a) multiple snipes per day account (open but explorer won't link, FF team is working on it. will use myfxbook if it doesn't work)
For now I am starting with a smaller account. The only difference is that a half size position is 10:1 (0.3% risk) and full is 20:1 (0.6% risk). If as successful as I think it will be, I'll devote more capital to it and go down to 5:1 half and 10:1 full.
b)one snipe per day account (acc not open yet)
A 2nd account trading the same strategy, but with a maximum of one trade a day, and 100:1 leverage (3% risk). Also, the trailing stop is LOCKED at +7 once price hits +10. Target 10-20 pips. Close on reversal zone/candles. Maximum daily drawdown is 3% not 1.5%.
c) one snipe per week account (acc not open yet)
A 3rd account trading the same strategy, just looking for the best trade of the week. 1 minute candles at least 3 pips in size on average a prerequisite for entry. Leverage = 200:1 (6% risk)
Title should be changed to "Long Range Sniper". Would be great if mods/admin could make that change. Thanks.
Most recently I discovered that I am most profitable when I snipe entries on reversal points and/or breakout moves.
The reason for this is I can use tighter stops (means better risk reward) but also because if I can time the market properly (sniping entries), then I almost never get stopped out anyway (higher % of winning trades). If I time the market properly it will leave my stop loss in the dust. you could even use a 1 pip stop if you didn't have to worry about the spread.
Will put up a trade explorer shortly once I set up my 3 or 5 pip s/l ONLY sniping account (independent from my main account trading the larger daily swings)
-Good amount of my capital devoted to this account
-Reversals
-Breakout moves
-Requires a visible price gap/slip which allows for a wide target (hard to explain ill use chart)
- I use an auto stop loss EA to instantly set stops. You realistically cannot trade using tight stops if you have to manually enter your stop every time.
-If sniping EURUSD will use a 2.4 pip s/l
(3 pips total risk with spread/commission, half position = 0.15% risk, full position = 0.30% risk)
-If sniping EJ will use 4.4 pip s/l
(5 pips total risk, full position = 0.25% risk, full position = 0.50% risk)
- Minimum of a 10 pip target
(0.50% half, 1.00% full)
- 20 pips is ideal
(1.00% half, 2.00% full).
-But at the same time, if the gap to be filled is 40 pips, LET IT FILL THE 40 PIPS. Don't chicken out early just because you have a nice profit relative to your risk. That's 100% amateur status.
- No full sized trades allowed for the day, UNTIL a minimum 0.50% gain in account equity.
- If account goes above 2.0% gain for the day, then a loss causes a dip below that2.0% gain mark, you MUST STOP trading for that day.
- Maximum daily risk = 1.5%
-One of the most difficult aspects of trading is LETTING WINNERS RUN TO THEIR RESPECTIVE TARGETS. Such a psychological challenge as any counter trend tick sets off fear that a full reversal of your profits may be coming.
-THIS IS JUST FEAR NOTHING MORE (when the target hasn't been reached yet, if it has, then its a good time to get out)!
-If I really like my chances of a strong move, I'll close half of the trade at the closest resistance and give it a proper stop loss. Especially if I already have a nice gain for the day and I'm looking for 50-100 pips more out of the "free trade". No reason not to take advantage of longer term moves just because this account snipes entries. If the stop isn't going to get hit, more power to you to let the trade RUN!
half position = 5:1
full position = 10:1
-Max amount of loss per day = 1.5%
EJ spread = ~1.7
EU spread = ~1.0
I am quite confident this will be a very profitable account. We will see within a month or so.
-R2R
For now I am starting with a smaller account. The only difference is that a half size position is 10:1 (0.3% risk) and full is 20:1 (0.6% risk). If as successful as I think it will be, I'll devote more capital to it and go down to 5:1 half and 10:1 full.
b)one snipe per day account (acc not open yet)
A 2nd account trading the same strategy, but with a maximum of one trade a day, and 100:1 leverage (3% risk). Also, the trailing stop is LOCKED at +7 once price hits +10. Target 10-20 pips. Close on reversal zone/candles. Maximum daily drawdown is 3% not 1.5%.
c) one snipe per week account (acc not open yet)
A 3rd account trading the same strategy, just looking for the best trade of the week. 1 minute candles at least 3 pips in size on average a prerequisite for entry. Leverage = 200:1 (6% risk)
Title should be changed to "Long Range Sniper". Would be great if mods/admin could make that change. Thanks.
Most recently I discovered that I am most profitable when I snipe entries on reversal points and/or breakout moves.
The reason for this is I can use tighter stops (means better risk reward) but also because if I can time the market properly (sniping entries), then I almost never get stopped out anyway (higher % of winning trades). If I time the market properly it will leave my stop loss in the dust. you could even use a 1 pip stop if you didn't have to worry about the spread.
Will put up a trade explorer shortly once I set up my 3 or 5 pip s/l ONLY sniping account (independent from my main account trading the larger daily swings)
-Good amount of my capital devoted to this account
-Reversals
-Breakout moves
-Requires a visible price gap/slip which allows for a wide target (hard to explain ill use chart)
- I use an auto stop loss EA to instantly set stops. You realistically cannot trade using tight stops if you have to manually enter your stop every time.
-If sniping EURUSD will use a 2.4 pip s/l
(3 pips total risk with spread/commission, half position = 0.15% risk, full position = 0.30% risk)
-If sniping EJ will use 4.4 pip s/l
(5 pips total risk, full position = 0.25% risk, full position = 0.50% risk)
- Minimum of a 10 pip target
(0.50% half, 1.00% full)
- 20 pips is ideal
(1.00% half, 2.00% full).
-But at the same time, if the gap to be filled is 40 pips, LET IT FILL THE 40 PIPS. Don't chicken out early just because you have a nice profit relative to your risk. That's 100% amateur status.
- No full sized trades allowed for the day, UNTIL a minimum 0.50% gain in account equity.
- If account goes above 2.0% gain for the day, then a loss causes a dip below that2.0% gain mark, you MUST STOP trading for that day.
- Maximum daily risk = 1.5%
-One of the most difficult aspects of trading is LETTING WINNERS RUN TO THEIR RESPECTIVE TARGETS. Such a psychological challenge as any counter trend tick sets off fear that a full reversal of your profits may be coming.
-THIS IS JUST FEAR NOTHING MORE (when the target hasn't been reached yet, if it has, then its a good time to get out)!
-If I really like my chances of a strong move, I'll close half of the trade at the closest resistance and give it a proper stop loss. Especially if I already have a nice gain for the day and I'm looking for 50-100 pips more out of the "free trade". No reason not to take advantage of longer term moves just because this account snipes entries. If the stop isn't going to get hit, more power to you to let the trade RUN!
half position = 5:1
full position = 10:1
-Max amount of loss per day = 1.5%
EJ spread = ~1.7
EU spread = ~1.0
I am quite confident this will be a very profitable account. We will see within a month or so.
-R2R
Attached Image(s) (click to enlarge)
Be hopeful in a winning position, and fearful in a losing position.
