Mind over matter high leverage trading (not for wimps)

Well I decided to start a thread which may hopefully blow away a lot of misconceptions and mental flaws when it comes to trading this very difficult but potentially very profitable market

It will be a journey of fast accumulation and a trading system and strategy that aims to build an account balance very quickly

Before I even get to the actual technical strategy, I am going to delve into the mental side of trading which is not only one's mental approach but also one's mental strategy. There is absolutely no doubt that the mental side (planning, conquering one's fears, etc.) is 95% of the battle. There are thousands of trading strategies and probably most are good so why do 95%+ of traders fail?? I will try to address that in my next post and then outline my unique trading strategy

I have put this in Journals because I am not looking for replies as such UNLESS they are positive and upbuilding. All trolls, idiots, and other undesirables will be immmediately banned!!!


Quick Edit
I will be putting up a TE on Monday to accompany the thread

Firstly a few facts (what I am going to say below is probably going to ruffle a few feathers)

Is the market is out to get you? Yes and no. Not us personally, the big players are out to get everyone smaller then themselves, including smaller institutions, anyone and everyone who they can influence into getting onto the other (wrong) side of the trade!

Strangely enough most of us generally make the right call but we still end up losing money, why?? Well there are probably a number of reasons but I am going to highlight the main one and look at the solution.

It is FEAR - yep, FEAR is the key! And to conquer this fear we have all been taught and told many times to keep low leverage - protect that account balance at all costs, right? So off we go trading .01 and .02 microlots. However the BIG problem with this generally accepted method of trading is that we are opening way way too many trades - overtrading! In fact even three trades a week is already too many in my experienced opinion. Every time we open a new trade we are taking a risk. If we open 10 trades we are multiplying that risk ten times. 20 trades by twenty times. That is a HUGE risk! If this generally accepted trading method actually works then why are most of us losing money! I was looking at the "trades section" of FF. Amazing even these guys are overtrading big time. That is why they generally disappear off the board after a while.

Then we are encouraged (generally by the brokers) to open our trading account with a minimum balance of at least $1000 (sometimes much more then that of course) but I am taking that as a prime example. What happens? A few losses and we are down to $800 and fear grabs and greed grabs and we try to recover and BANG down to $100, then zero dollars in no time at all.

OK let's do things differently. You have $1000 to trade with. But what I am suggesting is start with only $100. Remember you then have TEN chances (10 x $100) to build up a nice balance. But how? Using leverage of course and ONLY trading a couple of times a week when conditions are absolutely optimal.

We trade our $100 live account as you would a DEMO account. DO NOT think of it as a live account! All of us can double our demo account balances in a couple of hours. And as soon as you've doubled or trebled your live balance, bank your original stake. Why? Because then you are trading with the banks money NOT your own. The pschological difference is VAST when you're trading with someone else's money! One is not psychologically hamstrung

But of course we are going to need a good trading system to identify that optimal situation to take that high-leverage trade. Trading at 500:1 with a $100 balance we can use say $3 a pip x 20 pips x 2 and hey presto we have doubled our account in a week. That is is the strategy here guys. As I said, this thread is most definitely not for the faint hearted. If you are, best to move to another thread in a hurry!

The trading system I am going to suggest for this is very simple indeed

Details in the next post

OK

I am going to attach the TE tomorrow and will trade the strategy which is 4hr/30min combination system. Trading off falling/rising dynamic support/resistance

Lets see how we go. 2 - 3 trades next week

There will be lots of skeptics on this approach but we can only try!

A few trading pairs to keep an eye on early next week USDCHF is one and also EURJPY could be interesting if we see continued EUR weakness tomorrow

Hi guys

Just a quick post to say that I am happy to make my charts available to any of my subscribers.

OK the trade explorer is up and running.

Unfortunately missed some great opportunities earlier this morning on GBPUSD, GBPAUD and GBPJPY especially. Due to US being closed, no good good chasing it now. We'll have a look in the morning to see if the downtrend continues. If so we will try and pick up 30-40 pips

Hi Guys

Just thought I would elaborate on my strategy because some people may be skeptical about the risk factor. This is justified as it appears that it's all or nothing with this strategy however that's not the case.

As I mentioned above, our stake is $1000. Of that stake we are risking 10% or $100 as our opening balance. On any trade, I will be looking for a 1:3 or 1:4 R/R. In actual terms this relates to 10 pip SL and 30/40 pip TP. So if we go for a $3 per pip, we stand to lose $30 but win is $90 - $120

If we get hit with a loss we are 30% down ($30). We will NOT try to get that back by "getting back" at the market but we will simply top up and reset our trading balance back to $100 and try again. Same rules and same goal!! Hope everyone understands that.

The SL of 10 pips is tight but we can achieve that by using the 1 minute chart to actually enter in optimal trading conditions (after we have FULL confirmation from the 4hr and 30 min charts). Looking at the 1 min chart (attached), I have arrowed typical entry points we will be looking for. As you can see, our SL can be set very tight indeed.

Needless to say, we need to check our currency strength indi's to see exactly what is very strong/very weak on the day.

Hope this info helps. let me know if have any questions (subscribers ONLY of course)

Hi everyone

Again missed the boat earlier this morning as the focus moved to EURUSD in particular

Here's the CS situation at 12.00pm. Would like to see GBP or EUR move down into the red this afternoon for a possible trade

Well yesterday was a bit of a mess up - looking for a possible trade on GJ or GU

Well talk about not following my own rules - Lets try again next week and this time I will follow my rules

I will reattach the TE

Sorry I have changed the system. It's going to be a time based system using the same template. Nothing wrong with the template! Only looking to trade at 2 or 3 certain times each day. No set-up no trade. Candle and /or rising or falling dynamic R/S. 20 -30 pips unless we get follow on candle

OK managed to pick up a few pips this morning

let's see how we go - exclusively using the 4 hour chart to look for set ups. Simple candle trading (doji, exhaustion, shooting star, compressed spring, etc) or bounce off dynamic support/resistance

Re attaching TE now

EURJPY produced an excellent signal this morning. Can't believe I missed it!

Waiting for the news on UJ

Trying to get the account up to 120 dollars and then we'll risk 0.10 with a 20 pip SL

OK objective achieved

Now I'll risk 0.05 per trade with a 10 pip SL (sorry not 20 pip) to preserve our trading balance

Sorry for the change of trading style - have had a big outlay of funds recently so that 1000 dollar fund has gone! Consequently will have to protect the balance but still try for the maximum we can without taking so huge a risk

Concentrating on the AUD pairs since AUD weakness will continue indefinitely - EURAUD chart:

GBPAUD prognosis - onwards and upwards - looks good to trade next week I think

Well not a bad day + 54 pips and absolutely no risks taken at all!!

Balance big enough now to take bigger risk trade. Template and strategy is bearing up really well

Looking at GBP pairs for further gains tomorrow

[quote=jmtini;11440152]Hi everyone Again missed the boat earlier this morning as the focus moved to EURUSD in particular Here's the CS situation at 12.00pm. Would like to see GBP or EUR move down into the red this afternoon for a possible trade {image}[/qu


Hi can you share the CS indicator and how you use it to make decisions on what pairs to trade?

Thanks.

[quote=Intrepidpips;11489755]
Sure. Here it is below.

For full info on it please go here: https://www.forexfactory.com/showthread.php?t=537107

Hi guys

GBPAUD going up again after a pullback was simply the banks looking for liquidity

Look to buy off the 1 hour chart

Wow 24 hours is a long time in forex!

GBP sell off big time today guys

Well I wasn't wrong there!! All because of the brexit problem - the bears will stay in control on Monday for sure.