DislikedNG...on your mtf indicator, what are you looking for before making a trade commitment?
thanks buddyIgnored
Arrow!
Remember that I want to keep this system as simple as possible for me to follow. So I am looking for an arrow near the coral. Once I see that arrow come up then I measure the candle pointed by that arrow. If that candle is less than 20 pips, I am in. If that candle is too long I stayed away. I keep repeating that in all my trades. It is as simple as that.
I lost about 50% times but managed to dig out more than 400 pips so far (I lost count) with this strategy. Once I triple my USD 300 account I want to move this one to my regular Account and making real money there.
The key to success in this strategy is.. (as I said it oftenly) to use smallest SL as possible. My MM suggest me to use maximum of 20 pips as SL, but many times I use only 8-15 pips as SL. Take your losers easily and move on. You will get your winner soon enough. Make sure you aim at least twice your SL. Many times I aim triple and win.
Put your SL at the end of the candle with arrow (+ spreads) should oftenly do the trick.
One thing that also important to mention is .....Once you enter the trade, stay away. Let the market decide for you which one will get hit your SL or TP and accept that as part of the business. Many times I jumped to a trade and make a changes here and there but soon I realize that this activity is only do me more harm than good. Many times I failed to maximize my profit because I interfere the trade.
It's always tempting to close our trade as soon as we see 10 or 20 pips in our favour, but I realize that the more I do that the more I harm my MM and my whole trading statistic.
Dont be afraid to lose my friend... It's like Muhammad Ali who keep endures the hit from his opponent before finally make his move and put his opponent on the floor. His Statististic also said that Ali win the fight ridiculuously more than he lost it. It's like that. The profit of this strategy is coming out from the statistic we'll see in the end of the month and not by how many you won your trades.
So keep risking ridiculuously small and aim for ridiculuosly big.
If you do that with discipline, I am pretty sure that this strategy will beat the forex for you.
Hope this helps...
NG