Position Average Trading Single Currency

Hello,

Just want to get some thoughts on this and some improvements.

Ok to tell you the truth, I have been doing well with a system that has made a losing account into a winning account and without a single loss 'overall'.

I look to add positions to my trades - it is not a grid system where every X pips I will add a position, when I feel it is going a direction I will add in that direction. I will trade one currency, lowest spread, so E/U.

These are the rules:

1. TP will always be 10 pips per day and see you later I am done for the day.
2. First trade will be 1 Lot (in this case)
3. Thereafter, 2 lots every position I am, be it buy or sell.
4. No SL (yes it sounds mad... but hey it works for me)

This is how it works:

1. BUY 1 lot
2. If the above buy seems to be turning into a sell, I will SELL 2 lots
3. If the above SELL turns into a BUY I will 2 lots
4. etc... until I hit Total profit 7 pips, close call trades.

This is working for me and I have not had a single loss until I tried G/Y and then bang - one I did not stick to my rules and two the spread involved was killing my account - as I am looking to scalp 10 pips.

I am not looking to enter the market at ther bottom or top and not looking to keep tight stops and keep getting hit on these stops, I am looking to take 7 pips with position averaging - so far it is working for me... sorry I very busy - I don't have time to post charts (I work) but can post comments when I get a chance.

I am looking for good direction entries so I am riding the waves with the big boys and picking up scraps on the way.

I don't think trading is too hard when you think about it... we are too busy trying to find tops and bottoms and having tight SL and we need to think outside of the box and forget these cross over and RSI above 50, etc, etc.

I am looking forward to some good input from some good traders.

Regards,
Vip

5 trades on demo account - up 2.5% on my account already.

Not bad huh?

All shorts on E/U and I have not had to add positions - 5 single trades, all winners.

It is simple really no indicators, just looking at which way price is going... and putting in my trade.

Right, so my aim now is to try and go long at some point later on this afternoon, though at the moment price is still heading down and I am not going to enter, just stick to plan, when I see price moving up, I will follow it and when it moves down I will follow that - lets see how this pans out.

Regards,
Vip

u might want to read the thread
technical analysis fallacy to complete ur tools
good luck

Looks like another version of a Martingale.
It will work well for a while but at some point the "perfect storm" will arise and it will blow your account.
Tried it, been there, done that.

Not really, I am working on 1 and 5 mins charts and I am not increasing lots after the 2nd entry and I am not looking to take too much off the table, just scraps.