Hi all,
After making pips on my demo account and having the nerves to go live again (courtesy of FXDD's Champion's League), i have decided for the moment to post my live trades here.
If you are familiar with the name in the title of this journal then the methods i would be using here wouldn't be strange to you but if it is then i would suggest you read and understand my favourite Effilang's Trading Systems developed by Effiong Lang on this forum; Basic Trading System and 20-50 EMA Trading System.
Yes i am not ashamed to say these systems i now use were not originally mine because i do not believe in re-inventing the wheel and like the Bible says in Ecc 1:9;
'The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun'.
In order to make the systems work more and deliver more i have tweaked with them both till i was satisfied that they perform up to expectation.
I would be trading exclusively on the 4HR-chart and trading 9 different pairs (yeah, you heard me...N-I-N-E...Nyne!) in order to reach the weekly goal. And what would that goal be? Well believe it or not i would be targeting a minimum of 1000 pips weekly, did i hear you scream 'impossible'? Turn down the notch on that negativity dial a little and ride with me. I am not saying that i would achieve this profit target every week but i am assuring you, i suppose, that i would at least end in profit at the end of every week.
Would i also be making just 1000 pips every week? Well that depends on the strength of the trend that week, i could end up making about 1500-2000 pips per week at times from my recent experience with using these systems.
I apologise if i refuse to answer questions based on how the system works because that and more can be answered by extensively reading the previous two threads i recommended (or better still why not ask Effi yourself? I am just a messenger!)
Once again, i would be trading 9 pairs namely; GBPUSD, GBPJPY, EURUSD, AUDUSD, NZDUSD, USDCAD, USDJPY, GBPCHF and EURJPY on the 4-HR chart. The number of lots is entirely up to the individual and his/her risk factor based on money management. I trade 0.2 lots per pair on a $5,000 account but you can trade more than that if your start up balance is more. I would be using a trade manager EA to close out half of the lots (0.1 that is) at 50 pips profit level and immediately move the SL for the other lot to BE for all the pairs except for GBPJPY where i pull this up a notch to 100 pips while i allow the other half to ride till i see it convenient to exit the trade.
Of recent, the market has been kinda choppy and ranging and one could end up loosing all the profit made one day the next day but inspite of this a profitable week is still (almost) assured.
Now that we have about 48 hrs before the market re-opens, we wait...
Disclaimer: Forex is a very risky business and you should not gamble away your money if you would surely go mad if you loose it. Only invest the money you are willing to lose without ending up in a psychiatric asylum, remember many are called in this market but very few, yes...very few are chosen (quoted figures give the success rate to about 3-5% with only 1% making the big bucks in the trade). I would not be held liable if you decide to trade based on what i post here ('cos FBI and CIA have nothing on me), in other words, trade at your own risk!
After making pips on my demo account and having the nerves to go live again (courtesy of FXDD's Champion's League), i have decided for the moment to post my live trades here.
If you are familiar with the name in the title of this journal then the methods i would be using here wouldn't be strange to you but if it is then i would suggest you read and understand my favourite Effilang's Trading Systems developed by Effiong Lang on this forum; Basic Trading System and 20-50 EMA Trading System.
Yes i am not ashamed to say these systems i now use were not originally mine because i do not believe in re-inventing the wheel and like the Bible says in Ecc 1:9;
'The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun'.
In order to make the systems work more and deliver more i have tweaked with them both till i was satisfied that they perform up to expectation.
I would be trading exclusively on the 4HR-chart and trading 9 different pairs (yeah, you heard me...N-I-N-E...Nyne!) in order to reach the weekly goal. And what would that goal be? Well believe it or not i would be targeting a minimum of 1000 pips weekly, did i hear you scream 'impossible'? Turn down the notch on that negativity dial a little and ride with me. I am not saying that i would achieve this profit target every week but i am assuring you, i suppose, that i would at least end in profit at the end of every week.
Would i also be making just 1000 pips every week? Well that depends on the strength of the trend that week, i could end up making about 1500-2000 pips per week at times from my recent experience with using these systems.
I apologise if i refuse to answer questions based on how the system works because that and more can be answered by extensively reading the previous two threads i recommended (or better still why not ask Effi yourself? I am just a messenger!)
Once again, i would be trading 9 pairs namely; GBPUSD, GBPJPY, EURUSD, AUDUSD, NZDUSD, USDCAD, USDJPY, GBPCHF and EURJPY on the 4-HR chart. The number of lots is entirely up to the individual and his/her risk factor based on money management. I trade 0.2 lots per pair on a $5,000 account but you can trade more than that if your start up balance is more. I would be using a trade manager EA to close out half of the lots (0.1 that is) at 50 pips profit level and immediately move the SL for the other lot to BE for all the pairs except for GBPJPY where i pull this up a notch to 100 pips while i allow the other half to ride till i see it convenient to exit the trade.
Of recent, the market has been kinda choppy and ranging and one could end up loosing all the profit made one day the next day but inspite of this a profitable week is still (almost) assured.
Now that we have about 48 hrs before the market re-opens, we wait...
Disclaimer: Forex is a very risky business and you should not gamble away your money if you would surely go mad if you loose it. Only invest the money you are willing to lose without ending up in a psychiatric asylum, remember many are called in this market but very few, yes...very few are chosen (quoted figures give the success rate to about 3-5% with only 1% making the big bucks in the trade). I would not be held liable if you decide to trade based on what i post here ('cos FBI and CIA have nothing on me), in other words, trade at your own risk!
Less is more...
Too tired to post yesterday, Anyway these trades are active presently