
5) Maximum 2 stop out on an instrument each day, maximum 4 stop out in a trading day.
6) Make as less trades as you can, have as more rests as you can. That makes you always keep a sharp and clear mind.
7) GO THROUGH rules before trading.
Additional Notes:
Must review basic charts regularly, but should always be alerted on the system failure.
Catch the trend:
https://www.forexfactory.com/showthr...4#post11190004
Trading in new high / low, and counter trend trading:
https://www.forexfactory.com/showthr...6#post11191686
Compile news into useful info:
https://www.forexfactory.com/showthr...0#post11214490
An example of box theory, same fundamental with ScoreBoard, a visualized alternative:
https://www.forexfactory.com/showthr...6#post11291036
D
Also for improving my system algos, as some long waited features and urgent updates/revisions are still on the to-do list.
Any comments are welcome.
System Profitability and leverage:
Avg. US$5,000/week, Max. leverage 2:1.
Risk Measure:
1) At least have a net profit on weekly basis;
2) NO two consecutive loss weeks;
3) Less than two out of ten weeks are in net loss;
If any of above 1), 2), 3) happened, the algos will be thoroughly reviewed and urgent updates/revision must be deployed to the aglos.
System infrastructure:
Before Entry:
Check Front Page of newspaper to have a good understanding of what is happening every day.
Make sure the news and market sentiment is favoring, or is at least neutral on target trading instrument.
Entry Rules:
1) Refresh ScoreBoard (range: -5 to +5), long if TotalScore is greater than 1, and short if TotalScore is lesser than -1.
Strictly follow the long/short indication suggested by ScoreBoard for standalone algos; for hedged algos combo, a flexible/changeable course is allowed.
2) Cross reference to ScoreChart, and the general FX_Score for FX instrument, using the price range which ScoreChart indicates and proceed ONLY if it has at least 72% probability of confidence coefficient for the last 100 trading days.
Then deploy algo accordingly using the following 3 scenarios (scenario strategies will be updated or rolled back from time to time to adapt the market).
Note: When deploying the Long and Short combo, make sure to place the main side (bias side) first with tight stop loss, then place the hedge side (counter trend side) and then set stop loss of main side back to normal.[Important!!!]
3) Adjust Algo parameters based on the SMA(20) SMA(50)indicator, and/or volume chart, and/or Fibonacci chart, and/or time&price symmetry (ab=cd) chart, and/or regression line with 0.5 deviation, and breaking news.
Note: SMA(20) and SMA(50) are always a good indicator for a ongoing trend in 5mins chart.
4) Make sure the ratchet is set functional. So Long/Short orders will not hit each other.
And make sure the entry and exit orders are placed timely.
Exit Rule:
1) First of first, stop loss automatically as of the pre trade risk measure. ALWAYS have a stop loss order.
2) Stop win automatically as of the pre trade risk measure, however, wining target can be modified accordingly to accommodate the market sentiment.
General Rules:
1) RULES are rules, always follow the rules!
2) Keep rules simple, keep everything simple and flexible in the scope of rules.
3) Divide each trading day into 5 sessions, trade at least one session per day.
4) DO not trade more than two instruments in a single trading day, if there is overnight position, no more than three instruments at the same time.
5) Maximum 2 stop out on an instrument each day, maximum 4 stop out in a trading day.
6) Make as less trades as you can, have as more rests as you can. That makes you always keep a sharp and clear mind.
7) GO THROUGH rules before trading.
Additional Notes:
Must review basic charts regularly, but should always be alerted on the system failure.
Catch the trend:
https://www.forexfactory.com/showthr...4#post11190004
Trading in new high / low, and counter trend trading:
https://www.forexfactory.com/showthr...6#post11191686
Compile news into useful info:
https://www.forexfactory.com/showthr...0#post11214490
An example of box theory, same fundamental with ScoreBoard, a visualized alternative:
https://www.forexfactory.com/showthr...6#post11291036
D
