Low maintenance newbee strategy (LMNS)

Hello.
I would like to introduce strategy that suit most of newbee.
As a newbee we need strategy that dos not involve any indi, that is very important by my opinion. This strategy dos not have any. That is big plus.
Another important thing is lesser screen time, because generaly newbee full time working or student person and has only in the evening some chance to check what is going on with trades. This strategy need to be check only once a day any preferable for You time (I do in the evening).

Now about the rules:
1.In the evening 22:00 british time I close all opened day before orders and open new limit orders. As I said You can choise any time depends on what time zone You live. But please do it approximately the same time every day, day of trade (consistency is the power).
2.We gonna use sell limit orders above price and buy limit orders below.
What is mean: if price gose down we are buying and vice versa.
3.Between limit orders will be 20 pip distance (example 1.3600, 1.3620, 1.3640...).
4.Please do not trade on live account, please dont risk Your real money before You will be confident.
5.We dont have stop loss (SL). That is big risk. That is why do not trade live.
6.Take profit (TP) we have. And that is hardest part to explain. I have oanda account. That is mean one opened buy order will be closed with opposit limit sell order the same unit size. That is our TP.
Example on picture: order 1 (1.39) will be closed by symmetrical opposite order 2 (1.388) and gives us 20 pip profit.
Order 4 (1.386) collapsed by 3 (1.392) with profit 60 pip.
And so on profit 100, 140, 200 ...pip
7.Order sizes the same for all limit orders.
8.This strategy gives You best profit when no big news release.

About back test done:
from february 2011 till now
minus 21970 pip - huge, be ready for big drawdown, play small lot
plus 23800 pip
diff 1910 pip
I test every day. But we gona be smart and dont trade days big news release. So we dont trade every day.
Exapmle: I trade 2 days before today day and done whoping 820 pip.
Today were pleanty news and I refrain traid. Save some pips, smar.
Every one welcome to improve startegy.
Thanks.

let me put my input on newbie strategies.
RESEARCH

EMH
Behavioral market hypothesis
MMT
Austrian economics
Interbank spot market
How prices are quoted
Free floating monetary system
How to read tick charts
all indicators and learn calculations by hand ( understand when and why they were developed , there is a pattern)
correlations in currencies, commodities, yields, interest rates. equity markets
The FED and how it operates
Open market operations
why central banks were created and the role in fx market
research the forex market structure and who are the market makers , market movers, etc...
read paper money by adam smith
the art of war by tsun zu
research dow theory
elliot wave
read reminiscens of a stock operator
read Technical analysis fallacy by fti
read crucialpoints threads
read cloggies threads
read dark star
learn about options and their impact on price levels, stop sweeps etc
read some of nubcakes post when he is not ranting like a maniac he has some intelligent advice
read jet traders threads
there are so many traders here, that have great advices that i forget to mention some. such as chicky i think his name is

RESEARCH. then Practice be it mini account or demo (preferably mini account) then practice some more, and practice and practice and practice

look at the quote and price and see how it moves, then observe and observe and practice, find a way not to predict price but to follow it, and a way to minimize losses and maximize gains.
know your ROI, have a sound plan.

understand your own goal and how much money a day you need to reach your goal, find a way to compound your account. and once the sound strategy and philosophy is there, have the ballz to implement

Thanks the redlion. I am appreciated Your input, wise words. Thank You again.

So we get filled one buy order.
Lets wait when opposit sell limit order 1.39 will close with profit 20 pip our buy opened order.

We have collected 3 buy orders.
Lets see what will be at the end of the day.

What we have got today?
Minus 288 pip ! Lovely!
That is good result, because we get know average drawdown.
And consistency is the key, don't give up.
We closing all opened orders.
On monday we dont have much news. I will trade again.
See You on Monday.

nothing against your thread but why long?

did you hear the central banks injected USD liquidity into the system? did you know the head of the treasury dept spoke with the ecb today.

why would banks need liquidity of USD if not to prepare for something bad?
look at the chart and the big drop from the ranging market we had, did you notice the conviction of buy orders (there wasnt )

i believe that a rigid system like the one you have is purely reliant on coincidence and therefore gambling.

do you really think the Euro was a good long play, or is a good long play?

granted going long would have made you pips had you being watching the C waves. but mostly all impulse, and price order prevalence was on the down side.

please take this into consideration and start being more discretionary. the market IS NOT RANDOM, its UNPREDICTABLE, but there are factors that move the market, start to understand them. and work a flexible system that can help you cope with those factors.

This brings up the question, what time frame are you trading on?

Going Long on the Euro?

Maybe a bit of a correction is in order but when it was up around 1.45 the trade to make was a no brainier.

On the weekly chart it broke below a long standing trend line. This last weeks high hit the trend line but did not break through.

i am new here, when I get it down I will post a chart.

Need a convincing break above the high 1.39's to think long again. 1.40, as for now, a great place to open another short position on this eroding Pair.

i dont think you read my post correctly. the OP posted he opened some long positions. which would be profitable had they been rightly timed.
THERE ARE NO TIME FRAMES.

i look at price movement, the market found some footing earlier in the week now closed below open, i believe esp with the news of USD liquidity injection, greek bonds yields at sky high levels and possible default, LONG the fiber is not such a good idea.
selling the rallies maybe would have been more reasonable.


there is no such thing as a NO BRAINER. and all your tech analysis about trend lines and the sort is not 100% accurate. however market sentiment as can be clearly seen on the chart is bearish, that is not to say that it cant go above 1.50, you see the market is unpredictable, but is not RANDOM.

rigid strategies with no base or no ANALYSIS are bound to fail

Read between the lines, water off a duck's back mate, he didn't absorb 1 bit of what you wrote... I was ROTFLMAO, he moved on so casually to the next order

probably no use to mention using 2% risk of account balance, read Trading In The Zone, or any other sensible advice at this point in time, speaking of which, I give this thread about 2 weeks before it dies

Hey, netant, when the student is ready, the teacher will appear

Thanks for input the redlion and Jack Ripper.
I wanna answer only one question "but why long?"
That is reasonable question cause we lost yesterday some pips.
First of all: strategy exploit congestion, indecision and low volatility (Oposite trending).
Main idea to help newbee who dos not now or dos not have time to get deeper in fundamental or tehnical analisys and give them:
1. Exact point when get in to trade and
2. When to exit.

I can agree that each mehanical strategy has your own time period when it works and no holy grail. That is why I thank the redlion who point strait away in the weakest part of the strategy, it is almost gambling without considiration news flying in the air.

So lets modifiy strategy to meet our demand in $.
Please post some suggestions.

Lets start monday trade.

Today done -100 pip.
Closing all opeden positions.
Lets see what will be tomorrow.

had you been trading more discretionary you would have been in the positive.

selling rallies today was still viable, although it looks like downside pressure might start losing momentum.

We have done 320 pip.
1.3740 collapsed by 1.36 = 140pip
1.372 by 1.362 = 100pip
1.37 by 1.364 = 60pip
1.368 by 1.366 = 20pip

Tomorrow gona be no Euro news and plenty for $.
I will refrain from trade tomorrow.

See you tomorrow 22:30.

Tommorow will be some minor news for euro and $.
Volatiles is very high and not suitable for this strategy.
I would not be trade.
I will refrain again.

Today we could be made some +230 pip.

I will trade friday cause not much news.
Today could be done +80pip.

When you get right down to it, all trades would be profitable if correctly timed.

So what we have got today:
Buy 1.346 closed by sell 1.348 = 20pip
Sell 1.35 closed by buy 1.344 = 60pip
1.352 by 1.342 = 100pip
Two sell position 1.354 and 1.356 closed manualy at the end of the day = 100pip - 10pip spread = 90pip
Today done some 270pip

Total done +302 pip.

Monday and tonight gona be some important news.
I am expecting spike Up and continuing down trend.
I am in trade.

Today done some 180 pip by collapsing 3 trades and 4 orders closed manualy with 452 pip. Total today 632 pip.
Trade tomorrow.