I must confess. I have been making bank with a discretionary trading system. It may not work for you but here it goes.
I buy on confirmed bullish candlestick patterns, and I sell on confirmed bearish candlestick formations.Currently, when a trade reaches 100 pips of profit, I add another position in the same direction with half the initial lot size. If the position garners another 100 pips of profit, I add another lot which is a quarter the size of the initial lot size. I close a position when and if it closes beyond a stop-loss or a confirmed candlestick pattern in the opposite direction appears. Stop losses are not placed with the broker since with my system the position must close at the end of the day beyond the stop-loss, not merely hit it. All decisions about buying and selling are made once a day sometime after the formation of new candles usually sometime between 5 pm - 6 pm eastern.
Stop losses are generated naturally from the candlestick position traded. See https://www.candlesticker.com .
I also have an account with AmericanBulls.com which informs me at to which candlestick formations have been confirmed, an account is not needed to get this information.
A confirmed candlestick pattern is a pattern in which the close is above the signal line on a bullish pattern or below the signal line on a bearish pattern. Currently, I only deal with daily candles. After being a losing trading for over ten years my epiphany occurred in late January 2018 after I read "The Consistent Trader" by Sam Eder. I don't get any referral fees from the links, I put them there because they are what works for me.
It is my goal to create a system that just takes 15 minutes a day away from living life. Then create an expert advisor that automates it. So that I canplay video games all day long and be a philanthropist.
p.s. Due to conversations with my girlfriend if the account ever doubles again in a 24hour period I am to close all positions.
I quit using the girlfriend rule. It sounds cute but when enacted it destroys your momentum, why sell everything when you are winning this rule is too arbitrary.
Updated 6/6/18 so trades opened before this date utilize my old system of 0.25-0.5-1 lotsizes where now I use 1-0.5-0.25.
Lot sizes are your choice of course and you are welcome to use any money management scheme you like.
I use a 0.5 lot order with take-profit at 1ATR(14), along with a 0.25 lot size with take-profit at 2*ATR(14), and also a final 0.25 lot order with no set take profit the exit is by opposite pattern confirmation or stop-loss.
skip Important new updates to the system in post #114 https://www.forexfactory.com/showthread.php?p=11150945#post11150945
The most recent update to the system. https://www.forexfactory.com/showthread.php?p=11169897#post11169897
TLDR;
I update a spreadsheet every day with the free signals from American Bulls forex "A. POPULAR" sheet.
I place buy orders for all BUY signals,
I close all SELL signals and
I open a sell order for all SHORT signals.
I buy on confirmed bullish candlestick patterns, and I sell on confirmed bearish candlestick formations.
Stop losses are generated naturally from the candlestick position traded. See https://www.candlesticker.com .
I also have an account with AmericanBulls.com which informs me at to which candlestick formations have been confirmed, an account is not needed to get this information.
A confirmed candlestick pattern is a pattern in which the close is above the signal line on a bullish pattern or below the signal line on a bearish pattern. Currently, I only deal with daily candles. After being a losing trading for over ten years my epiphany occurred in late January 2018 after I read "The Consistent Trader" by Sam Eder. I don't get any referral fees from the links, I put them there because they are what works for me.
It is my goal to create a system that just takes 15 minutes a day away from living life. Then create an expert advisor that automates it. So that I can
I quit using the girlfriend rule. It sounds cute but when enacted it destroys your momentum, why sell everything when you are winning this rule is too arbitrary.
Lot sizes are your choice of course and you are welcome to use any money management scheme you like.
I use a 0.5 lot order with take-profit at 1ATR(14), along with a 0.25 lot size with take-profit at 2*ATR(14), and also a final 0.25 lot order with no set take profit the exit is by opposite pattern confirmation or stop-loss.
The most recent update to the system. https://www.forexfactory.com/showthread.php?p=11169897#post11169897
TLDR;
I update a spreadsheet every day with the free signals from American Bulls forex "A. POPULAR" sheet.
I place buy orders for all BUY signals,
I close all SELL signals and
I open a sell order for all SHORT signals.
Buy, Sell, plus this other thing equals Profit!
