cruze2005 attempt at the forex game

Short @ 7740. SL 7760 and limit 7710. We are at the 21 EMA on 30 min and 5 min comfirmation with stocastics overbought. Will adjust the Sl as the trade moves.

immediatly p by 20 pips so i closed to a 10 pip stop loss

Well unfortunatly stopped out for a small loss of 10 pips. The 5 m 21 EMA was controlling direction up with the only time below it being on the bar I changed my SL to a smaller risk. Oh well, no system is flawless and this is the first loss in a long time.

Weekly total = 95
thread total = 254

Good trades, maybe better if concentrate on 1 pair first so you can be an expert in it.

Absolutly I agree with you there on that one. I have narrowed my main selection down to 4 pairs. USD/JPY, EUR/USD, GBP/USD and AUD/USD. At the moment I am just trying to get a feel for the system over a broader spectrum, to see if there is results there. I am trying to limit my actual trades to 1 or 2 pairs being the USD/JPY and EUR/USD as I only have a 2 pip spread for these at the worst of times.

Running tight SL's the last thing you want is a large spread. I am trialling all this on a demo account and my goals are clear to me. 100 pips per week on a consistant basis with SL no greater than 30 pips. At the moment I am trying to improve on the sometimes 1:1 risk/reward but these will come with time and patience.

Thank you once again for you input, it is most welcome. Feel free to drop by anytime and may continued success be with you

Max

Get micro account, you can train your psychological as well as your system live, demo does not have the problem you would encounter with live account.

believe me even 1 cent / pip will take a toll on your mind .

Yep i couldnt agree more, however I was in this situation 1 year ago when I first started trading. I traded a demo account, with no real rules or regards because my mindset was 'its a demo, i can refresh it if i blow it' instead of 'ok i know this is a demo, however if i blow this then my mindset isnt ready for a live account'

I went to live trading 1 month later. I new all the basics, what to look for etc, however after making 80 pips on my first trade @ 8 lots ($1 per pip) I thought i was invincible. My next trade I lost, the one after that and so on and so on. I was winning 1 in every 5 and thought what I learned had got me no where. I then came here about 4 months ago, read some threads and trialled some live. I blew my account about a month or so ago. I started with way to much now that I look back on it. I traded quite risky, not fully understanding some of the threads that I trialled.

I guess my point is that I have faith in this system, and at the moment my mindset is to double this demo account and move back to live. I still have a small amount of capital left. IF I can get this system to have success, then I am planning to carry it through.

At the moment since i have started my account has grown by just over 10% and I am happy to see that, if it keeps growing then great, BUT I must stick to this.

Take care

usually it end up, where it begin, the demo still demo, 1 cent is still money.
easy to make money on demo. it can only be easy to trade live once you have master your self, the system is changable. you are important hehehe.

Thank you for you words of wisdom, they are much appreciated. I hope you continue on your road to trading success, just as I am beginning mine.

Cheers

Hey Cruze great to see you developing your own method and having some success with it.

Bear in mind though that the last month or so the market has been in a pretty solid trend accross the board and it seems all moving average methods must be working great.

Just curious... How will your method go once the market enters the inevitable ranging period?

Is it possible your MA's will no longer serve as an advantage but a hinderence (spell check!)?

Coming from NB's thread I'm sure you won't have any problems there but just some food for thought

Well done will continue to check out the updates

Cheers

Completly understood. In regards to the consolidation factor I cannot be sure. It is true that the markets have been trending solidly for some time now, even on the reversals and such we are getting some decent trends over time. My indicators are based on the 30 min chart for the touch and i am trying to work the 5 min chart for better entry.

Bear in mind my start to the week is always chart basics. Ie support/resistance plotted on the daily charts and 4 hourly, a fib study if needed. I use these as areas where we may not trade until a bounce or break.

I am only looking for 30 pips per trade. To some it doesnt sound like much to other it might be alot. I am trying to work risk of 20 pips but 30 maximum and I move to breakeven as soon as 15 to 20 pips is up. My weekly goal is 100 pips but will take 90 (3 successful trades verus no losses) and with that I am as happy as punch.

Who knows where this journey will lead. Hopefully to a full time trading position, hell even part time would be nice instead of working 2 jobs to make ends meet.

Take care, thanks a stack for droppin by. Dont be a stranger m8

Max

Well done will continue to check out the updates

Cheers