Hi Traders,
My name is Yusuf SHAIKH. I am full time Forex Trader and would like to share my calls and positions as I take those, over here. Hope you will find them profitable. While I put forth my introduction here, I must admit the fact that I had been to various Trade Rooms and Call Services and blended my knowledge so far with my own trading style to produce this system. Hence I must thank all of those who had been involved in my evolution as a Trader.
I aim at discussing "Trade Signals Only" and not the System as the idea remains 'Reserved'. The reason being that the system is dependant on market structure and correlation among different currency pairs and hence requires timely adjustments to extract best out of the market. While all attempts are being made to ensure high probability trades are executed, no system can be 100% correct and therefore losses are welcomed without any emotions and are a part of this system like any other system.
Kindly manage your money to ensure enough protection to your capital first. Refer to Rule # 8 as a guideline to decide on your Money Management Strategy. I aim at taking 2 to 3 trades/calls per week only if I see opportunity, making 40 pips per trade. I will call these trades LIVE in Skype Chat Room under the Skype username "NoWorriesTraders" and would be more than pleased to welcome you there and join the room to trade with me directly, though I will also post my calls here in a fixed Excel Sheet format, I named as NWT Trade Plan, however there maybe occassions where we negotiate on prices and this is where I find it important to be in the room.
Before I start with the routine stuff, I must thank my dearest friend, brother and colleague trader Arshed Qureshi for his association and skills. He is truely a wonderful trader and a very good personnel.
Kindly find below the basic guidelines to understand the nature of this system and feel free to ask if in doubt.
NB: Trading Forex is risky business and hence Only risk money that you can afford to lose. Trade at your own risk.
Name of the System: NWT - Swing Trades (Only fewer Scalp Trades)
Method adopted: Price Action with S/R Zones and Identifying Potential Areas of anticipated Buyers or Sellers
Time Frames Observed: Weekly, Daily, 4H
Rules for Trading these signals:
1: All my orders are Limit Orders and it will be mentioned in the NWT Trade Plan. Only on few occassions will you find Stop Orders to enter the market. You will get preferred entry price from this sheet however this may be negotiated as we chat on the room just to make sure that we do not lose a potential trade setup only by few pips. These preferred entry prices can therefore be used as guidelines around which a trade maybe expected. I would suggest the participant to join the Skype Chat Room where I call these trades LIVE with disclousre of my entry price spontaneously.
2: The NWT Trade Plan is updated only if an opportunity exist in the market to trade profitably and the schedule for these updates would then be at times 0200, 0600, 1000, 1400 and 1800 GMT or simply follow the close of 4H candles on MT4-Alpari UK Chart. However it is strongly recommended that you start checking for these updates from 15 minutes prior to their scheduled time. If you don't see any update, that is probably because of no new opportunity. Hence updates are available only when we see opportunity. However you may keep a practice of checking for any updates at +/- 15 minutes of scheduled time to compensate for any advance/delay posts of these updates. Any changes to these times will be communicated either through posts in this thread or in the Skype Chat Room.
4: The TP for all trades is fixed at 40 pips at the moment unless or otherwise mentioned or discussed in Chat Room, though I am in the process of determining whether these can be traded effectively for around 80 pips, but that remains 'Under Test' for now. There is no need to put any sort of Initial Stop Loss though it can be assumed to be around 80 pips but I emphasise more on Money Management than taking Stop Losses. Once we feel the trade has failed, we simply close it, irrespective of all emotions.
5: Be prepared to keep your position open for atleast 1 trading day if we are running in loss. Never close your losing position without my call if you are trading with me as this would dramatically affect your results when compared with standard results.
6: Assuming that we have entered a particular trade at given Entry 1 level. Now I may also specify Entry 2, Entry 3 etc as pereferred Entry Price to ADD to our Open Positions. However if market gives us +40 pips after Entry 1 then all the pending entreries may automatically be cancelled. We then call the trade as Closed in Profit and do not add from thereon.
7: In the event where more than 1 Entry has been made in any trade, it is very important that you remain in the Chat Room because Trades like these will be closed LIVE through Chat Room to save communication and interaction time. Rule of +40 pips may therefore not be followed and we may ask you to close trades for even +20 pips or BE for example. Bear in mind that adding to an open position may not be a good habit and we try our best not to do that. However it serves us as a part of effective Money Management and a way to exit our losing trade and therefore we may not be that firm about our +40 pips per trade rule in such cases.
8: Proper Money Management is the key to success and plays the most vital role in this system, as any other system. I would suggest you must take into account the following factors while deciding on the lot size you may be planning to trade with.
a) I tend to average my open positions on approximately 2 instances and try to keep this rule intact unless some uneven movement is observed in the market. Participants may please be informed that I may add onto our open positions as a tool for effective Money Management Strategy and that the lot size they decide to trade with must comply with this requirement.
b) At any given instance we may have open positions in maximum 3 different pairs. On very rare case, we may have open positions in more than 3 different pairs. So I would suggest 3 as the base to calculate the lot size that can be traded safely in each pair keeping in mind the fact mentioned above in (8a) to justify your maximum risk associated with the Account Balance.
9: As experimentals, we are now testing if these levels can be traded for +80 pips and therefore if they attain +80 pips target, we keep a record of the same in the NWT Trade Plan under the column "TP2 ???", where "Y" stands for Yes and it means that the particular trade has attained a pip gain of +80 after the Entry was made without showing the DD of 80 pips. However these pips gained will not be accounted for in the monthly results, they are there just for the sake of further studies and feasibility based on these records.
10: NWT Trade Plan consists of Daily Trade Update showing all previously opened trades and not yet closed along with new desired trades with entry levels mentioned beforehand. Status is marked as "Filled" for already opened trades and left as Blank for Pending Trades. Any changes in the Entry Price for any trade or any other important info will be reflected through "Notes" under each presented pair, best communicated in Chat Room. Once a trade is Closed, it is removed from NWT Trade Plan to make the Sheet more clean and its record is updated in the respective Monthly Worksheet. A separate Worksheet per month is maintained to show monthly results and same applied for Yearly Analysis as can be seen from NWT Trade Plan.
In my next post, I will try to detail more on the structure of NWT Trade Plan.
Until then,
Cheers,
Yusuf SHAIKH
My name is Yusuf SHAIKH. I am full time Forex Trader and would like to share my calls and positions as I take those, over here. Hope you will find them profitable. While I put forth my introduction here, I must admit the fact that I had been to various Trade Rooms and Call Services and blended my knowledge so far with my own trading style to produce this system. Hence I must thank all of those who had been involved in my evolution as a Trader.
I aim at discussing "Trade Signals Only" and not the System as the idea remains 'Reserved'. The reason being that the system is dependant on market structure and correlation among different currency pairs and hence requires timely adjustments to extract best out of the market. While all attempts are being made to ensure high probability trades are executed, no system can be 100% correct and therefore losses are welcomed without any emotions and are a part of this system like any other system.
Kindly manage your money to ensure enough protection to your capital first. Refer to Rule # 8 as a guideline to decide on your Money Management Strategy. I aim at taking 2 to 3 trades/calls per week only if I see opportunity, making 40 pips per trade. I will call these trades LIVE in Skype Chat Room under the Skype username "NoWorriesTraders" and would be more than pleased to welcome you there and join the room to trade with me directly, though I will also post my calls here in a fixed Excel Sheet format, I named as NWT Trade Plan, however there maybe occassions where we negotiate on prices and this is where I find it important to be in the room.
Before I start with the routine stuff, I must thank my dearest friend, brother and colleague trader Arshed Qureshi for his association and skills. He is truely a wonderful trader and a very good personnel.
Kindly find below the basic guidelines to understand the nature of this system and feel free to ask if in doubt.
NB: Trading Forex is risky business and hence Only risk money that you can afford to lose. Trade at your own risk.
Name of the System: NWT - Swing Trades (Only fewer Scalp Trades)
Method adopted: Price Action with S/R Zones and Identifying Potential Areas of anticipated Buyers or Sellers
Time Frames Observed: Weekly, Daily, 4H
Rules for Trading these signals:
1: All my orders are Limit Orders and it will be mentioned in the NWT Trade Plan. Only on few occassions will you find Stop Orders to enter the market. You will get preferred entry price from this sheet however this may be negotiated as we chat on the room just to make sure that we do not lose a potential trade setup only by few pips. These preferred entry prices can therefore be used as guidelines around which a trade maybe expected. I would suggest the participant to join the Skype Chat Room where I call these trades LIVE with disclousre of my entry price spontaneously.
2: The NWT Trade Plan is updated only if an opportunity exist in the market to trade profitably and the schedule for these updates would then be at times 0200, 0600, 1000, 1400 and 1800 GMT or simply follow the close of 4H candles on MT4-Alpari UK Chart. However it is strongly recommended that you start checking for these updates from 15 minutes prior to their scheduled time. If you don't see any update, that is probably because of no new opportunity. Hence updates are available only when we see opportunity. However you may keep a practice of checking for any updates at +/- 15 minutes of scheduled time to compensate for any advance/delay posts of these updates. Any changes to these times will be communicated either through posts in this thread or in the Skype Chat Room.
4: The TP for all trades is fixed at 40 pips at the moment unless or otherwise mentioned or discussed in Chat Room, though I am in the process of determining whether these can be traded effectively for around 80 pips, but that remains 'Under Test' for now. There is no need to put any sort of Initial Stop Loss though it can be assumed to be around 80 pips but I emphasise more on Money Management than taking Stop Losses. Once we feel the trade has failed, we simply close it, irrespective of all emotions.
5: Be prepared to keep your position open for atleast 1 trading day if we are running in loss. Never close your losing position without my call if you are trading with me as this would dramatically affect your results when compared with standard results.
6: Assuming that we have entered a particular trade at given Entry 1 level. Now I may also specify Entry 2, Entry 3 etc as pereferred Entry Price to ADD to our Open Positions. However if market gives us +40 pips after Entry 1 then all the pending entreries may automatically be cancelled. We then call the trade as Closed in Profit and do not add from thereon.
7: In the event where more than 1 Entry has been made in any trade, it is very important that you remain in the Chat Room because Trades like these will be closed LIVE through Chat Room to save communication and interaction time. Rule of +40 pips may therefore not be followed and we may ask you to close trades for even +20 pips or BE for example. Bear in mind that adding to an open position may not be a good habit and we try our best not to do that. However it serves us as a part of effective Money Management and a way to exit our losing trade and therefore we may not be that firm about our +40 pips per trade rule in such cases.
8: Proper Money Management is the key to success and plays the most vital role in this system, as any other system. I would suggest you must take into account the following factors while deciding on the lot size you may be planning to trade with.
a) I tend to average my open positions on approximately 2 instances and try to keep this rule intact unless some uneven movement is observed in the market. Participants may please be informed that I may add onto our open positions as a tool for effective Money Management Strategy and that the lot size they decide to trade with must comply with this requirement.
b) At any given instance we may have open positions in maximum 3 different pairs. On very rare case, we may have open positions in more than 3 different pairs. So I would suggest 3 as the base to calculate the lot size that can be traded safely in each pair keeping in mind the fact mentioned above in (8a) to justify your maximum risk associated with the Account Balance.
9: As experimentals, we are now testing if these levels can be traded for +80 pips and therefore if they attain +80 pips target, we keep a record of the same in the NWT Trade Plan under the column "TP2 ???", where "Y" stands for Yes and it means that the particular trade has attained a pip gain of +80 after the Entry was made without showing the DD of 80 pips. However these pips gained will not be accounted for in the monthly results, they are there just for the sake of further studies and feasibility based on these records.
10: NWT Trade Plan consists of Daily Trade Update showing all previously opened trades and not yet closed along with new desired trades with entry levels mentioned beforehand. Status is marked as "Filled" for already opened trades and left as Blank for Pending Trades. Any changes in the Entry Price for any trade or any other important info will be reflected through "Notes" under each presented pair, best communicated in Chat Room. Once a trade is Closed, it is removed from NWT Trade Plan to make the Sheet more clean and its record is updated in the respective Monthly Worksheet. A separate Worksheet per month is maintained to show monthly results and same applied for Yearly Analysis as can be seen from NWT Trade Plan.
In my next post, I will try to detail more on the structure of NWT Trade Plan.
Until then,
Cheers,
Yusuf SHAIKH
Its Time to Change the Ratio
Skype: NoWorriesTraders
