This Journal is to personally document the result of a trading experiment to see if actually money management on its own could give a system an edge, I want to use this medium to be able to record my trades applying a 3:1 risk to reward ratio for trading EURUSD and more than 3:1 for EURJPY.
I trade 5 mins timeframe with simple trendline break system and sometimes after a loss retest of the trendline.
I am trading on a live account but will not attach an explorer now until I gain enough confidence and I personally want to concentrate on my trade execution and records rather than account performance.
I will risk 1% of my account in every trade aiming for 3% reward, for EURUSD stop loss for any trade I decide to take will be 15 pips and take profit 45 pips, this stop loss will definitely determine if I take some trade setups or not, for EURJPY stop loss is also limited to 15 pips with a take profit of 50 pips, we will move our stop loss to break even somewhere around 20,25 or 30 pips into profit.
Will post charts and record results of trades after.
I trade 5 mins timeframe with simple trendline break system and sometimes after a loss retest of the trendline.
I am trading on a live account but will not attach an explorer now until I gain enough confidence and I personally want to concentrate on my trade execution and records rather than account performance.
I will risk 1% of my account in every trade aiming for 3% reward, for EURUSD stop loss for any trade I decide to take will be 15 pips and take profit 45 pips, this stop loss will definitely determine if I take some trade setups or not, for EURJPY stop loss is also limited to 15 pips with a take profit of 50 pips, we will move our stop loss to break even somewhere around 20,25 or 30 pips into profit.
Will post charts and record results of trades after.
10 pips a day keeps poverty away