I have been testing several systems and tweaking them here and there trying combinations of various indicators and parts of several systems. I initially found Higher time frames like 4H and the Daily too slow and long for my appetite.
Since I have devoted much of my time to a desire and willingness to learn forex trading, I needed something that was faster moving in terms of watching development and obtaining results. But speed has its own price and I paid dearly for it. Infact, very dearly. So I went for shorter timeframes.
However, somewhere along the line I came up with a system that increased my money more than a hundred times over in just a few days and finally got into a euphoria that made me lose sight of the main system which resulted to a tragic loss of everything. Since then, I have tried back tracking and testing other things along the way. Now I would like to test and keep a journal on this forum to document my trades.
For now, I will leave the specifics of the system off the journal while testing it. But I will post my trades here. For a general view of the system,
Timeframe This will be on a 4H Chart mainly but when I have time I scan thru lower time frames and will include in my journal, trades I will take in these lower timeframes when I see any potential set ups.
Trades I will be placing my trade type ( Buy or Sell ) and a recommended SL (Stop Loss).
TP ( Take Profit Levels ) will be multi stage. I will be employing a moving SL.
Once TP1 is achieved , we move SL to Breakeven.
Then SL is moved to TP1 when TP2 is achieved.
Then SL is moved to TP2 when TP3 is achieved... and so on.
I will do this when I baby sit my trades. If I need to be away from my computer for longer periods, I may or may not decide to close my trades earlier if profits are already better than the current SL Levels.My attitude toward trading now is "not too be too greedy" but to ensure that we protect the capital and to maximize profit whenever we can based on the opportunity available.
Since I have devoted much of my time to a desire and willingness to learn forex trading, I needed something that was faster moving in terms of watching development and obtaining results. But speed has its own price and I paid dearly for it. Infact, very dearly. So I went for shorter timeframes.
However, somewhere along the line I came up with a system that increased my money more than a hundred times over in just a few days and finally got into a euphoria that made me lose sight of the main system which resulted to a tragic loss of everything. Since then, I have tried back tracking and testing other things along the way. Now I would like to test and keep a journal on this forum to document my trades.
For now, I will leave the specifics of the system off the journal while testing it. But I will post my trades here. For a general view of the system,
Timeframe This will be on a 4H Chart mainly but when I have time I scan thru lower time frames and will include in my journal, trades I will take in these lower timeframes when I see any potential set ups.
Trades I will be placing my trade type ( Buy or Sell ) and a recommended SL (Stop Loss).
TP ( Take Profit Levels ) will be multi stage. I will be employing a moving SL.
Once TP1 is achieved , we move SL to Breakeven.
Then SL is moved to TP1 when TP2 is achieved.
Then SL is moved to TP2 when TP3 is achieved... and so on.
I will do this when I baby sit my trades. If I need to be away from my computer for longer periods, I may or may not decide to close my trades earlier if profits are already better than the current SL Levels.My attitude toward trading now is "not too be too greedy" but to ensure that we protect the capital and to maximize profit whenever we can based on the opportunity available.
