Two Percent A Day?

see #80


Exit @ 1.4117

Profit: + 73 pips

GBPCAD, H4, 2011 Mai 26

H4 Divergence (so M30, too).

Short @ 1.6040

Tomorrow is Friday, then week-end. I have begun to compensate open minus orders from this week today.

250.-CHF Account, Beginning Date 2011 Mai 11
Today
Profit: 9.39 CHF
(3.75% Today)

Good trading my friend. I'm looking to start a journal here myself as well as soon as the my status is upped.

EURUSD, H4, 2011 Mai 26

CCI Divergence at H4 and Daily Fib 23.6 is hit.

Short @ 1.4252

EURUSD, M5, 2011 Mai 2011

Short @ 1.4290

Global Result

The Target 2% a Day or 10% a Week has fulfilled.

250.-$ Account (Beginning Date 2011 Mai 11)
Target 2% a Day

Closed Trades Today
2011 Mai 27

Profit: 44.58 CHF

(17.8% within 1 Day)

Trading Plan 2011

see #3, please.

250.-$ Account (Beginning Date 2011 Mai 11)
Target 2% a Day

2011 Mai 27
Equity: 346.- CHF

Creating a Trade Plan will help you control your emotions and implement your analysis.

An Example of a FOREX Trading Plan
Forex currency trading is a zero sum game and those traders with a trading plan and the necessary discipline to stick to it will succeed over those that trade without one. STOP! If you want to be on the positive side of this game, start with your trading plan. It is your most important weapon against your opponents. Here is an example of what a Forex Trading Plan should look like:

Goal
My goal is to make 20 ticks or $200 per day over the 20 day trading period.

Market
My target market is the EUR/USD spot market. Trading style is day trading with all trades taking place between 8:30 am and 11:00 am on class days. On certain occasions I will attempt to start trading at 7:20 am due to the fact that a majority of economic data is released at 7:30 am CST. All positions will be closed at the end of class.

Research and Fundamentals
Each day before trading I will fill out a trading plan for the day. I will also research fundamental data related to the markets before I start trading. This is to get a market feel such as overall macro trends, world events, upcoming economic data. I will also look into technical data over the past several days to figure out what technical movement has been present.

Charts
Candlestick charts are important for day-trading. I will use two charts; 5-min and 4 hr. I use the 4 hr charts to identify the major trends and the 5 minute chart to get minor trend timing.

Strategy
Before anything else I need to establish the minor trend. Although I will look at the 4 hr chart to get a broader view of the market, given the amount of time I have to trade, I feel it is more important to focus on the short term trend. If there is consolidation or any other non-committal movement on the minor trend, then I will stay out of trading until a trend presents itself. I will use western technical analysis (DailyFX resistance/support, Moving Averages) to get a general feel of which direction the market is going and eastern technical analysis to time my entry and exit points. Although technical analysis is the basis for my trading, if there is fundamental information that comes out that clearly swings the market against the trend I will go with the strength of the reaction towards the fundamental data.
1. The first step I will take is to determine whether the short term trend is bullish or bearish
2. I will check to see if there are any key psychological numbers and support/resistance points in the near future
3. If there are none, I will go long or short depending on the short term trend
4. If there are, I will wait until the market reaches those numbers to look for a reversal
5. I will trade against the trend if I find a candlestick reversal pattern with confirmation (Bullish Engulfing, Hammer, Morning Star, Shooting Star)
6. When trading against the short term trend, I will set my limit at the 50% fib retracement level

Rules of the Plan
1. Never trade during consolidation
2. ALWAYS close out a trade if the MAs cross against a position
3. Try to achieve 10 tics on every trade, 1 lot = 10 tics, 2 lots = 5X2 etc.
4. Stop set at 40 tics
5. Momentum should correspond with short term trend when looking for entry point into a trade
6. Get out of a trade before major economic data is released
7. Don't make a trade within 10 mins of class ending
8. Always get out a trade the second you think it is going against you
Jovan Vucetic

http://www.investing-education.com/a...ding-Plan.html

Trading Plan For Forex -Tips For Developing A Systematic And Consistent Winning Blueprint

By Peter Lim http://img.ezinearticles.com/spriting/trans.gif
Article Source: http://EzineArticles.com/467188

If you trade forex, you need a trading plan if you wish to become a consistent winner and to be able to make trading decisions fast and accurately.
Here are the most important tips a forex trader can use to develop a trading plan:
1. Are You A Day Trader Or A Swing Trader, or How Often Are You Going To Trade?
The day trader will benefit by trading the short and sometimes almost instantaneous trade signals that bring in profits. Your trading plan will need to either concentrate on momentum or on recognition of price patterns that recur within short time frames. Many day traders trade on price levels, fibonacci or retracements only- without indicators. If you are a swing trader, your trading system will involve trading signals over a longer period, and may involve indicators such as bollinger bands, price levels, longer term momentum, overbought and oversold indicators such as stochastics and so on. The most important thing is your system must be built around your trading profile- and what type of trader you are.
2. What Amount of Risk Are You Going To Tolerate.
Your trading plan will include a trigger that will automatically set in to cut your losses short if the trade goes against you. What amount of risk or losses are you going to tolerate before you cut loss?
3. How much Gains or Profits Are You Aiming For?
A gain is a gain irrespective of its quantum, and where there are no commissions involved in trading, the smallest gain represents a profit. Is your trading plan going to be built upon a fixed amount of gains each trade signal will produce or a flexible amount? In other words, are you aiming for a fixed risk-reward ratio system or a flexible system, and able to take more risks as long as there is reward in sight? Set stops for the initial trade and a trailing loss as the trade progresses.
4. System Decay
All systems do decay especially if they are built upon indicators and need to be optimised or re-tuned or tweaked after they show signs of losing their effectiveness. That is why price-action trading systems do not make use of indicators except price itself and work continuously and are so popular among forex traders. Be on the look out to consider tweaking your system and your trading plan once it shows signs of ineffectiveness or when your trades are affected.
5. External Factors- How Sensitive Is Your Trading Plan?
Your trading plan can be affected by adverse changes by your broker's policies. For example, changes to the trading platform from your broker can affect your charting features, or if there is a change of the spread, this can adversely affect your gains and losses, and make your trading plan go awry. Developments in monetary policies can adversely affect your trading plan especially if it is built upon "razor thin "gains that you are willing to take irrespective of the risk. Watch out always for news releases that impact upon financial matters.
There are trading plans developed by professional forex traders that you can follow. If you choose to go the way of "canned" trading plans developed by others, make sure they are actual traders who have out their trading plans to work in the market. Go for trading blueprints developed by actual forex traders who are known to be making profits, and consider plans that are easy to follow and robust under most trading circumstances. Your success or failure as a trader depends greatly on your trading plan. Give it your maximum attention and consideration.

Article Source: http://EzineArticles.com/467188

http://ezinearticles.com/?Trading-Pl...rint&id=467188

What is a Trading Plan?

Now that you're about half way through college, here's one piece of advice you should always remember.
Be your own trader.
Don't follow someone else's trading advice blindly. Just because someone may be doing well with their method, it doesn't mean it will work for you. We all have different market views, thought processes, risk tolerance levels, and market experience.
Have your own personalized trading plan and update it as you learn from the market...

Read more: http://www.babypips.com/school/what-...#ixzz1Ng5Ikxgd

1. What is a Trading Plan?
2. Why Do you Need a Trading Plan?
3. Justified vs. Unjustified
4. Getting to Know Yourself
5. Motivation and Goal Setting
6. Risk Capital
7. Lifestyle Considerations
8. Expectations
9. Daily Pre-Market Routine
10. Weapons of Choice
11. Stick to the Plan
12. Summary: Developing a Trading Plan

Read more: http://www.babypips.com/school/what-...#ixzz1Ng5jMetM

EURUSD, H4, 2011 Mai 30
EURUSD, Daily, 2011 Mai 30

Role Reversal or Resistance?

May be trade M5/M15 till the next clear trend.

H4 could give arguments for a down whereas the Daily could broken the 100er line further upwards.

Market situation like this one could be managed at M5/M15 in a clear way independant if the price will turn more up or down.

Not the best time to trade at H4 or Daily.

EURUSD, Daily, 2011 June 01

38.2 Fib Level has reached.

Hi Mr Cube,
I have read some of your older threads and it seems that you are quite consistant with scalping.
Im more of a swing trader ala J16. Quite interested in usingscalping muchmuch later on lol.
I dont really like using a lot of indis that will distract me from PA. SR is easier for me tho.
Is there a strategy that you can point me to that would suit me?
Your risk appetite is quite different to me, but I guess I canmanage that myself.

Cheers for your help.

Hi funlovinj

I like different trading styles, Longer Term, Range Bound, Swing Trading, Carry Trades, Scalping... I'm not a friend to trade only one strategy.

Time Cell Trading is for swing trading also:
http://www.forexfactory.com/showthread.php?t=249257

You could find many systems here:
http://forex-strategies-revealed.com/advanced
http://forex-strategies-revealed.com/complex
http://forex-strategies-revealed.com/simple
http://forex-strategies-revealed.com/basic

Good Luck!
FXcube

Thanks Fx Cube, Ill have a look!

Closed Trades Today
2011 Mai 31
250.- CHF Account
Target: 2% a Day
Profit: + 17.10 CHF
(6.84% Today)