Any Comment??

hi there, i'm a newbie in forex trading. just have 3 months of experience in trading. currently i enter my trade depend on the pivot point. I enter buy order at daily pivot point +20 and enter sell order at daily pivot point -20. both i target 20 to 30 pips for TP and SL at 30 Pips.

Juz need some suggestion abt my strategy...any improvement to be done??
Thanx ppl.

You could do worse than going to http://www.daily20pip.com/forum/ and checking the posts there, it's an identical system but people are trying different tweaks.

Best of luck.

-TPO.

Hmmm... I thought about your strategy. The problem with that 1:1 or worse risk/reward ratio on targetting 20 pips means when you factor the broker spread into the equation (especially if its gbp/usd) you are going to have to win well over 50% of your trades just to break even, let alone make a profit. It may be better to try and devise a similar strategy with a better r/r ratio. Just my 2 pips..

well, thanx guys for giving me the comments. i really need more suggestions and knowledge about the forex strategy. Any recommend system or strategy that can share with me here? i'm sure i'll be glad 2 learn from you guys...=)

That trading approach might work on trending markets but the chop will eat you up. You gotta filter your entries with some trend confirmation routine.

Thanx WTB. Actually how to filter entries with some trend confirmation? i'm so sorry coz i really new in forex so don't really understand at all. Did i need to use any indicator or EA? hopefully you can guide me more on this. i'll be very appreciate it. thanx