WHY? Because I believe that it will bring discipline to my trading.
Discipline:
1. Do not move SL below/above the original position.
2. Do not ovetrade (allow max loss per session).
3. Open only the trade which you feel 100% comfortable with.
4. Open only 1 trade at a time. After moving SL to BE+1 you can open another trade.
Strategy:
EUR/USD, SL=5/10pips, TP=5-50pips, 5m candle chart.
Low volaltility expected: SL=5pips.
High volatility expected: SL=10pips with half size of the trade.
Risk 0,25% of the account per trade.
Occasionally GBP/USD, EUR/GBP, USD/JPY, EUR/JPY, USD/CAD.
EU session: max loss 20/40pips (4 losses in a row), profit target = any positive result.
US session: max loss 20/40pips (4 losses in a row), profit target = any positive result.
Keep in mind: S/R levels, 50/100/20/80 levels, trendlines, news release time.
Enter: whenever you see the reason. S/R break or S/R bounce or 5m pullback or 5m inside bar pullback. Enter at the beginning of a new candle.
Exit: when TP is hit or whenever you see the price is not doing acceptable movement.
Psychology:
1. Be disciplined every day, in every trade, and the market will reward you. But don`t claim to be disciplined if you are not 100% of the time.
2. Trading is just a probability game based on pattern recognition.
3. Loss is not your fault.
4. Trade what you see.
5. Relax and be happy.
