Hello guys)I developed a forex trading system called six signal day trading/scalping system which i would like to share.It is based on the following rules and parameters which i must obey:
1)Williams indicator(14 period on a 15 minute chart)
2)Relative strenght Index(14 period on a 15 minute chart)
3)Bollinger bands(14 period on a 15 minute chart standard deviation 2)
4)Identification of trend and fibonnacci retracement levels
5)Identification of possible lowest or upper entry point
6)Calculation of profit and loss taking levels(For profit total no of expected pips -spread and for loss total no of expected pips+spread)
Only jump in a trade if all of the above mentioned factors are in favour.
Some useful advices:-
Never expect to hit your profit level as you expected be happy for gaining 3-4% profit of your position size.However you can expect to hit your profit level for short term trends.
Be patient ,disciplined,unemotional,logical and ever vigilant while trading.Think neutrally and don,t let your greed and fear control you while trading.
Only trade when two sessions overlap each other.
This strategy best works during volatile market hours so avoid trading while sluggish and annoying market hours. Slow and calm markets would literally waste your time,effort and money.
Also use some aspects of fundamental analysis they will let you know about the volatility forecast of different pairs. You can use several online sources just Google it.
Keep this strategy clean and simple and don’t paste too many indicators on your chart.
You can see potential entry and exit points on your chart without drawing Fibonacci retracements don,t draw them on short term trends doing so will spoil the visual appearance of your chart.
In forex trading good money management is important to survive so think thrice before choosing your lot size and use strict stop loss orders. The volatile markets will eat your money quickly if you manage your account in a poor way.
There is no way one can trade during all sessions so choose your time accordingly. Sleeping at night is necessary for a good health and a sound mind so don,t try to sacrifice your nights for forex trading and don,t jump in a trade if you are not feeling well and patient due to headache or because of some other reason doing so will effect your decision making during trading in a negative way.
Just look at the chart while trading don’t look below at the amount of money you are gaining or loosing by pip movements. Looking below will influence you in a negative way.
Learn to trade and don,t even bother yourself to look to those scammy online automated forex trading systems .There is no shortcut.
Follow these rules and live by them.
Hope you enjoyed this post thanks for reading)
1)Williams indicator(14 period on a 15 minute chart)
2)Relative strenght Index(14 period on a 15 minute chart)
3)Bollinger bands(14 period on a 15 minute chart standard deviation 2)
4)Identification of trend and fibonnacci retracement levels
5)Identification of possible lowest or upper entry point
6)Calculation of profit and loss taking levels(For profit total no of expected pips -spread and for loss total no of expected pips+spread)
Only jump in a trade if all of the above mentioned factors are in favour.
Some useful advices:-
Never expect to hit your profit level as you expected be happy for gaining 3-4% profit of your position size.However you can expect to hit your profit level for short term trends.
Be patient ,disciplined,unemotional,logical and ever vigilant while trading.Think neutrally and don,t let your greed and fear control you while trading.
Only trade when two sessions overlap each other.
This strategy best works during volatile market hours so avoid trading while sluggish and annoying market hours. Slow and calm markets would literally waste your time,effort and money.
Also use some aspects of fundamental analysis they will let you know about the volatility forecast of different pairs. You can use several online sources just Google it.
Keep this strategy clean and simple and don’t paste too many indicators on your chart.
You can see potential entry and exit points on your chart without drawing Fibonacci retracements don,t draw them on short term trends doing so will spoil the visual appearance of your chart.
In forex trading good money management is important to survive so think thrice before choosing your lot size and use strict stop loss orders. The volatile markets will eat your money quickly if you manage your account in a poor way.
There is no way one can trade during all sessions so choose your time accordingly. Sleeping at night is necessary for a good health and a sound mind so don,t try to sacrifice your nights for forex trading and don,t jump in a trade if you are not feeling well and patient due to headache or because of some other reason doing so will effect your decision making during trading in a negative way.
Just look at the chart while trading don’t look below at the amount of money you are gaining or loosing by pip movements. Looking below will influence you in a negative way.
Learn to trade and don,t even bother yourself to look to those scammy online automated forex trading systems .There is no shortcut.
Follow these rules and live by them.
Hope you enjoyed this post thanks for reading)
PRICE IS EVERYTHING
