Objective - consistent profit, minimum risk, minimum time watching computer.
Plan -
Understand some fundy, trade on technical.
Pairs : Trade any pair matching entry rules
One trade every 1 hour at the most.
Stop at -3 LL time frame
TP 50% at ATR 5 of time frame
Buy and Short based on RSI combine with chart, time frame, fundys
Lot size - 20,000
Hehe i think more to afford and enjoy the yacht would be my dream.
As for Friday night trade i was lucky i closed out existing positions and turned a profitable trade.
Point is to have reasonable stop losses which give enough room for price to move in its trend and not leave things overnight, which was stupid of me.
Currently i am experiencing weird broker interference, i am currently with a Singapore broker. Their platform is simply terrible and i intend to change in a month.
Broker problems include at least 5/10 times the platform will do something eg. freeze, close down, trades will not be executed, trades will be executed but not show up on the screen. This is unacceptable and may go to support the market makers theory where your in a war with the broker and not the market. I am thinking of going with Oanda even though they are MM i still hear more good things about them. The more extreme are stop hunting etc. Had an account with ADM but service was a bit dodgy. I think oanda just looks reliable and simple.
I am only going to trade GBP/USD for April month until i develop some solid experience. I have been watching 1 sec, 15 sec, 15 min, 1hr charts for many hours each day.
My thoughts are that you need to evaluate different time frames to support main chart, for me is 15min.
1 sec chart is to fast for me
Intend to create solid Trade Rules this weekend.
As for money management that will come next week when i have more funds.
Though currently i only purchase 2 mini lots per trade
LAST NIGHT NETTED 49 PIPS.
Wont bother showing entry/exit i didnt go according to any plan.
saw it ranging sideways tightly spike up and then return where i bought in, exited on spike down.... should have waited longer and got additional 20 pips but was worried about turning profit to loss with considering my previous trades down about 1000 pips between them. Previously i was trading on fundies......now i realize fundies can meen anything to anyone, are impossible to interpret real time, i think you simply have to know that what and when newsis coming make a decision whether good or bad but do not trade until big money confirms! .. those with money control the markets and its direction......
I think people who dont require margin are the only people who trade solely on fundamentals?
