DislikedHi Alan, I read this thread from first post. It sound great and thank you for sharing this strategy. I sometimes confuse AB=CD and ABCD. So when we use ABCD and when we use AB=CD. In Post 5,861, I see you add AB=CD and ABCD .Ignored
1
Trading the Cable swings via averages
- #8,749
- Jan 28, 2023 8:33pm Jan 28, 2023 8:33pm
- Joined Mar 2016 | Status: Trader | 6,382 Posts
OK questions done now for the future.
I will have my account setup with AUD$1500 for the start.
The aim is to make 2% per day never risking more than 1%.
I still want to stick to a minimum 40-pip target requiring a 20-pip initial stop.
2% of $1500 is $30. For 40 pips this equates to an entry of 0.05 lots. (50c X 1.5 X 40 = AUD$30) The 1,5 is the conversion from US to AUD approx.
$1500 allows me to but 25 mini lots at about $60 each so I have 5 times as much as I really need. This can be used to add lots to the trade to increase the profits.
At 2% compounding it should take no more than 37 days to double the account. We should be able to do this 6 times in a year leaving a seventh for catch ups.
This means being very close to $100,000 for the year.
My simple spreadsheet looks like this...
Remember this is only a guide to keep us on track aiming for a specific goal.
The important thing is to make sure the losses don't exceed 1% sending us too far back and having to make huge catchups.
Any questions before we start? or should I say I start.
I will have my account setup with AUD$1500 for the start.
The aim is to make 2% per day never risking more than 1%.
I still want to stick to a minimum 40-pip target requiring a 20-pip initial stop.
2% of $1500 is $30. For 40 pips this equates to an entry of 0.05 lots. (50c X 1.5 X 40 = AUD$30) The 1,5 is the conversion from US to AUD approx.
$1500 allows me to but 25 mini lots at about $60 each so I have 5 times as much as I really need. This can be used to add lots to the trade to increase the profits.
At 2% compounding it should take no more than 37 days to double the account. We should be able to do this 6 times in a year leaving a seventh for catch ups.
This means being very close to $100,000 for the year.
My simple spreadsheet looks like this...
Remember this is only a guide to keep us on track aiming for a specific goal.
The important thing is to make sure the losses don't exceed 1% sending us too far back and having to make huge catchups.
Any questions before we start? or should I say I start.
- #8,750
- Jan 28, 2023 10:17pm Jan 28, 2023 10:17pm
- Joined Mar 2016 | Status: Trader | 6,382 Posts
Just to recap on the way I do it, here is a 5 min chart explanation.
We see we have a target 40+, worth a go. Once we get in, we move the stop to far less than 1%. We can add more trades if:
(a) we want to make more profit.
(b) we want take make back a previous loss.
We see we have a target 40+, worth a go. Once we get in, we move the stop to far less than 1%. We can add more trades if:
(a) we want to make more profit.
(b) we want take make back a previous loss.
- #8,754
- Jan 30, 2023 5:40am Jan 30, 2023 5:40am
- Joined Mar 2016 | Status: Trader | 6,382 Posts
I am just taking little scalps today and only made $5.52 so far.
- #8,755
- Jan 30, 2023 5:56am Jan 30, 2023 5:56am
- Joined Oct 2019 | Status: Forexian Fighter = FF | 16,341 Posts
I am just taking little scalps today and only made $5.52 so far. {image}
you can now buy 1 of this:
kiri is my monetary unit
each day 10%,,,, https://www.forexfactory.com/thread/1371538
- #8,760
- Jan 30, 2023 10:18am Jan 30, 2023 10:18am
- Joined Dec 2022 | Status: Trader | 2,427 Posts
You have an IQ lower than 90 if you interact with this user.