As I try to make a comeback to forex the "one trade a day system" seems to be a good place to start. This is based on http://www.forexfactory.com/showthread.php?t=275947 and a few modifications.
The modifications.
Timezone: GMT+2 (instead of GMT), my broker uses GMT+2 timezone, so I just use that, and compare 01:00 to 08:00 according to chart of my broker. That effectively compares 23:00GMT to 06:00 GMT (I think). --- mod no longer in use.
9 pip rule modified to 10 pip rule
The trade is left open till it either hits TP or SL or 08:00 hours next day. This will turn some would be winners into losers, on the other hand it often gains me 10% in one trade.
When 10% is reached "reset" and continue.
Any deposits/withdrawals will only be done at account reset. If for any reason the deposit/withdrawal is done at any other time account will be reset automatically.
5 pip end of target. If 5 pips or less are left to reach the target. Just reset account and continue. As risking 20 pips for 5 or less pip TP does not seem like a good idea.
Max TP: max TP is at 80 pips, even if that does not reach the target.
EDIT 1
Trailing stop: A TSL of 30 pips. I have a bit more complex TSL idea but that will take an EA to do it, so I'm sticking to 30 pips for now.
Risk: Current risk is set at 10%. I know I probably sound crazy, but my logic is if my small account can survive 10% then my large account can certainly do well with 2.5%.
EDIT 2
Edit 2 in effect from order 3
Timezone changed back to GMT. as further testing showed it to be more profitable.
more modifications will come as I find them and fine tune the method.
The modifications.
Timezone: GMT+2 (instead of GMT), my broker uses GMT+2 timezone, so I just use that, and compare 01:00 to 08:00 according to chart of my broker. That effectively compares 23:00GMT to 06:00 GMT (I think). --- mod no longer in use.
9 pip rule modified to 10 pip rule
The trade is left open till it either hits TP or SL or 08:00 hours next day. This will turn some would be winners into losers, on the other hand it often gains me 10% in one trade.
When 10% is reached "reset" and continue.
Any deposits/withdrawals will only be done at account reset. If for any reason the deposit/withdrawal is done at any other time account will be reset automatically.
5 pip end of target. If 5 pips or less are left to reach the target. Just reset account and continue. As risking 20 pips for 5 or less pip TP does not seem like a good idea.
Max TP: max TP is at 80 pips, even if that does not reach the target.
EDIT 1
Trailing stop: A TSL of 30 pips. I have a bit more complex TSL idea but that will take an EA to do it, so I'm sticking to 30 pips for now.
Risk: Current risk is set at 10%. I know I probably sound crazy, but my logic is if my small account can survive 10% then my large account can certainly do well with 2.5%.
EDIT 2
Edit 2 in effect from order 3
Timezone changed back to GMT. as further testing showed it to be more profitable.
more modifications will come as I find them and fine tune the method.
