Hello,
First let me make sure everyone understands:
1) I am a newbie, been trading only about a year
2) I have blown a number of account
3) I have no idea what I'm doing
4) I change trading methods on a daily system
5) I am looking for "my" holy grail
6) I only like to trade on a daily basis, scalping drives me crazy
7) My middle name is "impatient greedy bastard"
So why am I doing this? I want to record my trades as I "pretend" to develop a method that will allow me to trade full time. I am not really sure I have anything that would be interesting to anyone, or is anywhere near a "real" trading method. All I know is that when I look at it, on any pair, I see which way to trade, when I should get in and when I should get out. Am I successful 100%, absolutely not!!!! But I can tell you that I'm kept out of more bad trades, then good ones (does that make sense).
My initial goal of this thread is to trade just a couple of pairs for the month of December (in demo mode), recording my moves, testing out different MM. Since I'm trading off of the Day charts I don't expect to have but only a couple of trades in the month, though I will be in trades probably for 7-15 days at a time.
This is a really basic method that uses one indicator (HMA Modified) to show trend direction, and two other (Goldminer2 & RSI Custom) to show entry and exit points. The reality is one indicator (HMA Modified) could be used to take trades, I just still can't believe this and need other indicators to make me feel good about my trade decisions. What I think I found is the two other indicator help me get in at a better position to survive margin draw-down that comes with daily systems. I guess we will all see if this is actually true.
Now, as much as I'd like to say I spend hours determining the appropriated combination of indicators, blah blah blah, I didn't come up with this method. A FFF (Forex Forum Friend) suggested a scalping method which I immediately applied to the daily. I did modify it a little, added the HMA, deleted an indicator I didn't feel did anything, and here we are. I don't have a name for it - many viewers here can help develop one.
I have no MM or EA for this yet. If this proves to be successful, I will move it to the System Forum and let the masses disect it, change it, fight over it, EA it to death (while I trade it as it is and make a lot of pips).
I have attached a chart that will be the start of this thread. I'm sure you will all see how to trade this, but I will provide the method and template so thoughs that want to follow along can. Please do not take my trades as signals for you to trade - let me remind you I have blown a number of "live" account already! I took this trade at 4:00pm CST and as you can see it went right away in my favor. It is now 7:00pm and its still in my favor plus $38(Since it's sunday it will take a while for this trade to really get going).
I am leaving for dinner soon so I will put my method of trading in another entry later tonight. I hope others will come along for this ride, all comments are welcome.
First let me make sure everyone understands:
1) I am a newbie, been trading only about a year
2) I have blown a number of account
3) I have no idea what I'm doing
4) I change trading methods on a daily system
5) I am looking for "my" holy grail
6) I only like to trade on a daily basis, scalping drives me crazy
7) My middle name is "impatient greedy bastard"
So why am I doing this? I want to record my trades as I "pretend" to develop a method that will allow me to trade full time. I am not really sure I have anything that would be interesting to anyone, or is anywhere near a "real" trading method. All I know is that when I look at it, on any pair, I see which way to trade, when I should get in and when I should get out. Am I successful 100%, absolutely not!!!! But I can tell you that I'm kept out of more bad trades, then good ones (does that make sense).
My initial goal of this thread is to trade just a couple of pairs for the month of December (in demo mode), recording my moves, testing out different MM. Since I'm trading off of the Day charts I don't expect to have but only a couple of trades in the month, though I will be in trades probably for 7-15 days at a time.
This is a really basic method that uses one indicator (HMA Modified) to show trend direction, and two other (Goldminer2 & RSI Custom) to show entry and exit points. The reality is one indicator (HMA Modified) could be used to take trades, I just still can't believe this and need other indicators to make me feel good about my trade decisions. What I think I found is the two other indicator help me get in at a better position to survive margin draw-down that comes with daily systems. I guess we will all see if this is actually true.
Now, as much as I'd like to say I spend hours determining the appropriated combination of indicators, blah blah blah, I didn't come up with this method. A FFF (Forex Forum Friend) suggested a scalping method which I immediately applied to the daily. I did modify it a little, added the HMA, deleted an indicator I didn't feel did anything, and here we are. I don't have a name for it - many viewers here can help develop one.
I have no MM or EA for this yet. If this proves to be successful, I will move it to the System Forum and let the masses disect it, change it, fight over it, EA it to death (while I trade it as it is and make a lot of pips).
I have attached a chart that will be the start of this thread. I'm sure you will all see how to trade this, but I will provide the method and template so thoughs that want to follow along can. Please do not take my trades as signals for you to trade - let me remind you I have blown a number of "live" account already! I took this trade at 4:00pm CST and as you can see it went right away in my favor. It is now 7:00pm and its still in my favor plus $38(Since it's sunday it will take a while for this trade to really get going).
I am leaving for dinner soon so I will put my method of trading in another entry later tonight. I hope others will come along for this ride, all comments are welcome.